Full Year 2023 Roche Holding AG Earnings Call

Unnamed Speaker: So I will go ahead and skip that. Again, you see here other revenue decreasing, as Alan mentioned. Clearly, the ultimate impact of sales decreased by 1%.

Unnamed Speaker: Alan mentioned the 12% volume increase. It's a very respectable result. This cost of sales decrease is mainly driven by a favorable product mix and lower distribution costs.

Unnamed Speaker: The R&D increase was largely around trial acceleration, which is certainly a core component of the work that we're doing around R&D. Alan mentioned FG&A. We're largely very strategic and focused on the places where we intend to see impact, not only in 2023 but in future years as well. You've heard us often talk about our young portfolio, and I think when you look at this growth graph, you can see why we are so excited about it. So just to comment on the graph, all values are absolute, and year-over-year growth rates are presented in CHF. At constant exchange rates, the buy-sell continues to exceed expectations, with 324% growth, easily crossing $2 billion last year. Ocura, Hemlibra, Sezio, and Frisbee all continue to grow very respectively. We'll talk about all of those in due course. Ronapreve sales did continue to decline, primarily due to the base effect of 1.2 billion since Q4'23.

Unnamed Speaker: In Japan, the last of our Ronapreve sales will wash out in Q1 of this year, and we'll officially have that behind us. AH&R erosion was in line with what we communicated in Q3 at 1.1 billion. This is the last time that we will talk to you specifically about AH&R as its own subset in the future.

Unnamed Speaker: We'll really talk about biochemical and generic erosion as well. Now, jumping into the actual product performance. We are updating the way we present our therapeutic area slides. You can find details on the new definitions of the therapeutic areas and a crosswalk.

Unnamed Speaker: And the appendix on slide 172. For each of our therapeutic areas, we will present a slide like the one you have here, which shows you the full year sales and the donut chart on the left, as well as Q4 updates in the outlook for 2024 on the right. So let's start here with solid tumors in oncology. In 2023, solid tumors increased 2% at the conscious exchange rate to 16.1 billion. Looking at the current two franchises, PheZGo continued exceptional growth at a 64% growth rate. That's a 39% conversion rate for PheZGo achieved in our 46 countries.

Unnamed Speaker: Again, we have consistently said that we are aiming for a 50% conversion rate, and we are well on our way in our key markets. We would expect that strong growth and strong conversion continue, and, as we have previously said, and PheZGo continues to get acceptance, and that conversion continues to happen. What we do ultimately see is that PheZGo penetration then continues to increase. So I am very much looking forward to continuing to see that dynamic.

Unnamed Speaker: Ketcylid grew by a respectable 4% last year, primarily driven by XGUS, with early breast cancer more than offsetting the decline that we're seeing in the EU and due to meta-competition. We recently presented very strong Ketcylid data at the San Antonio Breast Conference, and we'll cover that in more detail on another slide. Progetta grew at 1%, largely driven by international offsetting, which again is driven primarily by PheZGo. Many of you will have noticed the sales dynamic was negatively impacted by an adjustment in reserves related to a US government program.

Unnamed Speaker: The time is back. We do not see anything in the underlying growth of anywhere in the franchise that leads us, I believe, to anything different than what we have given you in the past. To be more specific, we expect single-digit growth and just with a slightly different product. And if you exclude Q4's adjustment, again, that growth was around 1% in Q4.

Unnamed Speaker: Tocentric is at 9% growth, primarily in HCC and the EUF, as well as Agilent and XUF. In the EUF and Agilent, we are holding our own in an increasingly competitive market. We are happy that we have achieved EU approval for the CETI formulation, and we're looking forward to FDA approval in September of this year as a reminder to Centric. Centric allows us to go from a 30-minute infusion to a 7-minute injection, which for capacity-constrained healthcare systems is certainly a benefit. You may recall that we received approval in the UK last year, and we have already seen a 18% conversion to Centric subcut. It does get a lot of really positive feedback from accountants who have made that switch. Alicenza grew at a very respectable 8%.

Unnamed Speaker: We're maintaining our market leadership in the ALS-positive, metastatic setting. The positive phase 3 Alena data has been filed, and we expect EU approval later this year. In Agilent, again, we expect that growth to continue.

Unnamed Speaker: Alan mentioned at JPM that we will expect to see the results for Schedule A-1 now in the second half of 2024. I think everyone has seen the data that was actually released last year, that point-to-point hazard ratio, event-to-trial events, and we would look forward to getting that data at the end of this year. Thomas mentioned, and Melissa, we will go into more detail on the very strong results that we saw, but that is very exciting, so let's actually go straight to that now. So Invaliscent holds a special place in my heart because it is a homegrown molecule.

Unnamed Speaker: This was invented and developed by our G-RED scientists at Genentech in South San Francisco, and as Thomas mentioned, we saw a very impressive result with a highly selective PI3 kinase inhibitor in first-line mutated homoerogenic breast cancer. We saw the combination of reducing the risk of disease progression by 57%, a very strong hazard ratio of 0.43. OS was certainly trending in the right direction. I think all of you know about 80% of breast cancer patients are hormone receptor positive, and about 40% of those patients carry this mutation, and patients with this mutation tend to have a worse outcome.

Unnamed Speaker: These are data that were very well received. It was probably the latest in the history of breast cancer prevention. It was invented at the end of last year.

Unnamed Speaker: We're very much looking forward to continuing our conversations with health authorities and looking forward to approval for this drug, hopefully this year. Of course, in addition to the program that we currently have going on with Invaliscent, we also continue to have significant investment in hormone receptor positive breast cancer with a number of geared-destructive trials. We have five geared-destructive trials to really reset and be a new foundational backbone for patients with hormone receptor positive breast cancer. So this is certainly very much a place to watch. San Antonio was a big conference for us last year.

Unnamed Speaker: We were also able to present the long-term Kebsila data, standard of care and early care, and early HER2-positive breast cancer with residual invasive disease, seven-year data. And you can see that it is actually quite stunning what we have shown here at seven years. The long-term data continued to show benefit, absolute benefit, 13.13% for seven years. Again, this data was extremely well received, and it continued to entrench Kebsila as standard of care in this setting. We look forward to continuing to bring wonderful options to patients around the world. Moving on to hematology, which includes both malignant and non-malignant hemes. So, of course, we'll start here. We'll start here with Hem Libra.

Unnamed Speaker: Hem Libra finished with over $4 billion this year. Very, very strong growth. We now have about 24,000 patients globally. The basic profile of Hem Libra continues to be very attractive for prophylactic treatment.

Unnamed Speaker: About 60% of our patients are already on every two or four of these. They have zero risk inhibitors. And importantly, for the patient population, we have a wealth of long-term data across patients of all ages. And so I think, despite the fact that we see increasing competition in the hematolia space, there's nothing that tells us that Hem Libra can't continue to be the standard of care. It can't continue to grow

Unnamed Speaker: Moving on to malignant hemes, we had a very strong launch in first line DLPCL. We do expect it to cross the vector cluster status this year. Patient shares and patient numbers in first line DLPCL. And that yielded 5.14% in the U.S. and just under 30% in Germany. Third is Japan.

Unnamed Speaker: We are anticipating and updating the NCCN guidelines to bring Polarity Regimen Category 1 and a recommendation to Polarity in all stages of DLPCL, which will further drive that momentum. Again, if you are looking at Q4 sales and softening, that was largely related to the fact that we had a software update in one of our distribution facilities at the end of last year. And that, unfortunately, impacted Polarity specifically and just drove a different pattern in Q4.

Unnamed Speaker: So there's nothing that we see in the underlying Q4 that would lead us to believe that there should be any difference going forward and that Goviva should continue to be strong and see it establish itself as standard of care. Goviva grew at 19%, continued very strong growth, and by that first line uptake in combination in first line CLL, including combinations in Clexa. The launches of both Sumio and Columbia in third line, plus follicular lymphoma and VOPCL, respectively, continue to go well.

Unnamed Speaker: I think we have always said that the real opportunity for these drugs is moving into earlier lines of treatment. We would expect a couple of hundred million additional sales here in the third line, plus indications, but we do get that second line VOPCL data for both of these products this year, and that is really where the additional growth will come from. So before I move on to neurology, I will also sort of give another little shout-out for Volumab and NH, which Tom mentioned earlier, which gets U.S. and EU approval this year and is currently also in study for additional diseases such as E. coli. Moving on to neurology, Ocrevus remains the market share leader in both the US and the EU, with 24% market share.

Unnamed Speaker: We have over 300,000 patients being treated globally. This growth that we see with Ocrevus is not only because of patient share, but it's because we do see higher retention rates than is typical with other MS medicines. We expect this momentum to continue for Ocrevus. Again, I think many of you know that we are expecting Ocrevus subcut approval in the US and the EU this year. This is an every six-month subcutaneous injection that will not only provide additional convenience for patients but will open up an entirely new segment of MS patients to Ocrevus.

Unnamed Speaker: We would expect this to be a blockbuster opportunity in its own right, and we're very, very excited to be able to bring this new option to patients. EBRZ had another strong year with 39% growth. It is now the global market leader in patient shares, as Tom mentioned a little bit earlier. We expect this growth to remain strong into 2024, particularly as we continue to expand into adult segments. 2024 will be an exciting year for neurology in terms of new flow and new readouts. We have Pivotal Phase III, a study for luminescence in N-Spring, and generalized myocardial gravis.

Unnamed Speaker: We hope that this data will be presented this year. Perhaps it will be at the IR event that Alan mentioned a little bit earlier. We expect that to be about an $800 million opportunity, which is quite significant. So stay tuned for that data. We're anxiously awaiting it, but we also have a number of very interesting Phase III enabling readouts. There's the Manatee Study, which is the RISD, in combination with GAM3329. This is our entomized statin, which comes from Chugai, utilizing their recycling technology.

Unnamed Speaker: We think about the opportunity to eat muscle or grow muscle in the patient's SMA. It's potentially clinically meaningful for these patients. We will get an interim readout of that trial this year, potentially a Phase III trial. We get the Phase IIb results from DOGO, which is a progeny in Parkinson's disease.

Unnamed Speaker: Again, we are hopeful for this based on the digital biomarkers signals that we saw at prior progeny trials. And then, of course, we have the Phase Ib2a, continue to update data. And we'll talk more about TRON on the following slides.

Unnamed Speaker: But I think there would be no conversation in neurology today that would be completely without the conversation around BARC and LEDs and DNDs. While it did not reach primary employment, when you actually see the data from BARC, you can see that there really is a benefit to these boys. As many of you know, LEDs is the first and only gene therapy approved for the treatment of ambulatory DND patients in that 4538 range, which is based on the accelerated FDA approval that was drafted for 3Ds last year.

Unnamed Speaker: And while we did meet that primary endpoint of NFAA compared to placebo, you do see for all the pre-specified secondary functional endpoints, that time to arrive, that 10-meter walk-run. You see very clinically meaningful results in favor of LEDs across age groups, and I think this is where we really hold a lot of hope that this is going to be a very meaningful medicine for these employers. There have been no new safety signals observed, and we are very eager to bring this data to EMA and other global regulators for them to be engaged. We have a significant development program that is currently underway, both with older ambulatory patients, which is ongoing, and then in QT4, we kicked off the zero-to-three-year-old ambulatory patient study, the involved study. So this is definitely a place to watch, and again, we will be presenting the full on-birthday data at the upcoming EMA conference, and this will also be included in our IR technology update on March 11.

Unnamed Speaker: Another extremely exciting molecule in our portfolio these days is ContraVista 1-20MAP and AAE. This is another largely homegrown molecule from our P-RED organization this time, using our proprietary brain shuttle technology. You can see that it does exactly what we know we need to do in our lab treatment going forward, and that is get across that blood-brain barrier to deliver more antibody where it is needed. And if you look at the images in the center of the screen, you can see exactly that.

Unnamed Speaker: You can see that using the brain shuttle technology, you can actually flood the antibody into the brain all at the same time, getting the medicine exactly where it's needed. And if you look at the clinical results that we've seen in our Phase 1B2A study, you can see that it just dropped rapidly and got you on a P-RED resolution extremely quickly. We do know now that the removal of plaque does correlate with increased clinical benefit for these patients, so we truly believe that there is a very unique opportunity for 1-20MAP. We will be presenting an updated fourth dose of ARN later this year, but this is, as Tom mentioned, one of those programs that we are prioritizing through RIT Excellence and are really eager to begin to think about how we can rapidly accelerate getting it. Moving on to the end of the day... Overall, the TSA's performance of negative 70% is, of course, impacted by congenital embryo and metatarsal decline due to generic biosimilar competition. However, both IKEMRA and ZOLER continued to show very respectable growth of 5% on common exchange rates.

Unnamed Speaker: IKEMRA has solid performance in its chronic conditions, largely driven by the U.S., and we're now about 60% out of that cut, which, again, is a natural hedge against biosimilars primary launch ID. ZOLER growth continues to be driven by strong CFEU performance, and I'm also very excited to share with you, as we did at the end of last year, The FDA's Grand Priority Review for Cholera and Food Allergy, and we've got that approval to be happy in this order. More on this on the next slide, but I really, really do think this has the opportunity to benefit many, many patients who suffer from food allergies. There are more study developments in immunology to look forward to this year. Zyva is certainly one you've heard me talk about many times over the last number of years. Zyva is used for leukophritis.

Unnamed Speaker: That trial does read out this year. It is one of several trials that we are running in a product indication for... For Goviva, Goviva in immunology has the potential to actually be very impactful. Leukemphritis is a terrible disease.

Unnamed Speaker: Right now, there really is no good standard of care. If Phase II results replicate in Phase III, we would expect that to be a very compelling indication. Leukemphritis, FLE, membrane nephropathy, 1.pDF indication is also understudy here.

Unnamed Speaker: So Goviva in immunology is definitely a place to watch. And we will also have a look at a trial that we'll be running in the O&N ID on a substance slide. But first, let's take a quick look at DOLARE. I'm sure all of you have someone you know, a family member, a friend, a colleague who suffers from food allergies. So you know the impact that it has on their daily life and the fear that people can live in. They may be exposed to an allergy, particularly if you have small children that you're sending to school.

Unnamed Speaker: In the U.S. alone, there are 17 million people who have a confirmed food allergy. And a really staggering more than 40% of children with food allergies will experience a severe reaction at least once. And that doesn't just mean a trip to the hospital; it can actually mean a trip to the ICU, which is really very, very scary and very, very dangerous. To give you a feeling for the level of excitement, not only at Roche but from the KOL community that we're hearing about malaria and food allergies, there was a recent paywall interview, and in that paywall, the level of excitement for malaria and food allergies is 12 out of The FDA grants a prior review. We expect that decision again in the first quarter of this year.

Unnamed Speaker: And this is really thanks to a first-participant kind of study, the OutMAP study, where the interim results of the killer significantly increased the amount of peanut milk and cashew that caused the reaction. The study was run together in combination with partners at the National Institute of Allergy and Infectious Diseases, part of the NIH, and our partners at NARDIS.

Unnamed Speaker: Detailed results have been submitted to a peer-reviewed journal, and we expect that publication soon. But, again, I think it really is going to be an indication to watch.

Unnamed Speaker: Another molecule we're very excited to share with you is our TL1A. This is the recent acquisition that we made from Telvam. We believe this has the potential for first-class FFM disease in its first indication in IB.

Unnamed Speaker: The bar graphs show that this molecule in phase A, B, C, D, and E showed very significant results both in all patients and in biomarker positive patients on both endoscopic and clinical remission. What's most impressive here is that, when you look at the results that we saw here from 35 to 43 or 60 to 64% in endoscopic improvement, this compares with 30 to 40% for the current standard of care, which is TNF. So you can clearly see here that we have the opportunity to really reach that standard of care for patients who live with very debilitating symptoms. Safety Profile and Tolerability Profile are both very good safety trials going to be initiated in 2024. And if you know the pathway of the LNA, you know that it's actually quite well understood and quite well validated. It is very, very relevant in downstream information and in fibrotic prostheses.

Unnamed Speaker: And so we believe that there are many, many other occasions for which the LNA will be relevant. We are clearly looking forward to thinking about additional life cycle programs for this molecule. Please do stay tuned to see where this one is headed because it has a big picture in front of it. Moving on, to our most rapidly growing therapeutic area, ophthalmology. The BISO continues to deliver strong growth, an impressive 324% growth in constant exchange rates for 2023, surpassing, easily surpassing, a failure of 2 billion U.S. market shares. A, M, D, and E are continuously expanding.

Unnamed Speaker: We have 22% and 15% currently in the November plan data, that compared to 19% and 12% just back in August. You can now see that nearly half of all patients starting with BISO are treated naturally from the teens at the beginning of the year. So you can really see that we are starting to establish BISO as the new standard of care, and as more physicians get, as more specialists get experience with it, patients have great results. You're just seeing that momentum build on each other.

Unnamed Speaker: Similarly, our launches outside the U.S. are steadily gaining market share, with our early launch countries continuing to expand those double-digit, those double-digit market shares. We have now achieved reimbursement in all EU5 countries, which improves access greatly, and we are continuing to expand our access in all countries around the world and are really looking for ways we will be able to bring BISO to as many patients as possible. Our third-in-patient RBO was approved late last year, and we expect that U.S. approval will follow this year. Maybe just a little bit of extra color on sort of what the launch of BISO has meant in the U.S. We currently have 928 retinal specialists who have not prescribed a genetic product in ophthalmology for many, many years who are now prescribers and, in many cases, are very loyal users of BISO now.

Unnamed Speaker: So you are really seeing a new market opportunity being opened and expanded. Let me also quickly mention the latest developments for CISMO. We are expecting to restart our clinical trials this year. The U.S. commercial relaunch is also expected this year, and we will be looking to relaunch commercially in 2020-2025 and other parts of the world.

Unnamed Speaker: In terms of clinical news flow, for 2024, we initiated two phase twos for end-spring and spot-right eye disease. Again, another multi-billion dollar... market. So it will be very interesting to see how BIO6 treatment does there. And we have two additional potentially phased re-enabling readouts expected this year for MickeyBart and BIO6 in BME and for the AOSF factor B and GA. And last but not least, we'll have a closer look at our increased portfolio, which we added to our pipeline via the Carmen acquisition, which was just released last week. So we acquired CTC388.

Unnamed Speaker: It's a dual receptor antagonist with best-in-class potential. In UBC, which is a rapidly growing market, we know that about 50 percent of the world's population is expected to be obese by the end of the decade. It is anywhere between a $1.5 billion and $100 billion market. CTC388 really does have the opportunity to potentially be the best-in-class.

Unnamed Speaker: Very early in the data, we saw impressive weight loss reduction at eight weeks, and we believe that this molecule has the pharmacology that may actually be able to enable more patients to get to 20 percent weight loss with very good tolerability if you think about optimizing dosing. We were just looking at the monotherapy opportunity for CTC388, but we were also looking at it in combination with other drugs in our portfolio, including 339, and we talked about that a little earlier. But also other drugs in our portfolio that may have applicability to some of the comorbidities that we know patients with OCD388 have. Also, we know that incretin may have applicability in other disease areas.

Unnamed Speaker: And so, again, we would be looking at the assets that we acquired. As far as the pharma field is concerned, it is really the backbone for future play across our cardiometabolic disease areas, but also potentially other disease areas as well. In addition to CTC388, we have 8866A8 and 9996, both of which will have Phase II interim data for Type I and Type II diabetes respectively this year. So, please keep your eyes on them.

Unnamed Speaker: There's a lot more to be coming out of our market acquisition. In terms of closing out our QQ4 regulatory and clinical update, we mentioned a couple of things that I don't think that I touched on during this presentation and in other places. So we did unfortunately have a negative readout for Synthetix in the phase III and VOGO10 setting and adjuvant head and neck. Unfortunate results, basically, all we knew this was likely to be a difficult one. Unfortunately, head and neck cancer has a long, long history of drugs not working there.

Unnamed Speaker: And then we also saw the positive data from Skyscrapers VIII versus GILD. This is a China-only study that was recently presented with tiered volume as post-centric. And that trial we're reading subsequent data on as well as with the Skyscrapers VII data, which will give us a little bit of an opportunity to more tease out what the effect of tiered volume as post-centric is. Looking ahead to 2024, we have already touched on much of the regulatory news flow. We already have our first agenda item, which is SENSAC subcut approval in the EU.

Unnamed Speaker: We've talked about SENSAC approval, OPRABIT subcut, Provolumab approval, and Inovalib filing, in addition to the clinical trial results that we've talked about. Again, we don't have as many phase A's reading out in 2024, but we do have a tremendous number of phase A's enabling trials that we'll be reading out this year. And some of those we've talked about, most of you, Timmy Mab, Mickey Bart, as we've drawn attention to Part 2 trials, we'll also be reading out this year.

Unnamed Speaker: And again, the additional trials from our MIMA, we do need to share as well. So before I hand it over to Matt, I just want to take one minute to sort of rephrase that, to sort of step back and really take a look at where we are expecting growth from the pharma portfolio over time. Like you, we are very interested in growing our business and growing our ability to help impact patients around the world, and this is how we intend to do it. Of course, we have our mantra portfolio, all the wonderful best-in-class, best-in-disease drugs that we have just been talking about, Viva, Okra, RISD, Vesco, Libra, Libby, are all drugs that are going to continue to drive growth going forward and drive significant growth in patient benefit in the coming years.

Unnamed Speaker: In the midterm, and we are defining midterm here as drugs that will receive data in sort of the 2024 time period, 2024 to 2026, because Viva, Leucofritis, we have talked about Thomas mentioned Epigolobab, COPD, Levidib, potential to get approval on the time period, Fentagrutinib, Oral-BDK, for MS, and a list here of Dextrent, Regolumab, these are all very, very significant drugs that have very large patient populations where we could be able to change standard of care, and we will be getting that data, much of it starting in late 2024, early 2025, and driving a tremendous amount of growth in the mid and long term. And then, of course, looking at those long-term opportunities to find those things that will be filing after 2026, you can see this is where a lot of the benefit from our partnering activities will be happening over time, the Telavan acquisition, the Dial-A-Partner acquisition, these again are very important, and these are very important molecules, very large commercial opportunities that will really fuel our long-term growth, in addition to things like Tritonium Ab, and all of the emerging assets early on in the pipeline.

Unnamed Speaker: So, in summary, we are very convinced that we have a very strong pharma portfolio and one that will continue to thrive on growth in the short, mid, and long term. And we're looking forward to sharing updates on all of these building blocks. Thank you very much. Now, I'll hand it over to Matt. So, with that, good afternoon, good morning, everyone.

Unnamed Speaker: It's my pleasure to present the Foulier Roche Diagnostics 2020 results. And so, with sales of 14.1 billion plus francs, the diagnostic division declined by 13%, or minus 2.3 billion plus francs, a constant change rate, versus Foulier 2020. And as you heard earlier, this decline is driven by the expected decline in COVID-19 test sales of 3.3 billion francs at Constex Exchange, an offset by strong business growth of plus 7%. And so, on this slide, let's look at the performance of Diagnostics over the last eight quarters. And I'd like to start by focusing on the orange dotted line, which represents our base business performance. And in Q4 2023, our base business is at plus 8%, with strong sales momentum in all of our regions. And now I'd like to turn your attention to the blue line, which reflects total diagnostic details, including COVID-19. In Q4, diagnostic liver growth was up 4%.

Unnamed Speaker: And I would note that we had a $300 million government order for rapid antigen tests, which reflected in its overall performance. But you see, with the return to growth, the lessened effect of COVID-19 testing, and the very strong performance of our base business. Now, looking forward, we're not expecting additional government orders or significant sales of Rapidant and COVID-19 tests, but we expect the vast majority of COVID-19 testing to be PCR-based. And I would add that we expect the majority of this testing to be performed in a multi-plex format as part of a standard diagnosis of respiratory disease. Consequently, we expect COVID sales in 2024 to be significantly lower than 2023, in line with what we've gotten earlier.

Unnamed Speaker: We're also expecting some potential headwinds in China due to ongoing government procurement initiatives. However, I'd like to restate that given the strength of our base business, we're still expecting mid to high single-digit growth for Diagnostics in 2024. And so now, I'd like to take you through our sales by product category.

Unnamed Speaker: And what you see first is our core lab business, which is our largest business unit. Here, excluding the COVID-19 effect, we grew at plus 11%, with really strong performance in some key categories, such as cardiac, where we grew at very strong double-digit numbers. Our molecular lab, here, excluding COVID-19, is actually plus 7%. And if you look on the right side of the slide, you see some of the very impressive performance of the different product categories. Cervical cancer growing at 23%, blood screening growing at 13%, and also a very robust performance of our core virology business at plus 6%. Pathology labs are growing at plus 14%, which is very strong. Point of care, excluding the COVID-19 effect, plus 4%, which was really driven by the strong respiratory disease in the Northern Hemisphere.

Unnamed Speaker: And diabetes care receded at minus 4%, and this is really driven by the market evolution from traditional blood glucose monitoring to continuous glucose monitoring. But I would also point out, as we heard earlier, we're getting very close to launching our own continuous glucose monitoring solution, and so we look to see this change trajectory. Now I'd like to go through the performance of the different geographies.

Unnamed Speaker: So if you look across all geographies, first, you'll see the impact of lower COVID-19 test sales across all regions. But then, excluding the COVID-19 effect, you see strong basis growth across all regions. In North America, for example, excluding the COVID effect, plus 5% growth.

Unnamed Speaker: In EMEA, excluding the COVID effect, plus 5%. In APAC, excluding the COVID effect, plus 10%. And in Latin America, excluding the COVID effect, sales grew at plus 26%.

Unnamed Speaker: So very strong performance. Now, I'd like to walk you through the diagnosis of PNL. So core operating profit on sales of $14.11 billion was franked, declined 24% in the comp exchange rate, driven by the strong decline of COVID-19 test sales again as expected.

Unnamed Speaker: The cost of sale decline is 15%, as you heard earlier, but this is faster than sales decline, and this is again driven by lower sales of COVID-19 rapid antigen. R&D costs remain stable, and our investment in R&D is really driven and focused on areas of future innovation and revenue growth, such as mass spec, continuous cost monitoring, sequencing, as well as our digital solutions. Our FD&A remains stable at a constant change rate due to good organizational discipline.

Unnamed Speaker: So when taken all together, we delivered a core operating profit of 2.67 billion Swiss francs, with a margin of 18.99% in reported currency. But, as you heard from Thomas and Alan, the margin was affected by currency headwinds, and I would call it our margin at a constant exchange rate of 21.55%. So now I'd like to shift gears and talk a little bit about some of the innovation that we delivered in 2020-2023, which impacts patients but will also drive our growth into the future. And I'd like to start with a recent and quite exciting milestone in relation to our portfolio expansion in neurology. Roche's electro-neurofilm light chain test, with indication for multiple sclerosis, received FDA breakthrough designation in November of 2020-2023. And I would note that we received multiple FDA-approved device designations for our Alzheimer's portfolio. Around 3 million people are estimated to live with multiple sclerosis.

Unnamed Speaker: After diagnosis, many face challenges with managing the disease due to timely identification of disease progression, which is critical for optimization of treatment. And the access to and availability of testing that's capable of identifying disease progression has the potential to improve treatment optimization for these patients. And this may result, and hopefully will result, in better clinical outcomes. So we're very excited to introduce the Alexis Neurofibroma Line Change Test. We'll have for MS patients a biomarker obtained by a minimally invasive blood draw that can deliver rapid results to patients and their caregivers. And I would also point out quite a bit about OkraVis, the synergistic and synchronized approach between road pharma and diagnostics that allows you to continue to deliver better access for patients who need medication and better care. And I would also call out, you see there, the Floodlight MS.

Unnamed Speaker: This is a digital solution that measures the motor and cognitive skills of MS patients. And we're also exploring potential applications of this in disease monitoring. So now I'd like to turn to a product category very, very near and dear to my heart, which is infectious disease testing, and start with a pair of new launches that we had at Roche Diagnostics 2020-2023, our anti-TGV IgM and anti-TGV IgG tests. It is estimated that one-third of the global population should be at risk for infection with the hepatitis C virus, but the true burden is unknown as it is underdiagnosed.

Unnamed Speaker: Consequently, the WHO has updated its essential diagnostics list, which includes in vitro diagnostics that should be available in all countries. And last year, for the first time, tests for EGV were included to aid in both diagnosis and surveillance. In November 2023, we launched our test for IgM and IgG, and why that is important is that it allows us to diagnose both acute and chronic infections for hepatitis C. That allows patients to diagnose, monitor, and appropriately treat patients infected with Hepatitis C. And I would call out that this is all support for competitive reasons. We saw the strong growth of our core lab franchise earlier in my presentation. Having a differential panel for hepatitis is one of the critical competitive aspects of immuno-acid infectious disease, and the addition of these two tests really completes our differential panel for hepatitis.

Unnamed Speaker: So we're very excited also about the ability for us to compete even more strongly in immunoacid. Now, I'd like to transition to our growing digital portfolio by providing an update on our Navify algorithm. The Algorithm Suite is a one-stop shop for digital algorithms used to aid and improve clinical decision-making.

Unnamed Speaker: This platform integrates into a hospital's laboratory information system and soon will be seamlessly integrated into a hospital's electronic medical record system. It takes data off of Roche analyzers but also clinical data that is provided by a patient when they present in a healthcare setting. The Algorithm Suite provides hospitals with a growing library of verified knowledge algorithms, as well as algorithms from partner companies, to use in their everyday practices and improve insights needed for clinical decision-making.

Unnamed Speaker: I would like to point out that we have 15 certified algorithms available and expect to have more than 20 additional algorithms by the end of 2025. Currently, the majority of our offerings are in the oncology, cardiac, and therapeutic areas. These are two areas of high invention and an opportunity to improve clinical decision-making. However, looking into the future, we also expect to have additional algorithms in neurology, infectious disease, as well as substance use. So now I'd like to turn to some of the additional platforms that we're launching in diagnostics with the next generation of one of our long-standing platforms, the LIGHTSight Pro. We launched this new real-time PCR instrument in November 2023, open to use in IVDUs, CMR, and FDA. And the unique benefit of the LIGHTSight Pro is that it's the first real-time PCR instrument to be simultaneously labeled for research as well as IVD use, opening the opportunity to use lab-developed tests as well as registered IBD tests.

Unnamed Speaker: So this instrument launched with a broad menu of 60 molecular diagnostic CE-IBD tests and 200 research assays through Tim's mobile app. And it will include, or it does include, excuse me, key features such as higher multiplexing capabilities. It actually has seven optical channels that allow us to discriminate between different targets in an individual well in an individual run.

Unnamed Speaker: And it has improved precision, scalability, and data analytics. We feel this will be a very highly competitive entry in the real-time PCR marketplace, which I would call out from a reagent perspective is about half a billion Swiss francs, and as an instrument market is about 0.2 billion Swiss francs every year. So now, looking at our launches in 2023, I'm very, very proud of the performance of the organization. We achieved 15 of our key launches.

Unnamed Speaker: And as you heard earlier, 2024 is shaping up to be the biggest launch year ever for Roche Diagnostics, and not just in the number of launches but some of the most impactful launches for the future of the division. So first, I would like to call out the core lab launch of the game-changing I-601 mass spec system, which is really going to revolutionize mass spec testing by offering a fully automated, standardized, reproducible mass spec instrument that will integrate with existing and work area instrumentation and make it even more competitive in that core lab space, as well as our first offering in the continuous glucose monitoring space, the AccuCheck SmartKaiji. Additionally, we're planning to launch new automated solutions for the Core Lab, including our Cobot CC703 for Equal Clinical Chemistry, which will by far have the highest throughput of anything we've ever launched or of our competition, and the ISD Neo, which will allow us to stay ahead of competition and keep our strong momentum in the Core Lab.

Unnamed Speaker: We also expect the U.S. launch of our four-flax, Li-M-multi-flax, molecular-point-of-care terrestrial respiratory virus testing. We will also look at Flu A, Flu B, COVID, as well as RSV, so we feel this is going to be a very competitive launch. Additionally, we will be launching a highly multi-flex respiratory flex panel on our 15, 58, 68, 88, and 800 systems. This is going to be a broad panel of respiratory pathogens and be the first launch we have with our revolutionary new TAGS acid chemistry. On top of this, we plan to launch version 2 of our already industry-leading Cobot 680-8800, and this will add additional functionality and competitive features. We will also make significant progress in the critical area of donor screening, as you heard earlier, with the launch of our COBOX serology solution in the U.S. and the global launch of our molecular test for malaria. We also look forward to... Pardon me.

Unnamed Speaker: Alright, thank you. We also look forward to the important U.S. authorization of the primary diagnosis claim for our DP-600 Digital Pathology Slide Scanner, and this will make it even more competitive as we continue to expand in the growing area of digital pathology. We're also expanding our digital solutions offering with the introduction of the Navify Analytics family for all of our customer areas, and this will deliver improved operations efficiency in clinical labs around the world. You've heard it from Alan.

Unnamed Speaker: We're very much looking forward to our diagnostics yesterday on May 22nd. So this will be a hybrid event taking place in London but still held virtually. With our leadership team, we put together a very exciting portfolio for you, and I'm very much looking forward to May 22nd. So please save the date. As you've heard, we're going to profile some of our new technologies, such as MapBack for continuous glucose monitoring. We'll talk a little bit about next-generation sequencing, as well as other exciting launches. So I look forward to seeing you there. And with that, I'll hand it over to Renauld for questions. Yeah, yeah. Thanks a lot, Matt. With that, we'll open the Q&A session. We have 40 minutes.

Unnamed Speaker: We have 10 panelists in the queue. So I would ask everyone to just ask two questions, so that we can give everyone the opportunity to ask questions. And then we'll go through the questions, and then we'll provide the answers. The first two questions will go to Charlie Weber from Mobile Family. Charlie, please.

Charlie Weber: Hi Bruno, Charlie Mapp, Morgan Stanley, thank you for taking my questions. I guess firstly, with the newly enlightened K1A, Obesity, Asthma, and Hypertension drug, you're entering several new therapeutic areas, which will come with significant R&D and commercial investments. So I guess, how do you think about your ability to trust so many therapeutic areas at the same time when you come to becoming more focused on the areas of leadership? And what does that mean for the margin profile over the coming years? And then, secondly, could you just briefly comment on how you think about the potential impact of a bio-mode, a bilayer high doses, and a J-code, and do you think it is likely to slow the launch momentum later in the year? Thank you very much.

Unnamed Speaker: Excellent So when it comes to the R&D assessments related to the new acquisitions that we've made, that's really about prioritization within our R&D portfolio, and there are a lot of really good and important conversations that are happening across all of the R&D organizations to create the options and systems that are going to be necessary in order to give the investment to the programs that we've in-licensed or acquired to ensure that they get what they need. So we're being very, very disciplined about making sure that we're giving the program everything they're going to require in order to be maximally successful. When it comes to the commercial aspect, I think there are sort of two things at play here.

Unnamed Speaker: The first is that the fundamental changes that we made to our commercial model a number of years ago were really designed to create a flexible commercial model that does allow us to expand much more easily than the sort of fixed models in the past. And so certainly, I think that gives us a lot of comfort that as these drugs come to market, we'll be able to accommodate them. The other thing that I think we should keep in mind is that we think of some of these drugs as quote-unquote primary care drugs. What primary care marketing looks like today is likely not what primary care marketing is going to look like in the next 10 years.

Unnamed Speaker: And so I think the application of technology, the application of AI, really thinking differently about how you deploy field resources and digital resources. We intend to take a very creative and sort of forward view to how we commercialize these assets in ways that both maximize their ability to impact patients but also do so in a really cost-efficient manner. So more to come on that over time. In terms of the BISO and the HIDO launch, I think there are a couple of factors at play here. So, first of all, we're expecting the HIDO launch. We're expecting the JCOs soon.

Unnamed Speaker: All of that is sort of part of our plan. But when you think about how we actually priced the BISO, we priced it sort of at the current standard of care, while HIDO came in at a 2027 premium.

Unnamed Speaker: It does not have all of the pieces of the label that I think the specialists are looking at. I think you have to look at the core benefits of the BISO. There's the reuse, reusability, and the dual mechanism of action.

Unnamed Speaker: I think we will be able to compete effectively both from the clinical attributes of the BISO and the clinical experience that we've been generating over time, but also from the broad coverage that we've been able to hear from payers given our response to the pricing approach. And then, as we have always said, in an environment, particularly in the U.S., where contracting is important, we will, of course, contract. Let me just add, from my side, as Alan mentioned, our goal is to grow operating profit in the high-cycle digital range this year. That means that we will need to keep operating costs stable, and what that means is that the trade-offs that you've seen in 4 are trade-offs that we're also going to make in 1. To make sure that we put the money behind the right assets and really accelerate those assets.

Unnamed Speaker: So you can see that that will happen. So also in the long run, just to assure you, we want to keep the market stable and make sure that we can make our contribution here as we have in the past. Thanks.

Richard Parkes: Very good. So the next two questions come from Richard Parkes from the MBA department. Thank you, Bruno. Yeah, a couple of pipeline ones.

Unnamed Speaker: So firstly, on BlipBlipGip via Dagoness CT388, obviously still several years away from the market, and I think there's some skepticism about this opportunity as a standalone, given we've got the Novo coming with Cagras Dammer. So just wondering how you see the opportunity for CT388 on a standalone basis. Would you be willing to do head-to-head trials versus Majara or Nov

Unnamed Speaker: And when do you think you're going to be in a position to accelerate it into phase 3 development? I'm just wondering what else you see there. And then secondly, I just wanted to discuss your confidence that neutralizing antibodies from Sinemab won't be an issue for that program. And again, if you could discuss what you need to see from the ongoing phase 1 trial before you make a decision on phase 3 and maybe what opportunities there might be to accelerate that program. Do you want to take it, or should I? Either way. Let me take it first.

Unnamed Speaker: So, on GLP1-GFP, I mean, the data that we've seen so far is extremely promising, also compared to the molecules that you've mentioned. But I'm really looking into the future. I think the topic is more around combination. GLP1-GFP will be the backbone for a number of combinations of molecules that we also have in-house. One of those is GYM-399, which Theresa also mentioned, currently in our house, in combination with RISC-T. And GYM-399 is an anti-platelet myostatin.

Unnamed Speaker: It has recycling technology from QQI, so it's a really highly active antibody. And because one of the issues with GLP1-GFP is that not only do you use fat, but you also use mass. And if you actually follow those patients, after they get off the medicine, they actually return to their original weight pretty quickly. And the reason is that the metabolism is going down as there's less muscle to burn calories. And in fact, you know, as a teenager, one could eat whatever they wanted because you had a high muscle mass. Now, being in my late 40s and 50s, that's no longer the case.

Unnamed Speaker: And the reason is that also, you know, the muscle mass has gone in a different direction. So with GYM-399 in combination with GLP1-GFP, this is the kind of thing that we have, and how we're going to differentiate it. And that goes beyond BPC, also into other T-series where we want to combine this as a backbone. So that's just a bit of an explanation of what we differentiate when it comes to this important molecule. Regarding neutralizing antibodies, we don't see that at all on Trinimab.

Unnamed Speaker: So this doesn't seem to be a concern. What's interesting is that it must be with the entry on how this is a brain shot where antibodies get into the brain. We also see a much lower area rate.

Unnamed Speaker: Because I think that's also something that is a concern with, you know, the medicines currently in the approval process or approval. We hope that we can go into phase III this year. Right now, the data that you've seen is from three patients. So quite significant. And we hope that we go into phase III this year. Anything that you want to add?

Unnamed Speaker: So the only thing that I would add is that BOPB is incredibly large. I mean, again, 50% of the world population would like to be BOPB in the next decade, somewhere between the $50-100 billion market by aerial projections. There's going to be room for multipliers to do very, very well.

Unnamed Speaker: Given at least early hints that we have clinical profiles for CT3AA, it could well hold it down in space. Richard, can we answer your questions? Thank you very much. Thank you, Bruno, and thank you everyone else for the presentation. I was quite questioning C3H8, so firstly, let's go there. On the C3H8 so far, I need to round out the weight loss of C3H8, that's 8 cents.

Unnamed Speaker: I know it's only C3H8 in that cohort, but we've seen, particularly with epidermitis, there's this huge range of responses, so I just wonder around that 8 cents average what the response was after four weeks, notwithstanding the fact that it's 8 cents to start with. And then secondly on Zolaire, you talked about managing life cycle management programs for Zolaire, which you've been engaged in before, and at some point, we buy a stimulus, so I'm just wondering what your latest expectation is on when that will hit, and is there anything beyond Zolaire in your portfolio? I can't see anything, but looking further down the track would be very helpful.

Unnamed Speaker: So in terms of the data and the individual data, I'm not sure that that's been publicly covered. Yeah, I think the data you're referring to are 9-1-1 data, which were presented by Comma before, which show a 98.5% weight reduction at week 4. And we will have additional data; a lot of data come at 12-week, 24-week. And this is data we will get at 24, and then we will get an update. And there is more to come. But we are pretty confident that the compound here, with a really good benchmark when we look at the compound for the development, could take us out of the profile, in terms of the indicators. And in terms of similar events, those will occur next year, 2025, so it's not going to be a happy year.

Unnamed Speaker: And in terms of other things in our portfolio, we are respiratory-oriented. The closest that we have, that's what we'll have to do. Thank you. Okay, let's move on to the next question, Matthew Weston. Thank you, Bruno. Matthew Weston from UBS.

Matthew Weston: Two questions, one for you. You highlighted the strategic update which we should expect at the end of September. And last year, you already gave us a couple of first steps: you brought R&D and decision making, you said that that needed to be accountable for delivery across the organization. We then saw you acquire assets, and now you've accelerated them into in-house assets.

Unnamed Speaker: I guess the question is what's left in terms of the strategic update that we should expect ahead of that event. And then, secondly, a number of times, both Theresa and Thomas have mentioned the Phase II trial readout in the next 12 months. If we look across those Phase II assets, there seems to be a lot of what we would historically consider high-risk categories, so neuro, autism, Parkinson's, but also geographic accuracy, and even late myofascial muscle building, which has been a graveyard for a number of people in the industry before. Would you consider your Phase II portfolio higher risk than normal, or would you say they are normal Phase II portfolios?

Unnamed Speaker: Yeah, so, first, let me say that as I started the role in March, the areas I focused on first were the areas where I felt I had, you know, the most urgent need to look into, and that was R&D excellence and, ultimately, R&D productivity, so how we can accelerate that. And as we went through that and rolled that out in September, I could then focus on more and more strategic topics as well, wider, for the group and for the division. The reason is, looking at the pharma strategy, we'll clearly talk about, you know, the easiest area of focus; we'll talk about, you know, what the combination between diagnostics and pharma is, and where we want to play. But give us time; we will finalize the strategy probably in Q2, and with that, we will then roll it out in the organization, and then share it also externally. I hope you understand that we first have to communicate internally before we can communicate externally.

Unnamed Speaker: Regarding the assets in our pipeline that we are reading out this year and next year, You know, there are a number of assets, like I think from CinemaMob, where the mechanism of action is now pretty well established. The data seems very compelling. I think also when you look at PL1A, we believe that the probability of success is very, very high. So we try to complement the portfolio of assets with a high probability of technical success.

Unnamed Speaker: On top of that, I think there are, you know, I think a number of very, very interesting leads out, like the sci-fi multiple surprises, which we all believe have a very high probability of successful success. So you see, we have a number of very good short-term goals that I believe will also drive growth in the 2025 to 2023 timeframe. And I guess maybe just to add to that, because I completely agree with what you said, I would say we're in the stage to read out what we have, that we are basically re-enabling. I would say there are things that mechanistically we have a really good belief are going to work. So VGTRON would be another one. All of the increasing portfolios of AJJ, based on the well-known and well-characterized mechanisms, we would expect those to have a high probability of success.

Unnamed Speaker: And then there are riskier things, which is sort of what you need to do when you're driving breakthrough innovation. And so I think we actually have quite an appropriate mix, you know, in our integrated strategic reversion. Matthew, did this answer your question? Thank you, Bruno. Yes. OK, OK. And you're on with the next one, row B, Sachin Jain from Bank of America. Hi there, thanks for taking my question. If I may, I wonder if you could just touch on DMV and your filing reassessments.

Unnamed Speaker: I'm thinking again in terms of reassessments and dismissals when we get approved for secondary degrees. Do you have any feedback there as to what you will hear on these DMVs, particularly next year where you have territories? And secondly, Thomas, you've pulled that design over a couple of times.

Unnamed Speaker: Are you still seeing that availability opportunity, or is it now in your mind larger than that? Is your excitement related to it being the first immunoimmune agent, or is it just a higher probability of success? Just a bit of color there; can you pull that out a few times?

Unnamed Speaker: Thank you. So in terms of DMV, I would say what gives me more hope is that this is a life-threatening disease for which there is absolutely no other treatment alternative. And when you look at the totality of the evidence that we have as part of the phase 3 trial, I think it is compelling. And so, clearly, we still need to have conversations with regulatory authorities, and, you know, obviously, those conversations and research repairs are underway. But given the opportunity to treat these boys who otherwise would get no treatment and who will have no chance of long-term survival, I think it's a different situation than some of the other care therapies that we've seen over time where they're competing against other standard therapies that exist. I think it's a slightly different situation here.

Unnamed Speaker: But certainly, this is a path that has not yet been traveled, and so we're actively in conversation. But again, when you look at the totality of the data, it's compelling. And I think it's compelling for these boys, and I think it will only be compelling for their parents.

Unnamed Speaker: Yeah, let me also comment on DMV. We had a meeting with European leaders in Switzerland at the end of last year from all over the world, and there was actually quite a lot of insights, so that's, I think, also another data point that's very promising. The other one is Peter Marks from the FDA has said that he wants to expand the label. We have a number of countries, ex-US, where they follow the FDA approval. We already have tourism going on where people are going to other countries to get their children treated, and I think that we will probably see more and more of that happening. Because for these children, this is the only option to survive, and so I think it's an important opportunity to help your children.

Unnamed Speaker: And actually, just to add on, because I don't think I mentioned it, we do expect to treat our first-page reporter well. Yeah, yeah. On the sidebar, in lupus nephritis, I tried it once because of the strong face-to-face data, very strong face-to-face data, and yeah, alone in lupus nephritis, we believe it's a one-one. Mm-hm, mm-hm.

Unnamed Speaker: Maybe I can help with this answer to your question. Thank you. Maybe just one additional question regarding the data which has been submitted now, additional data, or any media coming in over time, how does this support our application and then later on our reimbursement negotiations in the EU? Absolutely. I mean, additional data clearly needs to be necessary for no other reason than to ban down additional ages.

Unnamed Speaker: So I think all of the additional data that will come in over time, and it will take some time to materialize, but all of that data will be used to strengthen our ability to bring this to market. Thank you. The next two questions will go to Imana Dardas from Deutsche Bank. Bye-bye.

Unnamed Speaker: Thank you for taking the question. Maybe I'll start with a quick question on guidance. You're helping us to remind ourselves of our WiFi timelines for Zola. Perhaps you could do the same for Jetra and Temra.

Unnamed Speaker: I believe they're still on a silent timer around 25 minutes to remind us that if that is still your expectation, if that is the case, you do become confident in preserving a similar magnitude of farmer revenue growth, growth in the single digits, and indeed protecting the margins over that mid-term period. Second question, maybe following on from Mark, it seems like quite a different kind of communication today relative to your prior comments around specifying the outcome of the primary endpoints. Before we even get to the in-person discussions, in no way do we have any preliminary discussions with European regulators.

Unnamed Speaker: What's their degree of specificity on that data? So we don't typically comment on ongoing regulatory activity, but I can tell you that we are in the process of having conversations, but we obviously couldn't comment on the content of those at this time. In terms of loss of exclusivity, the first Actemra biosimilar in the EU has been approved, and we expect to get it in the US next year. We are expecting something like a 15% impact in 2024. As a reminder, most of the Actemra biosimilars will launch with IE and then subsequently go to CutCut.

Unnamed Speaker: CutCut currently represents about 63% of the Actemra global market. So, you know, we are expecting that we'll see a little bit more of a gradual decline over time, and then at Subcut, we'll have to roll out more maintenance stations to consider switching. Progetta, I think we've said that in the middle of this decade, so we've got a little bit of time left on Progetta, particularly in the US. I think we are continuing to stand by our prior statements around what we believe is going to happen with the HRSA portfolio, which is that we are expecting that it will largely remain stable and gradually decline toward that half a decade. We won't see the kind of relevance we saw at CutClick, like we've seen in other drugs, just based on the age of invertebrates. But also the difficulty in manufacturing something like a pilot.

Unnamed Speaker: So I think we've discussed it dynamically in the HRSA portfolio, and then we did it with HRNR. Let me just add that when we spoke about the L.O.E. impact this year, we actually included a camera in that.

Unnamed Speaker: So the roughly 1.6 billion across all of the ministries has had an L.O.E. impact. And let me also add for Progetta, I think the latest communication has been that the first initial file that we expect will come out in 6, not 4.4. Am I allowed to respond to your questions?

Unnamed Speaker: Certainly. Thank you very much. Then we'll move on to the next one, which is going to be a little bit more complicated. Tim, Tim, please, please.

Unnamed Speaker: Hello, can you hear me now? Yes, we can hear you. Thank you. It's Richard Wagner.

Unnamed Speaker: Yes, yes, yes, I was doing that. There's some feedback that follows all the time. Thank you very much. Okay, let me quickly do it the other way and take the questions, the two-question round. Thanks for watching! Go Frogs!

Unnamed Speaker: Chum Chum Pizza. Hi John, it's great to see you again. Thank you for taking the time to answer my question. So, just two things, please. First, we know that you kicked off another phase of your study, Primera, focusing on the ASL 1.1 mutation. So, how should we really think about this, so that you're able to be ongoing and already an all-comer, which I think you linked me to earlier in 2025? Are there any other key differences that you should be thinking about, and what's your level of confidence in the all-comers?

Unnamed Speaker: And then maybe this is one on concentric. So, following the appointment in head and neck cancer, what are the next growth drivers really, and how should we really think about the trajectory into 2024 in particular? Thank you. Great, great. Let's start with concentric.

Unnamed Speaker: So, Concentric will continue to grow outside the U.S., primarily in A.C. and adjuvants, non-small cell cancer. And it's sort of continuing to overfill in the U.S. at the moment, and particularly in adjuvants, certainly in small cell and in A.C. We would expect it to maintain a leadership position, particularly in large markets like the U.S., which are probably largely at We would expect some impact adjuvants in the U.S. competition over time. We have sub-cut rolling in, which again, as we have previously stated, we expect that to be largely protective, but it may add a couple hundred million on top with expanded use, but the next real big value driver for Centrix will be in combination with Turoplatinab. And so we will need to wait to see the outcome of the skyscraper studies to really get a sense of where we'll be by Centrix. We'll talk about that. In terms of iridescence, I think that this is a drug that, when you look at the biological rationale for it, it really ought to work.

Unnamed Speaker: And so I think we do have some confidence, certainly in the patients where the iridescent receptor is also quite active. And I think it is very reasonable to assume that, in an all-comers population, it may have benefited as well. So this really is a highly selective, highly potent drug and one that we think they may have the opportunity to very much refine the backbone of care for patients with rheumatoid arthritis and breast cancer. Seeing that first-day data in 2025 will be extremely informative, but this is a molecule I'm really watching quite closely. I think it could be transformative, not only in the biological population but in all-comers as well. Thank you very much. And we might give it a try again with Richard, our Honourable Member for Research, Richard Kees. Yeah, there's no echo.

Unnamed Speaker: Two quick questions and then I'll get to you, Richard... Shout out to the New York Bureau. I wouldn't think anybody would do that, other than all of you in the New York House of Appeals.

Unnamed Speaker: Also, on China and government procurement, could you provide some details on what they are? Scott Bardo is an area that will be affected, and there is a risk that outbreaks of coronavirus out of government procurement programs will spread beyond the Indian National Park....

Unnamed Speaker: Hmm. Okay, so I think we have two questions. One is a broad question about our confidence level in Tichitt. So, first of all, let's say we haven't seen any additional data to date that we are aware of internally. And, you know, we've seen a number of page 2 readouts that clearly show that this is an active molecule, so our confidence level is such that we are starting more phase 3 trials. So, obviously, we believe that this could be a medicine. Regarding the situation, you know, on the market with other TGG molecules, I would say it supports it as well. I mean, Luisa, what would you add to that?

Unnamed Speaker: I mean, I think that's absolutely right. This is a new path. On top of the highly efficient standard of care, I think data that we saw at the second interval of ICD-1 tells us that drugs do something. I mean, the hazard ratio is, again, when you're talking about something on top of a very high standard of care. I think we invest heavily in the TGG pathway for a very good reason, and I think that it because we believe that it has the opportunity to be biologically active and to help So, at this point, we're in the uncomfortable position of waiting. Yeah, we have that figured out. Mm-hmm. OK, OK. And I think there's a very limited impact on farm animals in China. I'm not sure I agree with you. Yeah, I think for China only on farm animals, there is hardly an impact. No, no.

Unnamed Speaker: Tim, does this answer your question? Richard, sorry, I'm still doing this on my wing. We're just a few on the line.

Unnamed Speaker: Okay. If not, then we maybe have a final question, then go again to Richard Parkes from BNP Paribas to get rewarded for being here. So, be patient. I don't know.

Unnamed Speaker: Yeah, thanks for my follow-up. It was just a couple of products, Hemlibra and Ocrevus, that slowed a bit in the fourth quarter after having delivered double-digit growth. I'm just wondering if you could walk through the dynamics there.

Unnamed Speaker: I think maybe Hemlibra more specifically, given its potential impact on competition, what are you seeing there? Yeah, thanks for the question because I think really we are not seeing anything that we believe, in fact, is the fundamental underlying demand for either Hemlibra or Procribis. It is, it is, I think very much, a currency effect that we're seeing with both of these drugs.

Unnamed Speaker: For Hemlibra, we are at 40% market share; presentation share was certainly very good, but that leaves you with a tremendous amount of room to grow. As we see Altuvio coming into the market, I think largely what we see is patients using Altuvio in combination with Hemlibra. So either having it on board as their backup factor, which is something that is in, for the hemophilia population, something that is recommended by guidance, or using it in combination with, versus people switching from Hemlibra to Altuvio. I think we see, particularly with Hemlibra, people who switch from Hemlibra tend to be quite young. So we get people in, you know, when they're very early in their youth management careers and stick with them over time.

Unnamed Speaker: So again, we're just not seeing anything out of the ordinary that leads us to believe that the trajectory for either Hemlibra or Procribis is really any different. And a very good start in January for both of these products would, you know, sort of underscore that. Thank you, could I have another follow-up, Bruno, just on the TGT program, just whether you could give me updates on... The Broader Timeline, the other Phase 3 trials in lung cancer, I've just noticed that you all have the Stage 3 and Respectable Potential filing in 2025, so I just wondered if that could slip into the Phase 3 readout for this year and how your confidence in that trial design in particular has evolved over time given what we've learned about the class.

Unnamed Speaker: Bruno is really excited to answer this one, so we're going to give him a shot. Maybe it's not about the confidence level, but just to confirm again, you know, we are also thinking about precise timelines for the other studies that you write. There are a couple of them, the chemo combination, I gave you three quick examples that need some attention, and we will, yeah, one day later in the house, we will update you. Thank you. All good from your side?

Unnamed Speaker: Yeah, great, thank you. We may have two questions here, which were sent to us from Luisa Hector from Bloomberg. She had to jump out.

Unnamed Speaker: There was one question here about the target, which was mentioned by Thomas, that 80% of the pipeline, meaning Earth or Planet Earth. Where do we stand on this journey? Yeah, right now, I would say we're around 40-50% in that range, and we're working very hard to increase that to 80% and to targets across all of the R&D organizations. And then I think we will hear a question I got several times today already about our R&D event going forward in 2024. What would be the idea?

Unnamed Speaker: I already mentioned, and I think Alan mentioned it as well, so in the current guidance, basically, it means that we have ROA operating profits in the high-significance range. That means we'll have a lot of cost-to-earn, also inclined to be on R&D. And then maybe the final question, we have a question here from Andy Baum from CICLICI about the landscape in the moment and how this might now change in light of the latest data which we just had last September. So first of all, are our assumptions changing here due to the development plan, having now been classified here for the high-9As, and also seeing the ROA asserted coming to the next generation of ROAs coming to the market and then the K And even without having the high-significance combination iterator later on in this question.

Unnamed Speaker: And then a small, small question to finish with. So in terms of, maybe we'll take the CD4-6 question first, which is that while we ran the initial study with Palo Alto, we are currently exploring other CD4-6 combinations. So we will have additional data; that data is coming. But we don't expect the fact that it was on the Palo Alto backbone to be a limitation for utilization after approval. It would be premature to speculate on what the actual label will look like or what the actual usage will look like.

Unnamed Speaker: I think those are all things that we will have to explore after we have our conversations with health authorities. But obviously, seeing the transformative data that came out of that study, I think it really gives us a lot of confidence. This is a model that we should be looking at on a more broad scale, and certainly, those conversations are underway. As we are thinking about the evolution of the HRPARC breast cancer count database, we are continually looking at how to make sure that we are optimizing our existing trials and future trials to make sure that we are staying ahead of standard care. And those are all activities that are currently ongoing. I'm happy to share with you more.

Unnamed Speaker: Okay, so thank you very much, everyone. And yeah, as you see, in the underlying business, though, the business, excluding COVID-19, is performing very well in 2020 with 8% growth. And then, in 2024, we'll have fewer headwinds.

Unnamed Speaker: And with that, specifically after Q1, you'll see more growth really shining through. I think we've made good progress on the pipeline, too. And you need the innovation that we have there. We have, on the technical side, I think one of the biggest launches ever. On the pharma side, we have 12, and maybe, potentially, we'll move into phase three this year.

Unnamed Speaker: And you've all seen how we are developing and making sure that our organization is well set up for the future, both from an organizational perspective and from a strategic perspective. With that, thank you very much for joining us today. And I look forward to a call in a couple of months from now for Q1. Thank you very much. Sellout! Goodbye.

We called it I would like to inform you that all participants on this and only mode. During the call. After the presentation. There will be a question answer session you're invited to send in questions for this throughout the entire session use into Q&A functionality of <unk>.

In addition to that you may also ask him to address your question suddenly for participants joining via phone to raise your hand, just online on your phone style. Pat when you then get selected crossed the questions. Please follow the instructions from the phone and Pesthouse extra on mute yourself.

One last remark if you would like to follow the presented slides on your end as well. Please feel free to go to worst com slash investors to download the presentation. At this time, it's my pleasure to introduce you to Thomas Unica T O S group Mr. Finnegan the status here.

Thank you very much Hello, and welcome and I look forward to sharing our full year 2023 results with you.

In 2023, we managed to exceed our guidance.

As you see on the right hand side the group sales growth increased by 1% in constant exchange rates and this is despite significant headwinds from COVID-19, and also biosimilar erosion in total headwinds of about $6 4 billion or more than 10% of ourselves and we managed to grow.

Through that.

The headwinds will become less fast in 'twenty 'twenty, four and we have a strong underlying business. This underlying business will shine through in 'twenty 'twenty four and you will see in the guidance. We do expect good growth for 'twenty 'twenty four.

Core EPS, we also exceeded our guidance by reaching 6%.

With a 6% growth at constant exchange rates now.

Now we had a one time positive effect due to the resolution of a tax dispute.

<unk> also exceeded our guidance by reaching 6% sales a 6% growth at constant exchange rates.

And even without this effect, we grew our core EPS in line with our group sales at 1% again exceeding our guidance.

Now we had a one time positive effect due to the resolution of a tax dispute and even without this effect. We grew our core EPS in line with our group sales at 1% again exceeding our guidance.

And with that we manage to further increase our dividends to nine Swiss franc 60.

So overall I mentioned, a strong growth of 1% that is really supported by a very strong base business growth of 8% the base business growth is excluding COVID-19.

And with that we manage to further increase our dividends to nine Swiss franc 60.

So overall I mentioned, a strong growth of 1% that is really supported by a very strong base business growth of 8% the base business growth is excluding COVID-19.

Pharma grew a strong 9% and diagnostic at 7% in the base business.

We had expected COVID-19 sales decline of $4 3 billion Swiss franc and age R&R of 1.1 on top of that we have to compensate for a decline in the centers and accurate as well due to biosimilar and generic erosion really showing that the strong underlying business.

Pharma grew a strong 9% and diagnostic at 7% in the base business.

We had expected COVID-19 sales decline of $4 3 billion Swiss franc and age R&R of 1.1 on top of that we have to compensate for a decline in the centers and SPX as well due to biosimilar and generic erosion really showing that the strong underlying business.

It made us grow this year and.

Despite these headwinds.

The core operating margin stable core EPS, plus 6% operating free cash flow of the 4% all at constant exchange rates.

It made us grow this year despite.

We've achieved a number of very important key milestones in Q4.

Despite these headwinds.

The core operating margin stable core EPS, plus 6% operating free cash flow of the 4% all at constant exchange rates.

The approval of our buys more in RVO and to centric as sub cuts are the U S priority review granted Vauxhall and food allergy.

We've achieved a number of very important key milestones in Q4.

We've had a number of positive phase III readouts, one that I would like to highlight is the readout for analysts at the Theresa will also cover really fantastic results and this means we're going to launch this medicine hopefully already this year.

The approval of our buys more in RVO and to centric as sub cuts.

The U S priority review granted Vauxhall and food allergy.

We've had a number of positive phase III readouts, one that I would like to highlight is the readout for inner Melissa that Teresa will also cover really fantastic results and this means we're going to launch this medicine hopefully already this year.

We've also had very good results in solar and food allergy.

We've had a number of launches on the diagnostic side, but also a number of deals for pharma televisions. The NTT <unk> come out the dual G. O P. One gop's endured the mirror Dx really a revolutionary point of care technology.

We've also had very good results in solar and food allergy.

We've had a number of launches on the diagnostic side, but also a number of deals for pharma televisions. The NTT <unk> come out the dual G. O P. One gop's endured the mirror Dx really a revolutionary point of care technology.

We have significant news flow in 2024.

On the diagnostics side, let me say with mass spec with the I could check a smart guy at the C. G M C seven or three updates.

We have significant news flow in 2024.

Updates to cover 6000, 808800, cobalt pro serology solution et cetera, we will have the biggest launch year for diagnostics in the history of this division.

On the diagnostic side.

I can say with mass spec with the ACA check a smart guy at the CGM C seven or three.

On the pharma side, we have a number of phase III readouts.

Updates to cover 6000, 808800, Cobos pro serology solution et cetera, we will have the biggest launch year for diagnostics in the history of this division.

Let me call out specifically because either in lupus nephritis, but also we have a number of pay suite, enabling readouts. We have in total 12 enemies that could potentially transition into a phase three during this year.

On the pharma side, we have a number of phase III Readouts let.

Let me call out specifically because either in lupus nephritis.

But also we have a number of phase III, enabling readouts, we have in total 12 enemies that could potentially transition into a phase three during this year.

Now again, let me highlight on this slide the strong achievements of the organization growing 1% at constant change right.

If we exclude COVID-19, you see the strong 8% growth.

Now again, let me highlight on this slide the strong achievement of the organization growing 1% at constant change right.

On this slide you see the different movements of the sales lines. The diabase business growing 1 billion. They are actually not that many diagnostics companies that are even the size of 1 billion and we add that every year.

If we exclude COVID-19, you see the strong 8% growth.

On this slide you see the different movements of the sales lines. The diabase business growing 1 billion. They are actually not that many diagnostics companies or even the size of 1 billion and we add that every year.

And that's the underlying base business growth of 7% you see the expected COVID-19 impact and as I mentioned before this impact will be easing.

We have a strong growth of our new portfolio in pharma and we have the expected impact in rone, a brief and H&R and here you also see the appreciation of the Swiss francs versus other currencies. The specifically in Q4 accelerated.

And that's the underlying base business growth of 7% you see the expected COVID-19 impact and as I mentioned before this impact will be easing.

We have a strong growth of our new portfolio in pharma and we have to expect that impact and grown our brief and H&R and here you also see the appreciation of the Swiss francs versus other currencies. The specifically in Q4 accelerated.

What I also wanted to show is how the quarters have developed over the last couple of years in Q4 2023, you see zero percent growth, but this is due to the COVID-19 effect in Japan.

What I also wanted to show is how the quarters have developed over the last couple of years in Q4 2023, you see zero percent growth, but this is due to the COVID-19 effect in Japan.

About one 2 billion.

Without this the group grew 8% also in the fourth quarter. So again very strong underlying growth of the base business. What I also wanted to show and you see that in the blue boxes.

Of about 1.2 billion.

Without this the group grew 8% also in the fourth quarter. So again very strong underlying growth of the base business.

How the base business. So the business excluding Covid. This is what's going to carry us forward.

<unk> has developed over the recent years.

What I also wanted to show and you see that in the blue boxes.

And you see massive acceleration from 'twenty to 'twenty, two to 2020 three in our base business growing from 3% in 'twenty to two 8% and 23, so strong delivery and our commercial organizations with a good portfolio.

The base business. So the business excluding Covid. This is what's going to carry us forward.

Has developed over the recent years.

And you see massive acceleration from 'twenty to 'twenty two to 'twenty to 'twenty three in our base business growing from 3% in 'twenty to two 8% and 23, so strong delivery and our commercial organizations with a good portfolio.

Here again, you see the base business development, both in pharma and diagnostics.

On the diagnostics side, we have.

Again achieved 7% growth in base business the same as the previous two years. So we've consistently grown in the high single digits for the diagnostics business.

Here again, you see the base business development, both in pharma and diagnostics.

On the diagnostics side, we have.

Again achieved 7% growth in base business the same as the previous two years. So we've consistently grown in the high single digits for the diagnostics business.

On the pharma side, we've seen really the acceleration.

From 2% growth in the base business in 'twenty, 2% to 9% growth in 'twenty three.

And what I can say is also when we look at the guidance. We see a strong continued trend also into 'twenty four.

On the pharma side, we've seen really the acceleration from 2% growth in the base business in 'twenty, 2% to 9% growth in 'twenty three.

The key growth drivers of the portfolio are in diagnostics, we see very strong growth in core lab in pathology, but also in the molecular lab.

And what I can say is also when we look at the guidance. We see a strong continued trend also into 'twenty four.

In ophthalmology, whereby small now reached.

The key growth drivers of the portfolio are in diagnostics, we see very strong growth in core lab in pathology, but also in the molecular lab.

$2 4 billion Swiss francs, FESCO reached 1.1 billion Swiss francs Ham Libre has reached 40% patient share in the U S and the EU five.

In ophthalmology, whereby small now reached.

$2 4 billion Swiss francs, FESCO reached 1.1 billion Swiss francs Ham Libre has reached 40% patient share in the U S and the EU five.

And poly is becoming the new standard of care in first line Youll be CL and we've had strong launches with calling me and consume here in third line do yoga CL and Follicular lymphoma. All of US is the number one globally with 20% market share in every state is the number one globally.

And poly is becoming the new standard of care in first line <unk> and we've had strong launches with calling me and consuming year in third line Yoga CL and Follicular lymphoma acre of US is the number one globally with 20% market share in every state is the number one globally.

In patient care, so you see a strong portfolio throughout the different disease areas.

Now beyond the portfolio, we've made significant progress in terms of strategic and organizational development in 2023.

Patient care, so you see a strong portfolio throughout the different disease areas.

And I will not go through everything, but let me give you some highlights on.

Now beyond the portfolio, we've made significant progress in terms of strategic and organizational development in 2023.

On the digital health strategy, we have focused our efforts in certain areas. We have decided to go for one technology platform across the group and one center of excellence for digital product development.

Speaker Change: And I will not go through everything, but let me give you some highlights.

Speaker Change: On a digital health strategy, we have focused our efforts in certain areas. We have decided to go for one technology platform across the group and one center of excellence for digital product development.

On the disease area strategies, specifically cardiovascular and neurology, we defined our strategies and we moved forward.

Our R&D excellence, we've done a productivity analysis and we've seen that there are areas, where we're best in the industry, but there are also areas, where we can be better and.

Speaker Change: On the disease aerospace, specifically cardiovascular and neurology, we defined our strategies and we moved forward.

And we set goals to be in the top in all of those measures.

Speaker Change: R&D excellence, we've done a productivity analysis and we've seen that there are areas, where we are best in the industry, but there are also areas, where we can be better and.

We've also set the goal to have 80% of our portfolio either best in disease or first in class and we are working towards that goal.

Speaker Change: And we set goals to be in the top in all of those measures.

We're investing in the latest technologies AI ml, but also lost language models.

Speaker Change: We've also set the goal to have 80% of our portfolio either best in disease or first in class and we are working towards that goal.

And we are really accelerating promising projects going through prioritization of our portfolio.

Speaker Change: We're investing in the latest technologies AI ml, but also large language models.

D prioritizing projects that are not as promising and moving those efforts into the most promising projects and we've seen a couple of effects already in a illicit which was supposed to read out in 24 came in early because of these efforts continue them up was accelerated because of these efforts.

Speaker Change: And we are really accelerating promising projects going through prioritization of our portfolio.

Speaker Change: D prioritizing projects that are not as promising and moving those efforts into the most promising projects and we've seen a couple of effects already in a illicit which was supposed to read out in 24 came in early because of these efforts continue them up was accelerated because of these efforts.

So you've seen that we have done a lot to really move or portfolio ahead.

We also looked at our upcoming operating model to simplify clarifying the alliance structures and processes and technologies to get rid of duplication in our organization to make.

Speaker Change: So you've seen that we have done a lot to really move our portfolio ahead.

Speaker Change: We also looked at our opera Mi operating model to simplify clarified and alliance structures and processes and technologies to get rid of duplication in our organization to make fit for purpose right processes slim processes to accelerate everything that we're doing and to offer two sets.

Make fit for purpose right processes slim processes to accelerate everything that we're doing and to off to set standards around technology.

And some of the things.

You can see with diagnostics in diabetes care integration or the integration of <unk> diagnostics.

On the people and culture side, we've made significant progress as well not only do we have.

Speaker Change: Tenders around technology.

Speaker Change: And some of the things.

Speaker Change: You can see with diagnostics in diabetes care integration or the integration of F. The mine to diagnostics.

In our new corporate Executive Committee, but we also have gender parity now in the corporate Executive Committee.

On the people and culture side, we've made significant progress as well not only do we have.

And we're working on culture, we have a really high engagement from our employees and very good culture scores, we working on having more debate leading to better and faster decisions by our empowered people and really an excellence to deliver ambitious goals. So we are setting very ambitious goals across the organization to be able.

Speaker Change: In our new corporate Executive Committee, but we also have Kinder parity now in the corporate Executive Committee.

Speaker Change: And we're working on culture, we have a really high engagement from our employees and very good culture scores, we working on having more debate leading to better and faster decisions by our empowered people and really an excellence to deliver ambitious goals. So we are setting very ambitious goals across the organization to be able.

To deliver those it will be very important to build on that with our people.

Now what you can already see.

And we already did that in Q3 in Q3, we have already deeper ours highest three.

Speaker Change: To deliver those it will be very important to build on that with our people.

Three enemies, Inc.

In Q4, you see we have deprioritize, another eight and we're shifting the resources to projects that we want to accelerate you will see a similar number in Q1, so really making sure that we put our efforts behind those projects that are most promising really working towards achieving our portfolio.

Speaker Change: Now what you can already see.

Speaker Change: And we already did that in Q3 in Q3, we have already deeper ours hoist three.

Speaker Change: Enemies, Inc.

Speaker Change: In Q4, you see we have deep prioritized another eight and we're shifting the resources to projects that we want to accelerate you will see a similar number in Q1, so really making sure that we put our efforts behind those projects that are most promising really working towards achieving our portfolio.

Is that not only has the most enemies.

In the industry, but 80% of those enemies, either best in disease, a first in class.

Speaker Change: That not only has the most enemies in the in the industry, but 80% of those enemies either best in disease, a first in class.

And one way we built that is also through bringing in external innovation teller.

TV, one is being one of them.

Teresa will comment on it and Ylem and hypertension comments again Teresa will comment on that we've done deals around adcs RNA therapies molecular blue Degraders and also generative AI together with Nvidia, we've done a very interesting deal.

Speaker Change: And one way we built that is also through bringing in external innovation teller.

Speaker Change: <unk>, one is being one of them.

Speaker Change: Teresa will comment on it on an island and hypertension comments again Teresa will comment on that we've done deals around adcs RNA therapies molecular blue Degraders and also generative AI together with Nvidia, we've done a very interesting deal.

Which is now at the stage of that definitely took merger agreement. The closing will be later this year around point of care, where you can do multiple modalities on one single platform and where we have a very strong and very good cost position. So you see we are building and accelerating our pipeline through our internal efforts and complementing that.

Speaker Change: Which is now at this stage definitely the merger agreement. The closing will be later this year around point of care, where you can do multiple modalities on one single platform and where we have a very strong and very good cost position. So you see we are building and accelerating our pipeline through our internal efforts and complementing that.

With our external efforts.

Also on the ESG side, we have made significant steps of hits.

On the Dow Jones sustainability index, we were not only number three we will also number two.

Speaker Change: With our external efforts.

With Chugai. So we have two of the top three positions in the Dow Jones sustainability index.

Speaker Change: Also on the ESG side, we have made significant steps of hits.

Speaker Change: On the Dow Jones sustainability index, we were not only number three we will also number two.

In reducing the scope one and two in the greenhouse gas emissions, we've managed to reduce 79% since 2012 since 2004.

Speaker Change: Which you Guy so we have two of the top three positions in the Dow Jones sustainability index.

We've also made progress in our portfolio and the contributions that we do there with HPE molecular testing and a novel antibiotic class then was developed and discovered by our researchers.

Speaker Change: In reducing the scope one and two in the greenhouse gas emissions, we've managed to reduce 79% since 2020 since 2004.

Speaker Change: We've also made progress in our portfolio and the contributions that we do there with HBV molecular testing and a novel antibiotic class that was developed and discovered by our researchers.

Now let me take you through what 'twenty 'twenty four will look like.

First.

We have a young portfolio, we've been launching about two medicines every year for the last 10 years.

Speaker Change: Okay.

Speaker Change: Now let me take you through what 'twenty 'twenty four will look like.

We're going to launch another two medicines this year crowbar them up for a certain type of.

Speaker Change: First.

Speaker Change: We have a young portfolio, we've been launching about two medicines every year for the last 10 years.

This order where red blood cells are attacked by the own immune system. This medicine has the potential also in other diseases in a illicit well we just got the data end of last year and it was very.

We're going to launch another two medicines this year crowbar them up for a certain type of.

Speaker Change: This order where red blood cells.

Very promising to a point, where we do believe that we can actually bring this to market already this year.

Speaker Change: By their own immune system.

Speaker Change: This medicine has the potential also in other diseases in a illicit where we just got the data end of last year and it was.

And you see that this young portfolio will continue to drive growth in the next years.

Speaker Change: Very promising to a point, where we do believe that we can actually bring this to market already this year.

And on top of that.

The headwinds are becoming less.

Speaker Change: And you see that this young portfolio will continue to drive growth in the next years.

The last time, where we really have a major impact from COVID-19 will be in Q1.

Speaker Change: And on top of that.

In 2023, we had an impact of $4 3 billion.

Speaker Change: The headwinds are becoming less.

Speaker Change: The last time, where we really have a major impact from COVID-19 will be in Q1.

This impact is going down to $1 1 billion.

In 2023, if you look at Biosimilar erosion and you take everything together beyond even the H&R with an impact of 2.1. This is coming down to 1.6. So you see the overall headwinds is coming from $6 four two roughly.

Speaker Change: In 2023, we had an impact of $4 3 billion.

Speaker Change: This impact is going down to $1 1 billion.

Speaker Change: In 2023, if you look at Biosimilar erosion and you take everything together beyond even the H&R, we had an impact of 2.1.

$2 7 billion.

And with the strong momentum in our underlying business this will shine through.

Speaker Change: This is coming down to 1.6, so you see the overall headwinds is coming from $6 four two roughly.

And help us grow in the mid single digit range in 2024.

Speaker Change: $2 7 billion.

On top of that we have a number of things in the pipeline that will continue to drive growth in the outer years.

Speaker Change: And with the strong momentum in our underlying business this will shine through.

Speaker Change: And help us grow in the mid single digit range in 2024.

And let me start with diagnostics mass spec.

Cobos flow serology solution blood screening in the U S Cobo C seven or three I S E.

Speaker Change: On top of that we have a number of things in the pipeline that will continue to drive growth in the outer years.

Speaker Change: And let me start with diagnostics mass spec.

Our Alzheimer panel for Alexis.

Speaker Change: Cobos Pro serology solution lots screening in the U S Cobo C seven or three I E.

<unk> 6000, 808800 version to molecular diagnostics next generation sequencing continuous glucose monitoring we are on fire. When it comes to launches in diagnostics, we have the best launch here in the history of this division.

Speaker Change: Our Alzheimer panel for Lexus.

Speaker Change: <unk> 6000, 808800 version to molecular diagnostics next generation sequencing continuous glucose monitoring we are on fire. When it comes to launches in diagnostics, we have the best launch here in the history of this division.

On the pharma side and I'm, just showing you some of the assets that.

That have significant opportunity for growth and most of those are not even covered in any of the models out there today and we have significant readouts in 'twenty 'twenty four.

Speaker Change: On the pharma side and I'm, just showing you some of the assets that.

Speaker Change: That have significant opportunity for growth and most of those are not even covered in any of the models out there today and we have significant readouts in 'twenty 'twenty four.

Many readouts phase III Readouts will be in 25, such as as the gold them up.

Such a friend Ibrutinib, you're desperate than others, but there are 12 enemies that could transition this year into phase threes. So we have a strong pipeline also on the pharma side that can drive and will drive growth in the outer years, we will not need everything to work, but all of those are significant.

Speaker Change: Many readout phase III Readouts will be in 25, such as as the Golar them up.

Speaker Change: Such a friend Ibrutinib, you're desperate than others, but there are 12 enemies that could transition this year into phase Iii's. So we have a strong pipeline also on the pharma side that can drive and will drive growth in the outer years, we will not need everything to work, but all of those are significant.

Middle market opportunities and most of them not included in any of the models.

So again looking at 'twenty 'twenty four we see a strong base business growth in 23, 8%.

Speaker Change: Middle market opportunities and most of them not included any of the models.

We do believe that our base business will continue to do well.

Speaker Change: So again looking at 'twenty 'twenty four we see a strong base business growth in 23, 8%.

The headwinds are becoming less significantly less and with that we believe that group sales will grow in the mid single digit range.

Speaker Change: We do believe that our base business will continue to do well.

For the 20th fault guidance core EPS will then grow broadly in line with sales growth. Now. This is excluding this impact from the resolution of tax disputes in 2023.

Speaker Change: The headwinds are becoming less significantly less and with that we believe that group sales will grow in the mid single digit range.

You've seen that on the 23 slides I mentioned, we grew 1%.

Speaker Change: For the 20th fault guidance core EPS will then grow broadly in line with sales growth. Now. This is excluding this impact from the resolution of tax disputes in 2023.

Corp, Yes, 1%, excluding this effect.

So we're excluding the effect in both cases, so you see that we're continuously.

Speaker Change: You've seen that on the 23 slides I mentioned, we grew 1%.

The forming we're continuously delivering on.

Corp: Corp, Yes, 1%, excluding this effect.

Keeping the margins stable and this would actually mean that from an operating cost perspective will need to be very disciplined because we will need to grow operating profit in the high single digit range to get the core EPS in line with sales growth, but I know Alan will cover more of that for the dividends, we want to further increase the dividend.

Corp: We're excluding the effects in both cases, so you see that we're continuously.

Corp: The forming we're continuously delivering on.

Corp: Keeping the margins stable and this would actually mean that from an operating cost perspective will need to be very disciplined because we will need to grow operating profit in the high single digit range to get the core EPS in line with sales growth, but I know Alan will cover more of that for the dividend we want to further increase the dividend.

In Swiss francs, thank you and with that and over to Alan.

Thanks Thomas.

Lots of good remarks, I have now to do something first which I'm not so used to normally I have to do a little bit of advertising, but it ties very well and what you have said Thomas because we would like to deliver even more information you are to the opportunities that you've talked about in 2024.

Corp: In Swiss francs, thank you and with that and over to Alan.

Alan: Thanks Thomas.

Alan: Lots of good remarks, I have now to do something first which I'm not so used to normally I have to do a little bit of advertising, but it ties very well and what you have said Thomas because we would like to deliver even more information you are to the opportunities that you've talked about in 2024.

So we have a neurology update here from an Investor Relations point of view at March 11th well, we have elevators, we have granted them up and we are putting out some ups in Parkinson's disease, we will have an update there and.

Alan: So we have a neurology update here from an Investor Relations point of view at March 11th well, we have elevators, we have drawn 10 them up and we are putting out some ups in Parkinson's disease, we will have an update there.

We have the diagnostics day.

Really how shall I say, let's say sort of excitement around that are more talks about the technologies and perhaps one or the other machine might be visible there and even how should I say touchable, if if if I might say and then we have the pharma day on September 30th and this.

Alan: We have the diagnostics day.

Alan: Really how should I say, let's say sort of excitement around that are more talks about the technologies and perhaps one or the other machine might be visible there and even how should I say touchable, if if if I might say and then we have the pharma day on September 30, and this.

On this day, it's not just about the pharma Australia. So it's about the group strategy on top so I think a very.

A very important day, good with that let's go into the numbers first I'll give you a quick overview and then I dig into the details you'll see on that slide first said I will focus on the right hand side, so really the numbers and the improvements if you like in constant rates.

Alan: On this day, it's not just about the pharma Australia. So it's about the group's strategy on top so I think a very Ah.

Alan: A very important day, good with that let's go into the numbers first I'll give you a quick overview and then I dig into the details you'll see on that slide first said I will focus on the right hand side, so really the numbers and the improvements if you like in constant rates.

I think that's really justified we have a very solid natural edge when it comes to currencies I come to that and I will show you a slide on this but just to explain you why I'm. So focused on on the concentrates development and so you'll see a really sales and as Thomas said I think even without Covid I think we have grown by 8%.

Alan: I think that's really justified we have a very solid natural edge when it comes to currencies I come to that and I will show you a slide on this but just to explain you why I'm. So focused on on the constant rates development. So you'll see it really sales and as Thomas said I think even without Covid I think we have grown by 8%.

Our pharma up 6% dire minus 13%. When you then located without Covid farm up 9%, even diagnostics up 7% I think that's really great and and met and Teresa will will dig into this and then we have the cooperating profit Miss a minus 1%.

Alan: Pharma up 6% dire minus 13%. When you then located without Covid farm up 9%, even diagnostics up 7% I think that's really great and met and Teresa will will dig into this and then we have the cooperating profit Miss a minus 1%.

We invested into R&D. So we have an increase of plus 5% and we have an increase in SG&A of plus 4% I come to this majorly driven by M&A and farmers will be invested into the product I think in case of our buys more they've made a hell of a sense and we have some increases on the corporate side. When you look at core net income plus 3% I think that's really the tax impact that's already.

We invested into R&D. So we have an increase of plus 5% and we have an increase in SG&A of plus 4% I come to this majorly driven by M. N D and farmers will be invested into the product I think in case of our buys more they've made a hell of a sense and we have some increases on the corporate side. When you look at core net income plus 3% I think that's really the tax impact that's already.

Our techs resolution.

That Ah Yeah, we had the pleasure to experience in 2023 was a major uplift here. It is admittedly at that size a one off.

Alan: Text resolution.

That's also why we have decided to exclude that from the 2024 guidance and then really you would see from the corner income plus 3% to the core to the core EPS plus 6% and that's interesting because it is a base effect coming from Chugai last year, you might all remember we had the settlement at the time around a product called Ulta mirrors.

Alan: That Ah Yeah, we had the pleasure to experience in 2023 was a major uplift.

Alan: Is admittedly at that size a one off.

Alan: That's also why we have decided to exclude that from the 2024 guidance and then really you would see from the corner income plus 3% to the core to the core EPS plus 6% and that's interesting because it's a base effect coming from Chugai last year, you might all remember we had the settlement at the time around a product called Ulta mirrors.

And that certainly gave us a $668 million.

If you like when you're a pure profits and I see that boost is a sugar resolved at the time, that's not existent anymore. In 2023. So you know we have a 60% share in sugar or 40% is really the minority share towards the deduction, if you like or the adjustment for profit based on this is much lower compared to last year, we'd sensor.

Alan: And that certain months gave us a $668 million.

Alan: If you like when you're a pure profits and I see that boost is a sugar resolved at the time, that's not existent anymore. In 2023. So you know we have a 60% share in sugar or 40% is really the minority share towards the deduction, if you like or the adjustment for profits based on this is much lower compared to last year, we'd sensor.

He brings to comparison up and brings to core EPS to plus 6% I have as net income plus 7% better performance less impairments couple of restructuring charges and then we have the operating free cash flow was $15 8 billion up 4% at constant rates I would argue it's still allowing us to do whatever we want to do.

Alan: And he brings to comparison up and brings to core EPS to plus 6% I have as net income plus 7% better performance less impairments couple of restructuring charges and then we have the operating free cash flow was $15 8 billion up 4% at constant rates I would argue are still allowing us to do whatever we want to do.

And certainly also investing into M&A and it will come to that later on the same applies to the free cash flow.

Good with that let's go rather quickly through the P&L I think sales I would argue is carbon is more to come other revenue you see a minus $664 million. So a reduction compared to last year. That's also mirrors Altamira is this a $668 million. So I think that number fits perfectly then you really see.

Alan: And certainly also investing into M&A and it will come to that later on the same applies to the free cash flow.

Speaker Change: Good with that let's go rather quickly through the P&L I think sales I would argue is carbon is more to come other revenue you see a minus $664 million. So a reduction compared to last year, that's auto mirrors Alta mirrors, the 668 million. So I think that number fits perfectly.

See the cost of sales.

With a plus 1.35 billion. So that's a major improvement. It also brings to cross profit margin up.

What it suddenly I can say here, it's a fantastic achievement because in group the volumes went up 5% in pharma dwelled up 12% and in pharma, we provide a saving you will see it later on of roughly <unk> hundred million and then certainly the S diagnostics and April really provide the bulk of the savings if you like but certainly also due to the fact that the <unk>.

Speaker Change: Then you really see the cost of sales.

Speaker Change: With a plus 1.35 billion. So that's a major improvement. It also brings to cross profit margin up.

Speaker Change: What it suddenly I can say here, it's a fantastic achievement because in group. The volumes went up 5% in pharma was up 12% and if pharma we provide a saving you will see it later on of roughly $100 million and then certainly there's diagnostics and April really provide the bulk of the savings if you like but certainly also due to the fact that.

<unk> went down.

Significantly.

When you look really at because I heard a little bit of a question about royalty expenses I see the royalty expenses itself went up.

Speaker Change: The sales went down.

Because of our Kravis and F risky, but we had an offsetting effect, even a little bit of an overcompensating effect coming from collaborations on profit sharing agreements where.

Speaker Change: Significantly.

Speaker Change: I think when you look really because I heard a little bit of a question about royalty expenses.

Speaker Change: I see the royalty expenses itself went up.

Where we had if you like a little bit of an ECL sneak suspenders expenses here and the explanation of assembly thrown up please.

Speaker Change: Because of our Craybas and Everest D, but we had an offsetting effect, even a little bit of an overcompensating effect coming from collaborations on profit sharing agreements where.

Good.

With that let's go to the next line, which is R&D I said up 5% really driven by pharma with 725 million and then SG&A was a 590 million increase M. N D from pharma 346 million and then we had 100 million really coming from the corporate side, driven by informatics and a little bit by PNC, So people and culture.

Speaker Change: Where we had if you like a little bit of an E shelf, because we spend as our expenses here and the explanation of assembly thrown up please.

Speaker Change: Good.

Speaker Change: With that let's go to the next line, which is R&D I said upper 5% really driven by pharma with 725 million and then SG&A was a 590 million increase M. N D from pharma $346 million and then we had a hardened million really coming from the corporate side, driven by informatics and a little bit by P&C, So people and culture.

And then other operating income and expenses rather stable that's relatively small number I would argue.

Good I think when we look at the margins and you know why we said we want to defend the margin and I would argue in in constant currencies. I think we were quite successful you'll see the margin.

Speaker Change: And then other operating income and expenses rather stable that's relatively small number I would argue.

Klein is small in constant currencies was minus <unk> five percentage points.

Speaker Change: Good I think when we look at the margins and you know why we said we want to defend the margin and I would argue in in constant currencies. I think we were quite successful you'll see the margin.

You see without Altamira as it would have even increased I think you'll see quite a nice department of pharma Division was the minus <unk> four percentage points without Altamira is plus one one percentage points and then you'll see the diagnostics division going down, but I see here is a simple explanation when you lose sales in a magnitude of two points of rebellion I've seen it's very hard to.

Speaker Change: Klein is small in constant currencies was minus <unk> five percentage points.

Speaker Change: You see without Altamira as it would have even increased I think you'll see quite a nice department of pharma division was to minus <unk> four percentage points without Altamira is plus one one percentage points and then you'll see the diagnostics division going down, but I think here is simple explanation. When you lose sales in a magnitude of $2 3 billion I've seen it's very hard to.

To keep the margin.

Good with that let me go to the core net financial result here currency helps us as you can see them because you see a roughly 90 million deterioration in constant currencies of minus $197 million and let me lead you through this I think the equity securities.

Speaker Change: To keep the margin.

Speaker Change: Good with that let me go to the core net financial result here currency helps us as you can see them because you see a roughly 90 million deterioration in constant currencies of minus $197 million and let me lead you through this I think the equity securities.

This year, we had a gain last year, we had losses. So this is really what comes from the Roche venture fund, we're investing into minorities as you know in private companies evidently I think we see an uptick here and then you'll see the net interest income I think the team did a great deal here and you know we've issued bonds in Q4 or in the total of 2023 of $6 5 billion Vas.

This year, we had a gain last year, we had losses. So this is really what comes from the Roche venture fund, we're investing into minorities as you know in private companies evidently I see we see an uptick here and then you'll see the net interest income I think the team did a great deal here and you know we've issued bonds in Q4 or in the total of 2023 of $6 5 billion Vas.

Majority in Q4.

Certainly we made use of these funds and that brought the net in net interest income up then you see read the currencies, where we have currency losses, no doubt about that of minus 243 million, but it was less and asked here and that's the thirty-five positives that youre seeing here and then you'll see the interest expenses.

Speaker Change: Majority in Q4.

Speaker Change: Certainly we made use of these funds and that brought the net in net interest income up then you see read the currencies, where we have currency losses, no doubt about that of minus 243 million, but it was less indexed here and that's the thirty-five positives that youre seeing here and then you'll see the interest expenses.

Very clear we have the refinancing we refinanced at higher rates, we brought more debt in certainly also at our race at higher rates compared to our history. So okay.

A minus 208 here and then others hyper inflation minus $233 million in total.

Speaker Change: Very clear we have the refinancing we refinanced at higher rates, we brought more debt in certainly also at our race at higher rates compared to our history. So okay.

Which came in basically triggered by Turkey, and Argentina, So nothing unexpected so to say.

Speaker Change: A minus 208 here and then other is hyper inflation minus $233 million in total.

Tax rate.

Yeah, Let me start on the right hand side, because that's a big pleasure effective tax rate for 2023 is 11.9%, we all enjoy the moment.

Speaker Change: Which came in basically triggered by Turkey, and Argentina, So nothing unexpected so to say.

I think really this resolution of a tax dispute.

Speaker Change: Tax rate.

Speaker Change: Yeah, Let me start on the right hand side, because that's a big pleasure effective tax rate for 2023 is 11.9%, we all enjoy the moment.

What's very very beneficial accounted for 774 million Swiss francs. So a significant number and certainly also how shall I say it helps us from a cash out point of view because that number is oh, sorry that this number is not going away in cash. So I think that's quite a positive I think if you add back this impact you get to an effective tax rate of 16 point.

Speaker Change: I think really this resolution of a tax dispute.

Speaker Change: What's very very beneficial accounted for 774 million Swiss francs. So a significant number and certainly also how should I say it helps us from a cash out point of view because that number is oh JJ. This number is not going away in cash. So I think that's quite a positive I think if you add back this impact you get to an effective tax rate of 16 point.

2% now you might ask yourself, okay, what's going to happen in 2024, let me be precise here about 2020 for what we expect is that's a 16.2% goes to 18% and that's the basis for the guidance and in addition, 1.5 percentage points. So in total 19.

Speaker Change: 2% now you might ask yourself, okay, what's going to happen in 2024, let me be precise here about 2020 for what we expect is that's a 16.2% goes to 18% and that's the basis for the guidance and in addition, 1.5 percentage points. So in total 19.

5% tax rate is coming from the Swiss minimum tax.

That's coming in here, which is working a little bit against us. So you see there is quite a jump on one hand on the underlying tax rate, but also let's say from the Swiss minimum tax and I'll come back to that.

Speaker Change: 5% tax rate is coming from the Swiss minimum tax.

Speaker Change: That's coming in here, which is working a little bit against us. So you see there is quite a jump on one hand on the underlying tax rate, but also let's say from the Swiss minimum tax and I'll come back to that.

Corey if you asked about him and speed in summary, when you look at profits a let me start with the full year 2020, twos or the 20.62, and then going over to the full year 2023, excluding the resolution of the tax dispute and what Youll see a nice uptick in operations of 2.5 percentage points Altamira has worked against us.

Speaker Change: Our core EPS development submitted summary, when you look at profits a let me start with the full year 2020, twos or the 20.62, and then going over to the full year 2023, excluding the resolution of the tax dispute and what you'll see a nice uptick in operations of 2.5 percentage points Altamira has worked against us.

And all other effects netted out basically and then you see really from full year 2023, the tax effect was plus five percentage points, so quite significant to bring us to the overall plus 6.1% core EPS increase very important when we come later to the guidance.

Speaker Change: And all other effects netted out basically and then you see really from full year 2023, the tax effect was plus five percentage points, so quite significant to bring us to the overall plus 6.1% core EPS increase very important when we come later to the guidance.

Yeah, a couple of non core items.

First you'll see cooperating profit as said minus 1% on the right hand side, you'll see the idea for us operating profit on the right hand side going up by 3%.

Speaker Change: Yeah, a couple of noncore items.

And you see really the total non core operating items, plus 670 million I would outline two effects here one effect as we had significantly less impairments compared to last year.

Speaker Change: First you'll see cooperating profit as said minus 1% on the right hand side, you'll see the idea for us operating profit on the right hand side going up by 3%.

Speaker Change: And you see really the total non core operating items plus $670 million I would outline two effects here one effect as we had significantly less impairments compared to last year.

I think really if you let me mentioned Rusty trachea is just one element, which came in in 2023, but significantly loss impairment on intangible assets and we had a little bit more on global restructuring charges. As you can take from that slide when you take the EIOPA is operating profit with plus 3% you get to the IRS net income was <unk>.

Speaker Change: I think really if you let me mentioned Rusty trachea is just one element, which came in in 2023, but significantly loss impairment on intangible assets and we had a little bit more on global restructuring charges. As you can take from that slide when you take the IRS operating profit with plus 3% you get to the EIOPA as net income was <unk>.

<unk>, 7%, which is quite a boost and while the point comes from that really impairments are not tax deductible. So we have less impairments. If you like which are not tax deductible and that brings if you like the tax effect up in a positive way and therefore, we get to a plus 7% on the IRS net income.

Speaker Change: <unk>, 7%, which is quite a boost and while the point comes from that really impairments are not tax deductible. So we have less impairments. If you like which are not tax deductible and that brings if you like the tax effect up in a positive way and therefore, we get to a plus 7% on the IRS net income.

Good I think really now we get to cash and that's where it all comes together.

When you look at the group operating free cash flow, let me start on the left hand side, which the $17 6 billion you see full year 2000, Twenty's seen concentrates 18.2 billion I would argue the 18.2 billion is matching pretty well what we have delivered historically in the last couple of years.

Speaker Change: Good I think really now we get to cash and that's where it all comes together.

Speaker Change: When you look at the group operating free cash flow, let me start from the left hand side, which the $17 6 billion you see full year 2000, Twenty's seen concentrates 18.2 billion I would argue the $18 2 billion as matching pretty well what we have delivered historically in the last couple of years.

So that's fine let me lead you through this operating net profit net of cash adjustments of minus 230, well I think altamira is once again, then you see the net trade working capital.

Speaker Change: So that's fine let me lead you through this operating net profit net of cash adjustments of minus 230, well I think altamira is once again, then you see the net trade working capital.

In networking capital and improvement of 1.2 billion and I think that's great. Nevertheless accounts receivables went up inventories went a little bit up. So I think there is still more work to do which I think gives us a good outlook for 2024 investments in PP&E, an increase of $506 million and then you see really the investments in intangible assets was in.

Speaker Change: And networking capital and improvement of 1.2 billion and I think that's great. Nevertheless accounts receivables went up inventory spend a little bit up. So I think there is still more work to do which I think gives us a good outlook for 2024 investments in PP&E, an increase of $506 million and then you see really the investments in intangible assets was in.

Increase of 173, I would let's say with a decrease of 170 Street, which sent shows us as an improvement here on the cash side. So I would argue a pretty balanced I certainly I think the foreign exchange impact here was a minus 2.5 billion is significant to bring us to the 515.8 billion reported.

Speaker Change: Increase of 173, I would let's say with a decrease of 170 Street, which sent shows us as an improvement here on the cash side. So I would argue are pretty balanced I certainly I think the foreign exchange impact here was a minus $2 5 billion is significant to bring us to the $5 15.8 billion reported.

Good I think with the margins here as you can see I think group looks better in constant rates pharma division looks significantly better in constant rates, and then diagnostics going down what's clear I think.

Speaker Change: Good I think with the margins here as you can see I think group looks better in constant rates pharma division looks significantly better in constant rates, and then diagnostics going down what's clear I think.

When your profits come down I think it's not surprising that your cash flow comes down as well.

Good group net debt development, we are at 18.7 billion net debt you see on the left hand side. We started the year is minus $15 6 billion.

Speaker Change: When your profits come down I think it's not surprising that your cash flow comes down as well.

So we had an increase of 3.1 billion.

Speaker Change: Group net debt development, we are at 18.7 billion net debt you see on the left hand side. We started the year is minus $15 6 billion.

Certainly driven by the M&A activities, but let me lead you through this ICD free operating the operating free cash flow of lead you through 15.8 billion, we paid Texas 3.6, Treasury 900 million.

Speaker Change: So we had an increase of $3 1 billion.

Speaker Change: Certainly driven by the M&A activities, but let me lead you through this ICD free operating the operating free cash flow of lead you through 15.8 billion, we paid Texas 3.6 Treasury at $900 million and then I think you'll see the 14.4 billion. The dividend 7.9 billion and then M&A with six point to which basically.

And then I think you'll see the 14.4 billion the dividend 7.9 billion and then M&A was six point to which basically is tellement and you might remember it was 7.1 billion in U S dollars at $6 2 billion in Swiss francs.

So I think really that all makes sense brings us to 218.7 asset increase of 3.1, well a quick look at the balance sheet.

Speaker Change: As televisions and you might remember it was $7 1 billion in U S dollars at $6 2 billion in Swiss francs.

You'll see cash and marketable securities go up and concentrates quite significantly 19% as said we have issued bonds of $6 5 billion in the year 2023. Other current assets plus 5%. That's accounts receivables was <unk> 8 billion slight reduction in our balance sheet, which is at a different currency rate.

Speaker Change: So I think really that all makes sense brings us to 218.7 asset increase of 3.1, well a quick look at the balance sheet.

Speaker Change: You'll see cash and marketable securities go up and concentrates quite significantly 19% as said we have issued bonds of $6 5 billion in the year 2023. Other current assets plus 5%. That's accounts receivables was <unk> 8 billion slight reduction in our balance sheet, which is at a different currency rate.

<unk> of inventories and then your non current assets go up 13%, that's Taliban coming in with 6 billion goodwill than on the right hand side, you'll series of capital. Our current liabilities go down minus 2%. That's a lower income tax payable that were having now after the release of the after tax provisions we have the non current liabilities. This is the gross debt which has increased to.

Speaker Change: Of inventories and then your non current assets go up 13%, that's Taliban coming in with 6 billion goodwill than on the right hand side, you'll series of capital. Our current liabilities go down minus 2%. That's a lower income tax payable that were having now after the release of the of the text provisions we have the non current liabilities. This is the gross debt, which has increased to now.

Nine of $29 2 billion and then we have equity, which has increased and we have a solid equity ratio of 37%.

Okay reporting changes I think that's important to mention.

Speaker Change: <unk> at 29.2 billion and then we have equity, which has increased and we have a solid equity ratio of 37%.

As you might know I think we will move foundation medicine from the pharma division to the diagnostics Division and we said.

Speaker Change: Okay reporting changes I think that's important to mention.

Certainly I think we see some changes here that does not mean that we change to independents or foundation medicine, I think that keeps intact. The whole changes effective January 1st and certainly.

As you might know I think we will move foundation medicine from the pharma Division to the Diagnostics Division and we said sure.

Certainly we would like to enable you that you'll come up with the right estimates for 2024.

Speaker Change: Certainly I think we see some changes here that does not mean that we change to independents or foundation medicine, I think that keeps intact. The whole changes effective January 1st and certainly we would like to enable you that you'll come up with the right estimates for 2024.

So we have no restatements made in the 2000 Twenty's refinanced statements. This all is going to come.

During the year 2024 and in 2024.

Speaker Change: So we have no restatements made in the 2000 Twenty's refinanced statements. This all is going to come during the year 2024 and in 2024.

We will restate the 2000 and twenty-three result, and certainly we will apply that structure that you're seeing here into 2020 for financial statements and these changes will have no impact on sales operating profit net income and EPS of the group as a whole it has an impact on on pharma and Dias, who can take easily.

Speaker Change: We will restate. The 2023 result, and certainly we will apply that structures that you're seeing here into 2024 financial statements and these changes will have no impact on sales operating profit net income and EPS of the group as a whole it has an impact on on pharma and Dias, who can take easily.

From that slide, but not for the group over all but we said however for modeling purposes I wanted to provide you a heads up about the changes and how they impact the divisional margins and as you can take easily from that slide it's an uplift for pharma and its more pressure from a margin point of view on diagnostics.

Speaker Change: From that slide, but not for the group over old, but we said however for modeling purposes I wanted to provide you a heads up about the changes and how they impact the divisional margins and as you can take easily from that slide it's an uplift for pharma and its more pressure from a margin point of view on diagnostics.

Good with that let's go to a currency and you.

Hear me always saying, we have a solid natural hatch and that's why I'm not so concerned about the currency impact for me more a reporting topic to be honest and Baidu assays I think when you look really at the major countries. We do business in let me start with which the U S. 46% of our sales are in U S. Dollar 40 Threep.

Speaker Change: Good with that let's go to a currency.

Speaker Change: And you'll hear me always saying, we have a solid natural hatch and that's why I'm not so concerned about the currency impact for me more a reporting topic to be honest and Baidu assays I think when you look really at the major countries, we do business in and let me start with which the U S. 46% of our sales are in U S dollar for.

Send of our of our sale of our costs are in U S. Dollar you look at the Euro was 16% and 15% even in the Japanese yen at 7% and 5% and then you look really at other 70% of our sales are in others and we have 18% of our costs in other currencies. So I would argue overall I've seen very solid but the only thing.

Speaker Change: 3% of our of our sale of our costs are in U S. Dollar you look at the Euro was 16% and 15% even in the Japanese yen at 7% and 5% and then you look really at other 70% of our sales are in others and we have 18% of our costs in other currencies. So I would argue overall I've seen very solid where they are.

You know that for a long time, the only point, we have an imbalance in is in the Swiss franc and it certainly shows a when.

When you look at our numbers.

While currency impact on outlook, you know I don't want to go on the left hand side, you see really the major deviation.

Speaker Change: Only thing and you know that for a long time, the only point, we have an imbalance in is in the Swiss franc and it certainly shows.

Compared to the average last year is coming from the U S. Dollar has even increased middle of the year, we had a minus three percentage points difference.

Speaker Change: When you look at our numbers.

Speaker Change: While currency impact on outlook, you know I don't want to go on the left hand side, you see really the major deviation comp.

Then it increased to a minus 5% and then to increase to a minus 6% you see it on the left hand side and the Swiss Franc U S dollar slide.

Speaker Change: Compared to the average last year is coming from the U S. Dollar has even increased middle of the year, we had a minus three percentage points difference.

But what this all went a cost if you like it's on the right hand side full year impact 2023, you see the minus eight percentage points on sales to minus 12 percentage points on cooperating profit the minus 15 percentage points on core EPS and all that has been disclosed already.

Speaker Change: Now then it increased to a minus 5% and then to increase to a minus 6% do you see it on the left hand side and the Swiss Franc U S dollar slide.

Speaker Change: But what this all went a cost if you like it's on the right hand side full year impact 2023, you see the minus eight percentage points on sales to minus 12 percentage points on cooperating profit the minus 15 percentage points on core EPS and all that has been disclosed already.

At the Jpmorgan conference on January 9th to enable everybody too.

Come up with the right predictions here, you'll know what we're doing at year end, we keep are.

All currency rates stable and then project them until the end of 2024, and then we asked ourselves what's the impact on sales core operating profit and core EPS and you see it in that Red box, it's around minus six percentage points on sales minus eight percentage points on core operating profit and nine percentage points on core EPS. This is really when you.

Speaker Change: At the Jpmorgan conference on January nine to enable everybody.

Speaker Change: To come up with the right predictions here, you'll know what we're doing at year end, we keep.

Speaker Change: All currency rates stable and then project them until the end of 2024, and then we asked ourselves what's the impact on sales core operating profit and core EPS and you see it in that Red box, it's around minus six percentage points on sales minus eight percentage points on core operating profit and nine percentage points on core EPS.

Do that modeling and I say modeling because we all know this is a very how.

How should I say it this is a heavy assumption because one thing is for sure it will be different and if you were applying today's currency rates, yeah, and you would keep them stable and project them until year end, we would be one percentage point better now we would be at a minus five percentage points on sales minus seven percentage points on cooperating profit and a minus 8%.

Speaker Change: This is really when you do that modeling and I say modeling because we all know this is a very.

<unk> points on core EPS.

Good with that.

Another important slide let me give you a starting point for the forecasting for 2024.

And let me lead users through this diligently I think really core EPS as reported 18.57.

The foreign exchange loss, which needs to be extracted or taken away from for.

The core EPS accounts for all 0.42.

How do we calculate this it's the FX losses minus 243 million I've mentioned them, even a presentation, you'll find them on page 62 in the finance report.

And then in addition, the net monetary position in hyper inflationary economies I've talked about that as well the minus 233 accounts for a 476 you deduct tax you deduct the net controlling interest here you have to Trust me the 138.32 million and then you get to a minus 337.6.

8 million Swiss francs, you deducted through 804 million shares. This is on page 176 of the finance report and to get to the mentioned all 0.42.

Enter your meeting I D followed by pound.

That leads you to the 18.99 in middle of the Slide and then I seem to have the right base you have to deduct the impact from the text resolution of two other 2023, and that's a minus all point 97 leased you to the 18.02, which is the starting point for the predictions.

Enter your participant I D followed please enter the meeting password followed by <unk>.

We have joined the meeting as an attendee and will be muted throughout the meeting of two out of 2023 and that's a minus one point 97 leads you to the 18.02, which is the starting point for the predictions for 2024.

For 2024.

Good with that less light guidance.

Thomas talked about it already but let me give you a couple of specifics here.

Let me say when we talk about mid single digit sales growth. We mean mid single digit sales growth, which I think is very important to.

Good with that last slides guidance.

Thomas talked about it already but let me give you a couple of specifics here.

To reflect so mid izmit.

Let me say when we talk about men mid single digit sales growth. We mean mid single digit sales growth, which I think is very important too.

As said, we lose 1.6 billion on loss of exclusivity sales losses, and we have the 1.1 billion that we still lose on the Covid side. So there is some there is some headwind here.

To reflect so made izmit am as said we knew was one 6 billion on loss of exclusivity sales losses, and we have the.

When you look at the core EPS grows as Thomas has mentioned it I seem to have a couple of things going against us and let me be clear here about these impacts.

1.1 billion that we still lose on the Covid side. So there is some there is some headwind here.

Because it means we need a very very significant increase on the cooperating profit side as said we face the group tax rate increased from 11, 9% to 19.5% based on that guidance from 16.2% to 19, 5%.

When you look at the core EPS growth and Thomas has mentioned it I think we have a couple of things going against us and let me be.

Syria about these impacts because it means we need a very very significant increase on the cooperating profit side as said, we face a group tax rate increased from 11, 9% to 19.5% based on that guidance from 16.2% to 19, 5% and if when you calculate.

And when you calculate that that's roughly 800 million on the tech side. So that's a that's a significant impact and Furthermore, we faced an increase on the interest expenses of roughly $500 million. So that's a 1.3 billion in total and to compensate for there to get really to a broadly in line with sales growth we need a.

That's roughly 800 million on the tech side. So that's a that's a significant impact and Furthermore, we face an increase on the interest expenses of roughly $500 million. So that's a 1.3 billion in total and to compensate for there to get really to a broadly in line with sales growth, we need a cooperating profit increase.

<unk> profit increase in the high single digits. So that's a significant commitment from our side and we will take a lot of efforts to bring us to this.

Okay, and I think with that I'm happy to hand over to Teresa great Fantastic. Thank you Alan So, let's just jump right into pharmacy also with sales up 44.6 billion Swiss francs pharma grew at a very strong 6% at constant exchange rates and if you if.

In the high single digits. So that's a significant commitment from our side and we will take a lot of efforts to bring us to this.

Okay, and I think with that I'm happy to hand over to Teresa fantastic. Thank you Allen.

If you take out the effect of Iran and premium we grew at 9% you can see that with the exception of Japan. All all are all portions of the world grew quite strongly Japan was of course.

Teresa: Let's just jump right into pharma sales with sales of 44.6 billion Swiss francs pharma grew at a very strong 6% at constant exchange rates and.

Teresa: And if you and if.

Has that changed Japan was of course impacted by very strong run a pretty in fact, if you exclude that they also grew at a very respectable 6%.

Teresa: If you take out the effect of Repreve. We grew at 9% you can see that with the exception of Japan. All all are all portions of the World grew quite strongly Japan was of course, an effect change of ban was of course impacted by very strong runner Preet effect. If you exclude that they also grew at a very respectable 6%.

Overall farmer volumes are up by 12% the price impact mix was about 6% and you can see the currency headwinds intensified during the entire year as Alan mentioned they were at 8% for pharma in Q4, and that's up from 7% in Q3.

Teresa: Overall farmer volumes were up by 12% the price impact mix was about 6% and you can see the currency headwinds intensified through the entire year as Alan mentioned they were at 8% for pharma in Q4, and that's up from 7% in Q3.

Core operating profit increased by 5% versus a 6% sales increase Alan.

Alan has walked through the cop dynamics. So I will I will go ahead and skip that again you see here are there revenue decreasing as Alan mentioned this is completely the Alta Maris impact cost of sales decreased by 1% Alan mentioned, the 12% volume increase and a very respectable result, this cost of sales decrease is mainly driven by favorable product.

Teresa: Core operating profit increased by 5% with versus the 6% sales increase Alan.

Teresa: Alan has walked through the comp dynamics. So I will I will go ahead and skip that again you see here other revenue decreasing as Alan mentioned this is completely the altamira impact cost of sales decreased by 1% Alan mentioned, the 12% volume increase and a very respectable result, this cost of sales decrease was mainly driven by favorable product.

Our other revenue decreasing as Alan mentioned this is completely the Alta Maris impact cost of sales decreased by 1% Alan mentioned, the 12% volume increase a very respectable result, this cost of sales decrease was mainly driven by favorable product mix and lower distribution costs. The R&D increase was largely around.

Mix and lower distribution costs. The R&D increase was largely around trial acceleration, which is something that certainly is a core component of the work that we're doing around R&D excellent and as Alan mentioned the increases in SG&A were largely very strategic and focused on places where we intend to.

Teresa: Mix and lower distribution costs. The R&D increase was largely around trial acceleration, which is something that certainly is a core component of the work that we're doing around R&D excellent and as Alan had mentioned the increases in SG&A were largely very strategic and focused on places where we intend to.

And trial acceleration, which is something that certainly is a core component of the work that we're doing around R&D X loves and as Al had mentioned the increases in SG&A were largely very strategic and focused on places where we intend to.

C impact not only in 2023, but in future years as well.

You've heard us often talk about our young portfolio and I think when you look at this growth graph you can see why we are so excited about it so just to comment on the graph all values are absolute and year over year growth rates are presented in C. H F and at constant exchange rates you can see the bias now continues to exceed expectations with 324.

C impact not only in 2023, but in future years as well.

Teresa: C impact not only in 2023, but in future years as well.

You've heard us often talk about our young portfolio and I think when you look at this growth graph you can see why we are so excited about it so just to comment on the graph all values are absolute and year over year growth rates are presented and CHF at constant exchange rates you can see that by smoke continues to exceed expectations with 320.

Teresa: You've heard us often talk about our young portfolio and I think when you look at this growth graph you can see why we are so excited about it so just to comment on the graph all values are absolute and year over year growth rates are presented and CHF.

4% growth.

It easily crossing $10 billion last year, <unk> and Libra political sales galleries. The all continued to grow very respectively will talk about all of those.

Teresa: At constant exchange rates, you can see the buys milk continues to exceed expectations with 324% growth.

The 4% growth easily crossing $2 billion last year Oka rest him Libre Polybius FESCO or bridge. The all continued to grow very respectively will talk about all of those.

In due course, Ron approved sales did continue to decline. This is driven primarily by the base effect of $1 2 billion Swiss francs Q4, 'twenty three in Japan. The last of ironic pre sales will wash out in Q1 of this year and then we will officially have that behind us H&R erosion was ultimately in line with what we communicated.

Teresa: Easily crossing $2 billion last year Oka risks have libre pro Livy FESCO or freeze. The all continued to grow very respectively will talk about all of those.

In due course, Ron approved sales did continued to decline. This is driven primarily by the base effect of 1.2 billion Swiss francs in Q4 'twenty three in Japan. The last of ironic brief sales will wash out in Q1 of this year and then we will officially have that behind us H&R erosion was ultimately in line with what we communicated.

Teresa: In due course, Ron approved sales did continued to decline. This is driven primarily by the base effect of $1 2 billion Swiss francs in Q4, 'twenty three in Japan. The last of ironic pre sales will wash out in Q1 of this year and then we will officially have that behind us H&R erosion was ultimately in line with what we communicated.

In Q3 at 1.1 billion. This is the last time that we will talk to you specifically about H and our <expletive> as their own subset in the future. We will really talk about biosimilar and generic erosion as a whole.

In Q3 at 1.1 billion. This is the last time that we will talk to you specifically about H and R. As as their own subset in the future. We will really talk about biosimilar and generic erosion as a whole.

Teresa: In Q3 at 1.1 billion. This is the last time that we will talk to you specifically about H and R. As as their own subset in the future. We will really talk about biosimilar and generic erosion as a whole.

So now jumping into the actual product performance. So we are updating the way we present, our pharma therapeutic area slides you can find the details on the new definitions of this therapeutic areas and a crosswalk.

So now jumping into the actual product performance. So we are updating the way we present, our pharma therapeutic area slides you can find the details on the new definitions of those therapeutic areas and a crosswalk.

Teresa: So now jumping into the actual product performance. So we are updating the way we present, our pharma therapeutic area slides you can find the details on the new definitions of those therapeutic areas and a crosswalk.

In the appendix on slide 172.

For each of our therapeutic areas, we will present, a slide like the one you have here, which shows you the full year sales in the Donut chart on the left as well as key Q4 updates and the outlook for full year 2024 on the right. So let's start here with solid tumors in oncology in 2023 solid tumors increased year to date at 2% at constant exchange.

In the appendix on slide 172.

Teresa: In the appendix on slide 172 four.

For each of our therapeutic areas, we will present, a slide like the one you have here, which shows you the full year sales in the Donut chart on the left as well as key Q4 updates and the outlook for full year 2024 on the right. So let's start here with solid tumors in oncology in 2023 solid tumors increase year to date at 2% at constant exchange.

Teresa: For each of our therapeutic areas, we will present, a slide like the one you have here, which shows you the full year sales in the Donut chart on the left as well as key Q4 updates and the outlook for full year 2024 on the right. So let's start here with solid tumors in oncology in 2023 solid tumors increased year to date at 2% at constant exchange.

Since rates. She is 16.1 billion looking at the hurts you franchise to start says growth says go continued its exceptional growth of 64% growth rate.

Teresa: <unk> rates to 16.1 billion looking at the her two franchise to start first grow FESCO continued its exceptional growth of 64% growth rate.

That's a 39% conversion rate for Janet Fez Gal achieved in our sporty sexy prelaunch countries again, we have as we have consistently said that we are aiming for a 50% conversion rate and we are well on our way in our key markets.

Teresa: <unk> rates to 16.1 billion looking at the Hurts you franchise to start first grow Fetsko continues its exceptional growth of 64% growth rate.

Teresa: That's a 39% conversion rate for Prijedor FESCO achieved in our 46th Prelaunch countries again, we have as we have consistently said that we were aiming for a 50% conversion rate and we are well on our way in our key markets.

Teresa: That's a 39% conversion rate for <unk> achieved in our 46 prelaunch countries again, we have as we have consistently said that we are aiming for a 50% conversion rate and we are well on our way in our key markets.

We would expect that that ongoing strong conversion continues and as we have previously satish FESCO continues to get acceptance and that conversion continues to happen. What we do ultimately see I is that project of FESCO penetration then continues to increase so.

Teresa: We would expect that that ongoing strong conversion continues and as we have previously said as Federico continues to get acceptance and that conversion continues to happen. What we do ultimately see is that push out of FESCO penetration then continues to increase so.

Teresa: We would expect that that ongoing strong conversion continues and as we have previously said as FESCO continues to get acceptance and that conversion continues to happen. What we do ultimately see is that project of FESCO penetration then continues to increase so.

Very very much looking forward to continuing that to see that dynamic can silage grew by a respectable 4% loss share primarily driven by ex U S with early breast cancer more than offsetting.

Teresa: Very very much looking forward to continuing that to see that dynamic kept siloed grew by a respectable 4% last year, primarily driven by ex U S with early breast cancer more than offsetting that.

Teresa: Very very much looking forward to continuing that to see that dynamic.

The declines that we're seeing in EU and the U S. G to metastatic competition. We recently presented very strong pilot data at the San Antonio Breast conference and we'll cover that in more detail on another slide Prijedor grew at 1% largely driven by international offsetting the EU decline, which again is driven primarily by conversion dofasco many of you.

Teresa: <unk> grew by a respectable 4% loss share primarily driven by ex U S with early breast cancer more than offsetting the declines that we're seeing in the EU and the U S. Due to metastatic competition. We recently presented very strong a vial of data at the San Antonio Breast conference and we'll cover that in more detail on another slide Prijedor grew up.

Teresa: The declines that we're seeing in the EU and the U S. Due to metastatic competition. We recently presented very strong had pilot data at the San Antonio Breast conference and we'll cover that in more detail on another slide Prijedor grew at 1% largely driven by international offsetting the EU decline, which again is driven primarily by conversion to FESCO many of you.

You will have noticed the Q4 sales dynamics were negatively impact impacted by an adjustment in reserves related to our U S government programs, there's a onetime effect.

Speaker Change: 1% largely driven by international offsetting the EU decline, which again is driven primarily by conversion dofasco. Many of you will have noticed the Q4 sales dynamics were negatively impact impacted by an adjustment in reserves related to our U S. Government programs was a onetime effect, we do not see anything in the underlying growth of our of anywhere.

Anything in the underlying growth of.

Teresa: You will have noticed the Q4 sales dynamics were negatively impact impacted by an adjustment in reserves related to our U S. Government programs was a onetime effect, we do not see anything in the underlying growth of our of the anywhere in the hurt your franchise that leads us to believe that the guidance should be anything different than what we have given you in the past to be more specific for her to you.

Anywhere in the Hershey franchise that leads us to believe that the guidance should be anything different than what we had given you in the past.

To be more specific for hurricane next year, we would expect.

Single digit growth and just with a slightly different product mix.

And the her two franchise that leads us to believe that the guidance should be anything different than what we have given you in the past.

And if you exclude the Q4 adjustment that was made here, Virginia again that growth was around 1% in Q4.

Speaker Change: To be more specific for her to next year, we would expect a.

Teresa: Next year, we would expect a.

Teresa: Single digit growth in and just with a slightly different product mix.

Speaker Change: Single digit growth in and just with a slightly different product mix.

Centric I is is that 9% growth driven primarily by HCC in the EU five and ex U S as well as adjuvant non small cell ex U S. I think in the U S. In adjuvant, we are holding our own in an increasingly competitive market and we.

Teresa: And if you exclude the Q4 adjustment that was made here, Virginia again that growth was around 1% in Q4.

Speaker Change: And if you exclude the Q4 adjustment that was made here, Virginia again that growth was around 1% in Q4.

Teresa: To centric is is at 9% growth driven primarily by HCC in the EU five and ex U S as well as adjuvant non small cell ex U S. I think in the U S. In adjuvant, we are holding our own in an increasingly competitive market.

Speaker Change: To centric is is at 9% growth driven primarily by HCC in the EU five and ex U S as well as adjuvant non small cell ex U S. I think in the U S. In adjuvant, we are holding our own in an increasingly competitive market.

We are happy that we have achieved EU approval for the sub Q formulation and we're looking forward to FDA approval in September of this year as a reminder, a sub Q.

Centric allows us to go from a 30 to 60 minute infusion to a seven minute injection, which for a capacity constrained health care systems is certainly a benefit you may recall that we received approval in the U K last year, and we have already seen like 18% conversion.

Teresa: We are happy that we have achieved EU approval for the sub Q formulation and we're looking forward to F. D. A approval in September of this year as a reminder, sub Q2 centric allows us to go from a 30 to 60 minute infusion to a seven minute injection, which for a capacity constraint health care systems is certainly a benefit you may recall that we were.

Speaker Change: We are happy that we have achieved EU approval for the sub Q formulation and we're looking forward to F. D. A approval in September of this year as a reminder, a sub Q to centric allows us to go from a 30 to 60 minute infusion to a seven minute injection, which for a capacity constrained health care systems is certainly a benefit you may recall that we were.

Q2 centric sub cut and just similar to sense Gal a lot of really positive feedback from accounts you have made that switch.

Teresa: Received approval in the U K last year, and we have already seen about 18% conversion.

Speaker Change: <unk> approval in the U K last year, and we have already seen about 18% conversion.

Allison's that grew at a very respectable 8%, we're maintaining our market leadership and our positive metastatic setting the positive phase III Arena data had been filed we expect U S and EU approval later this year in adjuvant and we again, we would expect that growth to continue Allan mentioned, a J P. M that we will expect to see the results for skyscraper one now in this.

Teresa: Two to centric sub cut and and just similar to first go a lot of really positive feedback from accounts, who have made that switch.

Speaker Change: Q2 centric sub cut and and just similar to first go a lot of really positive feedback from accounts, who have made that switch.

Teresa: <unk> grew at a very respectable 8%, we're maintaining our market leadership in the <unk> positive metastatic setting the positive phase III Atlanta data had been filed we expect U S and EU approval. Later this year are in adjuvant and we again would expect that growth to continue Allan mentioned, a J P. M that we will expect to see the results for skyscraper one now in the SEC.

Speaker Change: <unk> grew at a very respectable 8%, we're maintaining our market leadership in the <unk> positive metastatic setting the positive phase III Atlanta data had been filed we expect U S and EU approval later this year in adjuvant and we again would expect that growth to continue Allan mentioned, a J P. M that we will expect to see the results for skyscraper one now in the.

Half of our 2024 I think everyone has seen the data that was was accidentally released last share that point H a hazard ratio again event driven trial events have just simply slowed and we would look forward to getting that data at the end of this year.

Teresa: Half of 'twenty 'twenty four I think everyone has seen the data that was was accidentally released last year that point H a hazard ratio again event driven trial events have just simply slowed and we would look forward to getting that data at the end of this year.

Speaker Change: Half of 2024, I think everyone has seen the data that was was accidentally released last year that 0.8 hazard ratio again event driven trial events have just simply slowed and we would look forward to getting that data at the end of this year.

Thomas mentioned and Melissa we will go into more a more detail on the very strong results that we saw but that is clearly a very exciting advances so let's actually go straight to that now.

Teresa: MS mentioned and Melissa we will go into more a more detail on the very strong results that we saw but that is clearly a very exciting advances so let's actually go straight to that now so.

So end of illicit holds a special place in my heart because it is a homegrown molecules. This was invented and developed by our G. Red scientists in in Genentech in South San Francisco and as Thomas mentioned, we saw very impressive result for this highly selected Piet <unk> Pi three kinase inhibitor in a first line you hit it homeowners chapter parcel.

Speaker Change: As mentioned in our Melissa we will go into more a more detail on the very strong results that we saw but that is clearly a very exciting advances so let's actually go straight to that now.

Teresa: So in a illicit holds a special place in my heart because it is a homegrown molecule. This was invented and developed by our G. Red scientists in our engine in tech in South San Francisco and as Thomas mentioned, we saw a very impressive result for this highly selective P. P. O three kinase inhibitor in a first line mutated a homeowner scepter posit.

Speaker Change: So in a illicit holds a special place in my heart because it is a homegrown molecule. This was invented and developed by our G. Red scientists in our engine in tech in South San Francisco and as Thomas mentioned, we saw a very impressive result for this highly selective P. P. O three kinase inhibitor in a first line mutated a homeowner scepter pause.

Breast cancer we.

We saw the combination in this trial, reducing the risk of disease progression by 57% with very strong hazard ratio of point for three O S was in mature, but certainly trending in the right direction.

Teresa: With breast cancer.

Speaker Change: Ziv breast cancer, we saw the combination in this trial, reducing the risk of disease progression by 57% with very strong hazard ratio of <unk> 430 S was in mature, but certainly trending in the right direction.

Teresa: We saw the combination in this trial, reducing the risk of disease progression by 57% with very strong hazard ratio of <unk> 430 S was immature, but certainly trending in the right direction.

I. Thank all of you know about 80% of breast cancer patients are hormone receptor positive and about 40% of those patients carrying this mutation. So we have that and patients with this mutation do tend to have a worse outcome. So these are data that were very well received it was probably the latest late breaker and history of San Antonio.

Teresa: I think all of you know about 80% of breast cancer patients are hormone receptor positive and about 40% of those patients carry this mutation.

Speaker Change: As I think all of you know about 80% of our breast cancer patients are hormone receptor positive and about 40% of those patients carry this mutation. So we have that and patients with this mutation do tend to have a worse outcome. So these are data that were very well received it was probably the latest late breaker in the history of sand.

Tony Abreast and was presented at the end of last year, which is a lot of excitement and we're very much looking forward to continuing our conversations with health authorities.

Teresa: So we have that and patients with this mutation do tend to have a worse outcomes of these are data that were very well received was probably the latest late breaker in the history of San Antonio breast and was presented at the end of last year, which a lot of excitement and we're very much looking forward to continuing our conversations with health authorities.

And looking forward to approval for this drug.

Speaker Change: Antonio breast.

Fully this year of course in addition to the program that we currently have going on with another list that we also continue to have a significant investment in hormone receptor positive breast cancer with a number of gear desperate trials, which will begin to read out in 2025 again, Gary gesture and has the potential to really reset and be a new foundational backbone standard of care for patients with hormone receptor.

Speaker Change: As presented at the end of last year, which a lot of excitement and we're very much looking forward to continuing our conversations with health authorities.

Speaker Change: And looking forward to approval for this drug.

Speaker Change: And looking forward to approval for this drug.

Speaker Change: Hopefully this year of course in addition to the program that we currently have going on with enough. Elisa. We also continue to have a significant investment in hormone receptor positive breast cancer with a number of your industrial trials, which will begin to read out in 2025 again, Gary gesture and has the potential to really reset and be a news foundational backbone standard of care for patients with hormone.

Speaker Change: Fully this year of course in addition to the program that we currently have going on with enough. Elisa. We also continue to have a significant investment in hormone receptor positive breast cancer with a number of your industrial trials, which will begin to read out in 2025 again, Gary gesture and has the potential to really reset and be a news foundational backbone standard of care for patients with hormone receptor positive.

Breast cancer. So this is certainly very much a place to watch a San Antonio was a big conference Rustler shares. We were also able to present, the cat silo and the cat the long term care Siloed data silos of standard of care in early her at her two positive breast cancer with residual invasive disease. It's a seven year data and you can see that.

Speaker Change: Her positive breast cancer. So this is certainly very much a place to watch a San Antonio was a big conference for US less shares we were also able to present the cab fila.

Speaker Change: Breast cancer. So this is certainly very much a place to watch a San Antonio was a big conference Rustler shares. We were also able to present the cab fila.

It is the it.

Is actually quite stunning what we have shown here at seven years and the long term data continued to show I D. S. S benefit with an absolute benefit of 13.7% at seven years versus Herceptin, Kansas State. It was extremely well received and continues to entrench kept silent as the standard of care in this setting.

Speaker Change: The long term curve Siloed data silos of standard of care in early hurt her two positive breast cancer with residual invasive disease as a seven year data and you can see that it is the it is actually quite stunning what we have shown here at seven years on the long term data continued to show I D. F S benefit with an absolute benefit of 13.7.

Speaker Change: The long term care Siloed data because I live as a standard of care in early her her two positive breast cancer with residual invasive disease. It's a seven year data and you can see that it is the it is actually quite stunning what we have shown here at seven years on the long term data continued to show I D. F S benefit with an absolute benefit of 13.7%.

And we look forward to continuing to bring this wonderful option to patients around the world.

Speaker Change: Send it seven years versus Herceptin gathering. This data was extremely well received and continues to entrench cut silo as the standard of care in this setting.

Speaker Change: That seven years versus Herceptin getting this data was extremely well received and continues to entrench cut silo as the standard of care in this setting.

Moving onto hematology, which includes both malignant and non malignant heme. So of course, we will start here with him Libra Libra finished.

Speaker Change: And we look forward to continue to bring this wonderful option to patients around the world.

Speaker Change: And we look forward to continue to bring this this wonderful option to patients around the world.

With over $4 billion in sales this year very contained a very strong continued growth, 16% and we now have about 24000 patients who had been treated globally.

Speaker Change: Moving onto hematology, which includes both malignant and non malignant heme. So of course, we will start here with him leave Russell Libre finished.

Speaker Change: Moving onto hematology, which includes both malignant and non malignant heme. So of course, we will start here with him Libra Libra finished.

Speaker Change: With over $4 billion in sales. This year very continued very strong continued growth 16%. We now have about 24000 patients who had been treated globally.

The basic profile of him Libre continues to be very attractive to patients who are looking for prophylactic treatment about 60% of our patients are already on every two or four week dosing have zero risk of developing inhibitors and importantly for this patient population, we have a wealth of long term data across a number of cross patients of all ages and so.

Speaker Change: With over $4 billion in sales. This year very continued very strong continued growth 16%. We now have about 24000 patients who had been treated globally.

Speaker Change: The basic profile of him Libre continues to be very attractive to patients who are looking for prophylactic treatment about 60% of our patients are already on every two or four week dosing that zero risk of developing inhibitors and importantly for this patient population, we have a wealth of long term data across a number across patients of all ages and so on.

Speaker Change: The basic profile of him Libre continues to be very attractive to patients who are looking for prophylactic treatment about 60% of our patients are already on every two or four week dosing that zero risk of developing inhibitors and importantly for this patient population, we have a wealth of long term data across a number across patients of all ages and so.

I think there despite the fact that we see in kitchen competition in the hemophilia space. There's nothing that tells us that had lever I can't continue to be the standard of care and can't continue to grow.

Moving onto malignant heme politely had a very strong launch in first line D. L. P. C. L. We do expect it to cross sell to blockbuster status.

Speaker Change: I think there despite the fact that we see in kitchen competition in the hemophilia space. There's nothing that tells us that have libre can't continue to be the standard of care and can't continue to grow.

Speaker Change: I think there despite the fact that we see increasing competition in the hemophilia space. There's nothing that tells us that have libre can't continue to be the standard of care and can't continue to grow.

Sure patient shares in person ideal bcl and that Ipi five status have climbed to 14% in the U S. Just under 30% in Germany are about a third of patients in Japan, we are anticipating an update to the NCC and guidelines.

Moving onto malignant handful of you had a very strong launch in first line D. L. P. C. L. We do expect it to cross sell to blockbuster status. This year patient shares with first ideal bcl and that IP is ear to five set us have climbed to 14% in the U S. Just under 30% in Germany are about a third of patients in Japan, we are anticipating an update to the NCC.

Speaker Change: Moving onto malignant handful if he had a very strong launch in first line D. L. P. C. L. We do expect it to cross into blockbuster status.

Speaker Change: Sure patient shares in first ideal bcl and that IP is ear to five status have climbed to 14% in the U S. Just under 30% in Germany are about a third of patients in Japan, we are anticipating an update to the NCC and guidelines to bring <unk> are the Polaris regimens category, one and a recommendation of the use of Polybius all stages of D. L. B.

To bring polytomy or the <unk> regimen to category, one and a recommendation of the use of palladium all stages of D. L. P. C L, which should further drive that momentum again. If you are looking at Q4 sales and you saw a softening and that was largely related to the fact that we had a software update.

Speaker Change: N guidelines.

Speaker Change: To bring pelini or the <unk> regimen to category, one and a recommendation of the use of Polybius all stages of D. L. P. C L, which should further drive that momentum again. If you are looking at Q4 sales and you saw a softening and that was largely related to the fact that we had a software update and one of our distribution facilities.

One of our distribution facilities at.

Speaker Change: C L, which should further drive that momentum again, if you are looking at Q4 sales and you saw a softening and that was largely related to the fact that we had a software update and one of our distribution facilities are at the end of last year and that unfortunately.

At the end of last year and that unfortunately.

Impacted pelini, specifically and just drove a different buying pattern in Q4. So there is nothing that we see in the underlying growth of political that would lead us to believe that there should be any difference in what we would see going forward and we will continue to see strong growth and to see establish itself as the new standard of care.

Speaker Change: At the end of last year and that unfortunately.

Speaker Change: Impacted polybius, specifically and just drove a different buying pattern in Q4. So there's nothing that we see in the underlying growth of political that would lead us to believe that there should be any difference in what we would see going forward and we will continue to see strong growth and to see establish itself as the new standard of care.

Speaker Change: Impacted polybius, specifically and just drove a different buying pattern in Q4. So there's nothing that we see in the underlying growth of political that would lead us to believe that there should be any different than what we would see going forward and we will continue to see strong growth and to see establish itself as the new standard of care.

Cause I ever grew at 19% continued very strong growth driven by that first mine uptake in combinations and first line C allow including comment with combinations with bank Alexa the launches of both <unk> and Colombia in third line, plus Follicular and Follicular lymphoma in D. L. P. C L respectively continued to go well.

Speaker Change: Cause iva grew at 19% continued very strong growth driven by that first mine uptake in combinations in first line C O L, including comedy with combinations with Ben collector, the launches of both Lynn Jimmy O in Colombia in third line plus Follicular in Follicular lymphoma, and D. O P. C. L respectively continued to go well.

Speaker Change: Cause I ever grew at 19% continued very strong growth driven by that first line uptake in combinations and first line C. L L, including comic with combinations with <unk> the launches of both <unk> and Colombia in third line, plus Follicular and Follicular lymphoma in D. O P. C. L. Respectively continued to go well we would expect.

We would I think we have always said that the real opportunity for these drugs is moving into earlier lines of treatment. We would expect a couple of hundred million as additional sales here in the third line plus indications, but we do get that second line D. L. B C. L data for both of these products. This year and that is really where the additional growth will come from so.

Speaker Change: We would expect I think we have always said that the real opportunity for these drugs is moving into earlier lines of treatment.

Speaker Change: We have always said that the real opportunity for these drugs is moving into earlier lines of treatment. We would expect a couple of hundred million of additional sales here in the third line plus indications, but we do get that second line D. L. P. C. L data for both of these products. This year and that is really where the additional growth will come from so before I move onto <unk>.

Speaker Change: We would expect a couple of hundred million of additional sales here in the third line plus indications, but we do get that second line deal Bcl data for both of these products. This year and that is really where the additional growth will come from so before I move onto neurology I will also sort of give another little shut out for Kabbalah Mab in P and H, which Thomas mentioned <unk>.

Before I move onto neurology I will also sort of give another little shout out for kubala Mab in P and H, which Thomas mentioned earlier, which gets it to the U S and EU approval.

This year and is currently also in studies for additional diseases, such as sickle cell.

Speaker Change: Our allergy I will also sort of give another little shot out for Kabbalah Mab in P and H, which Thomas mentioned earlier, which gets into the U S and EU approval.

Moving onto neurology <unk> remains the market share leader in both U S and the EU with 24% market share we have over 300000 patients being treated globally. This growth that we see with our with alkermes.

Speaker Change: Earlier, which gets it to the U S and EU approval.

Speaker Change: This year and is currently also in studies for additional diseases, such as sickle cell.

Speaker Change: This year and is currently also in studies for additional diseases, such as sickle cell.

Moving on to neurology <unk> remains the market share leader in both E S and the EU with 24% market share we have over 300000 patients being treated globally. This growth that we see with with Oh Christmas is not only because of new patient share of it is because we do see higher retention rates than is typical with other M. S.

Speaker Change: Moving onto neurology <unk> remains the market share leader in both the us and the EU with 24% market share we have over 300000 patients being treated globally. This growth that we see with with.

<unk> is not only because of new patient share of it is because we do see higher retention rates than is typical with other medicines.

We expect this momentum to continue for OCA, Vince again, I think many of you know that we are expecting our <unk> sub cut approval.

Speaker Change: Oh Corvus is not only because of new patient share of it is because we do see higher retention rates than is typical with other EMS medicines.

In the U S and the EU. This year. This isn't every six months a subcutaneous injection.

Speaker Change: <unk>, we expect this momentum to continue for OCA, Vince again, I think many of you know that we are expecting our <unk> sub got approval in.

Expect this momentum to continue for <unk> again, I think many of you know that we are expecting or OCA with sub cut approval.

That will not only provide additional convenience for patients, but will open up an entirely new segment of MF patients to oak reverse we would expect this to be a blockbuster opportunity in its own right and we're very very excited.

Speaker Change: In the U S and the EU. This year. This is an every six month, a subcutaneous injection that will not only provide additional convenience for patients, but will open up an entirely new segment of MF patients to oak reverse we would expect this to be a blockbuster opportunity in its own right and we're very very excited.

Speaker Change: In the U S and the EU. This year. This isn't every six months a subcutaneous injection.

That will not only provide additional convenience for patients, but we will open up an entirely new segment of MF patients to oak reverse we would expect this to be a blockbuster opportunity in its own right and we're very very excited.

To be able to bring this new option to patients.

<unk> had another strong year with 39% growth that is now the global market leader in patient share as Thomas mentioned, a little bit earlier, we expect this growth to remain strong into 'twenty and into 'twenty 'twenty four, particularly as we continue to expand into the adult segment.

Speaker Change: To be able to bring this new option to patients <unk> had another strong year with 39% growth that is now the global market leader in patient share as Thomas mentioned, a little bit earlier, we expect this growth to remain strong into 'twenty and into 'twenty 'twenty four, particularly as we continue to expand into the adult segment.

Speaker Change: To be able to bring this new option to patients and <unk> had another strong year with 39% growth that is now the global market leader in patient share as Thomas mentioned, a little bit earlier, we expect this growth to remain strong into 'twenty and into 'twenty 'twenty four, particularly as we continue to expand into the adult segment.

<unk> 'twenty 'twenty four will be an exciting year for neurology in terms of Newsflow in key Readouts and we have the pivotal phase III study for luminescence and spring in generalized myasthenia gravis. We looked at this data will be presented this year, we hope it will be at the IR event.

Speaker Change: 'twenty 'twenty four will be an exciting year for neurology in terms of news flow and key Readouts, we have the pivotal phase III study for luminescence and spring in generalized myasthenia gravis, New hope that this data will be presented this year, we hope it will be at the IR event.

Speaker Change: 24 will be an exciting year for neurology in terms of news flow and key Readouts, we have the pivotal phase III study for luminescence and spring in generalized myasthenia gravis, we would hope that this data will be presented this year or we hope it will be at the IR event.

That Alan mentioned, a little bit earlier, we would expect us to be in about an $800 million opportunity, which is quite significant so stay tuned for that data. We're anxiously awaiting it. We also have a number of very very interesting Ah phase III, enabling readouts, there's the manatee study with everything in combination with Gen 329. This is our.

Speaker Change: That Alan mentioned, a little bit earlier, we would expect this to be in about an $800 million opportunity, which is quite significant so stay tuned for that data. We're anxiously awaiting it. We also have a number of very very interesting phase III, enabling readouts. There's the manatee study with <unk> in combination with Gem 329. This is our.

Speaker Change: That Alan mentioned, a little bit earlier, we would expect this to be an hour about an $800 million opportunity, which is quite significant so stay tuned for that data, where we're anxiously awaiting it. We also have a number of very very interesting phase III, enabling readouts. There's the manatee study with <unk> in combination with Gem 329. This is our.

Anti Myostatin, which comes from Chugai utilizing their recycling technology and when you think about the opportunity to keep muscle of grow muscle in these patients with SMA has and it is very a very potentially clinically meaningful for these patients we will get an interim readout of that trial, this year, which could potentially greenlight a phase III trial with <unk>.

Speaker Change: Anti Myostatin, which comes from Chugai utilizing their recycling technology and when you think about the opportunity to keep muscle or grow muscle in these patients with SMA says is is very a very potentially clinically meaningful for these patients we will get an interim readout of that trial, this year, which could potentially greenlight a phase III trial, we get.

Corp: Anti Myostatin, which comes from Chugai utilizing their recycling technology and when you think about the opportunity to keep muscle or grow muscle in these patients with SMA is is very a very potentially clinically meaningful for these patients we will get an interim readout of that trial, this year, which could potentially green light a phase III trial, we get.

The phase two b results from the Delaware, which is our president our party in Parkinson's disease again I'm hopeful for this based on the digital biomarker signals that we saw out of prior prostate trials and then of course, we have the phase would be to a try to take them at updated data and we will talk more about trotty unessential.

Speaker Change: The phase two b results from Padoa, which is president probably in Parkinson's disease again I'm hopeful for this based on the digital biomarker signals that we saw out of prior prostate trials and then of course, we have the phase would be to a trusted him at updated data and we will talk more about <unk> on our subsea.

Alan: Phase two b results from Dover, which is president probably end in Parkinson's disease again I'm hopeful for this based on the digital biomarker signals that we saw out of prior <unk> trials and then of course, we have the phase would be to a.

Quint slide.

But I think there would be no conversation in neurology. These days that would be complete without a conversation around embarked in Leds and DMT. While it did not meet you meet reach its primary endpoint and I think when you actually see the data.

Alan: At updated data and we will talk more about trying to on a subsequent slide.

Speaker Change: A quick slide.

Speaker Change: But I think there would be no conversation in neurology. These days that would be complete without a conversation around embark in EM and <unk> N D. M D. While it did not meet you meet reach its primary endpoint and I think when you actually see the data.

Alan: But I think there would be no conversation in neurology. These days that would be complete without a conversation around embark in EM and <unk> and DMT, while it did not meet you meet reach its primary endpoint and I think when you actually see the data.

Our front embark you can see that there really is a benefit to these boys.

As many of you know Olivia this is the first and only gene therapy approved for the treatment of ambulatory DMD patients and in that four to five year age range. That's based on the accelerated FDA approval. That's raptor received last year and while we didn't meet that primary endpoint of NSA a N S. A a compared to placebo.

Speaker Change: From embark you can see that there really is a benefit to these boys.

Alan: From embark you can see that there really is a benefit to these boys.

Speaker Change: As many of you know Olivia this is the first and only gene therapy approved for the treatment of ambulatory DMD patients and in that four to five year age range. That's based on the accelerated FDA approval. That's raptor received last year and while while we didn't meet that primary endpoint of NSA a F N S. A a compared to placebo.

Alan: As many of you know Olivia this is the first and only gene therapy approved for the treatment of ambulatory DMD patients and in that four to five year age range. That's based on the accelerated FDA approval. That's raptor received last year and while we didn't meet that primary end point of NSA a F N S. A a compared to placebo.

You do see for all key Prespecified secondary functional endpoints that time to rise that 10 meter walk run them.

Tie end point, you see very clinically meaningful results in favor of Leds across age groups and I think this is where we really hold a lot of hope that this is going to be a very meaningful medicine for for these boys there have been no new safety signals observed and we are very eager to bring this date.

Speaker Change: You do see for all key Prespecified secondary functional endpoints that time to rise that 10 meter walk run them.

Alan: You do see for all key Prespecified secondary functional endpoints that time to rise that 10 meter walk run them.

Speaker Change: Tie end point, you see very clinically meaningful results in favor of of Leds across age groups and I think this is where we really hold a lot of hope that this is going to be a very meaningful medicine for for these boys there have been no new safety signals observed and we are very eager to bring this date.

Alan: Ah kind of endpoint you seem very clinically meaningful results in favor of of Leds across age groups and I think this is where we really hold a lot of hope that this is gonna be a very meaningful medicine for for these boys there have been no new safety signals observed and we are very eager to bring this data.

T E N E and other global regulators to be engaged and we have a significant development program that is still currently underway. Both in older ambulatory patients, which is ongoing and then in Q4, we kicked off this year to three year old ambulatory patients study involves studies. So this is definitely a place to watch and again, we will be.

Speaker Change: To EMA and other global regulators are due to be engaged.

To EMA and other global regulators are due to be engaged and we have a significant development program that is still currently underway. Both in older ambulatory patients, which is ongoing and then in Q4, we kicked off the zero to three year old ambulatory patients study involves studies. So this is definitely a place to watch and again, we will be.

Speaker Change: We have a significant development program that is still currently underway both in older ambulatory patients, which is ongoing and then in Q4, we kicked off the zero to three year old ambulatory patients study involves studies. So this is definitely a place to watch and again, we will be presenting we will be presenting the full embarked at the upcoming M. D E com.

Presenting we will be presenting the full embarked data at the upcoming NDA conference and this will also be included in our IR neurology update on March 11th.

Another extremely exciting molecule in our portfolio. These days and trust is to antigen map in a D. And this is another largely homegrown molecule from our P. Red organization. This time using very using our preparing our proprietary brainchild technology you can see that it does exactly what we know we need to do with neurological treatments going forward.

Alan: Presenting we will be presenting the full embarked at the upcoming M. D. A conference and this will also be included in our IR neurology update on March 11th.

Speaker Change: France and this will also be included in our IR neurology update on <unk>.

Speaker Change: March 11th.

Speaker Change: Another extremely exciting molecule in our portfolio. These days interest is to continue mab in a D. This is another largely homegrown molecule from our P. Red organization. This time using very using our preferred our proprietary brain shuttle technology, you can see that it does exactly what we know we need to do with neurological treatments going.

Alan: Another extremely exciting molecule in our portfolio. These days and trust is transcending mab in a D. This is another largely homegrown molecule from our P. Red organization. This time using very using our prepared our proprietary brain shuttle technology, you can see that it does exactly what we know we need to do with neurological treatments going forward.

And that is get across that Bradley bread blood brain barrier and to deliver more antibody where antibody is needed and if you look at the images in the center of the screen you can see exactly that you can see that using the brain shuttle technology, you can actually flood the antibody into the brain are all at the same time getting the medicine exactly.

Speaker Change: And that is get across that Bradley blood blood brain barrier to deliver more antibody where antibody is needed and if you look at the images in the center of the screen you can see exactly that you can see that using the brain shuttle technology, you can actually flood the antibody into the brain are all at the same time getting the medicine exact.

Alan: And that is get across that broadly blood blood brain barrier to deliver more antibody where antibody is needed and if you look at the images in the center of the screen you can see exactly that you can see that using the brain shuttle technology, you can actually flood the antibody into the brain are all at the same time getting the medicine exactly.

Where it's needed and if you look at the clinical results that we've seen in our phase one b to a study you can see that it just drops plaque like a stone.

Drops rapidly and it gets to I almost complete resolution extremely extremely quickly.

Corp: Where it's needed and if you look at the clinical results that we've seen in our phase one b to a study you can see that it just drops plaque like a stone it drops rapidly and it gets to almost complete resolution extremely extremely quickly. We do know now that the removal of plaque does corp.

Alan: Where it's needed and if you look at the clinical results that we've seen in our phase one b to a study you can see that it just drops plaque like a stone.

Do know now that the removal of plaque does correlate with increased clinical benefit for these patients and so we truly believe that there is a very unique opportunity for titanium app, we will be presenting updated fourth dosing arm later this year, but this is as Thomas mentioned one of those programs that we are prioritizing through R&D excellence in our.

Alan: Rapidly and it gets to almost complete resolution extremely extremely quickly. We do know now that the removal of plaque does correlate with increased clinical benefit for these patients and so we truly believe that there is a very unique opportunity for teaching them up we will be presenting updated fourth dosing.

Corp: With increased clinical benefit for these patients and so we truly believe that there is a very unique opportunity for it to change them up we will be presenting updated our fourth dosing arm later this year, but this is as Thomas mentioned one of those programs that we are prioritizing through R&D excellence and are really eager to begin to think about how we can rapidly acts.

Eager to begin to think about how we can rapidly accelerate getting to patients.

Alan: Arm later this year, but this is as Thomas mentioned one of those programs that we are prioritizing through R&D excellence and are really eager to begin to think about how we can rapidly accelerate getting to patients.

Moving on to immunology.

Overall this year's performance of negative 7% is of course impacted by continued Asbury and Mabthera Rituxan declined at a generic and Biosimilar competition. However, both our camera and Xolair continues very respectable growth with 5% constant exchange rates a camera has solid performance in its chronic indications largely driven by the U S and we're now at about 60.

Alan: Salary getting to patients.

Moving on to immunology.

Alan: Moving on to immunology.

Alan: Overall this year's performance of negative 7% is of course impacted by continued as bria and Mabthera Rituxan declined due to generic and Biosimilar competition. However, both actemra and Xolair continue very respectable growth with 5% at constant exchange rates a camera has solid performance in its chronic indications largely driven by the U S and we're now at about six.

Alan: Overall this year's performance of negative 7% is of course impacted by continued Asbury and Mabthera Rituxan declined due to generic and Biosimilar competition. However, both actemra and Xolair continue very respectable growth with 5% at constant exchange rates a camera has solid performance in its chronic indications largely driven by the U S and we're now at about 60.

Percent of sub cut which again is a nice natural hedge against the Biosimilars, which will primarily lunch with IV xolair growth continues to be driven by strong CSU performance and I'm also very excited to share with you as we did at the end of last year.

Alan: The percent of sub cut which again is a nice natural hedge against the Biosimilars, which will primarily launch with IV Xolair growth continues to be driven by strong CSU performance and I'm also very excited to share with you as we did at the end of last year.

Speaker Change: Percent of sub cut which again is a nice natural hedge against the Biosimilars, which will primarily lunch with IV xolair growth continues to be driven by strong CSU performance and I'm also very excited to share with you as we did at the end of last year.

That the FDA has granted priority review for Xolair in food allergy and we expect that approval to be happening in this quarter.

On the next slide but really do you think that this has the opportunity to benefit many many patients who suffer from a food allergy. There are more exciting developments in immunology to look forward. This year diverse certainly one you've heard me talk about many times over the last number of years and because I've in lupus nephritis that trial does read out. This year. It is one of several trials that we have running in nephrotic.

Alan: But the FDA has granted priority review for Xolair in food allergy and we expect that approval to be happening in this quarter.

Speaker Change: But the FDA has granted priority review for Xolair in food allergy and we expect that approval to be happening in this quarter more on this on the next slide but we really do think that this has the opportunity to benefit many many patients who suffer from a food allergy. There are more exciting developments in immunology to look forward. This year Godiva certainly one you've heard me talk about <unk>.

Alan: More on this on the next slide, but we really do think that this has the opportunity to benefit many many patients who suffer from a food allergy. There are more exciting developments in immunology to look forward. This year <unk> certainly one you've heard me talk about many times over the last number of years because I've in lupus nephritis that trial does read out. This year. It is one of several trials that we have running in.

Indications for.

Before it goes either root cause either in immunology has the potential to actually be very impactful lupus nephritis is a terrible disease right now there really is no good standard of care and if the phase two results replicate in phase III, we would expect this to be a very compelling indication.

Speaker Change: The times over the last number of years, because I've been in lupus nephritis that trial does read out. This year. It is one of several trials that we have running in nephrotic indications for.

Alan: Indications for for.

Speaker Change: Pork is ivo root cause either in immunology has the potential to actually be very impactful lupus nephritis is a terrible disease right. Now there really is no. Good standard of care is the phase II results replicate in phase three we would expect this to be a very compelling indication lupus nephritis SLE membranous nephropathy, we've one pediatric indication also under our.

Alan: For Godiva root cause either in immunology has the potential to actually be very impactful lupus nephritis is a terrible disease right. Now there really is no. Good standard of care is the phase II results replicate in phase III, we would expect this to be a very compelling indication.

This nephritis SLE.

Membranous nephropathy, we've learnt pediatric indication also under our under study here so cause either in immunology I think is definitely a place to watch and we will also have a look at the trials that we will be running in T. L. When a an idea on a subsequent slide but first lets take a quick look at Xolair.

Alan: This nephritis SLE.

Alan: Membranous nephropathy, we've one pediatric indication also under our under study here, so because either in in immunology I think is definitely a place to watch and we will also have a look at the trials that we will be running in T. O N E and IBD on a subsequent slide but first lets take a quick look at Xolair.

Speaker Change: Under study here so cause either in in immunology I think is definitely a place to watch and we will also have a look at the trials that we will be running in T. O N E and I B D. On a subsequent slide but first lets take a quick look at Xolair.

So I'm sure all of you have someone you know a family member or friend of colleagues, who suffers from food allergy and so you know the impact that it has on their daily life and the <unk>.

Alan: So I'm sure all of you have someone you know a family member or a friend or colleague who suffers from food allergy and so you know the impact that it has on their daily life and the that the fear that people can live in them, but they may be exposed to an allergen, particularly if you have small children that you that you're sending to school in the U S alone there are <unk>.

Speaker Change: So I'm sure all of you have someone you know a family member or a friend or colleague who suffers from food allergy and so you know the impact that it has on their daily life and the the the fear that people can live in them, but they may be exposed to an allergen, particularly if you have small children that you that you're sending to school in the U S alone there are seven.

The fear that people can live in them that they may be exposed to an allergen, particularly if it's small children that you that you're sending to school in the U S alone. There are 17 million people, who have consumed who have confirmed food allergy and a really staggering more than 40% of children with food allergies will experience a severe reaction.

Alan: 17 million people, who have confirmed who have confirmed food allergy and a really staggering more than 40% of children with food allergies will experience a severe reaction at least once and that doesn't just mean a trip to the hospital that can actually mean, a trip to the ICU, which is which is really very very scary and very very dangerous.

Speaker Change: 70 million people, who have confirmed who have confirmed food allergy and a really staggering more than 40% of children with food allergies will experience a severe reaction at least once and that doesn't just mean a trip to the hospital that can actually mean, a trip to the ICU, which is which is really very very scary and very very dangerous.

At least once and that doesn't just mean a trip to the hospital that can actually mean, a trip to the ICU, which is which is really very very scary and very very dangerous.

To give you a feeling for the level of excitement not only at Roche, but from the Kols community that we're hearing about xolair in food allergy and there was a recent cable interviews and this kols at my level of excitement for Xolair in food allergy is a 12 out of 10. The FDA granted priority review, we expected decision again in the first quarter of this year and this is really thanks.

Alan: To give you a feeling for the level of excitement not only at Roche, but from the Kols community that we're hearing about xolair in food allergy or there was a recent K, while interviews and this kols said my level of excitement for Xolair in food allergy is a 12 out of 10. The FDA granted priority review, we expect a decision again in the first quarter of this year and this is real.

Speaker Change: To give you a feeling for the level of excitement not only at Roche, but from the Kols community that we're hearing about xolair in food allergy or there was a recent cable interviews and this cable said my level of excitement for solar and food allergy is a 12 out of 10. The FDA granted priority review, we expected decision again in the first quarter of this year and this is really.

Two a first of its kind phase III studies Outmatch study, where the interim results showed that xolair significantly increase the amount of peanut milk and Kashi that it took to cause an allergic reaction. This study was run together in combination with partners at the National Institute of allergy and infectious disease, which is part of the NIH and our partners at Novartis and detailed results have been.

Alan: Thanks to a first of its kind phase III study the Outmatch study, where the interim results showed that solar significantly increase the amount of peanut milk egg and Kashi that it took to cause an allergic reaction. This study was run together in combination with partners at the National Institute of allergy and infectious disease, which is part of the NIH and our partners at Novartis detailed results.

Speaker Change: Thanks to a first of its kind phase III study the Outmatch study, where the interim results show that xolair significantly increase the amount of peanut milk egg and Kashi that it took to cause an allergic reaction. The study was run together in combination with partners at the National Institute of allergy and infectious disease, which is part of the NIH and our partners at Novartis detailed results.

Submitted to a peer reviewed journal, we expect publication soon but again I think this really is going to be an indication to watch.

Another molecule I'm very excited to share with you is our T. L. One a this is the recent acquisition that we made from tell that we believe that this has the potential for first in class best in disease.

Alan: Have been submitted to a peer reviewed journal, we expect publication soon but again I think theres really is going to be an indication to watch.

Speaker Change: Have been submitted to a peer reviewed journal, we expect publication soon but again I think its really is going to be an indication to watch.

Another molecule I'm very excited to share with you is our T. L. One a this is the recent acquisition that we made from TV. We believe that this has the potential for first in class best in disease in its first indication in IBD.

Speaker Change: Another molecule I'm very excited to share with you is our T. L. One a this is the recent acquisition that we made from TV. We believe that this has the potential for first in class best in disease.

Its first indication in IBD.

The bar graphs show that the that this molecule in its phase <unk> study Tuscany showed very significant results both in all patients and in biomarker positive patients on those.

Speaker Change: In its first indication in IBD.

Speaker Change: The bar graphs show that the that this molecule in its phase II B study Tuscany showed very significant results both in all patients and in biomarker positive patients on both.

Speaker Change: The bar graphs show that the that this molecule in its phase II B study Tuscany showed very significant results both in all patients and in biomarker positive patients on both endoscopic and clinical remission with most impressive here is that you know when you look at the results that we saw.

And the Scopic in clinical remission, what's most impressive here is that you know when you look at the results that we saw here sort of 36 to 43 or 50% to 64% and endoscopic improvement.

Speaker Change: And the Scopic in clinical remission, what's most impressive here is that you know when you look at the results that we saw here sort of 36 to 43 or 50% to 64% and endoscopic improvement. This compares to a 30% to 40% for the current standard of care, which is the TNF. So you can clearly see here that we have the opportunity.

This compares to a 30% to 40% for the current standard of care, which is the TNF. So you can clearly see here that we have the opportunity to really reset the standard of care for these patients who live with very debilitating devastating disease safety profile and Tolerability profile are both very good phase II trials are going to be initiated in 2024.

Speaker Change: Here sort of 36 to 43 or 50% to 64% and endoscopic improvement.

Speaker Change:

Speaker Change: This compares to a 30% to 40% for the current standard of care, which is the TNF. So you can clearly see here that we have the opportunity to really reset the standard of care for these patients who live with very debilitating devastating disease safety profile and Tolerability profile are both very good the phase II trials are going to be initiated in 2024.

Speaker Change: To really reset the standard of care for these patients who live with very debilitating devastating disease safety profile and Tolerability profile are both very good the phase three trials are going to be initiated in 2024 and.

And if you if you know the pathway of T. O N. A you know that it is actually quite well understood quite well validated.

It is it is very very.

And they're irrelevant in downstream inflammation and fibrotic processes and so we believe that there are many other indications for which T O N E.

Speaker Change: And if you if you know the pathway of T. O N. A you know that it is actually quite well understood quite well validated. It is it is very I'm very relevant in downstream inflammation in an in fibrotic processes and so we believe that there are many other indications for which T. O N E will be relevant and we are clearly looking for.

Speaker Change: And if you if you know the pathway of T. O N. A you know that it is actually quite well understood quite well validated. It is it is very I'm very relevant and in downstream inflammation in an in fibrotic processes and so we believe that there are many other indications for which T. O N E will be relevant and we are clearly looking for.

Will be relevant and we are clearly looking forward to thinking about additional lifecycle programs for this molecule. So please stay tuned to see where this one is headed because it has a big future in front of it.

Moving onto our most rapidly growing therapeutic area ophthalmology that buys no continues to deliver strong growth of an impressive 324% growth at constant exchange rates for 2023.

Speaker Change: For it to thinking about additional lifecycle programs for this molecule. So please do stay tuned to see where this one is headed because it has a big future in front of it.

Speaker Change: <unk> thinking about additional lifecycle programs for this molecule. So please do stay tuned to see where this one is headed because it has a big future in front of it.

Speaker Change: Moving onto our most rapidly growing therapeutic area ophthalmology or buys milk continues to deliver strong growth of an impressive 324% growth at constant exchange rates for 2023.

Speaker Change: Moving onto our most rapidly growing therapeutic area ophthalmology. The buys milk continues to deliver strong growth of an impressive 324% growth at constant exchange rates for 2023.

Three surpassing spare easily surpassing sales of 2 billion U S market shares in AMD and <unk> are continuously expanding me.

We have 22 and 15% are currently based on November claims data that compares to 19% and 12% just back in August you announced you that nearly half of all patients starting for buyers now are treatment naive that's up from the teens in the beginning of the year.

Speaker Change: Three surpassing easily surpassing sales of 2 billion U S market shares in a M. D. N D me our continuously expanding we have 22 and 15% are currently based on November claims data that compares to 19% and 12% just back in August you now see that nearly half of all patients.

Speaker Change: Three surpassing easily surpassing sales of 2 billion U S market shares in a M. D. N D me our continuously expanding we have 22 and 15% are currently based on November claims data that compares to 19% and 12% just back in August you now see that nearly half of all patients.

So you can really see that we are starting to establish a bias now as the new standard of care and as more physicians get as retinal specialists get experience with it as patients have great results, you're just seeing that momentum build on each other similarly, our launches outside the U S are steadily gaining market share with our early launch countries continuing to expand that.

Speaker Change: <unk> Goodbye smell are treatment naive that's up from the teens in the beginning of the year.

Speaker Change: <unk> Goodbye smell are treatment naive that's up from the teens in the beginning of the year. So you can really see that we are starting to establish a bias now as the new standard of care and as more physicians get as retinal specialists get experience with it as patients have great results, you're just seeing that momentum build on each other similarly, our lunches outside.

Speaker Change: So you can really see that we are starting to establish a bias now as the new standard of care and as more physicians get as retinal specialists get experience with it as patients have great results, you're just seeing that momentum build on each other similarly, our launches outside the U S are steadily gaining market share with our early launch countries continuing to expand that.

At that double digit this double.

Digit market shares we have now achieved reimbursement in all EU five countries, which improves access greatly and we are continuing to expand our access and in all countries around the world and are really looking for how we will be able to bring her buys them out to as many patients as possible.

Speaker Change: The U S are subtly gaining market share with our early launch countries continuing to expand that that double digit.

Speaker Change: That double digit low double digit market shares we have now achieved reimbursement in all EU five countries, which improves access greatly and we are continuing to expand our access and in all countries around the world and are really looking for how we will be able to bring for buys them out to as many patients as possible our third indication in RVO.

Speaker Change: It was double digit market shares we have now achieved reimbursement in all EU five countries, which improves access greatly and we are continuing to expand our access and in all countries around the world and are really looking for how we will be able to bring for buys more to as many patients as possible.

Our third indication in RVO has been approved late last year and we expect the year. She peripheral to follow this year, maybe to give you just a little bit of extra color on sort of what the launch of our buys now has meant in the U S. We currently have 928 retinal specialists, who have not prescribed.

Speaker Change: Our third indication in RVO has been approved late last year, and we expect the U S approval to follow this year, maybe give you just a little bit of extra color on sort of what the launch of our buys know has meant in the U S. We currently have 928 retinal specialists, who have not prescribed.

Speaker Change: <unk> has been approved late last year, and we expect the U S. Your approval to follow this year, maybe give you just a little bit of extra color on sort of what the launch of our buys now has meant in the U S. We currently have 928 retinal specialists, who have not prescribed.

Genentech product in ophthalmology for many many years, who are now prescribers and in many cases very loyal users users of a bias now. So you are really seeing the new market opportunity being opened and expanded here let.

Speaker Change: Genentech product in ophthalmology for many many years, who are now prescribers and in many cases very loyal users users of our buys Moe. So you are really seeing the new market opportunity being opened and expanded here.

Speaker Change: A genentech product in ophthalmology for many many years, who are now prescribers and in many cases very loyal users users of our buys Moe. So you are really seeing the new market opportunity being opened and expanded here let.

Let me also quickly mentioned the latest developments versus Nemo, we are expecting to restart clinical trials. This year. The U S. Commercial relaunch is also expected this year and we will be looking to relaunch commercially and in 2025 in other parts of the world.

Speaker Change: Let me also quickly mentioned the latest developments versus Nemo, we are expecting to restart clinical trials. This year. The U S. Commercial relaunch is also expected this year and we will be looking to relaunch commercially and in 2025 in other parts of the world.

Speaker Change: Let me also quickly mentioned the latest developments for Nemo, we are expecting to restart clinical trials. This year. The U S. Commercial relaunch is also expected this year and we will be looking to relaunch commercially in 2025 in other parts of the world.

In terms of clinical news flow for 2024, we initiated two we initiated two phase twos for answering in thyroid eye disease again.

Another multibillion dollar.

Speaker Change: In terms of clinical news flow for 2024, we initiated two we initiated two phase twos for and spring in thyroid eye disease again, another multibillion dollar.

Speaker Change: In terms of clinical news flow for 2024, we initiated two we initiated two phase twos for and spring in thyroid eye disease again.

Market. So it will be very interesting to see how that IL six treatment is there and we have two additional potentially phase three enabling readouts expected. This year for Nicky Barth, our anti IL, six and D and me and for the ASO factor B and G E.

Speaker Change: Another multibillion dollar.

Speaker Change: Market. So it would be very interesting to see how that IL six treatment does there and we have two additional potentially phase three enabling readouts expected this year or for Micky Barth, our anti IL, six and D and me and for the a S O factor B N G E.

Speaker Change: Market. So it would be very interesting to see how that IL six treatment does there and we have two additional potentially phase three enabling readouts expected this year or for Micky Barton, our anti IL, six and D and me and for the ASO factor B and G E.

And last but not least fatality a closer look at our increasing portfolio, which added to our pipeline via the Carmike acquisition, which just closed last week the lead asset <unk> T. A C T 388.

Is it slipped given a dual receptor.

Speaker Change: And last but not least let's have a closer look at our increasing portfolio, which added to our pipeline via the Carmike acquisition, which just closed last week the lead asset <unk> T. A C T 388.

And last but not least let's have a closer look at our increasing portfolio, which added to our pipeline via the Carmike acquisition, which just closed last week the lead asset.

Hygienist with best in class potential.

In obesity, which is a rapidly growing market, we know that about 50% of the world's population is expected to be obese by the end of the decade. This is anywhere between 50 and 100 billion dollar market and C. T 388, really does have the opportunity to potentially be best in class and its very earliest data we saw impressive weight loss reduction at.

Speaker Change: C T 388.

Speaker Change: Is it flip chip in a dual receptor.

Speaker Change: As a glib given a dual receptor.

Speaker Change: Antagonist with best in class potential.

Speaker Change: Hygienist with best in class potential.

Speaker Change:

Speaker Change: In obesity, which is a rapidly growing market, we know that about 50% of the world's population is expected to be obese by the end of the decade. This is anywhere between 50 and 100 billion dollar market C. T 388, really does have the opportunity to potentially be best in class and its very earliest data we saw impressive weight loss reduction at.

Speaker Change: In obesity, which is a rapidly growing market, we know that about 50% of the world's population is expected to be obese by the end of the decade. This is anywhere between 50 and 100 billion dollar market C. T 388, really does have the opportunity to potentially be best in class and its very earliest data we saw impressive weight loss reduction at.

Eight weeks and we believe that this molecule has the pharmacology that may actually being able to enable more patients to get to 15% to 20% weight loss with a very good tolerability as we think about optimize dosing and this would be impressive and as if you were just looking at the mono therapy opportunity for Q3, a day, but we are of course also looking at it in combination with other drugs.

Speaker Change: Eight weeks and we believe that this molecule has the pharmacology that may actually being able to enable more patients to get to 15% to 20% weight loss with a very good tolerability as we think about optimize dosing and this would be impressive enough. If you were just looking at the mono therapy opportunity for three eight it but we are of course also looking at it in combination with other drugs.

Speaker Change: Eight weeks and we believe that this molecule has the pharmacology that may actually being able to enable more patients to get to 15% to 20% weight loss with a very good tolerability as we think about optimized dosing. This would be impressive enough. If you were just looking at the mono therapy opportunity for C. Three eight it but we are of course also looking at it in combination with other drugs.

In our portfolio, including in three to nine responding anti myostatin that we talked about a little bit earlier, but also other drugs in our portfolio that may have applicability to some of the comorbidities that we know patients with obesity face.

Speaker Change: Our portfolio, including give three to nine years about anti myostatin that we talked about a little bit earlier, but also other drugs in our portfolio that may have applicability to some of the comorbidities that we know patients with obesity phase.

Speaker Change: In our portfolio, including in three to nine years that anti Myostatin that we talked about a little bit earlier, but also other drugs in our portfolio that may have applicability to some of the comorbidities that we know patients with obesity phase.

And also we know that Incretin may have applicability into other disease areas and so again, we would be looking at the assets that we acquired as part of the Carmike deal is really as a backbone for.

Speaker Change: And also we know that Incretin may have applicability into other disease areas and so again, we would be looking at the assets that we acquired as part of the Carmike deal is really as a backbone for future plays across cardio metabolism, but also potentially other disease areas as well in addition to C T.

Speaker Change: And also we know that Incretin may have applicability into other disease areas and so again, we would be looking at the assets that we acquired as part of the Carmike deal is really as a backbone for.

For future plays across Cardiome metabolism, but also potentially other disease areas as well in addition to see T. A 388, we had 868 and.

And 99, six both of which will have phase two interim data in type one and type two diabetes, respectively. This year. So please keep your eyes on this lots more to be coming out of the Carmike acquisition.

Speaker Change: For future plays across cardio metabolism, but also potentially other disease areas as well in addition to see T. A 388, we have 868 am and 99 six both of which will have phase two interim data in type one and type two diabetes, respectively. This year. So please keep your eyes on this lots more to be coming.

Speaker Change: 388, we have 868 and.

Speaker Change: And 99, six both of which will have phase two interim data in type one and type two diabetes, respectively. This year. So please keep your eyes on this lots more to be coming out of the Carmike acquisition.

In terms of closing out our Q4, our regulatory and clinical updates let me mention a couple of things that I don't think that I've touched on during this presentation and other places. So we did unfortunately have a negative readout for test centric in the phase III are invoked 10 study in adjuvant had net unfortunate result, but I think we always knew that this.

Speaker Change: Out of the Carmike acquisition.

Speaker Change: In terms of closing out our Q4, our regulatory and clinical updates let me mention a couple of things. So I don't think that I've touched on during this presentation and other places. So we did unfortunately have a negative readout for to centric in the phase III are invoked 10 study in adjuvant head neck are unfortunate result, but I think we always knew that this was.

Speaker Change: In terms of closing out our Q4, our regulatory and clinical updates let me mention a couple of things. So I don't think that I've touched on during this presentation and in other places. So we did unfortunately have a negative readout for to centric in the phase III are invoked 10 study in adjuvant head neck unfortunate result, but I think we always knew that this was likely.

It is likely to be this is likely to be a difficult. One. Unfortunately had neck has a long history of of drugs not working there.

And then we also saw the positive data from skyscraper eight in first line of Suffolk G. L. A is the China only study that was recently presented with tiered volume outlet centric.

Speaker Change: Likely to be this is likely to be a difficult. One unfortunately had neck has a long history of of drugs not working there.

Speaker Change: To be this is likely to be a difficult. One unfortunately had neck has a long history of of drugs not working there.

And that that trial, we are winning a subsequent data on as well with the sky skyscraper seven data, which will give us a little bit of an opportunity to more tease out what the effect of tiered volume at his first Mr centric.

Speaker Change: And then we also saw the positive data from skyscraper eight in first line esophageal. This is the China only study that was recently presented with tiered volume uplift centric.

Speaker Change: And then we also saw the positive data from skyscraper eight in first line of Sop G. All of this is the China only study that was recently presented with tiered volume uplift centric.

Speaker Change: And that that trial, we were waiting a subsequent data on as well with the US <unk> skyscraper seven data, which will give us a little bit of an opportunity to more tease out what the effect of tiered volume up as versus to centric looking ahead to 'twenty 'twenty four we have already touched on much of the key regulatory news flow, we already have our first.

Speaker Change: And that that trial, we were awaiting a subsequent data on as well with the US Chris skyscrapers, seven data, which will give us a little bit of an opportunity to more tease out what the effect of tiered volume up as versus to centric.

Going ahead to 2024, we have already touched on much of the key regulatory news flow, we already have our first achievement with it centric sub cut approval in the EU, but we've talked about al sensor approval okra vis slab cut.

Speaker Change: Going ahead to 2024, we have already touched on much of the key regulatory news flow, we already have our first achievement with it centric sub cut approval in the EU, but we've talked about our sensor approval okra as sub cut.

Kabbalah Mab approval in it.

And a elicit a filing in addition to the key clinical trial results.

Speaker Change: [noise] achievement with the Concentrix uppercut approval in the EU, but we've talked about our sensor approval okra vis sub cut.

That we've talked about again, we don't have as many phase III reading out in 2024, but we do have is a tremendous amount of phase III, enabling trials that we'll be reading out this year and some some of those we've actually talked about most of these trying kinney mab that Mickey Bart as they'll be strong and hypertension and the cardio T trial will also be reading out this year and again.

Speaker Change: Carballo Mab approval on our invoices are filing in addition to the key clinical trial results.

<unk> Mab approval in it on a interval of SIB filing in addition to the key clinical trial results.

Speaker Change: That we've talked about again, we don't have as many phase III is reading out in 2024, but we do have is a tremendous amount of phase III, enabling trials that we'll be reading out this year and some of some of those we've actually talked about most of us to continue Mab Mickey Bart there'll be strong and hypertension and the cardio two trial will also be reading out this year and again.

Speaker Change: That we've talked about again, we don't have as many phase III is reading out in 'twenty 'twenty four but we do have is a tremendous amount of phase III, enabling trials that we'll be reading out this year and some of some of those we've actually talked about most of us to continue Mab Mickey Bart as they'll be strong and hypertension and the cardio two trial will also be reading out this year and again.

The additional trials from Carmen with new data this year as well.

So before I hand, it over to Matt I, just want to take one minute just sort of rephrase just to sort of step back and really take a look at where we are expecting growth from the <unk> from the pharma portfolio over time.

Speaker Change: The additional trials from Karma with new data this year as well.

Speaker Change: The additional trials from Karma are with new data this year as well.

Speaker Change: So before I hand, it over to Matt I, just want to take one minute to sort of rephrase just to sort of step back and really take a look at where we are expecting growth from the from the pharma portfolio over time.

Speaker Change: So before I hand, it over to Matt I, just want to take one minute just sort of rephrase just to sort of step back and really take a look at where we are expecting growth from the <unk> from the pharma portfolio over time.

Like you we are very interested in growing our business and growing our ability to help an impact patients around the world and this is how we intend to do it of course, we have our launch portfolio all the wonderful.

First in class best in disease drugs that we've just been talking about the Beisner OCA vis a rusty.

Speaker Change: Like you we are very interested in growing our business and growing our ability to help an impact patients around the world and this is how we intend to do it of course, we have our launch portfolio all the wonderful.

Speaker Change: Like you we are very interested in growing our business and growing our ability to help an impact patients around the world and this is how we intend to do it of course, we have our launch portfolio all the wonderful a best in class best in disease drugs that we've just been talking about but by some of OCA or is that <unk> Fetsko Ham Libra. Olivia. These are all drugs that are going to continue to drive growth.

Says go have Libra Olivia. These are all drugs that are going to continue to drive growth going forward and drive significant growth in patient benefit in the coming years.

Speaker Change: In class best in disease drugs that we've just been talking about but by some oh gervase of risky Fetsko Ham Libra. Olivia. These are all drugs that are going to continue to drive growth going forward and drive significant growth in patient benefit in the coming years.

In the midterm and we're defining midterm here as as drugs that will receive data in the in sort of that the 24 hour time period of 24 to 26 at the Viva Lupus nephritis, we've talked about Thomas mentioned after Golub AB in in a C O P D Leds.

Speaker Change: Going forward and drive significant growth in patient benefit in the coming years in the midterm and we're defining midterm here as as drugs that will receive data in the in sort of the 24 hour time period of 24 to 26 at the Viva Lupus Nephritis, we've talked about Thomas mentioned has to go back in in a C O.

In the midterm and we are defining midterm here as as drugs that will receive data in.

<unk> is certainly the potential to get approval in this time period Senate Britain ever oral B Teekay for M. S.

Speaker Change: In the in sort of the 24 hour time period of 24 to 26 at the Viva Lupus nephritis, we've talked about Thomas mentioned after Golub AB in in a C. O P. D. LGBT certainly the potential to get approval in this time period fenech Bruton ever oral B Teekay for M. S.

And if Elisa Gary desk trend toward volume abbey's or off these are all very significant drugs.

Speaker Change: P D.

Speaker Change: <unk> certainly are the potential to get approval in this time period fendt Bruton ever oral b Teekay for M. S.

That have very large patient populations, where we could be able to change the standard of care and we will be getting that data much of it starting in late 2024, and early 2025, driving a tremendous amount of growth in the mid and long term and then of course looking at those long term opportunity is defined as things that we'll be filing. After 2026, you can see this is where a lot of the.

Speaker Change: And if Elisa Gary desk trend to recall you map. These are all these are all very significant drugs that have very large patient populations, where we could be able to change the standard of care and we will be getting that data much of it starting in late 2024, and early 2025, driving a tremendous amount of growth in the mid and long term and then of course looks.

Speaker Change: And if Elisa Gary desk dreamt or volume out of these are all these are all very significant drugs.

Speaker Change: That have very large patient populations, where we could be able to change the standard of care and we will be getting that data much of it starting in late 2024, and early 2025, driving a tremendous amount of growth in the mid and long term and then of course looking at those long term opportunity is defined as things that we'll be filing. After 2026, you can see this is where a lot of the.

<unk> from our.

Our partnering activities will be happening overtime that telephone acquisition via dial apartment the camera acquisition.

Speaker Change: At those long term opportunity is defined as things that we'll be filing. After 2026, you can see this is where a lot of the benefit from our.

These again are very important and these are very important molecules very large commercial opportunities that.

Speaker Change: Fit from our.

Speaker Change: Our partnering activities will be happening overtime that telephone acquisition via dial apartment of the camera acquisition.

Speaker Change: Our partnering activities will be happening over time that telephone acquisition via dial apartment of the camera acquisition.

That will really fuel our long term growth. In addition to things like <unk> and then all of the emerging assets from the early pipeline in BD. So in summary, we are very convinced that we have a very strong pharma portfolio and one that will continue to provide growth into the short mid and long term and we're looking forward to sharing updates on all of these building blocks with you in the future.

Speaker Change: These again are very important in these are very important molecules very large commercial opportunities.

Speaker Change: These again are very important and these are very important molecules very large commercial opportunities that.

Speaker Change: That will really fuel our long term growth. In addition to things like <unk> and then all of the emerging assets from the early pipeline in BD. So in summary, we are very convinced that we have a very strong pharma portfolio and one that will continue to provide growth into the short mid and long term and we're looking forward to sharing updates on all of these building blocks with you in the future.

Speaker Change: That will really fuel our long term growth. In addition to things like <unk> and then all of the emerging assets from the early pipeline in BD. So in summary, we are very convinced that we have a very strong pharma portfolio and one that will continue to provide growth into the short mid and long term and we're looking forward to sharing updates on all of these building blocks with you in the future.

So thank you very much and let me hand, it over to Mike Thanks, very much Teresa.

So with that good afternoon. Good morning, everyone. It's my pleasure to present, the full year at Roche diagnostics 2023 full year results.

Speaker Change: So thank you very much and let me hand, it over to Matt Thanks, very much Teresa.

Speaker Change: So thank you very much and let me hand, it over to Matt Thanks, very much Teresa.

With sales of 14.1 billion Swiss francs, the diagnostics division declined by 13% or minus 2.3 billion Swiss francs at constant exchange rate versus full year 2022.

Matt: So with that good afternoon. Good morning, everyone. It's my pleasure to present, the full year Roche diagnostics 2023 full year results.

Matt: So with that good afternoon. Good morning, everyone. It's my pleasure to present, the full year Roche diagnostics 2023 full year results.

Speaker Change: <unk> with sales of 14.1 billion Swiss francs, the diagnostics division declined by 13% or minus 2.3 billion Swiss francs at constant exchange rates versus full year 2022.

Matt: <unk> with sales of $14 1 billion Swiss francs, the diagnostics division declined by 13% or minus $2 3 billion Swiss francs at constant exchange rate versus full year 2022.

And as you heard earlier this decline is driven by the expected decline of COVID-19 testing and sales of $3 3 billion Swiss francs at constant exchange and offset by strong base business growth of plus 7%.

Speaker Change: And as you heard earlier this decline is driven by the expected decline of COVID-19 testing and sales of $3 3 billion Swiss francs at constant exchange and offset by strong base business growth of plus 7%.

Speaker Change: And as you heard earlier this decline is driven by the expected decline of COVID-19 testing and sales of $3 3 billion Swiss francs at constant exchange and offset by strong base business growth of plus 7%.

So let's on this slide let's look at the performance of diagnostics over the last eight quarters and I'd like to start by focusing on the Orange dotted line, which represents our base business performance and in Q4, 2023 our base business grew at plus 8% with strong sales momentum in all of our regions.

Speaker Change: So let's let's.

Speaker Change: And so let's just say, let's look at the performance of diagnostics over the last eight quarters and I'd like to start by focusing on the Orange dotted line, which represents our base business performance and in Q4 2023, our base business grew at plus 8% with strong sales momentum in all of our regions.

Speaker Change: Let's look at the performance of diagnostics over the last eight quarters and I'd like to start by focusing on the Orange dotted line, which represents our base business performance.

And now I'd like to turn your attention to the Blue line.

Which reflects total diagnostics division sales included COVID-19.

Speaker Change: Q4, 2023, our base business grew at plus 8% with strong sales momentum in all of our regions.

In Q4 diagnostics delivered growth of plus 4% and I would note that we had a 300 million government order of rapid antigen tests, which was reflected in this overall performance, but you see with the return to growth the lessened effect of COVID-19 testing and the very strong performance of our base business.

Speaker Change: And now I'd like to turn your attention to the Blue bar.

Speaker Change: Now I'd like to turn your attention to the Blue line, which reflects total diagnostics division sales included COVID-19 in.

Speaker Change: Which reflects total diagnostics division sales, including COVID-19.

Speaker Change: In Q4 diagnostics delivered growth of plus 4%.

Speaker Change: Q4 diagnostics delivered growth of plus 4%.

Speaker Change: I would note that we had a 300 million government order of rapid antigen tests, which was reflected in this overall performance, but you see with the return to growth.

Speaker Change: Note that we had a 300 million government order of rapid antigen tests, which was reflected in this overall performance what you see with the return to growth.

Now looking forward, we're not expecting additional government orders or significant sales of rapid antigen COVID-19 task, but we expect the vast majority of COVID-19 testing to be PCR paced and I would add that we expect the majority of this testing to be performed in a multiplex format as part of a standard diagnosis of respiratory disease.

Speaker Change: Lessened effect of COVID-19 testing and the very strong performance of our.

The effect of COVID-19 testing and the very strong performance of our base business.

Business.

Speaker Change: Now looking forward, we're not expecting additional government orders or significant sales of rapid antigen COVID-19 to us, but we expect the vast majority of COVID-19 testing to be PCR paced and I would add that we expect the majority of this testing to be performed in a multiplex format is.

Speaker Change: Now looking forward, we're not expecting additional government orders or significant sales of rapid antigen COVID-19 to us, but we expect the vast majority of COVID-19 testing to be PCR paced and I would add that we expect the majority of this testing to be performed in a multiplex format as part of a standard diagnosis of respiratory disease.

Consequently, we expect to see Covid sales in 'twenty 'twenty four to be significantly lower than 2023 in line with the guidance you heard earlier.

We're also expecting some potential headwinds in China due to ongoing government procurement initiatives, however, I'd like to restate the given the strength of our base business. We are still expecting mid to high single digit growth for diagnostics in 2024.

Speaker Change: Part of our standard diagnosis of respiratory disease.

Speaker Change: Consequently, we expect to see Covid sales in 2024 to be significantly lower than 2023 in line with the guidance you heard earlier.

Speaker Change: Consequently, we expect to see Covid sales in 'twenty 'twenty four to be significantly lower than 2023 in line with the guidance you heard earlier.

Speaker Change: We're also expecting some potential headwinds in China due to ongoing government procurement initiatives, however, I'd like to restate the.

Speaker Change: We're also expecting some potential headwinds in China due to ongoing government procurement initiatives, however, I'd like to restate the given the strength of our base business. We are still expecting mid to high single digit growth for diagnostics in 2024.

And so now I'd like to take you through the sales by product category and what you see first our core lab business, which is our largest business unit here. Excluding the COVID-19 effect, we grew at plus 11% with really strong performance in some key categories, such as cardiac where we grew at very strong.

Speaker Change: Given the strength of our base business, we are still expecting mid to high single digit growth for diagnostics in 2024.

Speaker Change: And so now.

Speaker Change: And so now.

Speaker Change: I'd like to take you through the sales by product category and what you see first our core lab business, which is our largest business unit.

Speaker Change: I'd like to take you through the sales by product category and what you see first our core lab business, which is our largest business unit.

Digit numbers.

Speaker Change: Here, excluding the COVID-19 effect, we grew at plus 11% with really strong performance in some key categories, such as cardiac where we grew very strong double digit numbers.

Our molecular lab here, excluding the COVID-19 effect, we grew up plus 7% and if you look on the right side of the slide you see some of the very impressive performance of the different product categories cervical cancer growing at 23% blood screening growing at 13% and also very robust performance of our core virology business at plus six.

Speaker Change: Excluding the COVID-19 effect, we grew at plus 11% with really strong performance in some key categories, such as cardiac where we grew very strong double digit numbers.

Speaker Change: Our molecular lab here, excluding the COVID-19 effect, we grew at plus 7% and if you look on the right side of the slide you see some of the very impressive performance of the different product categories cervical cancer growing at 23%.

Speaker Change: Our molecular lab here, excluding the COVID-19 effects, we grew at plus 7% and if you look on the right side of the slide you see some of the very impressive performance of the different product categories cervical cancer growing at 23%.

<unk>.

Pathology lab growing at plus 14%, which is very strong point of care. Excluding the COVID-19 effect grew at plus 4%, which was really driven by the strong respiratory season in the northern hemisphere, and diabetes care receded at minus 4%.

Speaker Change: Blood screening growing at 13% and also very robust performance of our core virology business at plus six.

Speaker Change: Blood screening growing at 13% and also very robust performance of our core virology business at plus six.

Speaker Change: But falls G lab growing at plus 14%, which is very strong point of care. Excluding the COVID-19 effect grew at plus 4%, which was really driven by the strong respiratory season in the northern hemisphere and diabetes care risk.

Speaker Change: Pathology lab growing at plus 14%, which is very strong point of care. Excluding the COVID-19 effect grew at plus 4%, which was really driven by the strong respiratory season in the northern hemisphere, and diabetes care receded at minus 4%.

And this is really driven by the market evolution from traditional blood glucose monitoring to continuous glucose monitor but I would also point out as you heard earlier, we're getting very close to launching our own continuous glucose monitoring solution and so we look to see this this change this trajectory in the future.

Speaker Change: Minus 4%.

Speaker Change: And this is really driven by the market evolution from traditional blood glucose monitoring to continuous glucose monitor but I would also point out as you heard earlier, we're getting very close to launching our own continuous glucose monitoring solution and so we look to see this change this trajectory in the future.

Matt: And this is really driven by the market evolution from traditional blood glucose monitoring to continuous glucose monitor but I would also point out as you heard earlier, we're getting very close to launching our own continuous glucose monitoring solution and so we look to see this this change this trajectory in the future.

Now I'd like to go through the performance by the different geographies. So when you exclude so if you look across all our geographies first you'll see the impact of lower COVID-19 testing sales across all regions, but then excluding the COVID-19 effect you see strong base business growth across all regions in North America, excluding the Covid.

Speaker Change: Now I'd like to go through the performance by the different geographies. So when you exclude so if you look across all our geographies first youll see the impact of lower COVID-19 testing sales across all regions, but then excluding the COVID-19 effect you see strong base business growth across all regions in North America, excluding the Cove.

Speaker Change: Now I'd like to go through the performance by the different geographies. So when you exclude so if you look across all our geographies first you'll see the impact of lower COVID-19 testing sales across all regions, but then excluding the COVID-19 effect you see strong base business growth across all regions in North America, excluding the Covid.

Effect, plus 5% growth EMEA, excluding the Covid effect, plus 5% and APAC, excluding the Covid effect, plus 10% and in Latin America, excluding the Covid effect sales grew at plus 26% so very strong performance.

Speaker Change: What effect plus 5% growth EMEA.

Speaker Change: [noise] effect plus 5% growth.

Speaker Change: Excluding the Covid effect, plus 5% and APAC, excluding the Covid effect plus 10%.

Speaker Change: Excluding the Covid effect plus 5%.

Speaker Change: APAC, excluding the Covid effect, plus 10% and in Latin America, excluding the Covid effect sales grew at plus 26% so very strong performance.

So now I'd like to walk you through the diagnostics P&L.

Speaker Change: And America, excluding the Covid effect sales grew at plus 26% so very strong performance.

So core operating profit on sales of 14.1 billion Swiss francs declined 24% at constant exchange rates driven by the strong decline of COVID-19 testing sales again as expected.

Speaker Change: So now I'd like to walk you through the diagnostics P&L.

Speaker Change: So now I'd like to walk you through the diagnostics P&L.

Speaker Change: So core operating profit on sales of 14.1 billion Swiss francs declined 24% at constant exchange rates driven by the strong decline of COVID-19 testing sales again as expected.

So core operating profit on sales of $14 1 billion Swiss francs declined 24% at constant exchange rates driven by the strong decline of COVID-19 testing and sales again as expected.

The cost of sales declined 15% as you heard earlier, but this is.

This is faster than sales decline and this was again driven by lower sales of COVID-19 rapid antigen tests.

R&D costs remained stable and our investors our investment in R&D was really driven and focused in areas of future innovation and revenue growth such as mass spec continuous glucose monitoring.

Speaker Change: The cost of sales declined 15% as you heard earlier, but this is.

Speaker Change: Cost of sales declined 15% as you heard earlier, but this is this is faster than sales decline and this was again driven by lower sales of COVID-19 rapid antigen tests R&D.

Speaker Change: This is faster than sales decline and this was again driven by lower sales of COVID-19 rapid antigen tests.

Speaker Change: R&D costs remained stable and our investors our investment in R&D was really driven and focused in areas of future innovation and revenue growth such as mass spec continuous glucose monitoring.

Speaker Change: R&D costs remained stable and our investors our investment in R&D was really driven and focused in areas of future innovation and revenue growth such as mass spec continuous glucose monitoring.

Sequencing as well as our digital solutions, our SG&A remained stable at constant exchange rate due to a good organizational discipline.

So when taken altogether, we delivered a core operating profit of 2.67 billion Swiss francs with a margin of 18.9% in reported currency, but as you heard from Thomas and Allen the margin was affected by currency headwinds and I would call. It that our margin at constant exchange rate was 21, 5%.

Speaker Change: Sequencing as well as our digital solutions, our SG&A remained stable at constant exchange rate did a good organizational discipline.

Speaker Change: Sequencing as well as our digital solutions, our SG&A remained stable at constant exchange rate good organizational discipline.

Speaker Change: So when taken altogether, we delivered a core operating profit of 2.67 billion Swiss francs with a margin of 18.9% in reported currency, but as you heard from Thomas Allen the margin was affected by currency headwinds.

Speaker Change: So when taken all together, we delivered a core operating profit of $2 67 billion Swiss francs with a margin of 18, 9% in reported currency.

So so now I'd like to shift gears and talk a little bit about some of the innovation that we delivered in 2023 which impacts patients, but will also drive our growth into the future and I'd like to start with a recent and quite exciting milestone in relation to our portfolio expansion in neurology Roche's Alexis.

Speaker Change: You heard from Thomas Allen the margin was affected by currency headwinds.

Speaker Change: Called that our margin at constant exchange rate was 21, 5%.

Speaker Change: That our margin at constant exchange rate was 21, 5%.

Speaker Change: So so now I'd like to shift gears and talk a little bit about some of the innovation that we delivered in 'twenty to 'twenty, three which impacts patients, but will also drive our growth into the future.

Speaker Change: So so now I'd like to shift gears and talk a little bit about some of the innovation that we delivered in 2023, which impacts patients, but will also drive our growth into the future and I'd like to start with a recent and quite exciting milestone in relation to our portfolio expansion in neurology Roche's Alexis.

Neural film in light chain test with indication for multiple sclerosis received FDA breakthrough designation in November of 2023.

Speaker Change: Like to start with a recent and quite exciting milestone in relation to our portfolio expansion in neurology.

And I would note that we have received multiple FDA breakthrough device designation for our Alzheimer's portfolio.

Speaker Change: Roche is Alexis neural film in light chain test with indication for multiple sclerosis received FDA breakthrough designation in November of 2023.

Speaker Change: Neuro film it light chain test with indication for multiple sclerosis received FDA breakthrough designation in November of 2023.

Around 3 million people are estimated to live with multiple sclerosis. After diagnosis, many face challenges with managing their disease due to timely identification of disease progression, which is critical for optimization of treatment and the access and availability of testing that's capable of identified these disease progression has the potential to improve treatment optimization.

Speaker Change: I would note that we have received multiple FDA breakthrough device designation for our Alzheimer's portfolio.

Speaker Change: I'd note that we've received multiple FDA breakthrough device designation for our Alzheimer's portfolio.

Speaker Change: Around 3 million people are estimated to live with multiple sclerosis. After diagnosis, many face challenges with managing their disease due to timely identification of disease progression, which is critical for optimization of treatment.

Speaker Change: Around 3 million people are estimated to live with multiple sclerosis. After diagnosis, many face challenges with managing their disease due to timely identification of disease progression, which is critical for optimization of treatment.

Position for these patients and this may result in hopefully will result in better clinical outcomes.

Speaker Change: Access and availability of testing that's capable of identifying disease progression has the potential to improve treatment optimization for these patients and this may result in hopefully will result in better clinical outcomes.

Speaker Change: Access and availability of testing that's capable of identified these disease progression has the potential to improve treatment optimization for these patients and this may result in hopefully will result in better clinical outcomes.

So we're very excited the impact the lexis neuro film in light chain test, we'll have for MF patients barring a biomarker obtained by a minimally invasive blood draw that can deliver rapid results to patients and to caregivers and.

Speaker Change: So we're very excited the impact the Lexus neuro film in light chain test, we'll have for MS patients barring a biomarker obtained by a minimally invasive blood draw that can deliver rapid results to patients and caregivers and.

Speaker Change: So we're very excited the impact the lexis neuro film in light chain test, we'll have for MF patients Barbara in a biomarker obtained by a minimally invasive blood draw that can deliver rapid results to patients and caregivers.

And I would also point out we heard quite a bit about okra vis the synergistic and synchronized approach between Roche pharma and diagnostics that allows us to continue to deliver better access for patients, who need who need medication and better and better care.

Speaker Change: And I would also point out we heard quite a bit about <unk>.

Speaker Change: And I would also point out we heard quite a bit about the synergistic and synchronized approach between Roche pharma and diagnostics that allows us to continue to deliver better access for patients, who need who need medication and better and better care.

Speaker Change: The synergistic and synchronized approach between Roche pharma and diagnostics that allows us to continue to deliver better access for patients, who need who need medication and better and better care.

And I would also call out you see there the floodlight M. S. This is a digital solution that measures motor and cognition skills of MF patients and we're also exploring potential applications for this and disease monitoring.

Speaker Change: And I would also call out you you see there the floodlight M. S. This is a digital solution that measures motor and cognition skills of MF patients and we're also exploring potential applications for this.

Speaker Change: And I would also call out you see there the floodlight MFS. This is a digital solution that measures motor and cognition skills of MF patients and we're also exploring potential applications for this and disease monitoring.

So now I'd like to turn to our product category very near and Dear to my heart, which is infectious disease testing.

And start by a pair of new launches that we had in Roche diagnostics in 2023 or anti E. T V. I G M and anti H E B I G G test it.

Speaker Change: <unk> monitoring.

Speaker Change: So now I'd like to turn to our product category very near and Dear to my heart, which is infectious disease testing.

Speaker Change: So now I'd like to turn to our product category very near and Dear to my heart, which is infectious disease testing.

Speaker Change: And start by a pair of new launches that we had in Roche diagnostics in 2023 or anti HIV IGN and anti HIV IGD tests.

Speaker Change: And start by a pair of new launches that we had in Roche diagnostics in 2023 or anti E. T V IGN and anti H E. B I G G test.

It is estimated that one third of the global population could be at risk for infection with hepatitis C virus, but the true burden is unknown as it is under diagnosed.

Consequently, the W. H O has updated its essential diagnostics list, which acute includes in vitro diagnostics that should be available in all countries.

Speaker Change: It is estimated that one third of the global population could be at risk for infection with hepatitis C virus, but the true burden is unknown as it is under diagnosed.

Speaker Change: It is estimated that one third of the global population could be at risk for infection with hepatitis C virus, but the true burden.

Speaker Change: Known as it is under diagnosed.

And last year for the first time test for HEV are included to aid in both diagnosis and surveillance.

Speaker Change: Consequently, the W. H O has updated its essential diagnostics list, which acute includes in vitro diagnostics that should be available in all countries.

Speaker Change: Consequently, the <unk> has updated its essential diagnostics list, which acute includes in vitro diagnostics that should be available in all countries.

In November 2023, we launched our task for the AGM and I D. G and why that is important is this allows us to diagnose both acute and chronic infections for hepatitis C that allows patients to diagnose to monitor and to appropriately treat patients.

Speaker Change: And last year for the first time test for E. T. V are included to aid in both diagnosis and surveillance.

And last year for the first time test for HIV are included to aid in both diagnosis and surveillance.

Speaker Change: In November 2023, we launched our test for G M and ITG and why that is important is this allows us to diagnose both acute and chronic infections for hepatitis C that allows patients to diagnose to monitor and to appropriately treat patients.

Speaker Change: In November 2023, we launched our test for <unk> and <unk> and why that is important as this allows us to diagnose both acute and chronic infections for hepatitis C that allows patients to diagnose to monitor and to appropriately treat patients.

Infected with hepatitis C and I would call out that this is also important for competitive reasons you saw the strong growth of our core lab franchise earlier in my presentation.

Speaker Change: Infected with hepatitis C and I would call out that this is also important for competitive reasons you saw the strong growth of our core lab franchise earlier in my presentation.

Speaker Change: Infected with hepatitis C and I would call out. This is also important for competitive reasons saw the strong growth of our core lab franchise earlier in my presentation.

Having a differential panel for hepatitis as one of the critical competitive aspects of immunoassay in infectious disease and the addition of these two tests really completes our differential panel for hepatitis. So we're very excited also about the.

Speaker Change: Having a differential panel for hepatitis as one of the critical competitive aspects of immunoassay in infectious disease and the addition of these two tests really completes our differential panel for hepatitis. So we're very excited also about the ability.

Speaker Change: Having a differential panel for hepatitis as one of the critical competitive aspects of them.

The ability for us to compete even strongly even more strongly in immunoassay.

Speaker Change: Oh assay in infectious disease and the addition of these two tests really complete our differential panel for hepatitis. So we're very excited also about the.

So now I'd like to transition to our growing digital portfolio by providing an update on our NAV of Phi algorithm suite.

Speaker Change: Ability for us to compete even strongly even more strongly and immunoassay.

Speaker Change: Ability for us to compete even strongly even more strongly and immunoassay.

The algar algorithms suite as a one stop shop for digital algorithms used to aid and improve clinical decision, making this platform integrates into our hospitals laboratory information system and soon will be seamlessly integrated into a hospital's EMR system. It takes data off of Roche analyzers, but also clinical data.

Speaker Change: So now I'd like to transition to our growing digital portfolio by providing an update on our <unk> algorithm suite.

Speaker Change: So now I'd like to transition to our growing digital portfolio by providing an update on our <unk> algorithms suite.

Speaker Change: The algar algorithms suite as a one stop shop for digital algorithms used to aid and improve clinical decision, making this platform integrates into our hospitals laboratory information system and soon will be seamlessly integrated into our hospitals EMR system. It takes data off of Roche.

Speaker Change: The algorithm suite as a one stop shop for digital algorithms used to aid and improve clinical decision, making this platform integrates into a hospital's laboratory information system and soon will be seamlessly integrated into a hospital's EMR system. It takes data off of Roche analyzers, but also clinical data.

That is provided by a patient when they present in a in a health care setting.

The Algo suite provides hospital providers with a growing library of verified Roche algorithms as well as algorithms from partner companies to use in their everyday practice and improve insights needed for clinical decision, making and I would like to point out that we have 15 certified algorithms available and expect to have more than 20 additional algorithms by the end of 'twenty 'twenty.

Speaker Change: But also clinical data.

Speaker Change: That is provided by a patient when they present in a health care setting.

Speaker Change: That is provided by a patient when they present in a in a health care setting.

Speaker Change: The Algo suite provides hospital providers with a growing library of verified Roche algorithms as well as algorithms from partner companies to use in their everyday practice and improve insights needed for clinical decision, making and I would like to point out that we have 15 certified algorithms available.

Speaker Change: Argos, we provides hospital providers with a growing library of verified Roche algorithms as well as the algorithms from partner companies to use in their everyday practice and improve insights needed for clinical decision, making and I would like to point out that we have 15 certified algorithms available.

Five.

So currently the majority of our offerings are in the oncology and cardiac therapeutic areas. These are two areas with high unmet need and an opportunity to improve clinical decision, making however, looking into the future. We also expect to have additional algorithms and neurology infectious disease as well as sepsis.

Speaker Change: And expect to have more than 20 additional algorithms by the end of 2025.

Speaker Change: We expect to have more than 20 additional algorithms by the end of 2025.

Speaker Change: So currently the majority of our offerings are in the oncology and cardiac therapeutic areas. These are two areas with high unmet need and an opportunity to improve clinical decision, making however, looking into the future. We also expect to have additional algorithms and neurology infectious disease as well as sepsis.

Speaker Change: So currently the majority of our offerings are in the oncology and cardiac therapeutic areas. These are two areas with high unmet need and an opportunity to improve clinical decision, making however, looking into the future. We also expect to have additional algorithms.

And so so now I'd like to turn to some of the.

Additional platforms that we're launching in diagnostics with the next generation of the one of our longstanding platforms that lifecycle pro so.

Speaker Change: Neurology infectious disease as well as sepsis.

Speaker Change: And so so now I'd like to turn to some of the.

Speaker Change: And so now I'd like to turn to some of the.

So we launched this new real time PCR instrument in November of 2023.

Speaker Change: No additional platforms that we're launching in diagnostics with the next generation of the one of our longstanding platforms, but lifecycle pro so.

Speaker Change: Additional platforms that we're launching in diagnostics with the next generation of the one of our longstanding platforms, but lifecycle pro.

Opening use an IV to use and CE, Mark and FDA and the unique benefit of the lifecycle of pro it is the first real time PCR instrument to be simultaneously labeled for research as well as IBD use.

Speaker Change: So we launched this new real time PCR instrument in November of 2023.

Speaker Change: So we launched this new real time PCR instrument in November of 2023.

Speaker Change: Opening use in IV to use and CE, Mark and FDA and the unique benefit of the lifecycle of pro it is the first real time PCR instruments can be simultaneously labeled for research as well as IBD use.

Speaker Change: Opening use an IV to use and CE, Mark and FDA and the unique benefit of the lifecycle of pro it is the first real time PCR instruments can be simultaneously labeled for research as well as IBD use.

Opening the opportunity to use lab developed tests as well as registered IBD test.

So this instrument launched with a broad menu of 60 molecular diagnostic CE IBD task in 200 research.

Speaker Change: Opening the opportunity to use lab developed tests as well as registered IBD test.

Speaker Change: Opening the opportunity to use lab developed tests as well as registered IBD test.

Assays through our through T mobile.

And it will include or does include excuse me key features such as higher multi flexing capabilities. It actually has seven optical channels that allows you to discriminate different targets in an individual well in an individual run.

Speaker Change: So this instrument launched with a broad menu of 60 molecular diagnostics CE IBD tests and 200 research.

Speaker Change: So this instrument launched with a broad menu of 60 molecular diagnostic CE IBD tests and 200 research.

Speaker Change: Assays throughout through T mobile.

Speaker Change: Assays throughout through Tim mobile.

Speaker Change: And it will include or does include excuse me key features such as higher multi flexing capabilities. It actually has seven optical channels that allows you to discriminate different targets in an individual well in an individual run.

Speaker Change: And it will include or does include excuse me key features such as higher multi flexing capabilities. It actually had seven optical channels that allows you to discriminate different targets in an individual well and individual run.

And it has improved precision scalability and data analytics we.

We feel this will be a very highly competitive entry in the real time, PCR marketplace, which I would call out from a reagent perspective is about half a billion Swiss francs and as an instrument market is about point 2 billion Swiss francs every year.

Speaker Change: And it has improved precision scalability and data analytics we.

Speaker Change: And it has improved precision scalability and data analytics we.

Speaker Change: We feel this will be a very highly competitive entry in the real time, PCR marketplace, which I will call out from a reagent perspective is about half a billion Swiss francs and as an instrument market is about point 2 billion Swiss francs every year.

Speaker Change: We feel this will be a very highly competitive entry in the real time, PCR marketplace, which I will call out from a reagent perspective is about half a billion Swiss francs and as an instrument market is about <unk> 2 billion Swiss francs every year.

So now looking at our launches in 2020 three are very proud of the performance of the organization.

We achieved 15 of our key launches.

And as you heard earlier 'twenty 'twenty four is shaping up to be the biggest launch here ever for Roche diagnostics and not just the number of launches, but some of the most impactful launches for the future of the division. So first I would like to call out the core lab launch of the game changing I 601 mass spec system.

Speaker Change: So now looking at our launches in 2020 three are very proud of the performance of the organization.

Speaker Change: So now looking at our launches in 2023 are very proud of the performance of the organization.

Speaker Change: We achieved 15 of our key launches.

Speaker Change: We achieved 15 of our key launches.

Speaker Change: And as you heard earlier 'twenty 'twenty four is shaping up to be the biggest launch ever for Roche diagnostics and not just the number of launches, but some of the most impactful launches for the future of the division. So first I would like to call out the core lab launch of the game changing I 601 mass spec system.

Speaker Change: And as you heard earlier 2024 is shaping up to be the biggest launch ever for Roche diagnostics and not just the number of launches, but some of the most impactful launches for the future of the division. So first I would like to call out the core lab launch of the game changing <unk> 601 mass spec system.

Which is really going to revolutionize mass spec testing by offering a fully automated standardized reproducible.

Mass spec instrument that will integrate with our existing serum work area instrumentation and make us even more competitive in that core lab space as well as our first offering in the continuous glucose monitoring space. The Acura Chek Smart guide CGM.

Speaker Change: Which is really going to revolutionize mass spec testing by offering a fully automated standardized reproducible.

Speaker Change: Which is really going to revolutionize mass spec testing by offering a fully automated standardized reproducible.

Speaker Change: Mass spec instrument that will integrate with our existing serum work area instrumentation and make us even more competitive in that core lab space as well as our first offering in the continuous glucose monitoring space the accu Chek Smart CGM.

Speaker Change: Mass spec instrument that will integrate with our existing serum work area instrumentation and make us even more competitive in that core lab space as well as our first offering in the continuous glucose monitoring space. The Acura Chek smart guys CGM.

Additionally, we're planning to launch a new automated solutions for the core lab.

Including our COBOL C 703 for clinical chemistry, which will by far had the highest throughput of anything we've ever launched all of our competition and the IC Neo which will allow us to stay ahead of competition and keep our strong momentum in the core lab.

Speaker Change: Additionally, we're planning to launch a new automated solutions for the core lab.

Speaker Change: Additionally, we are planning to launch a new automated solutions for the core lab.

Speaker Change: Including our COBOL C. Seven three for clinical chemistry, which will by far had the highest throughput of anything we've ever launched all of our competition and the IC Neo which will allow us to stay ahead of competition and keep our strong momentum in the core lab.

Speaker Change: Including our Kobo <unk> III for clinical chemistry, which will by far had the highest throughput of anything we've ever launched all of our competition and the IC Neo which will allow us to stay ahead of competition and keep our strong momentum in the core lab.

We also expect the U S launch of our four Plex Lee at multiplex molecular point of care test for respiratory virus testing.

We will also this will look at flu a flu b COVID-19 as well as RSV. So this is we feel this is going to be a very competitive launch.

Speaker Change: We also expect the U S launch of our Fourplex Lee at multiplex molecular point of care test for respiratory virus testing.

Speaker Change: We also expect the U S launch of our Fourplex Lee at multiplex molecular point of care test for respiratory virus testing.

Additionally, we will be launching the highly multiplex respiratory flex panel on our existing 50, 868, and 8800 systems. This is going to be a broad panel of respiratory pathogens and be the first launch we have with our revolutionary new tags assay chemistry.

Speaker Change: We will also this will look at flu a flu b COVID-19 as well as RSV. So this is we feel this is going to be a very competitive launch.

Speaker Change: We will also this will look at flu a flu b COVID-19 as well as RSV. So this is we feel this is going to be a very competitive launch.

Additionally, we will be launching the highly multiplex respiratory flex panel on our existing 50, 868, and 800 systems. This is going to be a broad panel of respiratory pathogens and be the first launch we have with our revolutionary new tags.

Speaker Change: Additionally, we will be launching the highly multiplex respiratory flex panel on our existing 50 868 800 systems. This is going to be a broad panel of respiratory pathogens and be the first launch we have with our revolutionary new tags.

On top of this we plan to watch the version two of already industry, leading cobalt 68, and 88 hundreds and this will add additional functionality and competitive features.

Speaker Change: Hey, chemistry.

Speaker Change: Hey, chemistry.

We will also make significant progress in the critical area of blood donor screening as you heard earlier with the launch of our cobalt serology solution in the U S and our global launch of our molecular test for malaria.

Speaker Change: On top of this we plan to watch the version two of already industry, leading call about 68, and 88 hundreds and this will add additional functionality and competitive features.

Speaker Change: On top of this we plan to watch the version two of already industry, leading call about $68 88, hundreds and this will add additional functionality and competitive features.

Speaker Change: We will also make significant progress in the critical area of blood donor screening as you heard earlier with the launch of our cobalt serology solution in the U S and our global launch of our molecular test for malaria.

Speaker Change: We will also make significant progress in the critical area of blood donor screening as you heard earlier with the launch of our cobalt serology solution in the U S and our global launch of our molecular test for malaria.

We also look forward Oh pardon me.

Alright. Thank you. We also look forward to the important U S authorization of the primary diagnosis claim for our DP 600, digital pathology slide scanner and this will make us even more competitive as we continue to expand in the growing area of digital pathology.

Speaker Change: We also look forward Oh pardon me.

Speaker Change: We also look forward pardon me.

Speaker Change: Alright. Thank you. We also look forward to the important U S authorization of the primary diagnosis claim for our D. P 600, digital pathology slide scanner and this will make us even more competitive as we continue to expand in the growing area of digital pathology.

Speaker Change: Alright. Thank you. We also look forward to the important U S authorization of the primary diagnosis claim for our <unk> 600, digital pathology slide scanner and this will make us even more competitive as we continue to expand in the growing area of digital pathology.

We're also expanding our digital solutions offering with the introduction of the Nab of Fi analytics family for all of our customer areas and this will deliver improved operation efficiencies to clinical labs around the world.

Speaker Change: We're also expanding our digital solutions offering with the introduction of the NAV of Fi analytics family for all of our customer areas and this will deliver improved operation efficiencies to clinical labs around the world.

Speaker Change: We're also expanding our digital solutions offering with the introduction of the <unk> analytics family for all of our customer areas and this will deliver improved operation efficiencies to clinical labs around the world.

So I kind of spoiled it a little bit by jumping ahead. This lie but I'll say it you heard it from Alan we're very much looking forward to our diagnostics Investor day on May 22nd. So this will be a hybrid event, taking place in London, but also held virtually.

Speaker Change: So I kind of spoiled it a little bit by jumping ahead to this lie but I'll say it you heard it from Alan we're very much looking forward to our diagnostics Investor day on May 22nd. So this will be a hybrid event, taking place in London, but also held virtually.

Speaker Change: So I kind of spoiled a little bit by jumping ahead to slide, but I'll say it you heard from Alan we're very much looking forward to our diagnostics Investor day on May 20 <unk>.

With our leadership team, we put together a very exciting portfolio for you and I'm very much looking forward to May 20 seconds. So please save the date.

Speaker Change: So this will be a hybrid event, taking place in London, but also held virtually.

As you heard we're gonna profile some of our new technologies, such as mass spec continuous glucose monitoring will talk a little bit about next generation sequencing as well as other exciting launches. So look forward to seeing you there and with that I'll hand, it over to Bruno for questions.

Speaker Change: With our leadership team, we put together a very exciting portfolio for you and I'm very much looking forward to May 20 seconds. So please save the date.

Speaker Change: With our leadership team, we put together a very exciting portfolio for you and I am very much looking forward to may 20 seconds. So please save the date.

Speaker Change: As you heard we're gonna profile some of our new technologies, such as mass spec continuous glucose monitoring will talk a little bit about next generation sequencing as well as other exciting launches. So look forward to seeing you there and with that I'll hand, it over to Bruno for questions. Thanks, a lot Matt with that we will open the Q&A session. We have a 40 minutes, we have 10 analysts.

Speaker Change: As you heard we're going to profile some of our new technologies, such as mass spec continuous glucose monitoring will talk a little bit about next generation sequencing as well as other exciting launches. So look forward to seeing you there and with that I'll hand, it over to Bruno for questions. Thanks, a lot Matt with that we will open the Q&A session. We have 40 minutes, we have 10 analysts.

Thanks, a lot Matt with that we will open the Q&A session. We have a 40 minutes, we have 10 analysts in the queue. So I would ask everyone to just stick to two questions. Please so that we get everyone give everyone. The opportunity to ask questions and then also to be disciplined when providing the answer the first two questions would go to Charlie method from Monster.

Speaker Change: In the Q, So I would ask everyone to just stick to two questions. Please so that we get everyone give everyone. The opportunity to ask questions and then also to be disciplined when providing the answer the first two questions would go to Charlie Magwood from Morgan Stanley Charlie Please.

Bruno: In the Q, So I would ask everyone to just stick to two questions. Please so that we get everyone give everyone. The opportunity to ask questions and then also to be disciplined when providing the answer the first two questions would go to Charlie Webb from Morgan Stanley Charlie Please.

Johnny Please.

Hi, thank screening.

China Morgan Stanley. Thanks for taking my questions I guess, firstly with the newly in license sale when a beast, yes, it's in the hypertension joke youre entering several new therapeutic areas, which will come with significant R&D and commercial investments. So I guess, how do you think about your ability to compete across so many therapeutic areas now at the same time off many companies are becoming more.

Speaker Change: Yes.

Charlie Magwood: Hi, Thanks Karina.

Charlie Webb: Hi, Thanks Breanna.

Charlie Webb: China Morgan Stanley Thanks for taking my questions I.

Charlie Magwood: China Morgan Stanley. Thanks for taking my questions I guess, firstly with the newly in license sale when a.

Charlie Webb: I guess, firstly with the newly in licensed tailwind.

Speaker Change: At least yes, it's in the hypertension drug entering several new therapeutic areas, which will come with significant R&D and commercial investments. So I guess, how do you think about your ability to compete across so many therapeutic areas now at the same time off many companies are becoming more focused on the areas of leadership.

Charlie Webb: Yes, it's in the hypertension, Doug Youre entering several new therapeutic areas, which will come with significant R&D and commercial investments.

More focused on the areas of leadership.

What does this mean for the margin profile over the coming years and then secondly.

Charlie Webb: I guess, how do you think about your ability to compete across so many therapeutic areas.

Could you just briefly comment on how you think about the potential impact to the bias of Eylea high days getting a J code and do you think this is I hate to say the launch momentum later in the year. Thank you very much.

Charlie Webb: The same time off many companies are becoming more focused on the areas of leadership.

Speaker Change: What does this mean for the margin profile over the coming years and then secondly.

Charlie Webb: What does this mean for the margin profile over the coming years and then secondly.

Speaker Change: Could you just brief you come in and how you think about the potential impact to the bias of Eylea high days getting a J code and do you think this is I hate to say the launch momentum later in the year. Thank you very much.

Charlie Webb: Could you just briefly comment on how you think about the potential impact to the buys.

Excellent.

When it comes to the R&D expenses related to the new axis acquisitions that we've made and that's really about prioritization within our within our R&D portfolio and it's a lot of really good and important conversations that are happening across all of the R&D organization too.

Charlie Webb: Eylea high discussing a J code.

Charlie Webb: I hate to say the launch momentum later in the year. Thank you very much.

Speaker Change: Excellent so when it comes to the R&D expenses related to the new axis acquisitions that we've made that's really about prioritization within our within our R&D portfolio and it's a lot of really good and important conversations that are happening across all of the R&D organization too.

Excellent so when it comes to the R&D expenses related to the new axis acquisitions that we've made that's really about prioritization within our within our R&D portfolio and it's a lot of really good and important conversations that are happening across all of the R&D organization too.

Create the oxygen in the system, that's going to be necessary in order to give the investment to the programs that we've that we've in licensed or acquired to ensure that they get what they need so we're being very disciplined about making sure that we're.

Speaker Change: Create the oxygen in the system, that's going to be necessary in order to give the investment to the programs that we've that we've in licensed or acquired to ensure that they get what they need so we're being very disciplined about making sure that we're where we're giving those programs everything that they're going to require in order to be maximally successful when it comes to the commercial aspect.

Charlie Webb: Create the oxygen in the system, that's going to be necessary in order to give the investment to the programs that we've that we've in licensed or acquired to ensure that they get what they need so we're being very disciplined about making sure that where.

Where we're giving those programs everything that theyre going to require in order to be maximally successful when it comes to the commercial aspect I think there are sort of two things at play here. The first is that the fundamental changes that we made to our commercial model a number of years ago were really designed to create a flexible commercial model that does allow us.

Charlie Webb: We're we're giving those programs everything that theyre going to require in order to be maximally successful when it comes to the commercial aspect I think there are sort of two things at play here.

<unk>.

Speaker Change: There are sort of two things at play here.

The pivot and expand much more easily than sort of the fixed models of the past and so certainly I think that gives us a lot of.

Speaker Change: The first is that the fundamental changes that we made to our commercial model a number of years ago were really designed to create a flexible commercial model that does allow us to pivot and expand much more easily than sort of the fixed models of the past and so certainly I think that gives us a lot of.

Charlie Webb: The first is that the fundamental changes that we made to our commercial model a number of years ago were really designed to create a flexible commercial model that does allow us to pivot and expand much more easily than sort of the fixed models of the past and so certainly I think that gives us a lot of.

And that gives us a lot of comfort that as as these drugs come to market, we'll be able to accommodate the other thing that I think we should keep in mind is that you know I think we think of some of these trials just as quote unquote primary care drugs, what primary care marketing looks like today is likely not what primary care marketing is going to look like in the next 10 years and so I think the the application of.

Speaker Change: That gives us a lot of comfort that as as these drugs come to market, we'll be able to accommodate the other thing that I think we should keep in mind is that you know I think we think of some of these drugs is as quote unquote primary care drugs, where primary care marketing looks like today is likely not what primary care marketing is going to look like in the next 10 years and so I think the the application.

Charlie Webb: That gives us a lot of comfort that as as these drugs come to market, we'll be able to accommodate the other thing that I think we should keep in mind is that you know I think we think of some of these drugs is quote unquote primary care drugs, where primary care marketing looks like today is likely not what primary care marketing is going to look like in the next 10 years and so I think the the application of.

Technology and the application of AI really thinking differently about how you deploy field resources and digital resources, we intend to take a very creative and sort of forward looking viewed how we commercialize these assets in ways that both maximize their ability to impact patients, but also do sell into really cost efficient manner. So more more to come on that.

Speaker Change: Technology and the application of AI really thinking differently about how you deploy field resources and digital resources, we intend to take a very creative and if sort of forward looking viewed how we commercialize these assets in ways that both maximize their ability to impact patients, but also do sell into really cost efficient manner. So more more to come on that.

Charlie Webb: <unk> technology of the application of AI really thinking differently about how you deploy field resources and digital resources, we intend to take a very creative and it sort of forward looking viewed how we commercialize these assets in ways that both maximize their ability to impact patients, but also do sell into really cost efficient manner. So more more to come on that.

That over time.

In terms of a buy smell in the high dose launch I think there's a couple of factors that play here. So first of all we're expecting the hydro launch we're expecting the J code like all of that is sort of part of our plan.

That overtime.

Charlie Webb: That over time.

But when you think about how we actually priced for buys now.

Speaker Change: In terms of a buy smell in the high dose launch I think theres a couple of factors that play here. So first of all we're expecting the hydro launch we're expecting the J code like all of that is sort of part of our plan.

Charlie Webb: In terms of a buy smell in the high dose launch I think theres a couple of factors that play here. So first of all we're expecting the hydro launch we're expecting the J code like all of that is sort of part of our plan.

We priced it sort of at parity to the current standards of care high dose came in at a 20% premium and it does not have all of the features of the label that I think retinal specialists are looking at I think you have to look at the core benefits of the buys now there's there's three junior and try and durability.

But when you think about how we actually priced for buys now.

Charlie Webb: But when you think about how we actually priced for by small we priced it sort of at parity to the current standards of care high dose came in at a 20% premium.

Bruno: We priced it sort of at parity to the current standards of care high dose came in at a 20% premium. It does not have all of the features of the label that I think retinal specialists are looking at I think you have to look at the core benefits of our buyers know that fit those three juniors you try and durability.

Charlie Webb: Does not have all of the features of the label that I think retinal specialists are looking at them. I think you have to look at the core benefits of our buys and all of those those three journeys even try and durability.

<unk> dual mechanism of action.

We will be able to compete effectively both from the clinical attributes of a biosimilar in the clinical experience that we've been generating over time, but also the broad coverage that we've been able to secure from payers given our responsible pricing approach and then as we have always said and in an environment, particularly in the U S where we're contracting is.

Bruno: The dual mechanism of action.

Charlie Webb: The dual mechanism of action.

Charlie Webb: I think we will be able to compete effectively both from the clinical attributes of a biosimilar in the clinical experience that we've been generating over time, but also the broad coverage that we've been able to secure from payers given our responsible pricing approach and then as we have always said and in an environment, particularly in the U S where were contracting.

Charlie Webb: I think we will be able to compete effectively both from the clinical attributes of our buys them all in the clinical experience that we've been generating over time, but also the broad coverage that we've been able to secure from payers given our responsible pricing approach and then as we have always said and in an environment, particularly in the U S. We're contracting.

We will of course contracts competitively.

Yeah, Let me just add from my side.

As Alan mentioned.

<unk> is to grow operating profit in the high single high.

Breanna: As important we will of course contracts competitively.

Charlie Webb: As important we will of course contract competitively.

High single digit range. This year that means that we will need to keep operating cost stable and what that means is that the trade off decisions that you've seen in Q4.

Speaker Change: Yeah, Let me just add from my side.

Speaker Change: Yeah, Let me just add from my side.

Speaker Change: As Alan mentioned.

Speaker Change: As Alan mentioned.

Charlie Webb: One is to grow operating profit in the Hiseq.

Speaker Change: Is to grow operating profit in the Hiseq.

Speaker Change: High single digit range. This year that means that we will need to keep operating costs stable and what that means is that the trade off decisions that you've seen in Q4.

Speaker Change: High single digit range. This year that means that we will need to keep operating costs stable and what that means is that trade off decisions that you've seen in Q4.

Trade up decisions. We are also going to make in Q1 to make sure that we put the money behind the right assets and really accelerated those assets. So you can see that that will happen.

Also in the long run just to assure you that we want to keep the margins stable and.

Charlie Webb: Trade up decisions. We are also going to make in Q1 to make sure that we put the money behind the right assets and really accelerated those assets. So you can see that that will happen. So also in the long run just to assure you that we want to keep the margins stable and.

Speaker Change: Trade off decisions. We are also going to make in Q1 to make sure that we put.

Speaker Change: Any behind the right assets and really accelerate those assets. So you can see that that will happen.

Make sure that do a contribution here as in the past.

Speaker Change: Also in the long run just to assure you that we want to keep the margins stable and.

Thanks Meredith.

So in the next two questions would come from Richard Parkes from BNP Paribas.

Speaker Change: Make sure.

Charlie Webb: I'll make sure that do a contribution here as in the past.

Okay.

Speaker Change: Contribution here this in the past.

Okay.

Speaker Change: Yes.

Thank you Brent Yeah, a couple of pipeline ones. So.

Speaker Change: Thanks Maggie.

Speaker Change: Very good.

Speaker Change: So over the next two questions would come from Richard Parkes from BNP Paribas.

Speaker Change: So in the next two questions will come from Richard Parkes from BNP Paribas.

So firstly on the flip chip.

Speaker Change: Okay.

Charlie Webb: Okay.

A biased agonist C T three eight sites.

Speaker Change: Okay.

Charlie Webb: Okay.

Richard Parkes: Thank you Brent Yeah, a couple of pipeline ones.

Richard Parkes: Thank you Brian.

Obviously still several years away from the market and I think there's some skepticism about this opportunity as a standalone given we've got no they're coming with Congress Emma So just wondering.

Richard Parkes: A couple of pipeline ones.

Richard Parkes: So firstly on the flip chip.

Brent: So firstly on the flip chip.

Speaker Change: Biased agonist.

Richard Parkes: Skagen is 53 sites.

Charlie Webb: Tights.

Speaker Change: Obviously, it's still several years away from the market and I think there's some skepticism about this opportunity as a standalone given we've got coming with <unk>. So just wondering.

Charlie Webb: Actually it's still several years away from the market and I think there's some skepticism about this opportunity as a standalone given we've got no they coming with Congress Simba. So just wondering.

How you see the opportunity for C. T. Three I'd say on a standalone basis would you be willing to do head to head trials. This is.

The majority will go away and when do you think that you're going to be in a position to accelerate it into phase III development, just wondering what else you need.

Speaker Change: How you see the opportunity for <unk>.

Charlie Webb: How you see the opportunity for C. T for three <unk> on a standalone basis would you be willing to do that.

Speaker Change: Standalone basis would you be willing to do head to head trials. This is.

Speaker Change: Charles This is.

And then secondly.

Charles: Majority will work well.

Speaker Change: Gyro.

I just wondered if you could discuss your confidence for the neutralizing antibodies you'd seen with Chongqing map won't be.

Gyro: When do you think youre going to be in a position to accelerate it into phase III development, just wondering what else you need.

Speaker Change: Do you think that you're going to be in a position to accelerate it into phase III development, just wondering what else you need.

An issue for that program and again if.

If you could just discuss what you need.

Speaker Change: And then secondly.

Speaker Change: And then secondly.

To see yet from the ongoing phase one trial before you can make a go decision on phase III and maybe what opportunities might be to accelerate that program. Thank you.

Speaker Change: I was just wondering if you could discuss your confidence for the neutralizing antibodies you'd seen with Chongqing them up won't be any.

Speaker Change: Just wondered if you could discuss your confidence the neutralizing antibodies you'd seen with Chongqing it wouldn't be.

An issue for that program and again maybe.

Speaker Change: Issue for that program and again if.

Speaker Change: If you could just discuss what you need.

Speaker Change: If you could just discuss what you need.

Absolutely you wouldn't take issue that either way.

Charlie Webb: To see yet from the ongoing phase one trial before you can make a go decision on phase III and maybe what opportunities might be to accelerate that program. Thank you.

Speaker Change: To see yet from the ongoing phase one trial before you can make a go decision on phase III and maybe what opportunities might be to accelerate that program. Thank you.

Yeah, let me take a stab at it so on the GOP one J P. I mean, the data that we've seen so far is extremely promising also compare to.

Charlie Webb: Absolutely.

Speaker Change: Absolutely do you want to take that.

Speaker Change: As you say either way.

Speaker Change: Good day.

Speaker Change: No way.

The molecules that you've mentioned, but really looking into the future I think the topic is more around combinations shield pilon J P will be the backbone for a number of different combinations of molecules that we also have in house. One of those is a gem of a three to nine which are the resource mentioned is currently in a trial.

Speaker Change: Let me take a first stab at it so.

Speaker Change: Let me take a stab at it so on the GOP one J P. I mean, the data that we've seen so far.

Speaker Change: The GOP one CIP I mean, the data that we've seen so far is extremely promising also compared to.

Charlie Webb: Extremely promising also compared to the.

Speaker Change: The molecules that you've mentioned.

Charlie Webb: The the molecules that you've mentioned, but really looking into the future I think the topic is more around combinations GOP lunch. If he will be the backbone for a number of different combinations of molecules that we also have in house one of those.

Speaker Change: Really looking into the future I think the topic is more around combinations GOP launch if he will be the backbone for a number of different combinations of molecules that we also have in house one of those is Jim <unk>.

In combination it was a risky and Jim suite Tonight as an anti latent myostatin. It has this recycling technology from chugai, So really highly active antibody.

Charlie Webb: Three to nine which to resource mentioned is currently in a trial in combination it was a risky and chemistry Tonight as an entry latent myostatin. It has this recycling technology from chugai, So really highly active antibody.

Speaker Change: Which.

The resource mentioned is currently in a trial in combination with a risky and Tim three to nine as an anti latent myostatin. It has this recycling technology from chugai, So really highly active antibody.

And because one of the issues with GOP once you're a piece is that not only do you lose.

That you also lose muscle mass and if you actually follow those patients after they get off the medicine. They actually returned back the way it pretty quickly and the reason is that the metabolism is going down as there's less muscles to burn calories and in fact.

Charlie Webb: And because one of the issues with GOP once you're a piece is that not only do you lose.

Speaker Change: And because one of the issues with <unk> is that not only do you lose.

Speaker Change: In fact, you also lose muscle mass and if you actually follow those patients after they get off the medicine actually returned back the way it pretty quickly and the reason is that the metabolism is going down as there is less muscles to burn calories and in fact.

Charlie Webb: That you also lose muscle mass and if you actually follow those patients after they get off the medicine. They actually returned back the way it pretty quickly and the reason is that the metabolism is going down as there's less muscles to burn calories and in fact.

As a teenager, one could eat whatever they wanted.

You had a higher muscle mass now being in the late forties. Unfortunately, that's no longer the case and the reason is that also you know the mussels have.

Speaker Change: No.

Speaker Change: No.

Speaker Change: <unk> Asia one.

Speaker Change: In Asia, one could eat whatever they wanted.

Speaker Change: Whatever they wanted.

Speaker Change: Because you had higher muscleman now being in the late forties. Unfortunately, that's no longer the case.

Speaker Change: You had a higher muscle mass now being in the late forties. Unfortunately, that's no longer the case.

Got it in a different direction.

So with Jim three to nine in combination with G. L. P. One J P. This is the kind of thinking that we have and how are we going to differentiate and that goes beyond obesity and cardiovascular also into other disease areas, where we want to combine this as a backbone. So that's just a bit of.

Speaker Change: And the reason is that also.

Speaker Change: And the reason is that also you know the mussels have.

Speaker Change: The muscles have.

Speaker Change: Got it in a different direction.

Speaker Change: Got it in a different direction.

Speaker Change: So with Jim three to nine in combination with GOP. One CIP is this is the kind of thinking that we have and how are we going to differentiate that goes beyond the obesity and cardiovascular also into other disease areas, where we want to combine this as a backbone. So that's just a bit of Av.

Speaker Change: So with Jim three to nine in combination with G. L. P. One J P. This is the kind of thinking that we have and how are we going to differentiate and that goes beyond obesity and cardiovascular also into other disease areas, where we want to combine this as a backbone. So that's just a bit of.

An explanation, where we see the differentiation when it comes to this important.

A new molecule regarding neutralizing antibodies, we don't see that at all our entre into the mob. So this doesn't seem to be a concern and what's interesting is that it must be with the entry on how this brain shuttle antibody gets into the brain. We actually also see a much lower.

Speaker Change: An explanation, where we see the differentiation when it comes to this important.

Richard Parkes: An explanation, where we feed the differentiation when it comes to this important.

Speaker Change: Yes.

Richard Parkes: A new molecule regarding neutralizing antibodies, we don't see that at all our entre into the mob. So this doesn't seem to be a concern and what's interesting is that it must be with the entry on how this brain shuttle antibody gets into the brain. We actually also see a much lower.

Speaker Change: Regarding neutralizing antibodies, we don't see that at all on trend to them up. So this doesn't seem to be a concern.

Area right because I think that's also something that is a concern with you know the.

Speaker Change: What's interesting is that it must be with the entry on how this.

Medicines that are currently in the approval process or approved.

Speaker Change: Brain shuttle antibody gets into the brain, we actually also see a much lower rate because I think thats also something that is a concern.

Speaker Change: Area right because I think that's also something that is a concern with you know the.

We hope that we can go into a phase III. This year right now the data that you've seen us from 50 patients so quite significant and we hope that we can go into basically this year, we can make a decision there.

Speaker Change: <unk>.

Speaker Change: Medicines.

Speaker Change: Indices that are currently in the approval process or approved.

Speaker Change: Currently in the approval process or approved.

Speaker Change: We hope that we can go into a phase III. This year right now the data that you've seen it from 50 patients so quite significant and we hope that we can go into basically this year, we can make a decision there.

Speaker Change: We hope that we can go into.

Do you think you will cause the only thing that I would add is the obesity space is incredibly large I mean again, 50% of the world's population is likely to be abused in the next decade. This is somewhere between 50 and $100 billion market by analysts projections, there's going to be room for multiple players to do very well and I think given the given at least the early hints that we have.

Speaker Change: This year right now the data that you've seen this from 50 patients so quite significant and we hope that we can go into phase III. This year, we can make a decision there.

Gyro: Do you think you will cause the only thing that I would add is the obesity space is incredibly large I mean again, 50% of the world's population is likely to be abused in the next decade. This is somewhere between 50 and $100 billion market by analysts projections, there's going to be room for multiple players to do very well and I think given the given at least the early hints that we have.

Speaker Change: The only thing that I would add is the obesity space is incredibly large I mean again, 50% of the world's population is likely to be obese in the next decade. This is somewhere between 50 and $100 billion market by analysts projections, there's going to be room for multiple players to do very well and I think given the given at least the early hints that we have.

The clinical profile first 50, 388, it could well hold it down in this space.

Richard can we answer your questions.

Perfect. Thank you very much. Okay, then let's move on the next one in a row would be Simon Baker from Redburn Simon two questions. Please.

Speaker Change: The clinical profile for <unk> 388, it could well hold its own in this space.

Speaker Change: Clinical profile for <unk> hundred eight it could well hold its own in this space.

Speaker Change: Richard can we answer your questions.

Speaker Change: Richard can we answer your questions.

Thank you Bruno and thank you everyone else for the presentation.

Speaker Change: Perfect. Thank you very much.

Richard Parkes: Perfect. Thank you very much okay.

So the question was 83 H H.

Speaker Change: Then let's move on the next one in a row would be Simon Baker from Redburn Simon two questions. Please.

Richard Parkes: Then let's move on the next one in a row would be Simon Baker from Redburn Simon two questions. Please.

So firstly, let's go to.

The pace you've seen so far you talked about the weight loss of up to eight 8% I noticed any six patients in that cohort, but we've seen particularly with.

Simon Baker: Thank you Bruno and thank you everyone else for the presentation.

Simon Baker: Thank you Bruno and thank you everyone else for the presentation.

Simon Baker: Oh, that's not without a I also have a question on <unk>.

Simon Baker: I also have a question on <unk> I think.

Speaker Change: So firstly, let's go to.

Simon Baker: So let's go there.

Simon Baker: <unk> seen say following you talked about the weight loss of up to eight 8% I noticed any six patients in that cohort, but we have seen particularly with <unk>.

Speaker Change: The tests, you've seen so far you talked about the weight loss of up to eight 8% I noticed any six patients in that cohort, but we've seen particularly with.

Which is episodic there's a huge range of responses I just wander around the 8% average what the what the response was after after four weeks notwithstanding the fact that 8% is pretty good to start with.

Speaker Change: With these episodes is there's a huge range of responses I just wander around the 8% average what the what the response was after after four weeks notwithstanding the fact that 8% is pretty good to start with.

And then secondly on Xolair.

Simon Baker: These episodes, there's a huge range of responses I just wanted to around the 8% average.

You talked about some interesting lifecycle management programs.

Simon Baker: What the response was after after four weeks notwithstanding the fact that 8% is pretty good to start with.

Programs.

You've been engaged in before at some point that will be biosimilars.

Speaker Change: And then secondly on Xolair.

Simon Baker: And then secondly on Xolair.

So I'm just wondering what your latest expectations on.

Speaker Change: You talked about some interesting lifecycle management crew.

Simon Baker: You talked about some interesting lifecycle management.

When that will hit in.

Simon Baker: Programs.

Speaker Change: Programs.

Is there anything beyond XOMA.

Speaker Change: <unk> been engaged in before at some point that will be biosimilars.

Simon Baker: <unk> been engaged in before.

Portfolio I currently see anything but looking.

Simon Baker: Some point that will be biosimilars. So I'm just wondering what your latest expectation on.

Speaker Change: So I'm just wondering what your latest expectation on AUM.

Looking further down the trend would be very helpful. Thank you.

Speaker Change: When that will hit.

Simon Baker: When that will hit and is there anything beyond zone.

Okay.

So in terms of three <unk> and <unk>.

Speaker Change: Is there anything beyond XOMA.

Simon Baker: Your portfolio I currently see anything but.

Speaker Change: Your portfolio I currently see anything but looking further down the trend would be very helpful. Thank you.

Individuals' data I'm not sure that that's been publicly.

Speaker Change: Looking further down the trend would be very helpful. Thank you.

I think the data you're referring to on the Simon whether data, which were presented by comment before which showed a minus 8.5% weight reduction at week four and then we will have additional data here follow up data to come 12 weeks 24 weeks and this is data, which we will get in 'twenty four and then you would get an update.

Speaker Change: Okay.

Speaker Change: Great.

Speaker Change: So in terms of three eight a and b.

Speaker Change: So in terms of three eight and the.

Speaker Change: Individual data I'm not sure that that's been publicly.

Speaker Change: Individual data I'm not sure that that's been publicly.

Speaker Change: I think the data you're referring to Simon whether data, which were presented by comment before which showed a minus 8.5% weight reduction at week four and we will have additional data here follow up data to come 12 weeks 24 weeks and this is data, which we will get in 'twenty four and then can we get an update.

Speaker Change: Okay.

The data, you're referring to Simon whether data, which were presented by comment before which showed a minus eight 5% weight reduction at week four and we will have additional data here follow up data to come at 12 weeks 24 weeks and this is data, which we will get in 'twenty four and then can we get an update and.

And there is more to come so, but we are pretty confident that we have a compound here, which really if you benchmark it with all the other compounds out there in development.

Could make a best in class profile in terms of efficacy.

Speaker Change: And there's more to come so, but we are pretty confident that we have a compound here, which really if you benchmark. It went to all the other compounds out there in development.

Speaker Change: There is more to come so, but we are pretty confident that we have a compound here, which really if you benchmark it.

And in terms of Xolair Biosimilars will occur next year 2025, like the second half year.

Speaker Change: The other compounds out there in development.

And in terms of other things in our portfolio for respiratory I think the the closest asset we have is obstacle than I have in COPD.

Speaker Change: Make a best in class profile.

Speaker Change: Make a best in class profile in terms of efficacy.

Speaker Change: Turns off of efficacy.

And in terms of Xolair Biosimilars those will occur next year 2025, like the second half of the year.

Speaker Change: And in terms of Xolair Biosimilars those will occur next year 2025, like the second half of the year.

Thank you.

Okay, then let's move on to the next one would be next.

Speaker Change: And in terms of other things in our portfolio for respiratory I think the the the closest asset we have is obstacle in lab in COPD.

Speaker Change: And in terms of other things in our portfolio for respiratory I think the closest asset we have is ethical and haven't COPD.

Next two questions from Matthew ask them. Thank you.

Thank you Bruno it's Matthew Weston from UBS.

Speaker Change: Great. Thank you.

Speaker Change: Great. Thank you.

Speaker Change: Okay, then let's move on to the next one would be next question's from Matthew Awesome.

Speaker Change: Okay.

Speaker Change: The next one would be next.

Two please Thomas one for you you highlighted the strategic update we should expect at the end of September.

Speaker Change: Two questions from Matthew Matt.

Speaker Change: Yeah.

Okay.

Speaker Change: Yes.

Speaker Change: Yeah.

Last year, you already gave US a couple of first steps you Bro R&D into the decision making.

Matthew Weston: Thank you Brad.

Matthew Weston: Thank you Brian.

Matthew Weston: Matthew Weston from UBS.

Matthew Weston: Matthew Weston from UBS.

Matthew Weston: Two please Thomas one for you.

Matthew Weston: Two please Thomas one for you you highlighted the strategic update we should expect at the end of September.

You said you stopped maybe it would be accountable for delivery across the organization. We then so you acquire assets and now you have accelerated some in house assets.

Speaker Change: Did the strategic update we should expect at the end of September.

Speaker Change: Last year, you already gave US a couple of first steps you Bro R&D into the decision making.

Matthew Weston: Last year, you already gave US a couple of first phibro R&D into the decision making.

The question is what's left in terms of our strategic update that we should expect ahead of that event.

Speaker Change: You said stop maybe it would be accountable for delivery across the organization. We then so you acquire assets and now you have accelerated some in house assets I guess the question is what's left in terms of the strategic update that we should expect ahead of that event.

You said that maybe it would be accountable for delivery across the organization. We then saw you acquire assets and now you have accelerated some in house assets I guess the question is what's left in terms of the strategic update that we should expect ahead of that event.

And then secondly.

A number of times, both Theresa and Thomas had mentioned the phase III trial Readouts in the next 12 months, if we look across those phase two assets seem to be a lot of what we would historically consider high risk categories. So neuro autism, Parkinson's, but also geographic atrophy and even latent myostatin muscle buildings been a.

Speaker Change: And then secondly.

Matthew Weston: And then secondly.

Speaker Change: A number of times, both Theresa and Thomas had mentioned the phase III trial Readouts in the next 12 months.

Matthew Weston: A number of times, both Theresa and Thomas had mentioned.

Matthew Weston: Phase III trial Readouts in the next 12 months.

Speaker Change: If we look across those phase two assets that seem to be a lot of what we would historically consider high risk categories. So neuro autism, Parkinson's, but also geographic atrophy and even latent myostatin to the muscle buildings been a graveyard for a number of people in the industry before would you consider your phase II portfolio higher risk than normal.

Matthew Weston: We look across those phase two assets that seem to be a lot of what we would historically consider high risk categories. So neuro autism, Parkinson's, but also geographic atrophy, and even latent myostatin and muscle buildings been a graveyard for a number of people in the industry before.

<unk> are a number of people in the industry before would you consider your phase II portfolio higher risk than normal or would you say that they are normal phase III probability assets.

Yes, So first let me say as I started the role in March and in the areas of focus on first.

Matthew Weston: Would you consider your phase III portfolio higher risk the normal or would you say that they are normal phase II probability assets.

Simon Baker: Or would you say that they are normal phase II probability assets.

The areas, where I felt I had you know the most urgent needs to look into and that was R&D excellence and at the end R&D productivity. So how we can accelerate that.

Matthew Weston: Okay.

Simon Baker: Yeah. So first.

Matthew Weston: Yes.

Speaker Change: Let me say as I.

Simon Baker: Let me say as I started the role in March.

Speaker Change: It started the role in March.

Simon Baker: Areas of focus on first are.

Speaker Change: Areas of focus on.

Simon Baker: The areas, where I felt I had.

Speaker Change: The areas, where I felt.

As we went through that and roll that out in September.

The most urgent needs to look into and that was R&D excellence at the end of R&D productivity. So how we can accelerate that.

Simon Baker: Now the most urgent needs to look into and that was R&D excellence and at the end or in the productivity. So how we can accelerate that.

I could then focus on more strategic topics as well a broader.

On the group and on the Division Teresa is looking at the pharma strategy.

Simon Baker: As we went through that and roll that out in September.

Speaker Change: As we went through that and roll that out.

Speaker Change: September.

Speaker Change: Could then focus on more strategic topics as well.

Simon Baker: Could then focus on more strategic topics as well a broader.

Could you talk about the disease area of focus he will talk about you know what.

Speaker Change: Peter.

Simon Baker: On the group and on the Division.

Speaker Change: On the group.

Is the combination between diagnostics and pharma and where do we want to play.

Speaker Change: On the division.

Simon Baker: Theresa is looking at the pharma strategy purely talk about the disease area of focus he will talk about you know what is.

Speaker Change: Looking at the pharma strategy purely talk about.

But give us time.

Speaker Change: Area of focus we will talk about what.

We will finalize the strategy probably in Q2 and with that we will then roll it out in the organization and then we can share it externally I hope you understand that we first have to communicate internally before we communicate externally.

Speaker Change: Is the combination between diagnostics and pharma and where do we want to play.

Simon Baker: Is the combination between diagnostics and pharma and where do we want to play.

Speaker Change: But.

Simon Baker: But give us time.

Speaker Change: Give us time.

Speaker Change: We will finalize the strategy probably in Q2 and with that we will then roll it out in the organization and then we can share it externally I hope.

Simon Baker: We will finalize the strategy probably in Q2 and with that we will then roll it out in the organization and then we can share it externally I hope you understand that we first have to communicate internally before we communicate externally.

Regarding the assets in in our in our pipeline that are reading out.

Speaker Change: You understand that we first have to communicate internally before we communicate externally.

This year and next year.

You know there are a number of assets.

Assets like I think continue them up.

Regarding the assets in our.

Speaker Change: Regarding the assets in in our in our pipeline that are reading out this.

Where the mechanism of action is now pretty well established and the data. It seems very compelling I think also when you look at tier one a week.

Speaker Change: Our pipeline that are reading out this.

Speaker Change: This year and next year.

Speaker Change: This year and next year.

Speaker Change: You know there are a number of assets.

Speaker Change: There are a number of.

Speaker Change: Assets like I think content them up where.

Speaker Change: Assets like I think Clinton them up.

We believe that the probability of success is very high. So we've tried to complement our portfolio also with assets with a high probability of technical success.

Speaker Change: Where the mechanism of action is now pretty well established and the data. It seems very compelling I think also when you look at tier one a week.

Speaker Change: Where the mechanism of action is.

Speaker Change: Pretty well established the data seems very compelling I think also when you look at <unk>.

On top of that I think there you know I think a number of very interesting reads out like a sofa and lupus nephritis, which we also believe has a very high probability of technical success. So you see we have a number of very good shots at goal that I believe you.

Speaker Change: We believe that.

Speaker Change: We believe that the probability of success is very high. So we've tried to complement our portfolio also with assets with a high probability of technical success.

Speaker Change: Probability of success is very high so we've tried to complement our portfolio also with assets with it.

Speaker Change: Hi.

Speaker Change: Ability of technical success.

Speaker Change: On top of that I think there you know.

Speaker Change: On top of that I think they are.

Speaker Change: I think a number of very interesting reads out like us either in lupus nephritis, which we also believe has a very high probability of technical success. So you see we have a number of very good Chaucer goal that I believe.

Speaker Change: I think a number of very interesting reads out like <unk>.

It will also drive growth than in the 25 to.

Speaker Change: No surprises, which we also believe has a very high probability of technical success. So you see we have a number of very good shots at goal.

'twenty three time frame.

And I guess, maybe just to add on to that because I completely agree with what you said I would say within the phase II readouts that we have that would be phase III, enabling I would say there are things that mechanistically, we have a really good belief, they're gonna works there'll be seran would be another one all of the Incretin portfolio I would say just based on the well known and well characterized mechanism we would expect those to two.

Speaker Change: Please.

You know it will also drive growth than in the 25 to.

Speaker Change: It will also drive growth than in the 25 to.

Speaker Change: 2030 timeframe.

Speaker Change: 'twenty three time frame.

Speaker Change: And I guess, maybe just to add on to that because I completely agree with what you said I would say within the phase II readouts that we have that would be phase III, enabling I would say there are things that mechanistically, we have a really good belief, they're gonna works there'll be seran would be another one all of the Incretin portfolio I would say just based on the well known and well characterized mechanism we would expect those to two.

Speaker Change: And I guess, maybe just to add onto that because I completely agree with what you said I would say within the phase II readouts that we have that would be phase III, enabling I would say there are things that mechanistically, we have a really good belief, they're gonna works there'll be seran would be another one all of the Incretin portfolio I would say just based on the well known and well characterized mechanism we would expect those to two.

Have a high probability of success and then there are riskier things.

Which is sort of what you'd need to do when you're driving for breakthrough innovation and so I think we actually have quite an appropriate mix in.

In our interface to the feed straight conversion pipeline.

Speaker Change: Have a high probability of success and then there are riskier things.

Matthew Weston: You have a high probability of success and then there are riskier things.

Matthew did this answer your question. Thank.

Speaker Change: Which is sort of what you need to do when you're driving for breakthrough innovation and so.

Matthew Weston: Which is sort of what you would need to do when you're driving for breakthrough innovation and so I think we actually have quite an appropriate mix.

Thank you Bruno.

Okay.

Speaker Change: I think we actually have quite an appropriate mix them in.

And then go on with the next one the Roby Sachin Jain from Bank of America.

Matthew Weston: In our interim phase II to phase III conversion pipeline.

Speaker Change: Our inner phase II to phase III conversion pipeline.

Speaker Change: Matthew did this answer your question.

Speaker Change: Matthew did this answer your question. Thank.

Hi, Thanks for taking my questions I'd say, if I may I Wonder if you could just touch on DMD and your filing and reimbursement path and I'm, particularly interested in reimbursement given that you've missed your primary endpoint. So even if you get approved on some of the secondaries do you have feedback that payers are willing to pay on the secondary inputs, particularly ex U S where you have territories.

Speaker Change: Thank you Bruno.

Matthew Weston: Yeah.

Matthew Weston: Okay.

Speaker Change: Okay.

Matthew Weston: And then go on with the next one the Roby.

Speaker Change: Next on the road.

Speaker Change: Jane from Bank of America.

Matthew Weston: Jane from Bank of America.

Speaker Change: Sure.

Hi, Thanks for taking my questions I'd say, if I may I Wonder if you could just touch on DMD and your filing and reimbursement path I'm, particularly interested in reimbursement given that you've missed your primary endpoint. So even if you get approved on some of the secondaries do you have feedback that payers are willing to pay on the secondary inputs, particularly ex U S where you have territories.

Jane: Hi, Thanks for taking my questions I would say if I may I Wonder if you could just touch on DMD and your filing and reimbursement path we're taking.

And then secondly, Thomas you called out because I don't believe there's a couple of times as an exciting opportunity are you still seeing that as a $1 billion opportunity or is it now in your mind lodges and matches your excitement.

Jane: Interested in reimbursement given that you've missed your primary endpoint. So even if you get approved on some of the secondaries.

Jane: Do you have feedback that payers are willing to pay on the secondary endpoints, particularly ex U S where you have territories.

Matthew Weston: And then secondly, that's almost you called out because only then there's a couple of times.

Jane: And then secondly, that's almost you pulled out because only but there's a couple of times as an exciting opportunity are you still seeing that as a $1 billion opportunity or is it now in your mind larger than matches your excitement related to us being the first of multiple immuno indications or just it's higher probability of success just a bit of color that given you've called out a few times. Thank you.

Related to it as being the first of multiple immuno indications or just it's higher probability of success just a bit of color that given you've called out a few times.

Speaker Change: An exciting opportunity are you still seeing that as a $1 billion opportunity or is it now in your mind lodges and matches your excitement related to us being the first of multiple immuno indications or just it's higher probability of success just a bit of color that given you've called out a few times. Thank you.

So in terms of D M D I would say.

What gives me more hope is that.

This is a life threatening disease for which there are absolutely no other treatment alternatives and when you look at the totality of evidence that we have as part of the phase III trial I think it is compelling and so clearly we still need to have conversations with regulatory authorities and you know obviously the conversations in research with payers are and.

Speaker Change: So in terms of D. M D. I would say the what gives me more hope is that.

Speaker Change: So in terms of D M D I would say.

Speaker Change: What gives me more hope is that.

Speaker Change: This is a life threatening disease for which there are absolutely no other treatment alternatives and when you look at the totality of evidence that we have as part of the phase III trial I think it is compelling and so clearly we still need to have conversations with regulatory authorities and obviously the conversations and research with payers.

Speaker Change: This is a life threatening disease for which there are absolutely no other treatment alternatives and when you look at the totality of evidence that we have as part of the phase III trial I think it is compelling and so clearly we still need to have conversations with regulatory authorities and you know obviously the conversations and in research with payers are.

Your way, but.

Given the opportunity to treat these boys, who otherwise will get no treatment and who will have no chance for long term survival I just think it's a different situation in some of the other gene therapies that we've seen over time, where they're competing against other standards of care that exist I just think it's a slightly different situation here.

Speaker Change: Are underway.

Speaker Change: Under way.

Speaker Change: But given the opportunity to treat these boys, who otherwise will get no treatment and who will have no chance for long term survival I just think it's a different situation in some of the other gene therapies that we've seen over time, where they're competing against other standards of care that exist I just think it's a slightly different situation here, but certainly.

Speaker Change: But given the opportunity to treat these boys, who otherwise will get no treatment and who will have no chance for long term survival I just think it's a different situation in some of the other gene therapies that we've seen over time, where they're competing against other standards of care that exist I just think it's a slightly different situation here.

Certainly sir.

Certainly this is this is a path that has not yet been traveled and so where we're actively actively in conversations but again when you look at the totality of the data and it's.

Speaker Change: But certainly are certainly this is this is a path that has not yet been traveled and so where we're actively actively in conversations but again when you look at the totality of the data it's compelling and I think it's compelling for these boys and I think it will ultimately be compelling for payers.

Speaker Change: Certainly this is this is a path that has not yet been travel.

It's compelling and I think it's compelling for these boys and I think it will ultimately be compelling for payers.

Speaker Change: And so we're actively actively in conversations but again when you look at the totality of the data.

Yeah, Let me just a comment on D&B, we had a meeting with key opinion leaders here in Switzerland at the end of last year and from all over the world and there was actually quite a lot of excitement. So that's I think also another data point, that's very promising the other one is Peter Mark.

Speaker Change: It's compelling and I think it is compelling for these boys and I think it will ultimately be compelling for payers.

Speaker Change: Yes, let me just.

Speaker Change: Yeah, Let me just a comment on D&B, we had a meeting with key opinion leaders here in Switzerland at the end of last year.

Speaker Change: Comments on D&B.

Speaker Change: Had a meeting with key opinion leaders here in Switzerland at the end of the year from all over the World and there was actually quite a lot of excitement.

From FDA has said that.

Speaker Change: I'm all over the world and there was actually quite a lot of excitement.

He actually wants to expand the label, we have a number of countries ex U S.

Speaker Change: That's I think also another data point, that's very promising the other one is Peter marks from FDA has said that.

Speaker Change: I think also another data point, that's very promising the other one is Peter marks from FDA.

Where are they following FDA approval, we really have a tourism.

Speaker Change: That.

Speaker Change: You actually want to expand the label, we have a number of countries ex U S.

Going on where people are going into other countries to get their children treated and I think that we will probably see more of that happening because for these children.

Speaker Change: She wants to expand the label, we have a number of countries ex U S.

Speaker Change: Where are they following FDA.

Speaker Change: Where are they following FDA approval, we really have a tourism going on where people are going into other countries to get their children treated and I think that we will probably see more of that happening because for these children.

Speaker Change: Approval and we already have.

Speaker Change: Tourism going on.

Is the option to to survive and.

Speaker Change: People are going into other countries to get their children treated and I think that we will probably see more of that happening because for these children.

So I think it's an important opportunity.

To help these children.

And actually just to add on taxes I don't think I mentioned that we do expect to treat our first patient this quarter.

Speaker Change: This is the option to two <unk>.

Speaker Change: This is the option to.

Speaker Change: Five.

Speaker Change: And so.

Speaker Change: So I think it's.

Good on because I've Ah in lupus nephritis and inside one because of the strong strong.

Speaker Change: So I think it's an important opportunity.

Speaker Change: An important opportunity to help the children.

Speaker Change: To help these children.

Speaker Change: And actually just to add on to that because I don't think I mentioned that we do expect to treat our first patient this quarter.

Speaker Change: And actually just to add onto that cause I don't think I mentioned that we do expect to treat our first patient this quarter.

Phase II data very strong phase two data and yet alone in lupus nephritis, we believe it's a 1 billion plus opportunity.

Speaker Change: Yeah.

Speaker Change: Good on because I've Ah in lupus nephritis and excited one because of the strong of the strong.

Speaker Change: Good.

Speaker Change: In lupus nephritis.

Yes.

Speaker Change: One because the strong strong faith.

Maybe I should and I hope that answers your question.

Speaker Change: Phase two data very strong phase two data and yet alone in lupus nephritis, we believe it's a 1 billion plus opportunity.

Speaker Change: Phase II data very strong phase II data and alone in lupus nephritis, we believe it's a 1 billion plus of opportunity.

Yeah perfect. Thank you.

Maybe two recent just one additional question regarding DMD, which was submitted about additional data.

Speaker Change: Yes.

Jane: Maybe I can I hope that answers your question.

Speaker Change: Maybe I should and I hope that answers your question.

Or elevators coming in over time, and how this would support a filing and then later on our reimbursement.

Jane: Yeah perfect. Thank you.

Speaker Change: Perfect. Thank you.

Speaker Change: Maybe to reach its just one additional question regarding DMD, which was submitted about additional data.

Speaker Change: Two recent just one additional question regarding DMD, which was submitted.

Negotiations in the U S.

Speaker Change: Additional data.

Jane: Or and if it is coming in over time and how this would support a filing and then later on our reimbursement.

Speaker Change: Or and if it is coming in over time and how this would support our.

Additional data is clearly going to be necessary if for no other reason than to expand to additional H M. So I think all of the additional data that will come in overtime and it will take some time to materialize, but all of that data will continue to strengthen our or our ability to bring them.

Speaker Change: Filing and then later on our reimbursement.

Jane: Negotiations in the U S.

Speaker Change: Negotiations in the U S.

Speaker Change: Absolutely I mean additional data is clearly going to be necessary. If for no. Other reason than to expand to additional agents. So I think all of the additional data that will come in overtime and it will take some time to materialize, but all of that data will continue to strengthen our our ability to bring this drug to market.

Jane: We have an additional data is clearly going to be necessary. If for no. Other reason than to expand to additional agents. So I think all of the additional data that will come in overtime and it will take some time to materialize, but all of that data will continue to strengthen our our our ability to bring this drug to market.

Our go to market.

Thank you.

Next two questions would go to amount of doctors from Deutsche Bank.

No.

Yes.

Thank you for taking the questions and then from Deutsche Bank.

Speaker Change: Thank you.

Speaker Change: Thank you.

Maybe I'll start with a big picture question on guidance, you're helping us to remind us on biosimilar timelines for solar.

Speaker Change: Next two questions would go to the amount of a couple of doctors from Deutsche Bank.

Speaker Change: Next two questions would go to amount of doctors from Deutsche Bank.

Speaker Change: Well.

Speaker Change: No.

Speaker Change: Yes.

Speaker Change: Yes.

Perhaps you could do the same for progesterone Actemra I believe there.

Speaker Change: Thank you for taking the questions and then from Deutsche Bank.

Deutsche Bank: Thank you for taking the questions and I know from Deutsche Bank.

Speaker Change: Maybe I'll start with a big picture question on guidance, you're helpful enough to remind us on biosimilar timelines for solar.

Speaker Change: Maybe I'll start with a big picture question on guidance, you're helping us to remind us on biosimilar timelines for solar.

You hit on a similar time frame around 'twenty 'twenty four but.

Perhaps you could remind us if that is still your expectation and if that is the case.

Speaker Change: Perhaps you could do the same for progesterone Actemra I believe there.

Speaker Change: Perhaps you could do the same for gesture and Actemra I believe.

A degree of confidence on.

Serving a similar magnitude of AUM, our revenue growth going forward mid single digit and indeed protecting the margins.

Speaker Change: Let's hit on a similar timeframe around 'twenty 'twenty four but.

Speaker Change: On a similar timeframe around 2025.

Speaker Change: A particular amount.

Speaker Change: Perhaps you could remind us if.

Speaker Change: That is still your expectation if that is the case.

Speaker Change: That is still your expectation if that is the case.

Period.

Second question, maybe a follow up on and book it seems quite a different kind of communication today relative to your prior comments around.

Speaker Change: Your degree of confidence on.

Speaker Change: Your degree of confidence on preserving a similar magnitude of revenue growth going forward mid single digit and indeed protecting the margins midterm period.

Speaker Change: Having a similar magnitude of AUM of revenue growth going forward mid single digit and indeed protecting the margins.

Respecting the outcome of primary endpoints.

Speaker Change: Period.

And before we even get to reimbursement discussions just interest no way they've actually held any preliminary.

Speaker Change: Yes.

Speaker Change: Second question, maybe a follow up on them bulk seems quite a different kind of communication today relative to your prior comments around.

Speaker Change: Second question, maybe a follow up on and book it seems quite a different kind of communication today relative to your prior comments around.

Discussions with European regulators only watch their degrees.

Speaker Change: Respecting the outcome of primary endpoints.

Speaker Change: The outcome of primary endpoints.

The T to them.

Speaker Change: And before we even get to reimbursement discussions just interest noteworthy eventually hold any preliminary.

Yeah.

Speaker Change: And before we even get to reimbursement discussion is just no way to eventually have as any preliminary.

Yeah.

Okay.

I can extend it to answer your question. So we don't typically comment on ongoing regulatory activities, but I can tell you that we are we are in the process of having those conversations but we obviously couldn't couldn't comment on exactly the content of those at this time.

Speaker Change: Discussions with European regulators somebody what's the degree of <unk>.

Speaker Change: Discussions with European regulators somebody what's the degree of <unk>.

Speaker Change: T to them.

Speaker Change: Yes.

Speaker Change: Yeah.

Speaker Change: Yeah.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change #100: Hi, Gary.

Speaker Change #101: Oh I'm sorry.

Gary: I got excited to answer your question. So we don't typically comment on ongoing regulatory activities, but I can tell you that we are we are in the process of having those conversations, but we obviously couldnt comment on exactly the content of those at this time.

Speaker Change: I kind of said it to answer your question. So we don't typically comment on ongoing regulatory activities, but I can tell you that we are we are in the process of having those conversations but we obviously couldn't couldn't comment on exactly the content of those at this time.

In terms of loss of exclusivity.

First actemra biosimilar in the EU has been approved we expecting it in the U S. Next year, we're expecting something like a 15% impact in 2024 and as a reminder, most of the our camera Biosimilars will launch with IV and then subsequently go to some cuts and currently represents about 60% of the Actemra global market.

Gary: In terms of loss of exclusivity.

Speaker Change: In terms of loss of exclusivity.

Speaker Change: The first item or Biosimilar in the EU has been approved we expecting it in the U S. Next year, we're expecting something like a 15% impact in 2024 and as a reminder, most of the Actemra Biosimilars will launch with IV and then subsequently go to sub cut. Some currently represents about 60% of the Actemra global market.

Gary: First October Biosimilar in the EU has been approved we expecting it in the U S. Next year, we're expecting something like a 15% impact in 2024 as a reminder, most of the our camera Biosimilars will launch with IV and then subsequently go to sub cut. Some currently represents about 60% of the Actemra global market.

So you know we are we are expecting that we'll see you know sort of the lead.

But we'll see a little bit more of a gradual decline over time, given that some kind of we'll have to roll in before many patients would consider switching them per jetta.

Speaker Change: So you know we are we are expecting that we'll see you know sort of a lean, but we'll see a little bit more of a gradual decline over time, given the sub cut will have to roll in before many patients would consider switching.

Gary: So we are we are expecting that we will see sort of a.

Instead, it is sort of middle of the middle of this decade now we've got a little bit of time left on Virginia, particularly in.

Gary: But we will see a little bit more of a gradual decline over time, given the sub cut will have to roll in before many patients would consider switching.

In the in the U S. So where.

I think we are continuing to stand by our prior statements.

Speaker Change: The project I think what we've said is sort of middle of middle of this decade. So we've got a little bit of time left on Virginia, particularly in the in the U S. So where I think we are continuing to stand by our prior.

Gary: <unk> I think what we've said is sort of middle of middle of this decade. So we've got a little bit of time left on <unk>, particularly in the in the U S where I think we are continuing to stand by our prior.

Statements around what we believe is going to happen with the Hershey portfolio, which is that we are expecting that it will largely remain stable and sort of gradually decline towards the back half of the decade, we won't see the kind of relatively short patent cliffs that we've seen with some other drugs.

Gary: Statements around what we believe is going to happen with the Hershey portfolio, which is that we are expecting that it will largely remain stable and sort of gradually decline towards the back half of the decade, we won't see the kind of relatively short patent cliff that we've seen with some other drugs.

Speaker Change: Statements around what we believe is going to happen with the Hershey portfolio, which is that we are expecting that it will largely remain stable and sort of gradually decline towards the back half of the decade, we won't see the kind of relatively sharp patent cliff that we've seen with some other drugs just base.

Based on the conversion to <unk>, but also the difficulty and manufacturing something like kept filer. So I think we've just got different dynamics at play in her two portfolio than we did with H&R.

Gary: Based on a the conversion to <unk>, but also the difficulty and manufacturing something like <unk>. So I think we've just got different dynamics at play in the <unk> portfolio than we did with H&R.

Yeah.

Speaker Change: Based on the conversion to go but also the difficulty and manufacturing something like kept silent.

Just add that when we spoke about the low impact in this year, we actually included a camera and that so the roughly 1.6 billion is across all of the medicines that have no impact.

Speaker Change: We've just got different dynamics at play in her two portfolio than we did with H&R.

Gary: Okay.

Speaker Change #104: Let me just add that when we spoke about the low impact in this year, we actually included a camera and that so the roughly one 6 billion is across all of the medicines that have no impact.

Speaker Change #103: Let me just add.

Speaker Change #103: When we spoke about the low impact in this year, we actually included a camera and that so the roughly $1 6 billion is across all of the.

And let me also here at corporate jet I think are the latest communication has been that the first biosimilar, we expect for 2006 not before.

Speaker Change #103: Medicines that have no impact.

Okay.

Speaker Change: And let me also here at corporate jet I think are the latest communication has been that the first biosimilar, we expect for 2006 not before.

Hey, Manav this answer your questions.

Speaker Change #103: Let me also here at <unk> I think the latest communication has been that the first biosimilar, we expect for 2006 not before.

Thank you Peter.

Yeah.

And then we move on then the next one would be Tim Anderson from Wolfe Research.

Speaker Change #103: Hmm.

Yeah.

Speaker Change: Yeah.

Speaker Change #106: Yes that does answer your question. Thank you Brendan.

Speaker Change #105: Hey, Mama that does answer your questions certainly did thank you Peter.

Okay.

Okay.

Tim Please.

Speaker Change #107: And then we move on then the next one would be tremendous and from what you said.

Speaker Change #106: And then we move on then the next one would be Tim Anderson from Wolfe.

Okay.

Speaker Change #106: Yeah.

Hello can you hear me now, yes, we can hear you.

Speaker Change #106: Okay.

Speaker Change #106: Okay.

Tim: Tim Please.

Tim Anderson: Tim Please.

Thank you it's Richard Wagner.

Tim Anderson: Okay.

Tim: Okay.

On for Karen Wil research.

Tim: Okay.

Tim Anderson: Okay.

Tim: Hello can you hear me now, yes, we can hear you.

Speaker Change #110: Hello can you hear me now, yes, we can hear you.

Okay.

Yes. Please.

Yeah.

Go ahead.

Speaker Change: Thank you it's Richard Wagner.

Speaker Change #110: Thank you it's Richard Wagner.

There are some feedback.

Speaker Change: On for Karen Wil research.

Yes.

Speaker Change #111: Welcome Mr.

Okay.

Speaker Change #111: Okay.

There's nothing imminent.

Speaker Change: Okay.

Speaker Change #111: Okay.

Speaker Change #113: Yes. Please.

Speaker Change #112: Yes. Please.

Richard It's Wolfe research, it's just the Romanians and pieces that go ahead and ask your questions.

Speaker Change #112: Yes.

Speaker Change #113: Yes.

Speaker Change #112: That's what we're doing.

Speaker Change #113: Sure.

Speaker Change #114: There are some feedback.

Speaker Change #112: There's some feedback.

Speaker Change #114: Yes.

Okay.

Speaker Change #112: Okay.

Speaker Change #114: No.

Speaker Change #112: Okay.

Speaker Change: There's nothing imminent.

Speaker Change #112: Okay.

Okay. Maybe we quickly then just do it in the opposite way and first take the questions two questions from.

Speaker Change #115: They went to a Richard Ed Wolfe Research, it's just the Romanians, but piece by piece. We should go ahead and ask your questions.

Speaker Change #112: Richard Ed Wolfe Research.

Speaker Change #115: Please go ahead and ask your questions.

Speaker Change: Okay.

Speaker Change #115: Okay.

Hum.

Speaker Change #117: Okay. Maybe we quickly then just do it in the opposite way and first take the questions two questions from.

Speaker Change #115: Okay. Maybe we quickly then just do it in the opposite way and first take the questions two questions from.

John Christmann.

Yes.

Hi, Jimmy <unk> Jpmorgan. Thanks for taking my question. So just.

Speaker Change #115: Okay.

Speaker Change: Hum.

Speaker Change #115:

Two for me. Please so for jewelry that is true.

We noticed that you kicked off another phase III study pioneer were focusing.

John: John please them.

Tom Friedman: Tom Friedman.

Gary: Yes.

Tom Friedman: Yeah.

Speaker Change #120: Hi, John <unk> Jpmorgan. Thanks for taking my question. So just.

Tom Friedman: Hi, John <unk> Jpmorgan. Thanks for taking my question. So just.

Yes, so let me to patients. So how should we really think about this study relative to be already ongoing across the various study and openness, which I think retail earlier in 2025.

John: Two for me please.

John: Two for me, please so jewelry that.

John: That's true.

John: We noticed that you kicked off another phase III study pioneer focusing.

John: We noticed that you kicked off another phase III study pioneer were focusing.

Are there any other key differences, we should really be thinking about what's your level of confidence and success in the ultimate.

Speaker Change #121: Yes, so let me to patients.

Tom Friedman: So what mix of patients. So how should we really think about this study relative to the already ongoing across the various study in <unk>, which I think retail earlier in 2025.

Gary: How should we really think about this steady relative to be already ongoing across the various study in E Commerce, which I think retail earlier in 2025.

And then maybe the second one answer centric so following the.

Disappointments in head and neck cancer.

Are there any other key differences, we should really be thinking about what's your level of confidence and success in the ultimate.

Are there any other key differences, we should really be thinking about and what's your level of confidence and success in the ultimate.

Well so the next growth drivers really fits a centric.

And how should we really think about the trajectory in 2024 in particular.

Gary: And then maybe the second one answer centric so following the vote.

Tom Friedman: And then maybe the second one on to centric so following the.

Great, let's start with your centric centre centric will continue to grow outside the U S primarily in HCC and adjuvant.

Gary: Disappointment in head and neck cancer.

Tom Friedman: Disappointment in head and neck.

Tom Friedman: Sir.

So the next growth drivers really fits eccentric and how should we really think about the trajectory in 2024 in particular.

Tom Friedman: So the next growth drivers really fits essentially.

Tom Friedman: And how should we really think about the trajectory in 2024 in particular.

Non small cell lung cancer, and it's sort of continuing to hold its own in the U S. At the moment in particularly in adjuvant certainly in small cell and in HCC, We would expect it to maintain its leadership position, particularly in large markets like the U S. S. R is our probably largely at peak, we would expect some impact.

Speaker Change #122: Alright, so let's start with Centrica to Suntrust will continue to grow.

Gary: Alright, so let's start with your centric such as centric will continue to grow.

Tom Friedman: Outside the U S, primarily in HCC and adjuvant non.

Gary: Outside the U S primarily in HCC and adjuvant.

Gary: Non small cell lung cancer, and it's sort of continuing to hold its own in the U S. At the moment in particularly in adjuvant, certainly and small cell and in HCC, We would expect it to maintain its leadership position, particularly in large markets like the U S is probably largely at peak, we would expect some impact.

Tom Friedman: Non small cell lung cancer, and it's sort of continuing to hold its own in the U S. At the moment and particularly in adjuvant certainly in small cell and in HCC, We would expect it to maintain its leadership position, particularly in large markets like the U S is.

Adjuvant in the U S with competition over time, we have sub cut rolling in which again as we have as we've previously stated we expect that to be largely protected but it may add a couple of hundred million on top.

Tom Friedman: Probably largely at peak, we would expect some impact from adjuvant in the U S with competition over time, we have sub cut rolling in which again as we have as we've previously stated we expect that to be largely protected but it may add a couple of hundred million on top.

Gary: From adjuvant in the U S of competition over time, we have sub cut rolling in which again as we have as we've previously stated we expect that to be largely protected but it may add a couple of hundred million on top.

With expanded use but the next real big value driver for <unk> centric will be in combination with sharp volume up and so we will need to wait to see the outcome of the skyscraper studies to really get a sense of where we expect to central will top out at peak in terms of gear that trend I think that you know this is a drug that when you look at the <unk>.

Gary: With expanded use but the next real big value driver for to centric will be in combination with short volume up and so we will need to wait to see the outcome of the skyscraper studies.

Tom Friedman: With expanded use but the next real big value driver for to centric will be in combination with <unk> volume up and so we will need to wait to see the outcome of the skyscraper studies.

Biologic rationale for it it it really ought to work and so I think we do have we do have some competence confidence certainly in in the in the in HR and it.

Speaker Change #103: Really get a sense of where we expect to central will top out at peak in terms of gear desk trend I think that you know this is a drug that when you look at the biologic rationale for it it it really ought to work and so I think we do have we do have some competence confidence certainly in in the end it in.

Tom Friedman: Get a sense of where we expect to central will top out at peak in terms of your industrial I think that you know this is a drug that when you look at the biologic rationale for it it really ought to work and so I think we do have we do have some competence confidence certainly in.

In those patients where the endocrine receptor is still quite active and I think it is very reasonable to assume that in an all comers population. It may have benefit as well. So if this really is a highly selective highly potent drug and one that we think really may have the opportunity to very much redefined the back.

Tom Friedman: In the.

Tom Friedman: In the in HR in.

Speaker Change #106: In the in an H R E N in the in those patients where the endocrine receptor is is still quite active and I think it is very reasonable to assume that in an all comers population.

Tom Friedman: In those patients where the endocrine receptor is still quite active and I think it is very reasonable to assume that in an all comers population.

Tom Friedman: It may have benefit as well so.

One of care for patients with hormone receptor positive breast cancer.

Tim Anderson: It may have benefit as well. So this is this really is a highly selective highly potent drug.

Tom Friedman: This really is a highly selective highly potent drug and one that we think really may have the opportunity to very much redefined the backbone of care for patients with hormone receptor positive breast cancer.

Seeing that first data set in 2025, I think it will be extremely informative, but it's.

Tim Anderson: And one that we think really may have the opportunity to very much redefined the backbone of care for patients with hormone receptor positive breast cancer.

This is a molecule I'm really watching quite closely because I think it could could be transformative not only in the biomarker selected population, but an all commerce as well.

Tom Friedman: Seeing that first data set in 2025, I think it will be extremely informative, but it's.

Richard Wagner: Seeing that first dataset in 2025, I think it will be extremely informative, but it's this is a molecule I'm really watching quite closely because I think it could could be transformative not only in the biomarker selected population, but an all commerce as well.

Yeah.

Okay.

Tom Friedman: This is a molecule I am really watching quite closely because I think it could could be transformative not only in the biomarker selected population, but in all comers as well.

Answer your questions.

Thank you.

And we might give it a try again.

Richard from Wolfe Research Richard Please.

Speaker Change #112: Yeah.

Speaker Change #124: Thanks for.

Speaker Change #126: Thank you very well to answer your questions.

Yes.

Speaker Change #125: For your questions.

Yeah, no it sounds good yeah, Theres no echo.

Speaker Change #128: Thank you yeah.

Speaker Change #127: Thank you.

Speaker Change #128: And we might give it a try again.

Speaker Change #129: And we might give it a try again.

Two questions.

Speaker Change #115: With Richard from Wolfe Research, which had PS.

Speaker Change #129: With Richard from Wolfe Research Richard Please.

On page eight.

The robust level of roche's confidence.

Richard: Yes, absolutely yes.

Richard: Yes, absolutely.

Richard: Yes, no it sounds good yeah, there's no echo.

Speaker Change #131: No it sounds good yeah, Theres no echo.

Relative to a year ago.

Two questions.

Speaker Change #132: Two questions.

Given all that you've won.

Speaker Change #131: On page eight.

Richard: On page eight.

Yes.

Doug.

Richard: The latest led.

Also on the China government procurement.

Speaker Change #115: Oh operations confidence.

Richard: <unk> operations confidence.

Tom Friedman: Relative to a year ago.

Richard: Relative to a year ago.

Could you provide.

Speaker Change #134: It would be well.

Richard: It would be well.

Details on what or.

Speaker Change #133: Given all of us.

Richard: Given all of that.

Speaker Change #133: Yes.

Richard: Yes.

Got it.

John: Also.

Richard: Also.

That would be it.

John: On the China government procurement.

Richard: The China government procurement.

On the well.

John: Could you provide further details on what are the.

Richard: Could you provide.

This was on the wall.

The government procurement programs.

Richard: Our details on what are the.

Well.

Speaker Change #136: Got it.

Speaker Change #135: Got it.

Beyond.

Speaker Change #135: That would be.

Sure.

Speaker Change #137: It would be.

Speaker Change #135: And as there are risks.

Sure Ron.

The risks.

Yeah.

Speaker Change #137: On a wall.

Speaker Change #135: On.

Okay tapping two questions. One is a broad question about our confidence level in catch it.

Speaker Change #137: The government procurement programs.

Speaker Change #135: The government procurement programs.

Speaker Change #137: Beyond the initial.

Speaker Change #135: Beyond the initial.

Tom Friedman: Sure.

So I mean, I think Thomas you, Yeah, I mean first of all let me say that we haven't seen any additional data to the data that.

Speaker Change #138: Thank you in the short run.

Speaker Change #135: Thank you in the short run.

Speaker Change #135: Yes.

Speaker Change #138: Yeah.

Speaker Change #139: Okay tapping two questions. One is a broad question about our confidence level in catch it.

Speaker Change #140: Okay. Two questions. One is a broad question about our confidence level in ticket.

You're aware well aware of our internally.

Tom Friedman: So I mean, I think Thomas you, Yeah, I mean first of all let me say that we haven't seen any additional data to the data that.

Speaker Change #140: So I mean, I think Thomas June Yes, I mean first of all let me say that we haven't seen any additional data to the data.

And we.

We've seen a number of you know.

Readouts in phase two readouts that are clearly showed that this is an active molecule. So overall, our covenant level is such that we are starting more phase III trial. So obviously, we believe that.

Speaker Change #140: You are aware well aware or internally.

Tom Friedman: We're well aware of our internally.

Tom Friedman:

Speaker Change #140: And.

Tom Friedman: Uh huh.

Speaker Change #140: We've seen a number of.

Tom Friedman: We've seen a number of.

Tom Friedman: Readouts in phase III Readouts that are clearly showed that this is an active molecule. So overall our confidence level is such that we are starting more phase three trial. So obviously, we believe that.

Speaker Change #140: Readouts in phase III Readouts.

Speaker Change #140: Clearly showed that this is an active molecule. So overall our confidence level is such that we are starting more phase III trial. So obviously, we believe that.

This could be a medicine.

Regarding.

The situation.

You know on the market with with other tickets.

He was I would say it supports it as well I mean Theresa whats what would you add to that yeah. I mean, I think that that's absolutely. Randy. This is a new this is any pathway on top of a highly efficacious a standard of care I think the data that we saw at the second interim resolve a skyscraper one tells us that the drug is doing something I'm gonna Planate hazard.

Speaker Change #140: This could be a medicine.

Tom Friedman: This could be a medicine.

Tom Friedman: Regarding.

Speaker Change #140: Regarding.

Tom Friedman: The situation.

Speaker Change #140: The situation.

Tom Friedman: On the market with with other ticket molecules I would say it supports it as well I mean Theresa whats what would you add to that yeah. I mean, I think that that's absolutely Brandon. This is a new this is a new pathway on top of a highly efficacious a standard of care I think the data that we saw at the second interim result.

Speaker Change #140: On the market with other tickets.

I would say it supports that as well.

Speaker Change #140: Theresa Whats what would you add to that yeah. I mean, I think that's absolutely right. This is a new this is any pathway on top of a highly efficacious standard of care I think the data that we saw at the second interim result of skyscraper. One tells us that the drug is doing something I'm going to 0.8 hazard ratio.

<unk>.

Is it again, when you're talking about something that's on top of a very effective standard of care.

We invested heavily in the teach a pathway for very good reason and I think that's because we believe that it might very well has the opportunity to be biologically active and to help patients. So at this point, we're in the uncomfortable position of waiting.

Speaker Change #141: Skyscraper one tells us that the drug is doing something I've been appointed hazard ratio.

Is it again, when you're talking about something that's on top of a very effective standard of care.

Speaker Change #140: Is it again when you are talking about something that's on top of a very effective standard of care.

Speaker Change #140: I think we.

Tom Friedman: You know we.

Tom Friedman: We invested heavily in the tissue pathway for very good reason and I think that's because we believe that it might very well has the opportunity to be biologically active in and to help patients. So at this point, we're in the uncomfortable position of waiting.

Speaker Change #142: We invested heavily in the <unk> pathway for very good reason and I think that's because we believe that it might very well has the opportunity to be biologically active and to help patients. So at this point, we're in the uncomfortable position of waiting.

So you have the trials read out.

And the China question, probably goes to diagnostics space. This has been a publicly announced government procurement initiative in Anhui province around core lab reagents.

Tom Friedman: So you have the trials read out.

Speaker Change #142: So you have the trials readout.

And we don't comment about our commercial participation, there, but and I can't speculate as to the future moves by the Chinese government, but we feel again I'll reiterate we feel mid to high single digit growth in diagnostics based on the strength of our core business.

Tom Friedman: And the China question, probably goes to diagnostics space. This has been a publicly announced government procurement initiative in Anhui province around collaborations.

Speaker Change #142: And the China question, probably goes to diagnostics space. This has been a publicly announced government procurement initiative in Anhui province around collaboration.

Tom Friedman: And we don't comment about our <unk>.

Speaker Change #142: And we don't comment about our <unk>.

Tom Friedman: Commercial participation, there, but and I can't speculate as to the future moves by the Chinese government.

Speaker Change #142: Commercial participation, there, but and I can't speculate as to the future moves by the Chinese government, but we feel again I'll reiterate we feel mid to high single digit growth in diagnostics based on the strength of our core business.

Okay.

And I think the I think a very limited impact for pharma in China.

Tom Friedman: We feel again I'll reiterate we feel mid to high single digit growth in diagnostics based on the strength of our core business.

I'm, sorry, Yeah I think.

China on the on the pharma side, there is having an impact now.

Speaker Change #142: Okay.

Tom Friedman: Hmm.

Tom Friedman: Okay.

Speaker Change #142: Okay.

Tom Friedman: And I think the I think a very limited impact for pharma in China.

Speaker Change #142: And I think the I think a very limited impact for pharma in China.

Okay.

Tim This is Dennis answer your questions or.

Tom Friedman: I'm, sorry, I didn't hear you I think.

Speaker Change #142: I'm, sorry, I didn't hear I think.

Richard.

Tom Friedman: For China on the.

China on the.

Richard Sorry, I'm still with him here on my screen.

Speaker Change #124: On the pharma side, there is having an impact.

Speaker Change #142: On the pharma side, there is having an impact.

Yeah.

Speaker Change #125: Yeah.

Speaker Change #142: Okay.

Richard you are still in line.

Speaker Change #125: Okay.

Speaker Change #127: Tim This is Dennis answer your questions.

Speaker Change #142: Tim This is fitness answer your questions.

Okay.

If not then we may be half year. A final question, then going again to Richard Parkes from BNP Paribas, you'll get rewarded for being here. So.

Speaker Change #142: Richard.

Speaker Change #129: Richard.

Speaker Change #129: Richard sorry.

Speaker Change #142: Sorry.

Speaker Change #129: Tim here on my screen.

Speaker Change #142: Tim here on my screen.

Speaker Change #142: <unk>.

Richard: Richard you are still in line.

Richard you are still in line.

Richard: Okay.

Speaker Change #142: Okay.

Patient.

Speaker Change #132: If not then we may be half year. A final question, then going again to Richard Parkes from BNP Paribas, you get rewarded for being here. So.

Speaker Change #142: If not then we may be half year.

Hi, yes, thanks for my follow up it was just.

Speaker Change #142: Final question, then going again to Richard Parkes from BNP Paribas, you'll get rewarded for being here. So.

A couple of products Libra.

Libra and archivists slowed a bit in the fourth quarter, having been so delivering consistent double digit growth.

Patient.

Speaker Change #142: Patients.

Richard: Yes.

Speaker Change #142: Yeah.

Speaker Change #143: Hi, Yeah. Thanks for my follow up it was just a.

Richard Parkes: Hi, yes, thanks for my follow up it was just.

Richard Parkes: Couple of products.

Richard: A couple of products Libra.

Just wondered if you could walk through the dynamics there I think for the hem labor more specifically given potential impact from competition. What are you seeing the thank you.

Richard: Libra and archivists slowed a bit in the fourth quarter.

Richard Parkes: Libra <unk> slowed a bit in the fourth quarter.

Richard: Ben so delivering consistent double digit growth.

Richard Parkes: Ben so delivering consistent double digit growth.

Yeah. So thanks for this question because I think really we are not seeing anything that that we believe impacts the fundamental underlying demand for either <unk> or <unk>. It is very much.

Speaker Change #144: Just wondered if you could walk through the dynamics there I think.

Richard Parkes: Wondered if you could walk through the dynamics there.

Speaker Change #135: But he hadn't labor more specifically.

Richard Parkes: Hmm labor, most specifically given potential impact from competition what are you seeing thank you.

Speaker Change #135: Even potential impact from competition.

Speaker Change #145: Thank you.

Speaker Change #147: Yeah. So thanks for this question because I think really we are not seeing anything that book that we believe impacts the fundamental underlying demand for either having libre or <unk>. It is very much it.

Speaker Change #146: So thanks for this question because I think really we are not seeing anything that that we believe impacts the fundamental underlying demand for either <unk> or <unk>. It is very much.

It is I think very much a currency effect that we're seeing with with both of these drugs for him Libra, we are at 40% market share for patient share, which certainly very good that that review a tremendous amount of room to grow.

Speaker Change #140: It is I think very much a currency effect that we're seeing with with both of these drugs for him Libra, we are at 40% market share for patient share, which certainly very good but that leaves you a tremendous amount of room to grow them as we see all TVO coming into the market I think largely what we see as patients using <unk> in combination with him Libra.

Speaker Change #146: It is I think very much a currency effect that we're seeing with both of these drugs for him Libra, we are at 40% market share, 40% patient share, which certainly very good but that leaves you a tremendous amount of room to grow as we see <unk> coming into the market I think largely what we see as patients using <unk> in combination with him Libra.

As we see all TVO coming into the market I think largely what we see as patients using on television and in combination with him Libra, so either having it onboard as their backup factor, which is something that is you know.

In for the Hemophilia population is something that is recommended by guidance or using it in combination with <unk> versus people switching from have libre two two at UBS.

Speaker Change #140: Either having it onboard as their backup factor, which is something that is you know.

Speaker Change #146: Either having it onboard as their backup factor, which is something that is.

We see particularly with heavily red the people, who switched to hand lever tend to be quite young so we get people in.

Speaker Change #140: And for the Hemophilia population is something that is recommended by guidance or using it in combination with <unk> versus people switching from him Libre two to all TVO them I think we see particularly with heavily rather people who switched to hand lever tend to be quite young so we get people in.

Speaker Change #146: And for the Hemophilia population is something that is recommended by guidance or using it in combination with <unk>.

Speaker Change #146: Versus people switching from him Libre, two <unk> I think we see particularly with heavily red the people who switched to have lever tend to be quite young so we get people in.

When they're when they're very early in their disease management and they stick with us over time. So again, we're just not seeing anything out of Q4 that leads us to believe that the trajectory for either have libre or <unk> is really any different.

Speaker Change #140: When they're when they're very early in their disease management and they stick with us over time. So again, we're just not seeing anything out of Q4 that leads us to believe that the the trajectory for either have libre or <unk> is really any different and a very good start in January for both of these products, which would sort of underscore that.

Speaker Change #146: When they're when they're very early in their disease management and they stick with us over time. So again, we're just not seeing anything out of Q4 that leads us to believe that the trajectory for either <unk> or <unk> is really any different.

And a very good start in January for both of these products, which would sort of underscore that.

Thank you could I have one other follow up just on the chip program just wondered if he could be.

Speaker Change #146: And a very good start in January for both of these products, which would sort of underscore that.

Update us on that.

The broader timelines.

The other phase III trials in lung cancer I, just noticed that you have to stage III unresectable potential filing in 2025, so I wondered if that could slip into the phase III readout could slip into this year and how your confidence on that trial design in particular has evolved over time, given what we've learned about.

Speaker Change #150: Thank you could I have one other follow up just on the ticket program just wondered if you could please.

Speaker Change #148: Thank you could I have one other follow up just on the.

Speaker Change #149: Program, just wondered if you could.

Speaker Change #142: Data is on.

Speaker Change #151: Data is on.

Speaker Change #142: The broader timelines.

Speaker Change #151: The broader timelines.

Speaker Change #142: So the.

Speaker Change #151: So the phase.

Speaker Change #142: The phase III trials in lung cancer.

Speaker Change #151: Phase III trials in lung cancer I, just noticed that you have to stage III unresectable potential filing in 2025, so I wondered if that could slip into the phase III readout could slip into this year and how youre confidence on that trial design in particular has evolved over time, given what we've learned about the class Brent.

Speaker Change #152: Noticed that you have to stage III unresectable potential filing in 2025, so I wondered if that could slip into the phase III readout could slip into this year and how your confidence about trial design in particular.

The clash.

I was really excited to answer this one.

Given a shot and maybe not about the confidence level about just to.

To confirm again, you know what if we have not been more outspoken here to bounce a precise timelines for data studies that you are right. There are a couple of them are they chemo combination skyscanner fixed for example, which gets some attention and then we will yeah. Once the data is in house and we feel ready then we will update you.

Speaker Change #142: Over time, given what we've learned about the cash burn.

Speaker Change #142: And I was really excited to answer this one and we're going to give them a shot and maybe not about the confidence level about just.

Speaker Change #153: I was really excited to answer this one.

Speaker Change #153: Given the shot and maybe not about the confidence level about just.

To confirm again that we have not been more outspoken here to balance.

To confirm again, you know what if we have not been more outspoken here to bounce a precise timelines for the auto studies, but you are right. There are a couple of them are the chemo combination skyscanner fixed for example, which gets some attention and we will once the data is in house and we feel ready then we will update you.

Precise timeline for the other studies, but you are right. There are a couple of them. The chemo combination skyscanner fixed for example, which gets some attention.

Yeah.

Richard.

Speaker Change #154: We will.

All good from your side.

Speaker Change #154: Once the data is in house and we feel ready then we will.

Great. Thank you yeah, what maybe have them two questions here, which were sent to us.

Speaker Change #155: Thank you.

Speaker Change #142: Yeah.

Speaker Change #142: Richard.

Speaker Change #155: Richard.

From Luisa Hector from Bernbach Chantal.

Speaker Change #155: Yes.

Speaker Change #142: Yeah.

Do you have to jump out.

Speaker Change #157: All good from your side.

Speaker Change #156: All good from your side.

There was one question here about.

Richard: Great. Thank you, yes, what maybe have two questions here, which were sent to us.

Richard: Great. Thank you yeah, what maybe have them two questions here, which were sent to us.

The target, which was mentioned by Thomas about 80% of the pipeline being first or best in class.

Speaker Change #142: From Luisa Hector from Bernbach she.

Richard: From Luisa Hector from Bernbach share.

Speaker Change #142: Do you have to jump out.

Richard: You have to jump out.

Where do we stand on this journey.

Speaker Change #142: There was one question here about.

Richard: There was one question here about.

Yeah, right now I would say, we're around 40% to 50%.

Richard: The target, which was mentioned by Thomas about 80% of the pipeline being first or best in golf.

Speaker Change #142: The topic, which was mentioned by Thomas about an 80% up the pipeline being first or best in class.

In that range and so we're working very hard to increase that to 80% that's a target across all of the R&D organizations.

Where do we stand on this journey.

Richard: Where do we stand on this journey.

Richard Parkes: Yeah, right now I would say, we're around 40% to 50%.

Luisa Hector: Yes, right now I would say we were around 40% to 50%.

And then I think also here a question I am got several times today already about our R&D spend going forward into 'twenty for what would we guide to you.

Richard Parkes: In that range and so we're working very hard to increase that to 80% debt to target across all of the R&D organizations.

Luisa Hector: That range and so we're working hard to increase to 80% debt to target across all of the R&D organizations.

Richard Parkes: And then I think also here a question I got several times today already about our R&D spend going forward into 'twenty for.

Speaker Change #159: And then I think also here a question.

I already mentioned and I think Alan mentioned that as well.

Speaker Change #159: Got several times today already a balance our R&D spend going forward into 'twenty four what would we guide you.

So in the current guidance.

Basically it means that we have to grow our operating profit in the high single digit range that means we will have to have a lot of cost discipline across all cost lines, including R&D.

Richard Parkes: What would we guide you.

I already mentioned and I think Alan mentioned that as well so in the current guidance.

Speaker Change #159: I already mentioned I think Alan mentioned that as well.

Speaker Change #159: So in the current guidance.

And then maybe the final question and this is I think we have a question here from Luisa, but also from Andrew Baum from Citi. This was a balance of it are the landscape in hormone receptor positive breast cancer and how this might change.

Speaker Change #146: Basically it means that we have to grow our operating profit in the high single digit range that means we will have to have a lot of cost discipline across all cost lines, including R&D.

Speaker Change #159: Basically it means that we have to grow our operating profit in the high single digit range that means we will have to have a lot of cost discipline across all cost lines, including R&D.

Speaker Change #160: And then maybe the final question and this is I think we have a question here from Luisa, but also from Andrew Baum from Citi.

Speaker Change #161: And then maybe the final question and this is I think we have a question here from Luisa, but also from Andrew Baum from Citi.

In light of a D&O illicit data, which we just had last December so.

Speaker Change #160: The balance of it are the landscape in hormone receptor positive breast cancer and how this might change.

Speaker Change #161: Balance a bit the landscape in hormone receptor positive breast cancer and how this might change.

First of all.

Our assumptions changing here, our future development plans, having now a best in class carefree kinase inhibitor and also seeing D. Oral search coming to the next generation of users coming to the market and then the CDK four six was making in roads. So for the development landscape of our molecules is the one the first question the second.

Speaker Change #160: In light of a do you know when is it data, which we just had last December.

Speaker Change #161: In light of Duvelisib data, which we just had last December.

Speaker Change #146: First of all or our assumptions changing here, our future development plans, having now a best in class carefree kinase inhibitor and also seeing D. Oral search coming to the next generation of yours, and it's coming to the market and then the CDK four six is making inroads so for the development landscape for our molecules.

First of all.

Speaker Change #161: Our assumptions changing here, our future development plans, having now a best in class carefree kinase inhibitor and also seeing.

And about the initiative.

Speaker Change #161: <unk> coming through over the next generational kyocera is coming to the market and then the CDK four six was making in roads. So for the development landscape for our Monaco.

Considering the label, we might get an hour based on the data in all but one of the 20 would we expect quite a broad uptake.

Speaker Change #146: The first question the second question about the initiative.

Speaker Change #161: First question the second question about the initiative.

And initially and even with not only happen hypothetically a combination data in the label question.

Speaker Change #161: Usage.

Speaker Change #146:

Speaker Change #161: Considering the label, we might get an hour based on the data.

Speaker Change #146: Considering the label, we might get an hour based on the data.

Then a small question to finish line.

Speaker Change #161: 120 would we expect quite a broad uptake.

Speaker Change #146: Another 20 would we expect quite a broad uptake.

So in terms of.

Speaker Change #146: Initially and even with not having pilots of combination data in the label question.

Speaker Change #161: Initially.

Maybe you'll take the CD four T for cases.

Speaker Change #161: Even with not having hydrotheca combination data in the label question.

<unk> first which is that you know while we ran the study on while we ran the initial study with Pal, though we are currently exploring other CDK four six combinations and so we will have additional data that you know those data are coming and we don't expect the fact that it was on the Palo backbone to be a limitation.

Speaker Change #162: And then a small question to finish with.

Speaker Change #146: And then a small question to finish with them so in terms of.

Speaker Change #161: So in terms of.

Speaker Change #164: Maybe we'll take the C D. Four Sydney Foretastes question first which is that you know while we ran the study on a while we ran the initial analyst study with Palo. We are currently exploring other CDK four six combinations and so we will have additional data that you know those data are coming we don't expect the fact that it was on the Palo back.

Speaker Change #163: Maybe I will take the CD four <unk>.

Speaker Change #163: <unk> first which is that while we ran the study on while we ran the initial and holistic study with Palo. We are currently exploring other CDK four six combinations and so we will have additional data that those data are coming we don't expect the fact that it was on the Palo backbone to be a limitation.

For free for utilization.

After approval it would be premature to speculate on what the actual label would look like or what actually usage would look like I think those are all things that will you know we'll have to explore after we have our conversations with health authorities, but obviously seeing the transformative data that came out of that study I think it really gives us a lot of confidence that this is a this is a molecule that we should.

Speaker Change #151: Phone to be a limitation.

Speaker Change #163: For for utilization.

Speaker Change #151: For free for utilization.

Speaker Change #163: After approval it would be premature to speculate on what the actual label would look like or what actually usage would look like I think those are all things that will we will have to explore after we have our conversations with health authorities, but obviously seeing the transformative data that came out of that study I think it really gives us a lot of confidence that this is this is a molecule that we should.

Speaker Change #151: After approval it would be premature to speculate on what the actual label would look like or what actually usage would look like I think those are all things that will you know we'll have to explore after we have our conversations with health authorities, but obviously seeing the transformative data that came out of that study I think it really gives us a lot of confidence that this is a this is a molecule that we should be.

We're looking at it in a more broad capacity and certainly those conversations are underway.

As we are thinking about the evolution of the Hershey at the HR positive breast cancer space. I think we are continually looking at how to make sure that we're optimizing them either our existing trials or future trials to ensure that we are staying with and had a standard of care and you know those are all activities that are currently ongoing and certainly we can share with you more.

Speaker Change #163: We're looking at.

Speaker Change #153: We're looking at it in a more broad capacity and certainly those conversations are underway.

Speaker Change #163: In a more broad capacity and certainly those conversations are underway.

Speaker Change #163: As we are thinking about the evolution of the herd.

Speaker Change #154: As we are thinking about the evolution of the heart of the HR positive breast cancer space. I think we are continually looking at how to make sure that we're optimizing them either our existing trials or future trials to ensure that we are staying with and ahead of standard of care and those are all activities that are currently ongoing and certainly we can share with you more.

Speaker Change #163: HR positive breast cancer space I think we are continually looking at how to make sure that we're optimizing either our existing trials or future trials to ensure that we are staying with and ahead of the standard of care.

As changes are made.

Okay. So thank you very much everyone and yeah as you have seen the underlying business. So the business. Excluding COVID-19 is performing very well in 'twenty, three with 8% growth and as we head into 'twenty four we will have less headwinds than with that.

Speaker Change #163: And those are all activities that are currently ongoing and certainly we can share with you more as changes are made.

Richard: Changes are made.

Speaker Change #166: Okay. So thank you very much everyone and yeah as you have seen the underlying business. So the business. Excluding COVID-19 is performing very well in 'twenty, three with 8% growth and as we head into 'twenty four we will have less headwinds and with that.

Speaker Change #165: Okay. So thank you very much everyone and as you've seen the underlying business. So the business. Excluding COVID-19 is performing very well.

Specifically after Q1, you will see more debt equal really shining through I think we've made good progress also on on the pipeline and you've seen the ambitions that we have there we have a on the diagnostics side I think one of the biggest launches ever.

Speaker Change #165: <unk> 2003, with 8% growth and as we head into 'twenty four we will have less headwinds with that specific to you. After Q1, you will see more debt.

Luisa Hector: Specifically after Q1, you will see more equal really shining through I think we've made good progress also on on the pipeline and you've seen the ambitions that we have there we have on the diagnostics side I think one of the biggest launches ever.

Speaker Change #165: Really shining through I think we've made good progress also on on the pipeline and you've seen the ambitions that we have there we have on the diagnostics side I think one of the biggest launches ever.

On the pharma side, we have 12 and it needs to potentially could move into phase b.

This year and you've also seen you know how we are developing and are you.

And making sure that the organization is well set up for the future both from a organizational perspective and from a strategic perspective with that thank you very much for joining us today and I look forward to our call in a couple of months from now for Q1. Thank you very much.

Speaker Change #159: On the pharma side, we have 12 and amused potentially could move into phase III.

Speaker Change #165: On the pharma side, we have 12 and amused potentially could move into phase III.

Speaker Change #159: This year and you've also seen you know how we are developing and you know me.

Speaker Change #165: This year and you've also seen how we are developing.

Speaker Change #165: Making sure that our organization is well setup for the future both from a organizational perspective and from a strategic.

Speaker Change #159: Making sure that the organization is well set up for the future both from a organizational and perspective and from a strategic perspective.

Yes.

Speaker Change #167: With that thank you very much for joining us today and I look forward to our call in a couple of months from now for Q1. Thank you very much.

Speaker Change #167: Thank you very much for joining us today and I look forward to our call in a couple of months from now for Q1. Thank you very much.

Yes.

Speaker Change #161: Yeah.

Speaker Change #167: Yes.

Speaker Change #167: Goodbye.