Q1 2024 AstraZeneca PLC Earnings Call

Because first quarter results 2024, webinar for investors and analysts.

Before I hand over to Astrazeneca I'd like to read the Safe Harbor statement.

Welcome, ladies and gentlemen to Astrazeneca as first quarter results 2024, webinar for investors and analysts.

The company intends to utilize the safe Harbor provisions of the United States Private Securities Litigation Reform Act of 1995.

Speaker Change: Before I hand over to Astrazeneca I'd like to read the Safe Harbor statement.

Participants on this call may make forward looking statements with respect to the operations and financial performance of Astrazeneca.

Speaker Change: The company intends to utilize the safe Harbor provisions of the United States Private Securities Litigation Reform Act of 1995.

Although we believe our expectations are based on reasonable assumptions by their very nature forward looking statements involve risks and uncertainties and may be influenced by factors that could cause actual results to differ materially from those expressed or implied by these forward looking statements.

Speaker Change: Participants on this call may make forward looking statements with respect to the operations and financial performance of Astrazeneca.

Speaker Change: Although we believe our expectations are based on reasonable assumptions by their very nature forward looking statements involve risks and uncertainties and may be influenced by factors that could cause actual results to differ materially from those expressed or implied by these forward looking statements.

Any forward looking statements made on this call reflect the knowledge and information available at the time of this call.

The company undertakes no obligation to update forward looking statements.

Speaker Change: Any forward looking statements made on this call reflect the knowledge and information available at the time of this call.

Please also carefully review the forward looking statements disclaimer in the slide deck that accompanies this presentation and webinar.

Speaker Change: The company undertakes no obligation to update forward looking statements.

There will be an opportunity to ask questions. After today's presentation. Please use the raise a hand feature to indicate you wish to ask a question I remember to our mutual line when invited to speak.

Speaker Change: Please also carefully review the forward looking statements disclaimer in the slide deck that accompanies this presentation and webinar.

Speaker Change: There will be an opportunity to ask questions. After today's presentation. Please use the raise a hand feature to indicate you wish to ask a question I remember too our mutual light when imparted to speak.

And with that I'll now hand, you over to the company.

A warm welcome to Astrazeneca is first quarter 2000, and 2020 for presentation conference call and webcast I'm, Andy Barnard head of Investor Relations at Astrazeneca and before I hand over to Pascal and other members of the executive team I would like to give us an important housekeeping points. Firstly all of the materials presented today are available on our.

Speaker Change: And with that I'll now hand, you over to the company.

Speaker Change: A warm welcome to Astrazeneca is first quarter 2000, 2020 for presentation conference call and webcast I'm, Andy Barnard head of Investor Relations at Astrazeneca and before I hand over to Pascal and other members of the executive team I would like to give us an important housekeeping points. Firstly all of the materials presented today are available on.

Our web site.

This slide contains our safe Harbor statement, which I'd encourage you to take the time to read we will be making comments on our performance using constant exchange rates for CER core financial numbers and other non-GAAP measures. Our non-GAAP to GAAP reconciliation is contained within the results announcement all numbers quoted are in millions of U S.

Our web site.

Speaker Change: This slide contains our safe Harbor statement, which I'd encourage you to take the time to read we will be making comments on our performance using constant exchange rates or CER core financial numbers and other non-GAAP measures. Our non-GAAP to GAAP reconciliation is contained within the results announcement.

Unless otherwise stated.

This shows the agenda for today's call and following our prepared remarks, we will open the line for questions as usual, we will try and address as many questions. As we can during the allotted time, although I would ask participants to limit the number of questions. You asked to allow others a fair chance to participate in the Q&A.

All numbers quoted are in millions of U S dollars unless otherwise stated.

Speaker Change: This shows the agenda for today's call and following our prepared remarks, we will open the line for questions as usual we were trying to address as many questions. As we can during the allotted time, although I would ask participants to limit the number of questions. You asked to allow others a fair chance to participate in the Q&A.

And with that Pascal I will hand over to you. Thank you Andy and good day, everybody I am pleased to report that we have made a very strong start in 2024 total revenue grew by 19% in the first quarter, reflecting continued strong demand and core earnings per share rose by 13% sorry, Rick.

And with that Pascal I will hand over to you. Thank you Andy and good day, everybody I'm pleased to report that we have made a very strong start in 2024.

Pascal: Total revenue grew by 19% in the first quarter, reflecting continued strong demand and core earnings per share rose by 13% sorry.

The first quarter of 2023 benefited from a $240 million.

In other operating income following the divestment of <unk> flex in the U S collaboration revenue and other operating income were minimal this quarter, which makes the EPS year over year growth all the more impressive.

Recall, the first quarter of 2023 benefited from a $240 million gain in other operating income following the divestment of <unk> flex in the U S collaboration revenue and other operating income were minimal this quarter, which makes the EPS year over year growth all the more impressive.

We're also pleased to announce an increase in the annual dividend of 7% at the annual General meeting earlier. This month. This increase is in line with our progressive dividend policy and reflects the continuing strength of Astrazeneca as investment proposition for shareholders. Please advance to the next slide we saw strong double digit growth across all therapy areas.

Pascal: We're also pleased to announce an increase in the annual dividend of 7% at the annual General meeting earlier. This month. This increase is in line with our progressive dividend policy and reflects the continuing strength of Astrazeneca as investment proposition for shareholders. Please advance to the next slide we saw strong double digit growth across all therapy areas.

In the first quarter. This is also the first quarter.

Quarterly revenue from our oncology and Biopharma businesses executed exceeded $5 billion.

Pascal: In the first quarter. This is also the first quarter.

And Rob this is exceeded $2 billion.

Pascal: Quarterly revenue from our oncology and Biopharma businesses executed exceeded $5 billion.

Reflecting the value of our medicines bring to patients globally with.

We saw a 19% growth in both the U S and Europe this quarter driven by strong demand.

Pascal: And Rob this is exceeded $2 billion.

Pascal: Collecting the value of our medicines bring to patients globally.

Our business grew substantially in the emerging markets and both was pronounced specialty finance outside of China, driven by our sustained presented presents and commitment to this market.

Pascal: We saw a 19% growth in both the U S and Europe this quarter driven by strong demand.

Pascal: Our business grow substantially in the emerging markets and growth was announced specialty finance outside of China, driven by our sustained presented presents and commitment to this market next slide please.

Next slide please.

Our strong pipeline momentum has continued into 2024, we announced positive trial results for Lohan that Arctic both of which have been selected for presentation. During the plenary, reflecting the important benefits in for lung cancer patients as a reminder of our five presentation at the plenary so two out of five years.

Pascal: Our strong pipeline momentum has continued into 2024, we announced positive trial results for Lohan that Arctic both of which have been selected for presentation. During the ESCO preliminary reflecting the important benefits in for lung cancer patients as a reminder of our five presentation at the plenary so two out of five years.

Very.

Unusual.

As a result, we saw a number of exciting new up rewards in the first quarter. The approval of <unk> in combination with chemotherapy establish establishes a new benchmark for efficacy and hotline Egfr mutated non small cell lung cancer.

Very.

Pascal: Sure.

Result, we saw a number of exciting new up rewards in the first quarter. The report of <unk> in combination with chemotherapy establish establishes a new benchmark for efficacy in frontline Egfr mutated non small cell lung cancer.

The approval of <unk> in previously treated her two positive cancers is the first tumor agnostic approval for her two directed therapy and offers new hope for patients with a wide range of cancers.

Pascal: Approval of in her two in previously treated her two positive cancers is the first tumor agnostic approval for her two directed therapy and offers new hope for patients with a wide range of cancers.

And finally, <unk> holding <unk> D and we are now working on establishing <unk> as the new standard of care for this debilitating disease.

Pascal: And finally, Tommy risk towards upholding the NIM OSD and we're now working on establishing <unk> as the new standard of care for this debilitating disease.

This approval is further build on our momentum we are seeing from all of our center cohorts listed here and we're investing to ensure that each of these new opportunities reached full commercial potential at <unk>.

Pascal: This supports further build on the momentum we are seeing from all of our recent cohorts listed here and we're investing to ensure that each of these new opportunities reached full commercial potential.

Arctic and life support coupled with the three out of what I've, just described and the ongoing launches have the potential to deliver several billion dollars in total revenue additional revenue in 2030 and this is what our pipeline is delivering in the first quarter of 2024 with that please.

The royalty can lie support coupled with the three out of what I've just described.

Pascal: Ongoing launches have the potential to deliver several billion dollars in total revenue additional revenue in 2030 and this is what our pipeline is delivering in the first quarter of 2024.

Advanced to the next slide and I will hand over to a hard now who will take you through our first quarter financials.

Thank you Pascal and as usual I'll start with our reported P&L.

With that please advance to the next slide and I will hand over to <unk>, who will take you through our first quarter funding source.

Let's turn to the next slide.

Total revenue in the first quarter increased by 19% to $12 7 billion predominantly resulting from strong product sales, which grew by 18%.

Speaker Change: Thank you Pascal and as usual I'll start with our reported P&L. Please turn to the next slide.

Speaker Change: Total revenue in the first quarter increased by 19% to $12 7 billion predominantly resulting from strong product sales, which grew by 18%.

The underlying demand for our medicines across the board was very strong in the quarter across both brands and across geographies.

Speaker Change: The underlying demand for our medicines across the board was very strong in the quarter across both brands and across geographies.

And heard you and despite continued their strong growth trajectory and as a result alliance revenue increased by 59% to $457 million.

In her two and despite continued their strong growth trajectory and as a result alliance revenue increased by 59% to $457 million.

Driven by profit shares in regions, where our partner bulk product sales.

Please turn to the next slide which shows our core P&L.

Speaker Change: Driven by profit shares in regions, where our partner bulk product sales.

The product sales core gross margin was 82% in the quarter. As previously stated we still expect gross margin for the year to be slightly lower than last year due to strong growth for partnered medicines, including in her two into fire as well as increased product supply disanti from before gas into the 'twenty two.

Speaker Change: Please turn to the next slide which shows our core P&L.

Speaker Change: The product sales core gross margin was 82% in the quarter. As previously stated we still expect gross margin for the year to be slightly lower than last year due to strong growth for partnered medicines, including in her two and just fire as.

425 RSV season in.

In the second half, we see additional impact from usual seasonal impact from medicines such as soon.

Speaker Change: As well as increased product supply disanti from the forecast into the 'twenty 'twenty four 'twenty five RSV season.

Total operating expense increased by 15% in the quarter Arana.

Speaker Change: In the second half, we see additional impact from usual seasonal impact from medicines such as fluid.

R&D spend increased by 18%, partly driven by the phase III trial starts, including a dapper combinations with Baxter, Scott and bouncing around.

Speaker Change: Total operating expense increased by 15% in the quarter.

Speaker Change: R&D spend increased by 18%, partly driven by the phase III trial starts, including a dapper combinations with Baxter staff and bouncing around.

We continue to anticipate R&D spend will remain in the low twenties percentage of total revenue inclusive of investments, we are making to maximize the potential medicines acquired in recent business development transactions.

We continue to anticipate R&D spend will remain in the low twenties percentage of total revenue.

We continue to show operating leverage supporting the 19% revenue growth SG&A increased by 13% in the quarter.

Speaker Change: <unk> of investments, we're making to maximize the potential medicines acquired in recent business development transactions.

Speaker Change: We continue to show operating leverage supporting the 19% revenue growth SG&A increased by 13% in the quarter.

We have seen strong initial uptake for <unk> cap and the new one in the U S and we're investing behind this revenue growth as well as behind our existing brands such as <unk> and procedure.

Speaker Change: We have seen strong initial uptake for <unk> cap and the new one the U S and we're investing behind this revenue growth as well as behind our existing brands such as <unk> and procedure.

We're also increasing our promotional efforts behind our rare disease medicines to support continued growth.

We anticipate quarterly variations in our operating expenses, given the dynamic nature of our business.

Speaker Change: We're also increasing our promotional efforts behind our rare disease medicines to support continued growth.

Despite the limited contribution from other operating income this quarter, we saw core operating profit growth of 15% and core EPS of $2 <unk>. Please.

Speaker Change: We anticipate quarterly variations in our operating expenses, given the dynamic nature of our business.

Speaker Change: Despite the limited contribution from other operating income this quarter, we saw core operating profit growth of 15% and core EPS of $2 <unk>.

Please turn to the next slide.

In the first quarter cash flow from operations was $2 5 billion, we saw capex of $417 million in the quarter and we continue to anticipate capex to increase by approximately 50% on a full year basis to support increased manufacturing capacity and support our growth.

Speaker Change: Please turn to the next slide.

Speaker Change: In the first quarter.

Speaker Change: Cash flow from operations was $2 5 billion.

Speaker Change: We saw capex of $417 million in the quarter and we continue to anticipate capex to increase by approximately 50% on a full year basis.

We had do payments of $2 9 billion, including upfront payments for <unk> and <unk> acquisition, both of which closed during the first quarter.

Speaker Change: Support increased manufacturing capacity and support our growth.

We had deal payments of $2 9 billion.

We also paid the third and final payment to the former shareholders of this aircraft.

Including upfront payments for <unk>, and <unk> acquisition, both of which closed during the first quarter.

Lastly, we paid in the second interim dividend for 2023.

Speaker Change: We also paid the third and final payment to the former shareholders of this aircraft.

At the end of Q1, our net debt to EBITDA ratio was one nine times.

Speaker Change: Lastly, we paid the second interim dividend for 2023.

We anticipate the announced a fusion and amulet transactions to close in the coming months strengthening our radiopharmaceutical capabilities and expanding our presence in rare endocrinology.

Speaker Change: At the end of our Q1, our net debt to EBITDA ratio was one nine times.

We anticipate the announced fusion and amulet transactions to close in the coming months.

As a result of recent business developments and debt refinancing, we expect finance expenses to grow compared to prior year.

Speaker Change: <unk>, a radiopharmaceutical capabilities and expanding our presence in rare endocrinology.

Reflecting the strength of our business, we are reiterating our full year guidance for both total revenue and core EPS at constant exchange rates.

Speaker Change: As a result of recent business developments and debt refinancing, we expect finance expenses to grow compared to prior year.

Speaker Change: Reflecting the strength of our business, we are reiterating our full year guidance for both total revenue and core EPS at constant exchange rates.

With that please advance to the next slide and I will hand over to Dave who will take you through our oncology performance.

Thank you Rodney on next slide please.

Speaker Change: With that please advance to the next slide and I will hand over to Dave who will take you through our oncology performance.

<unk> total revenues grew 26% to $5 $1 billion in the first quarter driven both by double digit growth across all regions and strong demand for our key medicines Tigris <unk> global revenues grew 15% in the quarter, reflecting continued global demand for of Dora and Florida. Following U S approval in February.

Dave: Thank you Rod next slide please.

Dave: Oncology total revenues grew 26% to $5 $1 billion in the first quarter driven both by double digit growth across all regions and strong demand for our key medicines <unk> global revenues grew 15% in the quarter, reflecting continued global demand for of Dora and flora.

We've seen strong initial interest in early uptake for Florida, two in the frontline setting with oncologists, particularly focused on patients with <unk> five eight <unk> mutations and CNS metastases at baseline.

Dave: Following U S approval in February we've seen strong initial interest in early uptake for Florida, two in the frontline setting with oncologists, particularly focused on patients with five eight <unk> mutations and CNS metastases at baseline limp.

Lynn parts of delivered product sales growth of 11% in the first quarter and remains the leading PARP inhibitor globally across all tumor types.

In <unk> total revenues grew 33% on continued strength in biliary tract cancer with Topaz, one which is now approaching peak market share penetration in the U S, Japan and Europe.

Dave: <unk> delivered product sales growth of 11% in the first quarter and remains the leading PARP inhibitor globally across all tumor types.

Dave: <unk> total revenues grew 33% on continued strength in biliary tract cancer with Topaz, one which is now approaching peak market share penetration in the U S, Japan and Europe.

Launches continue at pace across emerging markets, where biliary tract incidence and prevalence as high.

And as previously communicated we recognized a 25% mandatory price reduction in Japan effective from February one and anticipate a second mandatory price discount later this year.

Dave: <unk> continue at pace across emerging markets, where biliary tract incidence and prevalence as high.

Dave: And as previously communicated we recognized a 25% mandatory price reduction in Japan effective from February one and anticipate a second mandatory price discount later this year.

For the first time, we have split out M judo in our reporting and are pleased with its launch trajectory. We have established a strong foundation and a pat of cellular carcinoma with MLA up and see continued growth in non small cell lung cancer with Poseidon.

Dave: For the first time, we have split out M judo in our reporting and are pleased with its launch trajectory. We've established a strong foundation and a Pat of cellular carcinoma with Himalaya and see continued growth in non small cell lung cancer with assigned.

<unk> total revenues increased 35% in the first quarter driven by sustained PTK inhibitor leadership in frontline CLO across the U S and Europe.

Dave: <unk> total revenues increased 35% in the first quarter driven by sustained <unk> inhibitor leadership in frontline CLO across the U S and Europe.

And her to total revenues increased 79% in the first quarter again, we drove sequential market share growth in second line. Her two positive breast cancer in the U S and Europe, where considerable growth remains we see continued adoption in her two low across many global markets and eagerly await the destiny breast OS six readout, which brings the potential.

Dave: And her to total revenues increased 79% in the first quarter again, we drove sequential market share growth in second line. Her two positive breast cancer in the U S and Europe, where considerable growth remains we see continued adoption in her two low across many global markets and eagerly await the destiny breast of six readout, which brings the potential.

For further expansion moving into her to one line earlier.

Following approval in November last year, we are pleased with the strong true cap adoption in the biomarker altered population achieving $50 million in the first quarter total revenues.

Dave: For further expansion moving into her to one line earlier.

Dave: Following approval in November last year, we are pleased with the strong true cap adoption in the biomarker altered population achieving $50 million in the first quarter total revenues.

Looking forward, we anticipate further expansion of Tegra, so with the approval of Florida, two in frontline non small cell lung cancer and maximizing the U S launch of in her two across her two expressing tumors. Lastly, we're excited that both Adriatic and limited stage and Laura in stage III Unresectable lung cancer have been selected for the <unk> plenary session each of these.

Dave: Looking forward, we anticipate further expansion of <unk> with the approval of Florida, two in frontline non small cell lung cancer and maximizing the U S launch of her two across her two expressing tumors. Lastly, we're excited that both Adriatic and limited stage and Laura in stage III Unresectable lung cancer have been selected for the <unk> plenary session each of these.

<unk> substantial growth opportunities in the near future and beyond as Pascal has already outlined with that please advance to the next slide and I'll hand over to Susan to cover key R&D highlights in the quarter.

Dave: <unk> substantial growth opportunities in the near future and beyond as Pascal has already outlined with that please advance to the next slide and I'll hand over to Susan to cover key R&D highlights in the quarter.

Thank you Dave.

We've had an exciting start to the year with a number of key presentations, including data for our new generation PARP inhibitor Niraparib in advanced solid tumors presented at this year's ACL.

Susan: Thank you Dave.

Susan: Had an exciting start to the year with a number of key presentations, including data for our new generation pump inhibitor <unk> in advanced solid tumors presented at this year's ACL.

This quarter, we announced the proposed acquisition of fusion pharmaceuticals, furthering our ambition to redefine the backbone of current cancer treatment.

Susan: This quarter, we announced the proposed acquisition of fusion pharmaceuticals, furthering our ambition to redefine the backbone of current cancer treatment.

Along with chemotherapy radiotherapy has been a mainstay of cancer treatment for decades in fact, 30% to 50% of all patients receive radiotherapy.

Susan: Along with chemotherapy radiotherapy has been a mainstay of cancer treatment for decades.

This treatment is effective it's also toxic off target effects.

So just to 50% of all patients receive radiotherapy.

<unk> has developed a clinical stage portfolio radio conjugates that are designed to deliver radiation therapy to tumor cells and a more targeted manner than external beam radiation.

Treatment is effective it's also toxic off target effects.

Susan: Fusion has developed a clinical stage portfolio radio conjugates that are designed to deliver radiation therapy to tumor cells and a more targeted manner than external beam radiation.

As we've discussed already we believe the future of cancer care is in combinations and there's immense potential to combine <unk> with other modalities in our pipeline, including next generation Io bi specifics cell therapy T cell engages and our DNA damage response agents.

Susan: As we've discussed already we believe the future of cancer care isn't combinations unless immense potential to combine <unk> with other modalities in our pipeline, including next generation Io bi specifics cell therapy T cell engages and our DNA damage response agents.

Importantly, the planned acquisition of fusion accelerates, how radiopharmaceutical manufacturing to commercial scale capabilities by over three years.

As additional security and actinium supply with multi source supply agreements in place.

Susan: Importantly, the planned acquisition of fusion accelerates, how radiopharmaceutical manufacturing to commercial scale capabilities by over three years and offers.

The lead pipeline candidate Spi two to six five has potential to be the first opinion based pay SMA targeted radio therapy approved for the treatment of post petition metastatic castrate resistant prostate cancer.

Susan: As additional security and actinium supply with multi source supply agreements in place.

Susan: The lead pipeline candidate Spi two to six five has potential to be the first opinion base pay SMA targeted therapy approved for the treatment of post this tissue metastatic castrate resistant prostate cancer.

Spi two to six five is differentiated and has potential to be both more potent and tolerable than currently approved patriot missiles commodity conjugates.

Spi two to six five is differentiated and has potential to be both more potent and tolerable than currently approved feature admits as commodity conjugates.

Data presented earlier this month of ICR demonstrated further validation of Spi two to six five efficacy and tolerability.

Say 50 responses achieved 50% of patients overall, and the 43% of the lutetium treated patient population at.

Susan: Data presented earlier this month at ACR demonstrated further validation of <unk> six five efficacy and Tolerability.

54% of the lutetium naive population.

Susan: You say 50 responses achieved a 50% of patients overall and the 43% of the lutetium treated patient population.

Furthermore, there was there a discontinuation but related to xerostomia, our common toxicity.

Susan: 54% of the lutetium naive population.

We believe that our proven expertise in targeted delivery together with fusions clinical stage portfolio and manufacturing capabilities, because that's an opportunity for clear leadership and nobody called you get space.

Susan: Furthermore, there was there a discontinuation but related to xerostomia, our common toxicity.

Susan: We believe that our proven expertise in targeted delivery together with fusions clinical stage portfolio and manufacturing capabilities, because that's an opportunity for clear leadership in the RIDEA conjugate space.

With that please advance to the next slide and I'll pass over to Ruud to cover Biopharmaceuticals performance.

Thank you Susan and excellent. Please Barr pharmaceuticals delivered total revenue of $5 $2 billion in the first quarter of 2024 representing growth of 16%.

Susan: With that please advance to the next slide and I'll pass over to Ruud to cover Biopharmaceuticals performance.

Ruud: Thank you Susan and excellent piece, where pharmaceuticals delivered total revenue of $5 $2 billion in the first quarter of 2024 representing growth of 16%.

Our key underlying growth drivers remain in place, including the continuous growth of the largest cardio renal medicine on the market for CECO.

Our key underlying growth drivers remain in place, including the continued growth of the largest cardio renal medicine on the market for CECO the increased uptake of our biological medicines in severe asthma.

The increase uptake of our biologic medicines in severe asthma.

The ongoing momentum behind grocery our inhaled COPD medicine.

In the United States demand for procedure were strong in the quarter and benefited from the launch of an authorized generic we.

Ruud: The ongoing momentum behind <unk>, our inhaled COPD medicine.

We saw solid growth in emerging markets. Despite the entry of generic competition in some countries.

Ruud: In the United States demand for procedure were strong in the quarter and benefited from the launch of an authorized generic.

We still anticipate for Seeger, maybe included in China Pvp in the second half of 2024.

We saw solid growth in emerging markets. Despite the entry of generic competition in some countries.

Additionally, we saw strong symbicort performance in the first quarter despite generic pressures.

Ruud: Presently we still anticipate for Seeger, maybe included in China Pvp in the second half of 2024.

This was this was particularly evident in emerging markets, where we saw strong underlying demand in both China and ex China markets strengthening its position as market leader in the region.

Ruud: Additionally, we saw strong symbicort performance in the first quarter despite generic precious.

Ruud: These risks.

Ruud: This was particularly evident in emerging markets, where we saw strong underlying demand in both China and ex China markets strengthening its position as market leader in the region.

Awareness of <unk> continues to grow and more than 18000 healthcare practitioners have prescribed this new medicine.

Ruud: Awareness of <unk> continues to grow and more than 18000 healthcare practitioners have prescribed this new medicine translating into 65000 prescriptions in the quarter.

<unk> is a 65000 prescriptions in the quarter.

The performance has been particularly strong among specialists.

Supra already has over 50% of new share prescriptions biologist and over 10% share of prescriptions from Pulmonologists.

Ruud: The performance has been particularly strong among specialists.

Ruud: Supra already has over 50% of new share prescriptions biologist and over 10% share of prescriptions from Pulmonologists.

<unk> is still in the first few months of launch our revenues in quarter. One did not reflect the full extent of initial demand due to introductory discounts.

Ruud: <unk> is still in the first few months of launch our revenues in quarter. One did not reflect the full extent of initial demand due to introductory discounts.

These introductory discounts will fit through the year as we continue to expand access.

Awareness is also building four we knew well and we are very pleased to report our first revenues. This quarter. Following its recent approval for <unk>, our potent neuropathy in the United States.

Ruud: These introductory discounts will fit through the year as we continue to expand access.

Ruud: Awareness is also building for a new well and we are very pleased to report our first revenues. This quarter. Following its recent approval for <unk> in the United States.

We're nowhere has only been available for a few weeks, which we are seeing good uptake among patients, including some who are new to the clause of medicine and some that have switched from other brands.

Ruud: We knew one has only been available for a few weeks, which we are seeing good uptake among patients, including some who are new to the class of medicine, and some that have switched from other brands.

Finally, we saw continued sales from a fortis in quarter, one, albeit with the expected seasonal drop versus quarter four.

Ruud: Finally, we saw continued sales from <unk> in quarter, one, albeit with the expected seasonal drop versus quarter four.

We were particularly pleased to see the real world data coming out of the U S was the center of disease control reporting that before this was 90% effective at preventing infants from being hospitalized with RSV.

Ruud: We were particularly pleased to see the real world data coming out of the U S was the center of disease control reporting that before this was 90% effective at preventing infants from being hospitalized with RSV.

Next slide please I will now hand over to Sharon to discuss our ongoing development program for renewal.

<unk> cardiomyopathy, where we have the potential to reach up to a half a million patients globally.

Ruud: Next slide please I will now hand over to Sharon to discuss our ongoing development program for renewal.

Thanks Jade.

To take the opportunity to highlight results from our 66 week analysis of exploratory cardiac endpoint in the phase III neuro <unk> transform study of why nila and hereditary <unk> polyneuropathy.

Sharon: <unk> cardiomyopathy, where we have the potential to reach up to half a million patients globally.

Sharon: Thanks Jade.

Sharon: To take the opportunity to highlight results from our 66 week analysis of exploratory cardiac endpoint in the phase III neuro transform study of <unk> in hereditary <unk> polyneuropathy.

In a predefined cardiac subgroup of hereditary <unk> polyneuropathy patients treatment with a planned person showed stabilization or improvement in cardiac function and structure relative to external placebo, including levels of NT pro BNP, a measure of cardiac stress and a trend towards improvement in echocardiographic per.

In a predefined cardiac subgroup of hereditary <unk> polyneuropathy patients treatment with <unk> showed stabilization or improvement in cardiac function and structure relative to external placebo, including levels of empty pro BNP, a measure of cardiac stress and a trend towards improvement in echocardiographic per.

Amateurs, such as left ventricular wall thickness, diastolic and stroke volume.

These results provide confidence in our phase III cardio transform trial and ATM PTR cardiomyopathy.

<unk>, such as left ventricular wall thickness, diastolic and stroke volume.

<unk> cardiomyopathy is a systemic progressive and fatal condition. It typically leads to progressive heart failure, and often death within three to five years from disease onset.

Sharon: These results provide confidence in our phase III cardio transform trial in ATF PTR cardiomyopathy.

Sharon: <unk> cardiomyopathy is a systemic progressive and fatal condition. It typically leads to progressive heart failure, and often death within three to five years from disease onset.

With more than 1400 patients enrolled cardio transform is the largest most comprehensive ATT our cardiomyopathy study and importantly includes cardiovascular outcome endpoint.

Sharon: With more than 1400 patients enrolled cardio transform is the largest most comprehensive ATR cardiomyopathy study and importantly includes cardiovascular outcome endpoints.

In other key programs, we continue to maximize the opportunity for a best in class <unk> inhibitor by Cedar.

We have the potential to manage cardio renal disease through three distinct mechanism mechanism.

Sharon: In other key programs, we continue to maximize the opportunity for a best in class <unk> inhibitor by Cedar.

Complimentary dual mechanisms combining dapagliflozin with Boston Ronan Baxter's that receive the attention I am delighted to announce that all three combinations are now in phase III.

Sharon: We have the potential to manage cardio renal disease through three distinct mechanisms mechanism.

Sharon: Complementary dual mechanisms combining dapagliflozin with both phenomenon extra stat placebo tinton I am delighted to announce that all three combinations are now in phase III.

Please move to the next slide and I will now hand over to Mark who will cover our rare disease portfolio.

Thank you Sharon you kind of get the next slide please.

Sharon: Please move to the next slide and I will now hand over to Mark who will cover our rare disease portfolio.

I'm delighted to report rare disease delivered our first $2 billion.

Mark: Thank you Sharon you kind of get the next slide please.

Total revenue quarter up 16%.

Mark: I'm delighted to report rare disease delivered our first $2 billion.

Year on year.

The growth rate that includes a small benefit from countries with high inflation.

Revenue quarter up 16%.

Growth was driven by knowledge indication increased patient demand and launches in new markets.

Mark: Year on year.

Mark: The growth rate that includes a small benefit from countries with high inflation.

In the quarter.

Sharon: Growth was driven by knowledge indication increased patient demand and launches in new markets.

<unk> revenue grew 34% with the vast majority of growth coming from June, Illinois Misdiagnosis.

Sharon: In the quarter.

Gmg patients grew by 50%, 41% driven.

Sharon: <unk> revenue grew 30% with the vast majority of growth coming from Illinois Misdiagnosis.

Driven by demand in Europe, and established rest of the world.

Sharon: <unk> patients grew by 41% driven.

In the U S. We.

We saw the highest number of new to brand vision in the quarter.

Sharon: Driven by demand in Europe, and established rest of the world.

Supported by increased promotional activities.

Sharon: In the U S. We.

Sharon: We saw the highest number of new to brand vision in the quarter.

During the quarter, we received U S approval of its communities and employees.

Sharon: Supported by increased promotional activities.

In the phase III jump John enemies your trial.

Sharon: During the quarter, we received U S approval of its communities in MRI.

To me. This is the most with zero educated relapses over 138 weeks.

Sharon: In the phase III Chump, John and immediacy trial.

Given the strength of these data, we expect to accumulate to be the treatment of choice for <unk> patients naive to biologics.

Sharon: <unk> demonstrated zero adjudicated relapses over 138 weeks.

Sharon: Given the strength of these data, we expect <unk> to be the treatment of choice for relapsing patients naive to biologics.

We expect especially.

Patient on Soliris to convert to <unk> over the short term.

Following approval in the U S and EU avoid.

Sharon: We expect.

Patient on Soliris to convert to <unk> over the short term.

Another <unk> therapy and.

Ensure that <unk> patients, we experienced clinically significant extravascular hemolysis.

Sharon: Following approval in the U S and EU avoid another <unk> therapy.

To continue on standard of care <unk> Soliris.

Sharon: And should that be in these patients we experienced clinically significant extravascular hemolysis.

Beyond complement both <unk> and <unk> grew 21, and 80% respectively, driven by continued patient demand as well as order timing in certain tender markets. Please.

Sharon: To continue on standard of care <unk>.

Speaker Change: Please <unk>.

Speaker Change: Beyond complement both <unk> and <unk> grew 21 and 80% respectively.

Please advance to the next slide.

Speaker Change: Driven by continued patient demand as well as order timing in certain tender markets. Please.

During the quarter, we announced our plans to acquire <unk> pharma, which includes a phase III asset enable power died for patient with <unk>.

Speaker Change: Please advance to the next slide.

Speaker Change: Yeah.

Speaker Change: During the quarter, we announced our plans to acquire <unk> pharma, which includes a phase III asset enable pilot died for patient with <unk>.

<unk> is characterized by deficiency in policy, where you don't want production, which results in significant discrete aggregation of <unk> shipments phosphate leading to lie felt during symptoms and complications.

Speaker Change: <unk> is characterized by deficiency in policy, where you don't want production, which results in significant discrete aggregation of <unk> shipments phosphate leading lifestyle during symptoms and complications.

Potentially including chronic kidney disease.

It is one of the largest known rare diseases.

Phase II data from enable volatile showed a normalization of serum <unk> level and a reduction in dependence on daily calcium and vitamin D soup womens both clinical priorities for treating patients.

Speaker Change: Potentially including chronic kidney disease.

Speaker Change: It is one of the largest known rare diseases.

Speaker Change: Phase II data from enable volatile showed a normalization of serum <unk> level and the reduction in dependence on daily calcium and vitamin D soup womens both clinical priorities for treating patients.

Data also suggested that enable pilot died other potential to restore normal bone turnover and preserve bone mineral density.

Speaker Change: Data also suggested that enable pellet died other potential to restore normal bone turnover and preserve bone mineral density.

We believe enable power died as blockbuster potential.

And anticipate data from the phase III Calypso trial in 2025.

Speaker Change: We believe enable power died as blockbuster potential.

With that please advance to the next slide and I will hand back to Pascal for closing remarks. Thank you Marc can I have the next slide. Please as you have heard the company has made a very strong start to 2024 with demand for our medicines continuing to grow looking.

Speaker Change: Anticipate data from the phase III Calypso trial in 2025.

Speaker Change: With that please advance to the next slide and I will hand back to Pascal for closing remarks. Thank you Marc can I have the next slide please.

Pascal: As you have heard our company has made a very strong start to 2024 with demand for our medicines continuing to grow.

Looking ahead, we are once again anticipating multiple pivotal trials to read throughout the remainder of the year.

Several important potential catalysts are shown here as well as the Sydney Bradesco, six which Dave spoke about earlier I would like to highlight capital 2281, which would be the first registrational study of talk up in prostate cancer, an important potential new growth driver for this medicine.

Pascal: Looking ahead, we are once again anticipating multiple pivotal trials to reach throughout the remainder of the year.

Pascal: Several important potential catalyst are shown here as well as the Sydney Bristow six which Dave spoke about earlier I would like to highlight capital 2281, which would be the first registrational study of <unk> in prostate cancer, an important potential new growth driver for this mess.

<unk>.

Since our full year 2023 update we have initiated the <unk> pivotal trial shown here all of which are potentially transformative for patients and could meaningfully accelerate our walls.

Listen.

Pascal: Since our full year 2023 update we have initiated the pivotal trial is shown here all of which half potentially transformative for patients and could meaningfully accelerates our walls.

In addition to the exceptional delivery from our internal pipeline.

Also been very active with business development building capabilities, and adding new platforms to strengthen our R&D efforts in key areas, which we believe have the potential to radically improve patient outcomes, including other conjugates gene therapies and cell therapies.

Pascal: In addition to the exceptional delivery from our internal pipeline. We've also been very active with business development building capabilities, and adding new platforms to strengthen our R&D efforts in key areas, which we believe have the potential to radically improve patient outcomes, including hydro conjugates gene therapies and <unk>.

We're very much looking forward to sharing more details about our pipeline and the long term outlook for our company.

Pascal: Cell therapies.

Upcoming Investor day on the 20 <unk> of May.

We're very much looking forward to sharing more details about our pipeline and the long term outlook for our company.

Ladies advance to the next slide and we will go to the Q&A as Andy mentioned at the start of the call. Please limit the number of questions. You asked to allow all of US a fair chance to participate.

Pascal: Our upcoming Investor day on the 21st of May.

Pascal: Ladies advanced to the next slide and we will go to the Q&A as Andy mentioned at the start of the call. Please.

Online. Please use the raise your hand function on zoom and with that let's move to the first question, which is from James Gordon of GPM over to James.

Speaker Change: Please limit the number of questions you asked to allow all of US a fair chance to participate.

Speaker Change: Also online please use the raise your hand function on zoom and with that let's move to the first question, which is from James Gordon of GPM over to James.

Hello, James Gordon Jpmorgan, Thanks for taking the questions.

First question is on 24 guidance states very strong revenue growth, 19% and in order not to grow revenues at teens. It looks like you'd be told me about.

Hello, James Gordon Jpmorgan, Thanks for taking the questions.

James Daniel Gordon: First question is on 24 guidance states very strong revenue growth, 19% and in order not to grow revenues at teens. It looks like you'd be told me about.

And about 10% for the rest of the year so in.

In terms of headwinds, we should be mindful of that.

Five nine percentage points of deceleration.

I had a comment or maybe for Zika BTT and infinity price in Japan.

James Daniel Gordon: And about 10% for the rest of the year so intense.

James Daniel Gordon: In terms of headwinds, we should be mindful of that.

Els and in particular for.

James Daniel Gordon: Five nine percentage points of deceleration.

<unk> typical integration that were very strong this quarter and other things through the year, we need to watch out for what does that look quite sustainable.

James Daniel Gordon: I had a comment or maybe for Zika bvd and infinity price in Japan, but anything else in particular.

And also 24 guidance just on Opex the ratios look pretty good.

<unk> typical integration that were very strong this quarter and other things through the year, we need to account for what does that look quite sustainable.

But this is with the strong top line and before that you deal with studies. So its revenue growth slowed through the year and you consolidate these deals do we need to be careful on those ratios or can you still keep a pretty high margin.

James Daniel Gordon: And also 'twenty full guidance just on Opex ratio liquidity gets tight.

James Daniel Gordon: But this is with the strong top line before the two deals in place.

James Daniel Gordon: So if revenue growth is a little slower through the year.

And if I could squeeze in a quick second question just continuing in the or with Yoki. One. So I believe you've expanded petroleum may be taking pricing higher.

James Daniel Gordon: You can consolidate these deals do we need to be careful on those ratios or can you still keep a pretty high margin.

So what is the latest thinking in terms of where we might see the data I didn't see a reference to Adi.

And if I can squeeze in a quick second question just continuing on the <unk>. So I believe you've expanded petroleum may be taking pricing higher.

How are you thinking about how competitive this product might look in terms of the weight loss and other aspects with its mother, we can beat us with competitors.

So what is the latest thinking in terms of where we might see the data I didn't see a reference to Adi and how you're now thinking about how competitive this product might look in terms of the weight loss and other aspects versus some other we can readouts with competitors.

Thank you James James So I'll have Matt maybe you can take the first one and Sean would you take the second one.

Great. Thank you James for the question.

Speaker Change: Thank you James James So I'll have Matt maybe you can take the first one and Sean would you take the second one.

It is obviously early in the year and as you know generally we don't update or provide more color on the guidance in first quarter.

Matt: Thank you Jim for the question.

Matt: It is obviously early in the year and as you know generally we don't update or provide more color on the guidance in first quarter <unk>.

You've seen from the reported results of the underlying trend in our revenue product sales is very very strong across the board.

You've also mentioned some of the uncertainties that rule would also mentioned as well as Dave So those onto identities are there for the remainder of the year. However.

Matt: <unk> seen from the reported results of the underlying trends in our revenue product sales is very very strong across the board.

You've also mentioned some of the uncertainties that we would also mentioned as well as the dates of those unsecured entities are there for the remainder of the year. However.

However, if our momentum continues the way it has been in the first quarter and some of these uncertainties on the BP.

Pricing et cetera are in our favor.

However, if our momentum continues the way it has been in the first quarter and some of these uncertain entities on the BP.

You can think about our product revenues, our product sales and alliance revenues could be at the upper end of our range or higher so again, we're not updating our guidance at this point.

Matt: Pricing et cetera are in our favor.

Matt: You can think about our product revenues, our product sales and alliance revenues could be at the upper end of our range or higher so but again, we're not updating our guidance at this point.

We will continue to invest in our R&D for the long term, including the acquired product and continue to invest in SG&A to drive the top line momentum that you've seen.

We will continue to invest in our R&D for the long term, including the acquired product and continue to invest in SG&A to drive the topline momentum that you've seen.

Operating leverage continues to be a focus for us and again, you've seen this quarter as well as 19% revenue growth and 13% SG&A growth.

Matt: Operating leverage continues to be a focus for us and again, you've seen this quarter as well as 19% revenue growth and 13% SG&A growth.

And we will try to maintain stronger revenue growth that expense growth in the coming quarters as well.

That may be Sharon sure. So thank you for the question about ACD five series here for our oral clip one receptor agonist really excited about this molecule and its potential to treat the inter related newness of cardio metabolic and cardio renal disease, you asked specifically about the phase one study and as I'm sure you are aware we completed.

Matt: And we will try to maintain stronger revenue growth that expense growth in the coming quarters as well.

Speaker Change: That may be Sharon sure. So thank you for the question about ACD five series, even for oral clip one receptor agonist.

Sharon: We're really excited about this molecule and its potential to treat the inter related ness of cardio metabolic and cardio renal disease, you asked specifically about the phase one study and as I'm sure you're aware and completed together with Jean a highly controlled inpatient phase one earlier. This year, we have the data in hand, and look forward to presenting that at in ups.

Together with <unk>, a highly controlled inpatient phase one earlier this year, we have the data in hand, and look forward to presenting that at an upcoming medical conference later this year.

You also asked about how we view the competitive position of this molecule and recognizing that it is a highly competitive field, we do feel very optimistic about the potential finish molecule.

Sharon: <unk> Medical conference later this year.

Sharon: You also asked about how we view the competitive position of this molecule and recognizing that it is a highly competitive field, we do feel very optimistic about the potential for this molecule.

As a standalone as well as in combination when we think about how we're treating obesity and metabolic health I think we honestly do ourselves a disservice by referring to this is obesity, what I'd like us to do is think about this more clearly as treating the interconnectedness of disease and to that end, we are uniquely well positioned.

Sharon: As a standalone as well as in combination when we think about how we're treating obesity.

Sharon: Well I think we honestly do ourselves a disservice by referring to this is obesity, what I'd like to continue to think about this more clearly as treating the interconnectedness of disease and to that end, we are uniquely well positioned to combine this orally available molecule with other molecules in our portfolio that help address those interrelated diseases as an example.

To combine this orally available molecule with other molecules in our portfolio that help address those interrelated diseases. As an example, combining <unk> four with our <unk> inhibitor.

So when we think about this we can imagine that at a fixed dose we may want windows that would be compatible for fixed dose combinations and another dose that would be more compatible for.

Sharon: Combining <unk> with our <unk> inhibitor.

Sharon: So when we think about this we can imagine that at a fixed dose. We may want one dose that would be compatible for fixed dose combinations and another dose that would be more compatible for.

Additional weight loss and obesity indications and we'll keep that in mind as we continue to design our clinical development programs moving forward. We have publicly stated that we will be launching two phase <unk> studies later this year when in obesity and one in type two diabetes.

Sharon: Additional weight loss and obesity indications and we'll keep that in mind as we continue to design our clinical development programs moving forward. We have publicly stated that we will be launching two phase <unk> studies later this year when in obesity and one in type two diabetes.

Thank you Sean.

So im going to ask the question of the dose, but you got to remember that not everybody needs to lose the same amount of weight and so as you target higher.

Speaker Change: Thanks, Sean.

Speaker Change: So im going to ask the question of the dose.

Higher weight losses, Sean was talking about in the obesity Sigma.

Sean: You got to remember that not everybody needs to lose the same amount of weight.

We would expect to have to go through a titration regimen and get to a higher dose. So it's not surprising that we would explore different doses, depending on how much weight loss patients.

Speaker Change: So as you target higher.

Speaker Change: Higher weight losses, Sean was talking about the new basis Sigma.

Speaker Change: You would expect to have to go through a titration regimen and get to Io dose. So it's not surprising that we would explore from those is depending on how much weight loss patient saw.

The next question is.

Seamless Shannon this is gonna Guggenheim although to CMS.

Great. Thanks for the question so.

Speaker Change: Meeting the next question is.

<unk>.

Speaker Change: CMS Shannon this is Google Guggenheim although to Cmos.

I guess.

Pascal is a little bit of a preview of the upcoming analyst event, just hoping that you could provide us with a little bit of color on how you're thinking about cancel or updated.

CMS Shannon: Great. Thanks for the question so.

Speaker Change: I guess.

Speaker Change: Pascal a little bit of a preview of the upcoming analyst events, just hoping that you could provide us with a little bit of color on how you're thinking about potential for updated.

Guidance.

The most important factor of the meeting really giving and helping us understand long term visibility around revenue.

Speaker Change: Guidance.

Or is it more on margin or a little bit of both and then just.

Speaker Change: The most important factor of the meeting really giving and helping us understand long term visibility around revenue.

Second question.

As we think about the three products that you've highlighted on the.

Speaker Change: Or is it more on margins are a little bit of both and then just.

Speaker Change: Second question.

Biopharma side of the business the oral PCF canine.

Speaker Change: As we think about the three products that you've highlighted on the.

The G L P. One and the long acting amylin, just hoping you can help us.

Speaker Change: Biopharma side of the business the oral PCF canine.

To provide some context around of the three.

Speaker Change: The <unk> and.

Speaker Change: The long acting amylin, just hoping you could help us.

Which you're most excited about.

And perhaps when we might see data on all right. Thanks.

Speaker Change: Provide some context around of the three.

Speaker Change: Which you're most excited about.

Thanks, so much.

First question about the Investor day.

Speaker Change: And perhaps when we might see data on all three.

I guess I would like to invite you to join us in a very full coverage to see more of the details of what we're going to present, but the short answer to your question is a little bit of both essentially what we want to do.

Speaker Change: Thanks Dennis.

First question about the Investor day.

Speaker Change: I guess I would like to invite you to join Us and Vodafone, Cambridge to see more of the details of what we're going to present, but the short answer to your question is a little bit of both essentially what we want to do.

His show people, how we are looking at what I call today Tomorrow under the after today's what what what do we intend to deliver in terms of our financial.

Speaker Change: As show people, how we are looking at what I call today Tomorrow and the day after today's what what what do we intend to deliver in some of our onshore.

Progression in 'twenty four 'twenty five 'twenty six.

Tomorrow is what other products, we are going to launch.

Speaker Change: Progression in 'twenty four 'twenty five 'twenty six.

That will drive our growth between 2025 and 2030.

Tomorrow is what other products, we are going to launch.

What is our strategy, there where do we intend to do with our pipeline and one of the products. We believe our growth drivers to 2030 and the day. After tomorrow is really the sort of post 2030 period and what are what do we believe other technologies that will shape the future of medicine in oncology and beyond.

Speaker Change: It will drive outflows between 2025 and 2030.

What is our strategy, there where do we intend to do with our pipeline and one of the products. We believe our growth drivers to 2030 and the day. After tomorrow is really is a sort of post 2030 period.

How are we building some of those platforms that will help us shape participate in shaping the future of medicine in the therapy areas, where we are so that's really what we want to do at the Investor Day, and we also offer for those of you who are early risers and will be physically on site. We're not also give you a chance to.

Speaker Change: And what are what do we believe all the technologies that will shape, the future of medicine in oncology and beyond.

Speaker Change: How are we building some of those platforms that will help us shape participate in shaping the future of medicine in the therapy areas, where we are so that's really what we want to do at the Investor Day, and we also offer for those of you early risers and will be physically on site will also give you a chance to.

Look around our site and experience a little bit.

What we have on site. So second question, let me give you a give you a couple of comments and then there'll be Oh, then Shaun could add.

Speaker Change: Look around.

Speaker Change: <unk> and experience a little bit.

We always more excited about products for which we have more advanced data those three products of course exciting, but we have more data off of the pieces canine, which as you know a very exciting product.

Speaker Change: What we have on site. So second question, let me give you a give you a couple of comments and then there'd be order then Shaun could add.

Speaker Change: We always more excited about the product.

Speaker Change: Have more advanced data those three products are of course exciting, but we have more data off of the <unk> canine which is.

And there are some other tough for the all the plan long.

Long acting.

It's technically interesting, but we need more data, but it's southern has so far looks pretty good and we think we can actually as Sean said with the combination of <unk> and the rest of our pipeline not only in <unk>, but also that path.

Speaker Change: Very exciting product.

Shaun: And there were some other tough for the all the plan long acting.

Shaun: Just technically interesting, but we need more data, but it's southern has so far looks pretty good and we think we can actually as Sean said with the combination of <unk> and the rest of our pipeline not only emphasis going on but also that Paul.

And also potentially by source that we can make a difference in this segment of patients who need to lose weight, but also manage that cardiovascular risk factors and then the obs segment, where people need to lose 20% to 25%.

Shaun: So potentially back source that we can make a difference in this segment of patients who need to lose weight, but also manage that cardiovascular risk factors and then the obese segment, where people need to lose 20% to 25% of their weight and we can look at combining alcoholic leap one with <unk>.

Their weight and we can look at combining our Holly glib, one with their own directing imaging or some other mechanisms.

Sure.

Maybe also add a little bit.

On how you see this pipeline shortly so I'll jump in on both people often ask about which molecule and more excited about it and I find that very difficult to answer because obviously I'm very invested in all of them, but the first one that you asked about was our <unk> inhibitor and we are extremely excited about the potential for this molecule we will be releasing phase one data.

Shaun: Some other mechanisms.

Shaun: Sean do you want to maybe also add a little bit.

Shaun:

Sean: You see the pipeline shortly so I'll jump in on both people often ask about which I'd like to run more excited about it and I find that very difficult to answer because obviously very invested in all of them, but the first one that you asked about was our oral <unk> inhibitor and we are extremely excited about the potential for this molecule we will be releasing phase one data at an upcoming conference.

At an upcoming conference in the near future.

But I think it's safe to say that we set ourselves a very high bar with this molecule and we ask that it be able to meet a major unmet medical need we know that despite high intensity statin about half the patients with cardiovascular disease are not hitting their LDL targets and so we asked this molecule to be able to offer substantial though.

Sean: Today in near future.

Sean: But I think it's safe to say that we set ourselves a very high bar with this molecule and we ask that it be able to meet a major unmet medical need we know that despite high intensity statin about half the patients with cardiovascular disease are not hitting their LDL targets until we asked this molecule to be able to offer substantial.

On top of statin, and we're very encouraged by the data that we see so we are actively moving forward with this molecule in clinical development and thrilled to be sharing the data at an upcoming conference.

Sean: Lowering on top of statin, and we're very encouraged by the data that we see so we are actively moving forward with this molecule in clinical development and thrilled to be sharing data at an upcoming conference.

Relatedly you asked about our obesity portfolio and again I think I would really think of it more as our optimal weight management portfolio in which we are exploring both increasing and non incretin pathways as multiple mechanisms to manage both weight and interrelated cardio metabolic and cardiovascular disease. So we are positioned.

Speaker Change: <unk> you asked about our obesity portfolio and again I think I would really think of it more as our optimal weight management portfolio in which we are exploring both non incretin pathways as multiple mechanisms to manage both weight and interrelated cardio metabolic and cardiovascular disease. So we are positioned to go.

To go beyond short term weight loss and to deliver long term weight management and healthy lean mass management.

I think cardio metabolic risk and also Oregon protection, and we think that we'll be able to achieve this by driving forward with multiple mechanisms in combination thinking about both the incretin pathways as we've discussed earlier with five zero, therefore, and non Incretin pathways for example, with long acting amylin analogue.

Speaker Change: Beyond short term weight loss and to deliver long term weight management and healthy lean mass management.

Speaker Change: Addressing cardio metabolic risk and also organ protection and we think that we'll be able to achieve this by driving forward with multiple mechanisms in combination thinking about both the incretin pathways as we've discussed earlier with final tier four and non Incretin pathways for example, with long acting amylin.

Long acting amylin as you can imagine is a different route of administration and we think could offer some additive benefits outside of that that we're already seeing any increase in pathway. So we are accelerating several assets to phase one we spoke earlier about five years. Therefore.

Speaker Change: Long acting amylin as you can imagine is a different route of administration and we think could offer some additive benefits outside of that that we're already seeing in the incretin pathway. So we are accelerating several assets through phase one we spoke earlier about five years for <unk>.

<unk> 63, four is our long acting amylin AED 90, 550 is <unk> include the guy in dual receptor agonist and both of those latter two molecules are progressing through phase one we look forward to sharing the data with you in may.

Speaker Change: 63, four is our long acting amylin AED 950 is <unk>, one glucagon dual receptor agonist.

Thanks, Sean.

Or anything you want to Toronto.

Speaker Change: And both of those latter two molecules are progressing to phase one we look forward to sharing the data with you in may.

So let's move to the next question such Adjourn at Bank of America, such and over to you.

Speaker Change: Thanks, Sean.

Speaker Change: Anything you want to Toronto.

Thanks for taking my question Sachin Jain Bank of America first one for Dave on true cap.

Sean: Got it.

Sean: So let's move to the next question such Adjourn at Bank of America, such and over to you.

Strong first quarter, just any initial launch feedback.

And then I'm going to try and on Gucci Rush talked to about $2 billion <unk> yesterday I Wonder if you could talk about the relative profile of your asset related to the asking whether you go bigger than <unk> been unimpressed and size of prostate opportunity that Pascal specifically called out our second question is for Susan.

Sean: Thanks for taking my question Sachin Jain Bank of America first one for Dave on true cap.

Sachin Jain: Our strong first quarter, just any initial launch feedback.

Sachin Jain: Then I'm going to try and on Gucci Rush talk to about $2 billion <unk> yesterday I Wonder if you could talk about the relative profile of your asset related to the asking whether you'd go bigger than cheap in unimpressed and size of the prostate opportunity that Pascal specifically called out our second question is for season.

So is June 25 at when do we see the data that informs on your confidence in what I'm. After there is timing of anti trop two biomarker data on what should we focus on free tailored to Alaska.

Sachin Jain: All is June 25 at when do we see the data that informs on your confidence in what I'm. After there is timing of any trop two biomarker data on what should we focus on from Taylor to Alaska.

Deutsche <unk> commented too and then last quick question for Sharon plant since not 25 plus.

Do you still plan on entering next year. Thank you.

Sachin Jain: You've commented too and then last quick question for Sharon upon since not 25% plus.

Yeah.

Doug do you want to stop sure. Thanks Sachin for the question. So on true cap. We are really pleased with the launch and following what was a really positive reception to the presentation of the data we've seen that the uptake is aren't really moving quite nicely and I think that uptake in the biomarker population really speaks.

Speaker Change: Do you plan on interim next year. Thank you.

Speaker Change: Doug do you want to stop and sure. Thanks Sachin for the question. So on true cap. We are really pleased with the launch and following what was a really positive reception to the presentation of the data we've seen that the uptake.

The need to extend the endocrine based therapies.

As aren't really moving quite nicely and I think that uptake in the biomarker population really speaks to the need to extend the endocrine based therapies.

We see testing rates are well established by Ngls in the U S. So we've got over 60% on that and while there was a previous standard of care with <unk>, we're seeing that rapidly get displaced those still plenty of opportunity to continue to grow within that segment.

Doug: We see testing rates are well established by <unk> in the U S. So we've got over 60% on that and while there was a previous standard of care with the <unk>, we're seeing that rapidly get displaced those still plenty of opportunity to continue to grow within that segment.

So demand is off to a very good start, though I think that there is certainly <unk>.

Much more opportunity for us to continue to grow.

Doug: So demand is off to a very good start, though I think that there is certainly much more opportunity for us to continue to grow there.

Theres some late line bullets that we're probably seeing within the numbers as well, but again I think that the underlying demand in the indication that we've got is very very strong on your specific question also around comparison to the Novo <unk> 'twenty data.

Theres some late line bolus that we're probably seeing within the numbers as well, but again I think that the underlying demand in the indication that we've got is very very strong on your specific question also around comparison to the <unk> 120 data.

From my and our understanding I think that you first have to take a look at the inclusion criteria. The inclusion criteria are certainly different.

Doug: From my and our understanding I think you first have to take a look at the inclusion criteria. The inclusion criteria are certainly different.

Between that study and $2 91 in that study. The inclusion criteria are only include patients who have progressed during or within 12 months of adjuvant <unk> completion.

Doug: Between that study and 291 in that study. The inclusion criteria are only include patients who have progressed during or within 12 months of adjuvant ETE completion.

It's also limited to the <unk> patient population. So if you take a look at 291 within that context.

It's also limited to the <unk> patient population. So if you take a look at 291 within that context.

We really have the de novo in the non early relapses in the second line post CDK four six plus AI setting in addition to the fast progresses.

Doug: We really have the de novo in the non early relapse or is in the second line post CDK four six plus AI setting in addition to the fast progresses.

And I see more like three quarters of the patients falling into this de novo non early relapse or population so.

I'm enthusiastic about the opportunity in breast cancer I am enthusiastic about the opportunity also on prostate cancer and I think you put these two together and we've got the potential for.

Doug: And I see more like three quarters of the patients falling into this de novo non early relapse or population so.

Doug: I'm enthusiastic about the opportunity in breast cancer I am enthusiastic about the opportunity also on prostate cancer and I think you put these two together and we've got the potential for.

True cap to be a multi blockbuster.

Okay. Thanks, Dave So first answer again, yes, as I said, the Charles going well, but the trop two.

True cap to be a multi blockbuster.

Biomarker data I expect that we would be able to share those data at the Congress within the next 12 months, certainly and as far as Africa goes one thing beyond the lung cancer.

Speaker Change: Okay. Thanks, Dave So first answer again, yes, as I said, the trials going well, but the trop two.

Speaker Change: Biomarker data I expect that we would be able to share those data at the Congress within the next 12 months certainly as far as <unk> goes one thing beyond the lung cancer.

I said that I would encourage you to try to I can look at is the I spy two day, two which is the neo adjuvant study.

And breast cancer again looking at the combination of.

Speaker Change: I said that I would encourage you to try to I could look at is the I spy two data, which is the neo adjuvant study.

Gotcha.

In terms in that in that setting.

So you know.

And breast cancer again looking at the combination of.

I think they were.

It continues to be happy with the profile that we're seeing for data plus all the other costs. The first line settings in lung cancer the safety.

Speaker Change: <unk>.

Speaker Change: <unk>.

Speaker Change: Obsessing.

Speaker Change: So you know.

Speaker Change: Thank you.

Is looking very reasonable because many patients now enrolled into this first line settings.

Speaker Change: We continue to be happy with the profile that we're seeing for data portfolio of course, the first line settings in lung cancer the safety.

As we move this combination into the earlier lines in settings like the neo adjuvant setting.

Speaker Change:

Speaker Change: It's looking very reasonable could you call out.

Speaker Change: Many patients now enrolled into this first line settings.

I think both the safety on the efficacy profile looking coaching so.

Speaker Change: Again, as we move this combination into the earlier lines in settings like the Neo adjuvant setting I think both the safety and efficacy profile look encouraging so.

That's what I would point you to ask them.

Thanks, Susan.

And then your last question I believe was about the Atlantis and cardio transform trial and our expected timeline for readout on that one so as I mentioned earlier today, we remain extremely optimistic and excited about the potential for this molecule and I showed you. Some early data that came from I know transplant study, which demonstrated.

Speaker Change: That's what I would point you to ask them.

Speaker Change: Thanks, Susan.

Speaker Change: And then your last question I believe was about the Atlantis and cardio transform trial and our expected timeline for readout on that one so as I mentioned earlier today, we remain extremely optimistic and excited about the potential for this molecule and I showed you. Some early data that came from the line Euro transplant study, which demonstrates.

<unk> a benefit on cardiac structure and function, which gives us additional confidence in the potential for the molecule as we walk through the cardio transform study. This molecule has the potential to be a best in class and transform care for patients with amyloidosis. So to that end, we would like to give this file the best chance for success.

Speaker Change: Did a benefit on cardiac structure and function, which gives us additional confidence in the potential for the molecule as we walk through the cardio transform study this model has.

Speaker Change: <unk> has the potential to be a best in class.

And to be able to read the full trial data at the 140 week time point that in mind, we'll continue to scan the competitive landscape and make the appropriate decisions as we move forward.

Patients with amyloidosis.

We would like to get this trial, the best chance for success and to be able to read the full trial data at the 140 week time point that in mind, we'll continue to scan the competitive landscape and make the appropriate decisions as we move forward.

Thank you Sean and such.

Part of your question, we didn't we never comment as you know on interim analysis of course, we will not do any one of the retirees.

Speaker Change: Thank you Sean and such.

Our next question is Tim Anderson at Wolfe CMO of autonomous start ratcheting up.

Part of your question, we didn't we never comment as you know on interim analysis of course, we were not doing this we will not do it here is <unk>.

Okay.

Hi, Thanks.

Life.

Speaker Change: Question is Tim Anderson at Wolfe, Tim over to you I'm going to start ratcheting up.

Couple of questions.

On that or just an update on your thinking on the lung filing in the U S. If the overall survival data Omega continues to be Directionally support of.

Speaker Change: Okay.

Timothy Minton Anderson: Hi, Thanks.

Tim Anderson: Yes.

Timothy Minton Anderson: Couple of questions.

Timothy Minton Anderson: Just an update on your thinking on the lung filing in the U S. If the overall survival data Omega continues to be Directionally support of.

And.

All of the upper end threshold of one is that enough to get U S approval.

Then what would that mean for ex U S approval and when is that next survival look going to occur.

Timothy Minton Anderson: Paul.

Paul.

Timothy Minton Anderson: And the threshold of one is that enough to get U S approval.

And then the second question.

Timothy Minton Anderson: And then what would that mean for ex U S approval and when is that next survival look going to occur.

Just emerging markets China.

We have slowed from years ago.

There are lots of companies what really stands out in your results is that non China emerging markets segment.

Speaker Change: And then second question.

Speaker Change: Just emerging markets China.

Speaker Change: We have slowed from years ago.

Which is substantial now continuing to grow but it's just not clear to me what the drivers of that are in terms of geographies and products and therefore, what the future growth expectations should be in those non China markets.

Speaker Change: There are lots of companies what really stands out in your results is that non China emerging market segment.

Which is substantial and our continuing to grow but it's just not clear to me what the drivers of that are in terms of geographies and products.

Add some commentary that would be helpful. Thank you.

Speaker Change: And therefore, what the future growth expectations should be in those non China markets.

Thank you so maybe Suzanne you could take the first one yes, so it's a <unk> champion lung one study.

Speaker Change: Add some commentary that would be helpful. Thank you.

Speaker Change: Thank you so maybe this is.

Obviously, we've.

We've announced that we have filed obviously for Oh like let's say so it is oh S. In lung cancer is an important.

Component they'll they'll want to look at it we said that the timing of the OS data is around the middle of the year.

As you know already that we saw an overall trend.

In favor of.

On the data arm in the ITT, but what we also saw as in the non squamous group.

A more positive trend with the upper end of the conference.

When the Doctor arm in the I T T, but what we also saw as in the non squamous group.

Crossing one so when we.

We were looking and hoping that they will see both of those continue or improve and I think that will be important piece to the regulatory authorities to look at them.

You know a more positive trend with the upper end of the cognizant and people just crossing one so when we were looking at.

Hoping that will that we'll see both of those continue or improve and I think that will be important piece to the regulatory authorities to look at them.

Thank you thanks for that.

The second one maybe Leon who is online I believe Lam can you actually come back on this one.

Thank you, Thanks, Sudan and the second one maybe lay on who is online I believe Lam can you actually come back on that one.

Yes.

Kim.

Actually across the all geographical Seneca emerging market has been.

Yes.

Growing rapidly and.

I think I'm.

Almost no exception and.

Actually across all geographical Seneca emerging market has been.

Of course, there is some currency depreciation in certain countries, but overall still very very strong growth and we are also.

Growing rapidly.

Almost no exception and.

Of course, there is some currency depreciation in certain countries.

In line with our global New product launch I think Tigris. So force you've got these oncology brand and also rare disease as a new.

We're all still very very strong growth and we are also.

Gross driver and.

In line with our global New product launch I think the Gristle force you've got these oncology brand and also rare disease as a new growth driver.

<unk> is also doing very well across the emerging market.

On top of that the L E.

Post patent expired products.

<unk> is also doing very well across the emerging market.

With your products.

On top of that the L. Pic post patent expired products.

Still quite that we spend very little resources and also growing nicely two supporter as cash call our new launches and also across the region. We are speeding up the approval in.

Legacy products.

<unk> quite that we spend very little resource and also.

Growing nicely to supporter as cash call, our new launches and also across the region. We are speeding up the approval.

Many emerging markets. So we launched new products much earlier than before.

Thanks, <unk>, so net net Tim element there you have to really two factors. One is we have a very strong commercial footprint in those countries. Now we are actually the number one pharma company in the international region.

Emerging markets, so when we launch new products much earlier than before.

Thanks, <unk>. So net net there you have to really two factors. One is we have a very strong commercial footprint in those countries. Now we are actually the number one from a company in the Shanghai region.

So we are leveraging this strong commercial footprint across all sub regions. The second factor is we actually a couple of years ago invested more resources into.

And so we are leveraging this strong commercial footprint across all sub regions. The second factor is we actually a couple of years ago invested more resources into.

A specific international region, and our regulatory team and that team has been fast tracking filing and approval of new products in those countries, who historically were falling behind priority geographies and now we still launched after the U S and Europe or Japan in those countries.

Speaker Change: Specific international region, and regulatory team and that team has been fast tracking filing and approval of new products in those countries, who historically were falling behind priority geographies and now we still launched after the U S and Europe or Japan in those countries, but.

But not that much later and we are still working on accelerating so those two factors are really the most important.

Speaker Change: That's much later on we are still working on accelerating there. So those two factors are really the most important.

The growth drivers and.

The next question I think as much as a gram at banking.

<unk> over to you.

Because as much I can say from handelsbanken two questions. Please.

Speaker Change: Gross drivers and.

Next question I think as much as a gram at hundreds Banco <unk> over to you.

So first of all on data <unk> initiated a couple of additional phase III programs during the quarter with your partner. So what makes you. So confident to continue to invest into these programs, so, whereas perhaps differently with investor community skeptical detective they stay what in particular is that do you see that investors may Miss.

Speaker Change: It gives much I think I'll take that one.

Speaker Change: Two questions. Please.

So first of all data <unk> initiated a couple of additional phase III programs during the quarter with your partner.

Speaker Change: For them to continue to divest interdigital.

Speaker Change: Whereas perhaps differently with investor community still skeptical that this one in particular is that do you see that investors may Miss.

And then secondly.

As one of few companies with both bi specific antibody, that's what our cell therapy capabilities in house can you talk about how you think about engaging these tools into autoimmune disease, whether it's emerging or to date from both sets of technologies that looks promising.

Speaker Change: Then secondly.

Speaker Change: One of few companies with both bi specific antibodies cell therapy capabilities in house can you talk about how you think about engaging these tools into autoimmune disease, but there is a margin on the data from both sets of technologies that looks promising. Thanks. So much. Thanks, so much as the first question I think it would go.

Thanks, So much as the first question I think it would go to Susan and the second challenge will take this one okay.

So thanks for asking the question about <unk>. So yes, we have.

Thanks.

Speaker Change: Sudan, and the second shown you'll take that one yes. So thanks for asking the question about <unk>. So, yes, we have announced.

Stuffing Chopine long term, which is a combination with <unk> PD one touch it by specific endesa.

Speaker Change: We're starting Tropaean lung 10, which is a combination with <unk> PD one tissue specific.

Compared to the temporary locally advanced.

First line non small cell lung cancer and again.

That is a program, where we're going to be looking at this.

Speaker Change: Compared to the temporary luxury adventure.

Activity in a biomarker selected repairs as well, but it also includes the ability to compare.

Speaker Change: First line non small cell lung cancer and again.

Speaker Change: That is.

Speaker Change: A program, where we're going to be looking at this.

The customer directly with temporary in that setting. So I think you know what.

Speaker Change: Activity in a biomarker selected greatest as well, but it also includes the ability to compare.

Well, well underpins confidence that that's the combinability with Io that we have seen in assessing the potential for the some added efficacy for.

Speaker Change: Bill the customer directly with temporary in that setting so I think.

Speaker Change: Well well underpinned evidence that that's the combinability with Io that we have seen in assessing the potential for the.

With the addition of the <unk> mechanism of action as part of this bi specific within the PD lone greater than 50% patient population as well and we think that this can be a winning combination in assessing the other important study that I'll draw your attention to is the champion lung 14 study. This is a combination of <unk> two <unk> in the first line.

Pascal: Some added efficacy for.

The addition of the <unk> mechanism of action as part of the Spice specific within the PDL. One question, the 50% patient population as well and we think that this can be winning.

Pascal: I think the other important study that I would draw your attention to is the champion lung 14th study. This is a combination of <unk> and <unk>.

Non squamous Egfr mutant non small cell lung cancer and again this builds on.

The safety and efficacy data that we've seen from the Orchard platform study that we have.

Pascal: So in the first line non.

Pascal: Non squamous Egfr mutant non small cell lung cancer and again this builds on <unk>.

<unk>.

<unk>.

The generation Egfr.

Pascal: Safety and efficacy data that was changed from the Orchard platform study that we have in a post.

Inhibitor patient population in the Egfr mutant and also the safety and combine ability for for that combination and so that's what gives us confidence.

Pascal: That generation.

Pascal: Inhibitor patient population in the Egfr mutant and also the safety and combinability for for that combination and so that's what gives us confidence.

As you might have seen in the.

Chip in lung.

<unk> data that was published is actually really good activity for <unk> within the Egfr mutant population and given the flow of two days. We should also see I think that that also builds confidence in the ability to combine particular, so with chemotherapy.

Pascal: As you may have seen in the.

Pascal: Tropaean lung five data that was published is actually really good activity for <unk> within the Egfr mutant population and given the flow of two days. We should also see I think that that also builds confidence in the ability to combine <unk> with chemotherapy and directed agents and so I think this is.

Our agents and so I think this has the opportunity to further build on the data that we had from Florida to the data from all children have a winning combination in the first line setting for Egfr mutant non small cell lung cancer.

Pascal: Is the opportunity to further build on the data that we had from Florida to and the data from or it shouldnt have a winning combination in the first line setting for Egfr mutant non small cell lung cancer.

Thank you Suzanne.

Sure. So thank you very much for the question about cell therapy, and bi specifics in auto immune disease, because I think it's a really interesting topic that it has become a key focus for us as we think about how we manage diseases immune dysregulation. We are moving from managing symptoms can modifying disease by addressing the causality.

Speaker Change: Thank you Suzanne.

Sure. So thank you very much for the question about cell therapy, and bi specifics in auto immune disease, because they think it's a really interesting topic that it has become a key focus for us as we think about how we manage diseases.

Of disease, and the mechanisms that you mentioned cell therapy and by specific molecules are two excellent modalities that allow us to really address the causality of disease. So to that end, we have invested in internal capabilities, but also accelerated our ambition with recent acquisitions as you saw we very recently.

Pascal: This regulation, we are moving from managing symptoms modifying disease by addressing the causality of disease.

Pascal: And the mechanisms that you mentioned cell therapy and by specific molecules are two excellent modalities that allow us to really address the causality of disease.

Pascal: So to that end, we have invested in internal capabilities, but also accelerated our ambition with recent acquisitions. As you saw we very recently closed the acquisition of <unk>, which brought us.

<unk> acquisition of <unk>, which brought to us.

Meeting our capabilities that allow us to really accelerate our ambitions in cell therapy for patients with autoimmune disease, and specifically <unk> has a by car T.

Pascal: I think meeting.

Pascal: Capabilities.

Which they have used to complete an investigator initiated trial in China for patients with systemic lupus erythematosus or SLE and we look forward to sharing those data at an upcoming medical conference, but I think it's safe to say that the data that we have seen across the patients treated in is at least as compelling as anything that we have seen in the published literature.

Pascal: Does that allow us to really accelerate our ambitions in cell therapy for patients with autoimmune disease, and specifically <unk> has a by car T.

Which they have used to complete an investigator initiated trial in China for patients with systemic lupus erythematosus SLE and we look forward to sharing those data at an upcoming medical conference, but I think it's safe to say that the data that we have seen across the patients treated is at least as compelling as anything that we had seen in the published literature.

English it gives us lots of excitement and optimism about how we may be able to address SLE for patients moving forward at the same time. We're also investing in our internal platforms for creating T cell engages which we think also could be a very powerful modality in the autoimmune space.

Pascal: Because it gives us lots of excitement and optimism about how we may be able to address SLE for patients moving forward at the same time, we're also investing in our internal platforms for creating T cell engagements, which we think also could be a very powerful modality and not in space.

Thank you, Sean Mark Purcell at Morgan Stanley and macro too.

Thank you very much Pascal two questions. The first one the U S oral oncology products. The products that were very strong in the quarter could you help us understand the impacts of treatment initiation dynamics.

Mark Douglas Purcell: Thank you, Sean Mark Purcell at Morgan Stanley and macro go too.

Speaker Change: Yeah. Thank you very much posco two questions. The first one.

Speaker Change: U S oral oncology products.

Central trenches and affordability.

Speaker Change: Product sales that were very strong in the quarter could you help us understand the impacts of treatment initiation dynamics.

And then secondly on the fusion pharmaceuticals platform for us.

F. P. One two to six five could you help us understand your plans for moving into the sort of pre taxane setting would you do a headset trial versus <unk> potentially combined with with popcorn, obviously understanding what the post split victory opportunity itself has blockbuster potential anyway. Thank you very much.

Speaker Change: Actual changes in affordability.

Speaker Change: And then secondly on the fusion pharmaceuticals platform.

Speaker Change: FP 1036, five could you help us understand your plans for moving into the sort of pre taxane setting would you do a headset trial that I've asked this but a victory potentially combined with with popcorn, obviously understanding that the post <unk> opportunity itself has blockbuster potential anyway, thanks very much.

So mark Thanks, I'll take the first question probably Susan on the second.

I mean, I think the first important pieces that within the quarter on our oral <unk>, particularly with <unk>. So we saw a strong market share performance <unk> remaining.

Speaker Change: So mark Thanks, I'll take the first question probably Susan on the second.

Speaker Change: I mean, I think the first important pieces that within the quarter on our oral onkelinx, particularly with California, <unk>, we saw a strong market share performance <unk> remaining.

The leading <unk> in frontline <unk> and strong continued demand growth for <unk> in adjuvant in frontline and encouraging early Florida to launch.

Speaker Change: The leading <unk> in frontline <unk> and strong continued demand growth for <unk> in adjuvant in frontline and encouraging early Florida to launch.

With that said also we do see early encouraging trends of lower abandonment and improved access due to affordability, though it really is too early to quantify.

Speaker Change: With that said also we do see early encouraging trends of lower abandonment and improved access due to affordability, though it really is too early to quantify.

And of course recall Mark that in 2024, there's no added liability associated with part D.

Whereas it comes in in 'twenty, five, but we will continue to keep updated on how those dynamics on affordability evolve over the course of the year.

Speaker Change: And of course recall Mark that in 2024, there is no added liability associated with part D.

Speaker Change: Whereas it comes in in 'twenty, five, but we'll continue to keep updated on how those dynamics on affordability evolve over the course of the year.

And Mark on your second question the deal hasn't closed and so we are not able to.

Comment at this point in time.

And Mark on your second question the deal hasn't closed and so we are not able to.

Sorry about this and hopefully we can give you an answer pretty soon.

Richard Parkes at Exane rich over to you.

Comment at this point in time.

Speaker Change: Sorry about this and hopefully we can give you an answer pretty soon.

Hi, Thanks for taking my questions.

Speaker Change: Richard Parkes at <unk>, which other over to you.

Firstly, sometimes when speaking to investors.

<unk>.

Richard Parkes: Hi, Thanks for taking my questions.

There's a feeling that astrazeneca is maybe spreading it helps to suddenly with expansion into vaccines cell therapy radio like <unk>.

Richard Parkes: Firstly, sometimes when speaking to investors.

<unk>.

Just wondering how you respond to that whether you see any risk of the organization are losing focus on how youre thinking about some of those investments in new platforms. It feels to me like this more you're just thinking about.

Speaker Change: There's a feeling that astrazeneca is maybe spreading us to suddenly with expansion into vaccines cell therapy radio alike.

Speaker Change: Just wondering how you respond to that and whether you see any risk of the organization are losing focus on how youre thinking about some of those investments in new platforms. It feels to me like this more you're just thinking about.

The day after tomorrow.

So that would be very helpful and then on aster.

Could you just talk a little bit more about.

Speaker Change: The day after tomorrow.

The opportunity Youre seeing obviously, we've seen some very large drugs in that category in the past and just.

Speaker Change: So that would be very helpful and then on ASP.

Speaker Change: Yes.

Speaker Change: Could you just talk a little bit more about.

Thinking about how your.

Speaker Change: The opportunity Youre seeing obviously, we've seen some very large drugs in that category in the past.

Thinking has evolved on the opportunity since the launch thank you.

Thanks, Thanks, Richard Let me try the first question I mean, you could cover the second one so the first question I think.

Speaker Change: Thinking about how your.

Speaker Change: Thinking has evolved on the opportunities since the launch thank you.

First point is I'm sure you realize we have a very very strong team and people are very focused on oncology biopharma or disease and managing the portfolios.

Speaker Change: Thanks, Richard Let me try the first question I mean, you could cover the second one so the first question I think.

Speaker Change: First point is I'm sure you realize we have a very very strong team and people are.

Second point is we are now.

Speaker Change: Very focused on oncology, biopharma, where disease and managing the portfolios.

50 kind of a 50 billion that our company. So you really need a portfolio to continue growing and I think this is one of our strengths we're not depending on two or three products. We have a portfolio of products that are driving our growth.

Speaker Change: Second point is we are now.

Speaker Change: 50 kind of a 50 billion that our company. So you'll renew the portfolio to continue growing and I think this is one of our strengths we're not depending on two or three products. We have a portfolio of products that are driving our growth and we can actually highlight that to.

We can actually highlight that better to you at the Investor day very soon so the point I would make is that actually this portfolio actually gives us the opportunity to combine and again, that's what we want to highlight during the.

Speaker Change: To you at the Investor day very soon.

Speaker Change: So at this point I would make is that actually this portfolio actually gives us the opportunity to combine and again thats, what we want to highlight during the.

The Investor day, where a unique position to combine in oncology across adcs by specific potentially in bi specific io potential in the long run.

Speaker Change: The Investor day, where a unique position to combine in oncology across adcs by specific potentially in specific.

<unk> taken approach to solve.

Solid tumors too.

To address the <unk> was a combination of adhesives and by specific and follow these ways.

Speaker Change: Specific oil potential in the long run.

Speaker Change: <unk> taken approach to sorry.

Speaker Change: Solid tumors too.

Tcs or cell therapy in the cardiovascular space, Sean has covered it we can combine our cost at <unk>, one and Pcs can I know the other origins the above cost.

Speaker Change: To address the <unk> was a combination of adhesives and by specific and photo this ways.

Dave: Tcs or cell therapy in the cardiovascular space, Sean has covered it we can combine our cost at <unk>, one and Pcs can I know the other agents the above cost so.

So I think these are the things that actually help us on the vaccine front.

There is sometimes a misperception of what we're trying to do we're not trying to build the vaccine business like a vaccine companies have.

Dave: So I think this all the things that.

Dave: Actually help us on the vaccine front.

I think there is sometimes a misperception of what we're trying to do we're not trying to build the vaccine business like.

We're actually targeting vaccines that will be synergistic strategy too.

Dave: Vaccine companies have.

I'll call it a vaccine and the antibodies by the way the synergistic to oncology or rare disease products that will protect patients from exacerbations of COPD or small products that would protect patients from COVID-19 or flu infections.

Dave: Actually targeting vaccines that will be synergistic strategy too.

Dave: I'll call it of a vaccine.

Dave: Antibodies by the way.

Dave: Synergistic to oncology or Scott or disease products that will protect patients from exacerbations of COPD or asthma products that would protect patients from COVID-19 or flu infections.

Cancer patients.

Blood cancers in particular, so this is really what we're trying to do always try to be.

Cancer patients.

Parenting, a sort of a strategic synergy across our portfolio and leverage our expertise and our strengths in various places. So I don't think we are.

Dave: Blood cancers in particular, so this is really what we're trying to do always try to be.

Dave: Implementing a sort of a strategic synergy across our portfolio and leverage our expertise in loss triangles in various places. So I don't think we are.

To Athene, and then to assume spread.

The challenge and the opportunity in our industry is always to be able to think about today, but also the long term it would be very easy quite frankly or Asia to focus on the next four five years.

Dave: And then to spread.

Dave: The challenge and the opportunity in our industry is always to be able to think about today, but also the long term it would be very easy quite frankly or easier to focus on the next four five years.

But we also have to think about what is going to shape. The medicine in five five to 10 years.

So this company remains of all of this organization not only in the next few years, but in the long run and so Thats always the challenge is really to manage our near term long term.

Dave: But we also have to think about what is going to shape. The medicine in five to 10 years.

Dave: So this company remains a growth organization not only in the next few years, but in the long run and so Thats always the challenge is really to manage our near term long term.

But I saw it as an opportunity if we do that as well and if we play our hand very well, we can be very differentiated as a company.

So yes of course, thank you so much for the question Richard So first of all a surprise is quite a unique product in the United States because it's the first.

Dave: But I saw it as an opportunity if we do that as well and if we play our hand very well, we can be very differentiated as a company.

Dave: So.

Rescue therapy for asthma patients above 18 years of age it's a very substantial markets.

Dave: Okay.

Dave: Okay.

Dave: As the first.

Dave: Rescue therapy for asthma patients above 18.

Short acting beta agonist markets just to give you a little bit of context, roughly $35 million inhalers are prescribed every year for the 18 plus population in the United States.

Yes.

Dave: It's a very central markets.

Speaker Change: I can visa agonists markets just to give you a little context Rob.

Dave: Roughly 35 million inhalers are.

The volumes are very very substantial and we truly believe with US we have a product in place, which can change the treatment paradigm of his need as a rescue medication in the.

Dave: Year for 18, plus population in the United States.

Dave: The volumes are very very substantial and we truly believe with US we have a product in place, which can change the treatment paradigm of his need as a rescue medication in the in the U S or is it still early days, but the effect that you already see a very substantial number of scripts every every week plus that more and more.

In the U S of course, it's still early days, but the effect that you already see a very substantial nimble scripts every every week plus that more and more physicians are prescribing is truly believes that over the next few years that this product will become a blockbuster molecule and equally we're also looking for opportunities in other geographies in the world.

Susan: <unk> are prescribing of our truly believes that over the next few years that this product will become a blockbuster molecule and equally we're also looking for opportunities in other geographies in the world, especially in the Middle East, we see good opportunities to launch the product as well.

Especially in the Middle East, we see good opportunities to launch the product as well in the next.

Few months, so all in all a very bullish regarding the forecast.

The potential of this product moving forward. Thanks. The next question is from Christopher would've had said.

Susan: And the next.

Susan: Few months, so all in all a very bullish regarding the forecast.

Susan: The potential of this product moving forward. Thanks.

So far over to you.

Susan: Our next question is from Christopher Wood said.

Hi can you hear me.

Yes.

Good.

So I guess first question as well.

First of all to you.

A lot of the key.

Christopher Wood: Hi can you hear me yes.

Sort of part D products, and I guess the U S. In general had really strong performance.

Speaker Change: Oh good.

Speaker Change: So, yes, I guess.

Quantify how big a headwind the typical U S coverage resets amounted to and what factors beyond.

Speaker Change: First question is.

Speaker Change: A lot of the key.

Speaker Change: Sort of part D products, and I guess the U S. In general really strong performance can you quantify how big a headwind the typical U S coverage resets amount to and what factors beyond.

Strong demand help explain why Q1 was so strong and roughly how much did they collectively contribute then to topline growth, noting that for example, Fox He gave US one of those factors with the authorized generic.

Susan: Strong demand help explain why Q1 was so strong and roughly how much did they collectively contribute then to topline growth, noting that for example, Fox. He got was one of those factors with the authorized generic.

And then my second question.

Which pipeline events for the rest of 2024 do you get most excited about and which do you think the street might be underappreciated.

Speaker Change: And then my second question.

And what are we missing if so.

Susan: Which pipeline events for the rest of 2024 do you get most excited about and which do you think the street might be under appreciating.

And if I could sneak in a last one you said M&A will slow down earlier today I've read is you've got most of what you need I know you don't have the kers, though perhaps you could.

Susan: And what are we missing if so.

Susan: And if I could sneak in a last one you said M&A will slow down earlier today I read as you've got most of what you need.

Tell us what your thoughts are around.

Hey, Roz and why.

Isn't in your portfolio.

Susan: You don't have a carrier as though perhaps you could.

So far so maybe you could take the first one and I'll try to address.

Susan: Tell us what your thoughts are around.

Speaker Change: Hey, Roz and why that isn't in your portfolio.

All of US Yes, yes excellent question, we are seeing very strong growth in the United States for both for <unk> and Symbicort, it's driven by two different sectors first of all we have launched an authorized generic.

Speaker Change: Thanks for so far so maybe you could take the first one and ill try to address.

Roz: Yeah. Yeah excellent question, we are seeing very strong growth in the United States for both <unk> and Symbicort, it's driven by two different factors first of all we have launched an authorized generic of.

For <unk> in the United States for the option for patients to have a lower cost option as well and so far we're very pleased with that introduction of this new.

Susan: For <unk> in the United States for the option for patients to have a lower cost option as well and so far we're very pleased with that introduction of this new.

No new medicine, but this new offer to patients.

Of course, we won't know till let's say few quarters more harder.

Susan: No new medicine, but this new offer to patients and of course, we will not know, let's say few quarters more harder.

The products will go performed but so far the feedback has been extremely strong equally I think it's important that's looking at for Sega in totality.

How the product will go performed but so far the feedback has been extremely strong equally I think is important thats looking at for Sega in totality.

The growth across the world is extremely strong on the basis of the <unk> and heart failure indications.

And Theres no reason to believe that that will slow down anytime soon so thats that.

Ruud: The growth across the world is extremely strong on the basis of the <unk> and heart failure indications.

Good news soon because we have lowered our list prices so-called rec price in the United.

Speaker Change: And Theres no reason to believe that that will slow down anytime soon so thats that.

<unk> like other competitors have done as well so we need to see how that will evolve in the next few a few quarters. So it's a little bit of a new dynamic in part D. Let's say in quarter, one for our products, but all in all a very nice first.

Speaker Change: Good news soon because we have lowered our list prices so-called rec price in the United.

Speaker Change: <unk> like other competitors have done as well.

So we need to see how that will evolve in the next few a few quarters.

Ruud: A little bit of a new dynamic in part D. Let's say in quarter, one for our products, but all in all a very nice first.

Two months and we will monitor very closely of course moving forwards.

Thanks, Amit.

Two questions quickly in the interest of time is the pipeline.

Ruud: Two months and we will monitor it very closely of course moving forwards.

And what is more exciting until 2030, because so far would again invite you to join US in Cambridge, we are offering free tickets visit two beautiful, Cambridge and I'm sure, we'll find a way to give you a nash launch too.

Ruud: Thanks for the <unk> trial.

Ruud: Two questions quickly in interest of time is the pipeline.

Ruud: And what is more exciting until 2030, because so far would again invite you to join US in Cambridge, we are offering free tickets visit two beautiful, Cambridge and I'm sure, we'll find a way to give you a nash launch too.

On the M&A I said, it will slowdown mainly to Brazil.

I meant to say earlier in terms of slowing down is from <unk>.

Ruud: On the M&A I said, it will slow down that doesn't mean that we Brazil.

Technology from our platform viewpoint, I think we have.

Ruud: What I meant to say earlier in time loss flowing done is from.

Wire then built most of what we need for now and we need to execute on what we've got.

Ruud: Technology from our platform viewpoint, I think we have.

It doesn't mean of course.

<unk> will come down to two zero.

Ruud: Acquired and built most of what we need for now and we need to execute on what we've got but it doesn't mean of course.

And some of the specific question.

I won't answer this one but we have we have our own internal program and we can discuss some of those things again.

Ruud: BD will come down to Brazil.

Ruud: And some of the specific question.

Income bridge, so I'll move to Eric <unk> over to you Eric.

Speaker Change: I won't answer this one but we have we have our own internal program and we can discuss some of those things again.

Thank you Pascal.

First question to come back on for Segun and Symbicort in the U S.

Speaker Change: Income bridge, so I'll move to Erik <unk> Erik.

Maybe more specifically on <unk> is there any way we can get.

Erik: Thank you Pascal.

Speaker Change: Question to come back on <unk> and Symbicort in the U S.

Any idea about the one off.

Maybe more specifically on <unk> is there any way we can get.

Should be into the Q1 numbers with the inventory buildup for the <unk> generic and on Symbicort in the car.

Any idea about the one off.

Ruud: Should be into the Q1 numbers with the inventory buildup for the you authorized generic and on seem be cards.

Texas, the drug being generous sized in the U S. We're expecting sales to go down it was up 28% in Q1, what could be the dynamic.

Ruud: The context of the drug being generic <unk> in the U S. We're expecting sales to go down it was up 28% in Q1, what could be the dynamic.

For U S. Symbicort for the full year 'twenty four and then a more general question, we see more and more companies simplifying and streamlining the organization by combining the different divisions in one single.

Ruud: For U S symbicort for the.

Full year 'twenty four and then a margin question, we see more and more companies simplifying streamlining the organization by combining the different divisions in one single.

Like vaccine, which former AMCOL with rest of pharma and you are still operating.

NTT East.

<unk> Biopharma Alex Yao.

Sharon: Vaccine this former uncle with rescue.

Could you maybe summarize maybe youre thinking about doing things differently, but the benefits of doing the way you do and benefits versus risks and complexity.

Sharon: And you're still operating with different entities like <unk> Biopharma Alex Yao.

Sharon: Could you maybe summarize maybe youre thinking about doing things differently, but the benefits of doing the way you do and benefits versus risks and complexity. Thank you.

<unk>.

Yes, I mean, let me start with this question in the audience can cover fatigue on Symbicort in the U S.

Not still its actually we move to that structure not that long ago.

Yes, So let me start with this question and <unk> can cover fatigue on Symbicort in the U S.

A few years of cost burden.

Our industry two or three years is not the is not at all for years, there's not a long time.

It's not still its actually we move to that structure not that long ago a few.

As for <unk> and <unk>.

Sharon: Years of cost burden.

In our industry two or three years is not is not at all four years theres not a long time.

And the importance of being focused.

On the one hand people say, yes, too much on the other hand, we say well put everything together. So I think the reason why we can succeed with.

Sharon: I fully believe in.

Sharon: And the importance of being focused.

On the one hand people say, yes, too much on the other hand, we say well put everything together.

With our portfolio and leverage that portfolio is because indeed, we're focused we're focused on oncology biopharma and rare disease and anybody.

Sharon: I think the reason why we can succeed with well with our portfolio.

Sharon: Photo and leverage that portfolio is because indeed, we're focused we're focused on oncology.

Operating in oncology.

I think we would hopefully you agree with me that.

Sharon: And rather.

Oncology is very specific rather it is very specific.

Sharon: And anybody who is.

Sharon: Operating in oncology I think would hopefully array was made.

Just the same as cardiovascular the need to build capabilities and you can only do this if you.

Sharon: Oncology is very specific rather it is very specific in just the same as cardiovascular I do need to build capabilities and you can only do this if you.

Two things first of all Richard the right talent, who understand the environment they're in.

And secondly credit culture.

And <unk>.

Sharon: Do two things first of all Richard the right talent to understand the environment they're in.

Community, where people feel they work together after the same goal and the cost of cancer. The guard is eliminate cancer as a cause of days and every every community and the company has this total focus that shelf.

Sharon: And secondly credit culture.

Sharon: And <unk>.

Sharon: Community, where people feel they work together after the same goal and the cost of the.

Sharon: The goal is eliminate cancer as a cause of days and every every community and the company has this total focus that shelf and thats what drives people.

And that's what drives people.

People come to work to make a difference and make a difference in the field out in the field of lost typically so I think this is really the reason why we can't actually succeed.

Mark: People will come to well make a difference and make a difference in the field out in the field of lost typically so I think this is really the reason why we can't actually succeed.

Intend to keep that structure as it is or the over to you.

Once again Eric.

Two questions first of all once again, let me remind you about the U S is a very important market for CECO theres no doubt, but it only represents less than 25% of our global sales and we're very pleased to see the brands is growing extremely fast not only in the United States, but across all the other geographies.

Speaker Change: We will intend to keep that structure as it is or the over to you. Thank.

Thank you once again Eric.

Speaker Change: Two questions first of all once again, let me remind you about the U S is a very important market for us there's no doubt, but it only represents less than 25% of our global sales.

Sharon: We are very pleased to see the brands is growing extremely fast not only in the United States, but across all the other geographies specifically to your question can you provide the split between the authorized generic and the brands. The short answer is we're not going to do that.

Specifically to your question can you provide the split between the authorized generic and the brands. The short answer is we're not going to do that.

But with equally of course, you can look at the script volume if you annualized the script volume of facility you guys. The <unk> brands as well as the authorized generic now whether it's the strong initial growth we'll continue moving forward.

Sharon: But equally of course, you can look at the script volume if you analyze the script volume of foresee you guys. The <unk> brands as well as the authorized generic.

We need to see that we simply don't know equally for Symbicort Symbicort, it's quite amazing that after 20 more than 20 years of initial launch that Symbicort has still.

Sharon: The strong initial growth, we'll continue moving forward.

We need to see that we simply don't know equally for Symbicort Symbicort, it's quite amazing that after 20 more than 20 years of initial launch that Symbicort is still.

Rising more than $2 billion.

Year very fast growth again in the emerging markets, but also equally this year so far in the United States and that's heavily driven by the fact that we have an authorized generic available as well as we have also lowered our.

Sharon: Rising more than $2 billion a year.

Sharon: Year very fast growth again in the emerging markets, but also equally this year so far in the United States and that's heavily driven by the fact that we have an authorized generic available as well as we have also lowered our.

The so called list price in the United States. So it becomes more affordable for many patients and once again, whether that will continue during the course of the year needs to be seen but so far it's very pleasing to see that both brands.

The so called list price in the United States. So it becomes more affordable for many patients and once again, whether that will continue during the course of the year needs to be seen but so far it's very pleasing to see that both brands.

Our off of a very strong starts in the United States as well as outside of the United States. Thanks, Ross, maybe I would add that everybody talks about one offs and to be honest I'm not sure why there is such a focus on one offs. If you look at <unk> in the U S Q4 sales were $450 million.

Sharon: Our off of a very strong starts in the United States as well as outside of the United States. Thanks first movie.

Without that everybody talks about one offs and to be honest I'm not sure why there is such a focus on one offs. If you look at the figure in the U S. Q4 sales were $450 million Q1 sales of $470 million.

Q1 sales of $470 million.

And if you look at the trends over the trend over the last few quarters, we've had a very strong.

<unk> trend and.

Marry that to combine this with the prescription trend order was talking about there is suddenly a little bit of.

Speaker Change: And if you look at the trends over there.

Speaker Change: And over the last few quarters, we've had a very strong.

One trend in <unk>.

Stock up but it is not really what drives the try and for cigarettes.

Speaker Change: Marry that to combine this with the prescription trend order was talking about there is suddenly a little bit of.

Strong trends not only in the U S, but across the world. So every country is behaving the same way we have very strong uptake and can it is his heart disease diabetes et cetera.

Speaker Change: Our stock up but it is not really what drives the try and for you guys.

Speaker Change: Very strong trend not only in the U S, but across the world. So every country is behaving the same way we have very strong uptake and it is his heart disease diabetes et cetera.

And next one is stiff <unk> over to you Sir.

Oh. Thank you so much I have two questions first DBO six hit its primary completion in March is the data in house and is that underpinning your confidence and second why is there what seems to be a long delay in presenting the oral <unk>, one and oral Pcs K nine data.

Speaker Change: One is stiff Scala Cowen over to you Steve.

Steve: Alright. Thank you so much I have two questions first DBS <unk> hit its primary completion in March is the data in house and is that underpinning your confidence and second why is there what seems to be a long delay in presenting the oral G. L. P. One and oral Pcs gained nine data.

I could think of for possible reasons.

One there is a lack of appropriate venues to Astrazeneca is strategizing on next steps on how to approach the market and wants to figure. This out first three there's some issue with the molecules are data that youre working through perhaps it is underwhelmed ing or four we're just being too optimistic on how long this all.

Speaker Change: I can think of four possible reasons.

Speaker Change: One there is a lack of appropriate venues to astrazeneca strategizing on next steps on how to approach the market and wants to figure. This out first three there is some issue with the molecules are data that youre working through perhaps it is underwhelmed or four.

Take so any thoughts would be appreciated thank you.

Thanks, Steve So let me just address that last one quickly and then we could talk about <unk>.

Pascal: Just being too optimistic on how long. This all takes so any thoughts have you I appreciate it. Thank you.

You forgot one option, which is our policy and our policy is to present data at medical Congresses, and that's what we decided to do we stick to this.

Pascal: So let me just address that last one quickly and then we could talk about <unk>.

Pascal: You forgot one option, which is our policy and our policy is to present data at medical Congresses, and Thats, what we decided to do we stick to this.

But maybe your second.

I've shown is also part of it for sure. We are in the meantime, strategizing, what we're going to do with our portfolio and how we develop this product, but really the driving force is simply we.

Pascal: But maybe your second.

I've shown is also part of it for sure. We are in the meantime, strategizing, what we're going to do with our portfolio and how we develop this product.

We debated it internally because you raise a good point, but we concluded we didn't want to do is to come up with an exception here and so you'll have to wait for.

Pascal: But really the driving force is simply we.

Pascal: We debated it internally because you raise a good point, but we concluded we didn't want to do is to.

The next potential auction as a medical Congress.

Speaker Change: Come up with an exception here and so you'll have to wait for that.

We are by the way I have said and I think I can confirm we're starting phase III.

Pascal: The next potential auction as a medical Congress.

This year.

So we are very much on track and we will now be preparing for as to if we were not confident with the old plan.

Pascal: We are by the way I have said and I think I can confirm we're starting phase III.

<unk> do you want to cover that.

Pascal: This year.

Pascal: So we are very much on track and we will not be preparing for as to if we were not confident with all the great. One <unk> if you want to cover that yes.

Yes, sure so definitely best Essex is obviously.

Setting earlier than destiny by Stifel.

<unk> C. One plus two plus as well as a group.

Speaker Change: Yes, sure so definitely best Essex is obviously.

Of the ultra long on the call.

Speaker Change: Assessing earlier than destiny by Stifel.

Definitely best Essex is really built from the Destiny Busto full dataset.

Speaker Change: <unk> D C. One plus two plus as well as a group.

Which we always see presented at.

Of the ultra line.

Pascal: And the confidence in Destiny <unk> six is really built from the destiny Buster full dataset.

Some time ago. So we are looking forward to the data.

We said, it's a first half of this year. So hopefully you don't have to wait too long.

Speaker Change: Which we always see presented.

Speaker Change: Some time ago. So we all look forward to that.

James Daniel Gordon: So that data.

So getting those so eager to share them.

We said it best.

With you.

James Daniel Gordon: First half of this.

Just as a reminder, the primary endpoint is PFS in the two low group C.

James Daniel Gordon: Yes.

So you don't have to wait too long for getting that.

Speaker Change: So it gets a shot at that.

One plus two plus and then they'll be descriptive analysis of the Hudson.

Speaker Change: With you.

Speaker Change: Just as a reminder, the primary endpoint is PFS in the two low groups.

Ultra low Ah.

Patient population as well.

As a reminder, further.

Speaker Change: <unk> plus <unk>, plus and then they'll be descriptive analysis of the.

Even though these patients are below the one plus category. They still have a higher number of her two receptors on the cell surface than normal epithelium. So just to put numbers on that normal epithelium for her two is about 20000 receptive to sell them at.

James Daniel Gordon: Ultra low.

James Daniel Gordon: Patient population as well.

James Daniel Gordon: As a reminder, further.

James Daniel Gordon: Even though these patients.

James Daniel Gordon: So the one plus category they still have a higher number of her two receptors on the cell surface than normal epithelium. So just to put numbers on that normal epithelium for her two is about 20000 receptive to sell.

The one plus two plus range is between 100000 200000, so in that ultra low group, you've got somewhere between 20000 and 100000 receptors to sell so you can see that there's probably a significant proportion of that group that will have a higher expression level of hurts you on the cell surface that normal epithelium wood and that's one of the basis why we think there's a potential.

James Daniel Gordon: The one plus two plus range is between 100000 and 200000, so in the ultra low group, you've got somewhere between 20000 and 100000 receptors to sell so you can see that there's a.

Probably a significant proportion of that group that will have.

To go beyond the one plus group into the ultra low group and see a benefit over the kind of inside of the kind of chemotherapies.

James Daniel Gordon: Especially level of hurts you on the cell surface that normal epithelium wood and that's one of the reasons why we think that has the potential to go beyond the one plus group into that ultra low go up and see a benefit over that kind of inside of the kind of chemotherapies.

Thanks, Susan next question is from Simon Baker of Redburn over to Simon.

Thank you Pascal for taking my questions actually if I may please first.

James Daniel Gordon: Thanks, Susan next question is from Simon Baker from Redburn over to Simon.

Lee.

Fox CJ I, just wonder if you could talk us through.

Simon Baker: Thank you Pascal for taking my questions two if I may please.

The rationale for the timing if you also asked generic now.

Simon Baker: Please.

Simon Baker: Firstly.

I may be missing something.

Simon Baker: Fox feature.

The copper mesh penetration upside between try sessions thoughts that would be helpful. Along side also.

Matt: If you could talk us through the <unk>.

Matt: Rationale for the timing if you also asked generic now.

Matt: Michigan.

FDA issuing a request pediatric studies in March 2019.

Matt: The compromise between try assistance thoughts that would be helpful. Along side also.

That hasn't yet been reflected in the Orange book, So I'm just wondering what the stakes of Fox.

Matt: FDA issuing a request pediatric studies in March 29 change.

Loss.

And then secondly on trophy in lung Chen.

Matt: That hasn't yet been reflected.

Matt: In the Orange book, So I'm, just wondering what the stage of Fox loss.

Lease hole, which weighs wanted to combinations, which is in the.

Matt: Then secondly on truck in lung Chen.

<unk>.

Trucking along a whole study.

You've moved forward once the combination switches in the.

Obviously.

My confidence I was just wondering where that where your confidence rests with the combination before which to me, especially thanks. So much.

Matt: Trucking along a full study.

Matt: Obviously.

Thank you Simon So road in the past you were complaining and not enough questions well pharma youre not going to complain to me the question Noah.

Speaker Change: Confidence I'm, just wondering where that where your confidence rests with the combination before we estimate and Sebastian thanks, So much.

It could be less.

Speaker Change: Thank you Simon So road in the past you were complaining and not enough questions well pharma youre not going to complain too many question Noah.

It's a great question the assignment so why now.

Relatively straightforward first of all we have a huge opportunity still in COPD and heart failure and it is clear from all of the analytics, we have done that a lower cost option for some of those patients are very important in order to to capture even more more volume. The second one is also through the tuition.

Speaker Change: Could be less.

Speaker Change: It's a great question the assignment so why now.

Matt: Relatively straightforward first of all we have a huge opportunity still in COPD and heart failure and it is clear from all of the analytics, we have done that a lower cost option for some of those patients are very important in order to to capture even more more volume.

Extended also mitigates the impact of a potential cup so the inflation penalty.

Speaker Change: Second one is also a true to some.

The United States as well so those two factors.

Speaker Change: Extended also mitigates the impact of a potential cup so the inflation penalty in the United States as well so those two factors.

Important regarding the timing regarding the pediatric indication is not yet in the Orange book, So that's a very good.

Sharon: Were important regarding the timing.

Observation, but equally we feel comfortable that the F.

Sharon: <unk>.

Sharon: Pediatric indication is not yet in the Orange book, So that's a very good.

Raw granted pediatric.

Indication and hence our base assumption is still that the persons who will stay in place until April 2026, which we have signals multiple times.

Observation, but equally we feel comfortable that the FDA will grant this pediatric indication and hence our base assumption is still that the persons who will stay in place until April 2026.

Thank you Suzanne do you want to cover the second guess, yes, Tobey Tobey in lung tens today as I mentioned before.

Sharon: We have signaled multiple class.

It is the combination with will have a cost to make and data in a patient population that's quite at the 50% as we said before what we see in terms of the.

Sharon: Thank you Suzanne do you want to cover the second guess, yes.

Suzanne: Propane lung turns today as I mentioned before.

Suzanne: Is the combination with wilbur costs to make them better and it's in a patient population that's quite at the 50% as we said before what we see in terms of the.

Evolution of the.

I checkpoints inhibitor landscape is a segmentation.

And our T bi specifics, we see the world the cost to make PD. One <unk> is being focused on the Io sensitive well highly expressing PD L. One part of the population and that's.

Sharon: Evolution of the <unk>.

Sharon: Checkpoints inhibitor landscape.

Sharon: Mentation.

Sharon: And I'll see bi specifics, we see the world the cost to make PD, one Ted you as being focused on the Io sensitive well highly expressing PD L. One part of the population.

In line with what you're seeing in terms of the patient population in Japan.

And all of us to make that we're focusing that on the.

Sharon: In line with what you're seeing in terms of the patient population that European lung 10 involve us to make and we're focusing that on the.

<unk> well see today for sensitivity has been demonstrated and can add extra.

Efficacy, obviously, the with all of us to make.

Sharon: Cuba types well see today for sensitivity has been demonstrated and can add extra.

It is designed to be a better tolerated than the combination of Cta for PD, one separately because they only bonds Cta for the presence of PD, one and we have shown an improved safety profile, but it still does have more side effects than you get with a PD one agent on it so no with look off to make so we will select that.

Sharon: Efficacy, obviously, the with all of us to make.

It is designed to be a better tolerated than the combination of Cta for PD, one separately because they only bonds Cta for the presence of PD, one and we have shown an improved safety profile, but it still does have more side effects that you get with a PD one agent on it so no one would like us to make so we will select that.

Jog, where it would make the biggest Ah Ah Ah.

Difference and Youll see that as the as you see the evolution of the evolve studies with.

A job well it would make the biggest.

With.

For a list of Mike.

The difference and Youll see that as the as you see the evolution of the evolve study.

Alright. Thanks for so then next question is from multiple balanced at Leerink over to Andrew.

Speaker Change: A full list of Mike.

Hi, Thanks.

And congrats on the strong quarter.

Speaker Change #101: So then next question is from Untold balance at Leerink over to Andrew.

And a big picture question on <unk>.

<unk> class given the results to cap just wondering how you see it integrating any evolving paradigms, it's obviously incredibly dynamic and.

Andrew: Hi, Thanks and congrats.

Andrew: On the strong quarter.

Andrew: Okay picture question on the E class given the results to cap just wondering how you see it integrating.

Specifically I would like to know how you guys see.

K T class integrated with CDK to agents CDK more selective drugs.

Speaker Change: Evolving paradigms, it's obviously incredibly dynamic and.

Specifically I would like to know how you guys see.

The oral surgeons Degraders and also the adcs that are starting to spread their wings and for a number of these areas.

Speaker Change: The AKP class integrating with CDK to agent CDK for selective drugs.

Speaker Change: The oral surgeons Degraders and also the adcs that are starting to spread their wings and for a number of these areas.

Okay. Thank you. Thank you for asking one question actually Susanna over to you yeah. So thanks for the question. So I could see is obviously part of the.

Speaker Change #103: Okay. Thank you. Thank you for asking one question actually Susanna over to you yeah. So thanks for the question. So I could see is obviously part of the.

PRT kinase.

Pathway, which is the most commonly.

You Kato aberrant pathway and in.

Cancer. So we think this is a very important.

Susanna: PRT kinase.

Susanna: Pathway, which is the most commonly.

Mechanism.

Speaker Change: Your title aberrant pathway and in.

Yeah, we we are looking at.

Combinations of of competitive sets it with.

Speaker Change: So we think this is very important.

Speaker Change: Mechanism.

Oh come as Ashton says.

Speaker Change #105: Yeah, we we are looking at.

Speaker Change #105: Combinations of of kind of sets it with.

And.

That's already in multiple phase III trials as well so I think there is potential for it to be.

Oh come as Ashton says.

Further expanded beyond the current set of trials that we've already got in development and I do think there are data that it can be a potential combination agent with a number of the other things that you've raised.

Speaker Change: That's already in multiple phase III trials as well, so I think there's potential for it to be.

Speaker Change: Further expanded beyond the current set of trials that we've already got in development and I do think there are data that it can be a potential combination agent with a number of the other things that you've raised.

We do have a CDK <unk> inhibitor, a highly selective CDK <unk> inhibitor, which we profiled at the ACR meeting and.

Uh huh.

Speaker Change: We do have a CDK to inhibits a highly selective <unk> inhibitor, which we profiled at the ACR meeting.

In San Diego at the end of this month.

That's a very exciting molecule that will address the resistance mechanisms to the CDK four six inhibitors and so I do think that this class of agents can be combined with the emerging both you and the quin backbone agents.

Speaker Change: Uh huh.

Speaker Change: In San Diego earlier this month.

Speaker Change: We think thats, a very exciting molecule that will address the resistance mechanisms to the CDK four six inhibitors.

The new versions of things to address the CDK four.

Speaker Change: And so I do think that this class of agents can be combined with the emerging both you and the quin backbone agents.

Mechanism of resistance the CDK four.

Which typically is represented by sensitivity to CDK <unk> inhibition.

Speaker Change: The new versions of things to address the CDK four.

Speaker Change: Mechanism of resistance the CDK four.

Just maybe to also build onto Susan's answer and I think what's important and great. About this is we're talking about leadership in breast cancer and as part of that leadership in breast cancer, we're really looking to build.

Speaker Change: Which typically is represented by hits to the teacher CDK <unk> inhibition.

Speaker Change: Just maybe to also build onto Susan's answer and I think what's important and great. About this is we're talking about leadership in breast cancer and as part of that leadership in breast cancer, we're really looking to build.

And improve upon the two existing pillars in the treatment of metastatic disease, and then adding a third in the existing treatments are in existing pillars R E T plus or minus CDK four six and then obviously chemotherapy.

Speaker Change: And improve upon the two existing pillars in the treatment of metastatic disease, and then adding a third in the existing treatments are in existing pillars R E T plus or minus CDK four six and then obviously chemotherapy.

Whats important about the AK T classes. It gives an opportunity for patients to continue to stay on <unk> based therapies, which has a lot of benefits associated with it. We also know though that at some point <unk> therapies.

Speaker Change: Whats important about the AK T classes. It gives an opportunity for patients to continue to stay on <unk> based therapies, which has a lot of benefits associated with it. We also know though that at some point E T therapies.

There are no longer effective and it's a time to start to switch towards chemotherapy and within that that's where the adcs now create a third new pillar that sits in between classical chemotherapy and ETE based approaches we hope that <unk> will provide even a further therapy option that sits within this but you start to see the opportunity to bid.

Speaker Change: Are no longer effective and it's a time to start to switch towards chemotherapy and within that that's where the adcs now create a third new pillar that sits in between classical chemotherapy and ETE based approaches we hope that <unk> might even a further therapy option that sits within that are you starting to see the opportunity to bid.

Again to offer to physicians more.

<unk> for how they can think about treating their patients as the disease progresses, and we've got best in class therapies to go into each of those pillars, and then gives us an opportunity to look at combinations down the road.

Shaun: Again to offer to physicians more.

Shaun: The options for how they can think about treating a patient as the disease progresses, and we've got best in class therapies to go into each of those pillars, and then gives us an opportunity to look at combinations downward.

So actually this discussion gives them a chance to go back to I think the question Richard was asking earlier about the pipeline.

I mentioned combinations, but also this pipeline enables us to actually shape the treatment algorithm as Dave was suggesting a minute ago, and vice cancer or lung cancer and it also enables us to better partner with lung cancer oncologists or breakdown. So it <unk> really <unk> part.

Thanks, Dave actually this discussion gives them a chance to go back to I think the question Richard was asking earlier about the pipeline.

Shaun: I mentioned combinations, but also this pipeline enables us to actually shape the treatment algorithm as Dave was suggesting a minute ago in breast cancer or lung cancer and it also enables us to better partner with lung cancer oncologists to a breakout so kurdistan really totally be part.

The way breast or lung cancer or other cancers are treated and its toll for cardiologists are not only managing cardiovascular risk, but also if you look at amyloidosis, we have.

Sean: The way breast or lung cancer or other cancers. It doesn't its toll for cardiologists.

20% to 20, which is an amyloid depleter. We also have a plant ESSA and so again all of those things will give us a great chance to partner with key physicians, but also leverage our portfolio to shape treatment algorithms and look at combinations.

Sean: Not only managing cardiovascular risk, but also.

Sean: Doses, we have.

Sean: 20% to 20, which is an amyloid depleted and we also have a protest and so again all of those things will give us a great chance to partner with key physicians, but also leverage our portfolio to shape treatment algorithms and look at combinations.

The field of Berkeley Emilia over to you.

Hi, Thanks for taking my questions just two on respiratory.

And a lot of excitement about the cheswick, telling of COPD data to be presented at Ats.

Sean: The field of Berkeley Emilia over to you.

Hi, Thanks for taking my questions just two on respiratory.

Given what we've seen so far is it your expectation that this will be taken in late stage development and a broader eosinophil population I E over 150 and over 300, and then on the back of that similar to the obesity question that was asked earlier.

Emilia: And a lot of excitement about the <unk> COPD data to be presented at Ats.

Sean: Given what we've seen so far is your expectation that this would be taken in late stage development and a broader eosinophil population I E over 150 and over 300.

So many assets in late stage development in COPD.

Speaker Change: And then on the back of that similar to the obesity question that was asked earlier.

Maybe asking from our side.

What should we be focusing on.

Speaker Change: You have so many assets in late stage development in COPD.

In terms of just all of the late stage COPD programs that you have thank you.

Speaker Change #107: Maybe asking from our side.

Alright. Thanks, so much for the question. So I'll start with your first one which was about <unk> and our phase III study and then I will speak more broadly about the COPD portfolio.

Speaker Change #107: What should we be focusing on.

Speaker Change #107: And in terms of just all of the late stage COPD programs that you have.

Speaker Change #108: Alright. Thanks, so much for the question. So I'll start with your first one which was about <unk>.

You touched on <unk> and our recent phase two trial completion, and we look forward to presenting those data at Ats in the very near future.

Speaker Change #109: In our phase II study and then I will speak more broadly about the COPD portfolio.

Speaker Change: So you touched on <unk> and our recent phase two trial completion, and we look forward to presenting those data at Ats in the very near future as I'm sure. You know Turkey is a monoclonal antibody directed against people that it is the only biologic approved christiana severe asthma with no phenotype, and we see tremendous potential.

As I'm sure you know, Turkey is a monoclonal antibody directed against T. Slip. It is the only biologic approved first here to the U S.

Asthma with no phenotype, and we see tremendous potential for this molecule in COPD.

Of course phase two study was specifically designed to look at a broader population of patients. So it included patients irrespective of inflammatory drivers eosinophil levels emphysema, chronic bronchitis and smoking status, while other trials are more limited.

Speaker Change: All of this molecule in COPD of course Phase two study was specifically designed to look at a broader population of patients. So it included patients irrespective of inflammatory drivers eosinophil levels emphysema, chronic bronchitis and smoking status, while other trials for more limited and this included a pre specify.

And this included a pre specified subgroup analysis in populations with different eosinophilic level, so including below $1 50 above $1 50, and above 300, we will present the data that we are we fully analyzed at the upcoming Ats meeting, but I will.

Speaker Change: I had subgroup analysis in populations with different eosinophilic level, so including below $1 50 above $1 50 and above.

Sean: We will present the data that we have.

Only venture to say that we are excited about the possibility of <unk> in a broader population. It is worth noting that other molecules. In this class are playing in the high eosinophilic levels at more than 300 eosinophils per microliter and that's only about 35% of the population that's eligible for biologics, but there was about 150.

Sean: Fully analyzed at the upcoming Ats meeting, but I will.

Dave: Only venture to say that we are excited about the possibility of tizzy and a broader population. It is worth noting that other molecules. In this class are playing in the high eosinophilic levels at more than 300 eosinophils per microliter and that's only about 35% of the population that's eligible for biologics, but there was about 150.

And it feels like there are about 65% of the biologics eligible population in COPD. So we think that's a really important differentiator for this molecule and you also mentioned.

Sachin Jain: And it feels like there are about 65% of the biologics eligible population in COPD. So we think that's a really important differentiator for this molecule and you also mentioned I think you also asked us about our plans to go forward together with our collaborators at Amgen. We are actively planning the next stage of development.

You also asked us about our plans to go forward together with our collaborators at Amgen. We are actively planning the next stage of development.

You asked about our overall portfolio in COPD and I think it's worth mentioning here that COPD is a very heterogeneous disease with multiple drivers and to that end. We think that there are multiple mechanisms that may have substantial clinical benefit. So we are testing multiple mechanisms and we are testing them in populations that allow us to differentiate them.

Sachin Jain: You asked about our overall portfolio in COPD and I think it's worth mentioning here that COPD is a very heterogeneous disease with multiple drivers and to that is we think that there are multiple mechanisms that may have.

On each other.

We recommend as we have previously described is a differentiated IL 33 monoclonal antibody because it combined and block both <unk> and <unk> Egfr signaling. We think that's really important in this disease because it not only blocks the inflammatory pathways, but it can also block mucus production and epithelioid remodeling to wage <unk>.

Speaker Change #110: Is it so.

We are testing models.

Speaker Change #110: We're testing them in populations that allow us to differentiate them from each other.

Speaker Change #110: Our recommend as we have previously described is a differentiated IL 33 monoclonal antibody because it combined and block both <unk> and Reed's Egfr signaling, we think thats really important initiative because it not only blocks the inflammatory pathways, but it can also block mucus production and epithelioid remodeling to wage ETF.

So we view that as a differentiated mechanism, which we think May also has very broad utility in the COPD population. So early days, where we are leading into our phase II data and thinking about our phase III plans going forward, but I think that we have the potential to be really paradigm shifting for people living with COPD.

Doug: Hi.

Doug: So we view that as a differentiated mechanism, which we think May also has very broad utility in the COPD population. So early days, where we are leading into our phase two data and thinking about our phase III plans going forward, but I think that we have the potential to be really paradigm shifting for people living with COPD.

Thank you, Sean Luisa Hector at Berlin, Bert Luisa.

And now I'd like to touch on capital allocation.

Speaker Change #111: Thank you Sean.

Speaker Change #112: Belinda Luisa.

Hi, Budd and if the deal related payments.

At the end of this year that increase your cash flow outlet. So will this lead to a change in the nature of deal, which you can do.

Speaker Change #113: Now I'd like to touch on capital allocation.

Hi, Budd and if the deal related payments.

Doug: At the end of this year does that increase your cash flow outlook.

If you could remind us of your dividend policy given slightly unusual announcement at the 'twenty 'twenty four dividend.

Doug: Lead to a change in the nature of deal, which you can do.

Doug: Perhaps you could remind us of your dividend policy given.

Recently, thank you.

So I don't know.

Yes.

Got you unusual announcement at the 'twenty 'twenty four dividend.

Thank you Luisa.

So our capital allocation priorities remain unchanged as you've seen we've been very active on the on the BD front, but we also now sort of need to create value actually from the acquisitions and the partnership transactions. We have done so we need to focus on execution of those transat.

Speaker Change #114: Recently, thank you.

Speaker Change #115: Thanks Lisa.

Speaker Change #116: Our first question.

Speaker Change #117: Thank you Luisa.

Speaker Change #117: So our capital allocation priorities remain unchanged as you've seen we've been very active on the on the BD front, but we also now sort of need to create value actually from the acquisitions and the partnership transactions. We have done so we need to focus on execution of those.

Actions.

We did announce a 7% dividend increase in line with our progressive dividend policy, but also recall that we did not increase dividends in 2022 and so.

Doug: Actions.

Doug: We did announce a 7% dividend increase in line with our progressive dividend policy, but also recall that we did not increase dividends in 2022 and so.

Board makes a decision on when and how they can increase dividends based on our overall capital allocation priorities, but the capital allocation remains that remains unchanged.

The board takes a decision on when and how they can increase dividends based on our overall capital allocation priorities, but the capital allocation remains that remains unchanged.

Thank you Elena.

Thank you very much for your Great question I think it is time for us to <unk>.

Back to your time and close this this.

Speaker Change: Yes.

Speaker Change #118: Thank you Ana.

This call again. Thank you so much for your question and your interest in Astrazeneca and have a good rest of the day.

Ana: Thank you very much all your great question I think at this time for us to respect your time and close this.

Speaker Change #120: This call again. Thank you so much for your great question and your interest in <unk> and have a good rest of the day.

Speaker Change: [noise].