Q1 2024 Roche Holding AG Earnings Call

April 24, 2024

Operator 3: I'm the technical operator for today's call. Kindly note that the webinar is being recorded. I would like to inform you that all participants are in listen-only mode during the call. After the presentation, there will be a question and answer session. You are invited to send in questions for this throughout the entire session using the Q&A functionality of Zoom. In addition to that, you may also raise your virtual hand to address your questions verbally. For participants joining via phone, to raise your hand, choose star nine on your phone's dial pad. When you then get selected to ask your questions, please follow the instructions from the phone and press star six to unmute yourself. One last remark, if you would like to follow the presented slides on your end as well, please feel free to go to roche.com/investors to download the presentation.

Operator: I'm the technical operator for today's call. Kindly note that the webinar is being recorded. I would like to inform you that all participants are in listen-only mode during the call. After the presentation, there will be a question and answer session. You are invited to send in questions for this throughout the entire session using the Q&A functionality of Zoom. In addition to that, you may also raise your virtual hand to address your questions verbally. For participants joining via phone, to raise your hand, choose star nine on your phone's dial pad. When you then get selected to ask your questions, please follow the instructions from the phone and press star six to unmute yourself. One last remark, if you would like to follow the presented slides on your end as well, please feel free to go to roche.com/investors to download the presentation.

Operator: -- participants on listen-only mode during the call. After the presentation, there will be a question-and-answer session. You're invited to send a question for the [inaudible] throughout the entire session using [inaudible] functionality of Zoom. In addition to that, you may also raise your virtual hand to address your questions verbally. For participants joining via phone, to raise your hand, press star 9 on your phone's dial pad. When you're done, get selected to ask your questions, please follow the instructions on the phone and press star 6 to unmute yourself.

After the presentation there will be a question answer session you're invited to send your questions for the top the entire session usage kind of take functionality.

In addition to that you May also ask you what should happen to address your question 74 participants attending via phone to ask your hand, just online on your phone Falcao. When you don't get selected Chaucer question. Please follow the instructions on the phone and peso fixed chatting with yourself one last remark. If you would like to follow the presented slides on you and that's all he prefer you to go to worst outcome slashed.

Unknown Executive: One last remark, if you would like to follow the presented slides on your end as well, please feel free to go to roche.com/investors to download the presentation. At this time, it's my pleasure to introduce you to Thomas Schinecker, CEO, Roche Group. Mr. Schinecker, the stage is yours.

Talent Shakeup: To download the presentation at this time, it's my pleasure to introduce you to talent Shakeup C O westgroup Mr. Shinnecocks the stages here.

Operator 3: At this time, it's my pleasure to introduce you to Thomas Schinecker, CEO, Roche Group. Mr. Schinecker, the stage is yours.

Operator: At this time, it's my pleasure to introduce you to Thomas Schinecker, CEO, Roche Group. Mr. Schinecker, the stage is yours.

Thomas Schinecker: Thank you very much and hello and welcome. I'm looking forward to sharing the Q1 results today with my team, with you, today. In Q1, we had a very strong base business growth of 7% growth across both divisions and overall group sales, including COVID, were at plus 2%, constant exchange rate. The base business in both divisions, as said, was very strong. Pharma at plus 7% and diagnostics at plus 8%. The COVID-19 sales decreased by $0.7 billion and with that, we have the COVID sales decline largely behind us. And we've had LOE impact of $0.4 billion. And with that, both is very much in line with our guidance. This quarter, we have achieved a number of very important milestones. First, we received the U.S. approval for Xolair in food allergy, as the first and only medicine in food allergies. And we already see an uptick in sales and there's a lot of excitement in the medical community and Teresa, for sure, will share more about that.

Thomas Schinecker: Thank you very much and hello and welcome. I'm looking forward to sharing the Q1 results today with my team, with you, today.

Thomas Schinecker: Thank you. Thank you very much, and hello and welcome. I'm looking forward to sharing the Q1 results together with my team with you today. In Q1, we had a very strong base business growth of 7% across both divisions. Overall group sales, including COVID, were at +2% at constant exchange rates. The base business in both divisions, as said, was very strong. Pharma at +7% and Diagnostics at +8%. The COVID-19 sales decreased by CHF 0.7 billion, and with that, we have the COVID sales decline largely behind us. We've had LOE impact of CHF 0.4 billion. With that, both is very much in line with our guidance. This quarter, we have achieved a number of very important milestones.

Speaker Change: Thank you very much and Hello, and welcome I'm looking forward to sharing the Q1 results together with my team with you today.

In Q1, we had a very strong base business growth of 7% growth across both divisions and overall group sales, including COVID, were at plus 2%, constant exchange rate. The base business in both divisions, as said, was very strong. Pharma at plus 7% and diagnostics at plus 8%. The COVID-19 sales decreased by $0.7 billion and with that, we have the COVID sales decline largely behind us. And we've had LOE impact of $0.4 billion. And with that, both is very much in line with our guidance. This quarter, we have achieved a number of very important milestones. First, we received the U.S. approval for Xolair in food allergy, as the first and only medicine in food allergies. And we already see an uptick in sales and there's a lot of excitement in the medical community and Teresa, for sure, will share more about that.

In Q1, we had a very strong base business growth of 7% growth across both divisions and overall group sales, including COVID, were at plus 2%, constant exchange rate. The base business in both divisions, as said, was very strong. Pharma at plus 7% and diagnostics at plus 8%. The COVID-19 sales decreased by $0.7 billion and with that, we have the COVID sales decline largely behind us. And we've had LOE impact of $0.4 billion. And with that, both is very much in line with our guidance. This quarter, we have achieved a number of very important milestones. First, we received the U.S. approval for XOLAIR in food allergy, as the first and only medicine in food allergies. And we already see an uptick in sales and there's a lot of excitement in the medical community and Teresa, for sure, will share more about that.

In Q1, we had a very strong base business growth of 7% growth across both divisions and overall group sales, including COVID, were at +2%, constant exchange rate. The base business in both divisions, as said, was very strong. Pharma at +7% and Diagnostics at +8%. The COVID-19 sales decreased by CHF 0.7 billion and with that, we have the COVID sales decline largely behind us. And we've had LOE impact of CHF 0.4 billion. And with that, both is very much in line with our guidance. This quarter, we have achieved a number of very important milestones.

Speaker Change: Okay.

Talent Shakeup: In Q1, we had a very strong base business growth of 7% growth across both divisions and overall group sales, including Covid were at plus 2% at constant exchange rates.

Talent Shakeup: Base business in both divisions as said was very strong pharma plus 7%.

Talent Shakeup: Diagnostics at plus 8%.

Talent Shakeup: The COVID-19 sales decreased by <unk> 7 billion and with that we have the Kobe sales declined largely behind us.

Thomas Schinecker: And with that, we have the COVID sales decline largely behind us, and we've had an LOE impact of 0.4 billion. And with that, both are very much in line with our guidance. This quarter, we have achieved a number of very important milestones. First, we received U.S. approval for Xolair in food allergy as the first and only medicine for food allergies, and we already see an uptick in sales, and there's a lot of excitement in the medical community, and Teresa will share more about that.

And we've had.

Talent Shakeup: Hello, <unk> impact of <unk> 4 billion and with that both is very much in line with our guidance.

This quarter, we have achieved a number of very important milestones. First, we received the U.S. approval for Xolair in food allergy, as the first and only medicine in food allergies. And we already see an uptick in sales and there's a lot of excitement in the medical community and Teresa, for sure, will share more about that.

First, we received the U.S. approval for XOLAIR in food allergy, as the first and only medicine in food allergies. And we already see an uptick in sales and there's a lot of excitement in the medical community and Teresa, for sure, will share more about that. Just last week, we received FDA approval for ALECENSA in early stage, in adjuvant setting for ALK-positive lung cancer. And very strong data here as well, with a 76% reduction in the risk of recurrence of disease or death. We filed for U.S. accelerated approval for INAVOLISIB in first-line PIK3CA-mutated, HR-positive breast cancer and we do expect approval later this year.

Talent Shakeup: This quarter, we achieved a number of very important milestones first we received U S approval for <unk> in food allergy is the first and only medicine in food allergy.

Thomas Schinecker: First, we received the US approval for Xolair in food allergy as the first and only medicine in food allergy. We already see an uptick in sales, and there's a lot of excitement in the medical community, and Theresa for sure will share more about that. Just last week, we received FDA approval for Alecensa in early stage in adjuvant setting for ALK-positive lung cancer, and very strong data here as well, with a 76% reduction in the risk of recurrence of disease or death. We filed for US accelerated approval for inavolisib in first line PIK3CA mutated HR positive breast cancer, and we do expect approval later this year. In terms of key pharma readouts in Q1, we reported positive OS results for the phase 3 STARGLO study for Columvi in second-line DLBCL.

Talent Shakeup: And we already see an uptick in sales and there is a lot of excitement in the medical community and to reset for sure we'll share more about that.

Thomas Schinecker: Just last week, we received FDA approval for ALECENSA in early stage, in adjuvant setting for ALK-positive lung cancer. And very strong data here as well, with a 76% reduction in the risk of recurrence of disease or death. We filed for U.S. accelerated approval for INAVOLISIB in first-line PIK3CA-mutated, HR-positive breast cancer and we do expect approval later this year. In terms of key pharma readouts in Q1, we reported positive OS results for the Phase III STARGLO study for COLUMVI in second-line DLBCL and we had very good data for the Phase II KARDIA-2 results for ZILEBESIRAN in hypertension. And this was presented at ACC 2024 and Teresa will comment more on that. But this was on top of standard of care. In diagnostics, we've had U.S. regulatory approval for the first molecular screening assay for malaria for blood donations. So, this is the first and only assay available to test for malaria in blood donations.

Just last week, we received FDA approval for ALECENSA in early stage, in adjuvant setting for ALK-positive lung cancer. And very strong data here as well, with a 76% reduction in the risk of recurrence of disease or death. We filed for U.S. accelerated approval for INAVOLISIB in first-line PIK3CA-mutated, HR-positive breast cancer and we do expect approval later this year.

Talent Shakeup: Just last week, we received FDA approval for a sensor.

Talent Shakeup: In early stage and adjuvant setting for positive lung cancer, and very strong data here as well with a 76% reduction in risk of recurrence of disease or death.

Talent Shakeup: We filed for U S accelerated approval for <unk> in first line pick as we see a you take it HR positive breast cancer and we do expect approval later this year.

In terms of key Pharma readouts in Q1, we reported positive OS results for the Phase III STARGLO study for COLUMVI in second-line DLBCL and we had very good data for the Phase II KARDIA-2 results for ZILEBESIRAN in hypertension. And this was presented at ACC 2024 and Teresa will comment more on that. But this was on top of standard of care. In Diagnostics, we've had U.S. regulatory approval for the first molecular screening assay for malaria for blood donations. So, this is the first and only assay available to test for malaria in blood donations.

In terms of key pharma Readouts in Q1, we reported positive results for the Phase III <unk> study for <unk> in second line <unk>.

Thomas Schinecker: We had very good data for the phase 2 KARDIA-2 results for zilebesiran in hypertension. This was presented at ACC 2024, and Teresa will comment more on that. This was on top of standard of care. In diagnostics, we've had US regulatory approval for the first molecular screening assay for malaria for blood donations. This is the first and only assay available to test malaria in blood donations. We've also received breakthrough device designation for the p-tau 217 rule-in assay for Alzheimer's disease, and Matt will cover more of that as well.

Talent Shakeup: And we had very good data for the phase two cardiac two results. So that's already in hypertension.

Talent Shakeup: And.

Talent Shakeup: It was presented at ACC 2024, and Teresa will comment more on that but this was on top of standard of care.

Thomas Schinecker: But this was on top of standard of care. In Diagnostics, we had U.S. regulatory approval for the first molecular screening assay for malaria in blood donations. So this is the first and only test available to test for malaria in blood donations.

Talent Shakeup: In diagnostics, we have had.

Talent Shakeup: U S regulatory approval for the first molecular screening assay for malaria.

If a blood donation. So this is the first and only U S.

Talent Shakeup: <unk> available to tests malaria in destinations.

Thomas Schinecker: We've also received breakthrough device designation for the p-Tau217 rule-in assay for Alzheimer's disease and Matt will cover more of that as well. We have four remaining pivotal readouts this year and, importantly, we have 12 Phase III enabling readouts that will come this year -- all of them addressing large opportunities, such as in Alzheimer's, Parkinson's and Huntington's, et cetera. And I will cover that in a later slide. Also, after discussing with regulatory agencies, we've made a decision to file the Phase III EMBARK data for ELEVIDYS in Duchenne Muscular Dystrophy. Finally, in Diagnostics, we have a number of key launches ahead of us. This is a very important launch year for Diagnostics and Matt and the team will share more at the Diagnostics Investor event on May 22nd.

Talent Shakeup: <unk> also received breakthrough device designation for the <unk> to one 7 million in SA for Alzheimer's disease, and Matt will cover more of that as well.

Thomas Schinecker: We have 4 remaining pivotal readouts this year, and importantly, we have 12 phase 3 enabling readouts that will come this year, all of them addressing large opportunities, such as in Alzheimer's, Parkinson's, etc., and I will cover that in a later slide. After discussing with regulatory agencies, we've made the decision to file the phase 3 EMBARK data for Elevidys in Duchenne muscular dystrophy. Finally, in Diagnostics, we have a number of key launches ahead of us. This is a very important launch year for Diagnostics, and Matt and the team will share more at the Diagnostics Investor Event on 22 May 2024. As mentioned, Q1 base business sales growth was very strong, 7% for Pharma, 8% for Diagnostics, and 7% for the Group.

Talent Shakeup: We have four remaining pivotal readouts this year and importantly, we have 12 phase III, enabling readouts that will come with yet all of them addressing lost opportunities such as in Alzheimer's Parkinson's.

Talent Shakeup: Et cetera, and that will cover that in later slides.

Thomas Schinecker: Also, after discussing with regulatory agencies, we've made a decision to file the Phase III EMBARK data for ELEVIDYS in Duchenne Muscular Dystrophy. Finally, in diagnostics, we have a number of key launches ahead of us. This is a very important launch year for diagnostics and Matt and the team will share more at the Diagnostics Investor event on May 22nd. As mentioned, Q1 base business sales growth was very strong -- 7% for pharma, 8% for diagnostics and 7% for the group.

Also, after discussing with regulatory agencies, we've made a decision to file the Phase III EMBARK data for ELEVIDYS in Duchenne Muscular Dystrophy. Finally, in diagnostics, we have a number of key launches ahead of us. This is a very important launch year for diagnostics and Matt and the team will share more at the Diagnostics Investor event on May 22nd.

Talent Shakeup: Also after discussing with regulatory agencies.

Talent Shakeup: I made the decision to file the phase III embark data for elevators in Duchenne muscular dystrophy. Finally in diagnostics, we have a number of key launches ahead of US. This is a very important launch year for diagnostics and Matt and the team will share more at the diagnostics investor event on May 20 seconds.

Talent Shakeup: As mentioned Q1 base business sales growth was very strong, 7% pharma, 8% for diagnostics and 7% for the group.

As mentioned, Q1 base business sales growth was very strong -- 7% for pharma, 8% for diagnostics and 7% for the group. As the headwinds from COVID are diminishing, this growth will shine through for the coming quarters. Here, you can see that our base business is really overcompensating, both for the COVID-19 effect and the LOE effect. And you also see here, that in first quarter, we still had an 8% effect on the currencies. Now, this is the base effect because the currency appreciation of the Swiss franc really happened after Q2 last year and we should see -- and Alan has a slide on that -- a significant improvement here.

Thomas Schinecker: As the headwinds from COVID are diminishing, this growth will shine through for the coming quarters. Here you can see that our base business is really overcompensating both for the COVID-19 effect and the LOE effect. We also see here that in Q1, we still had an 8% effect on the currencies. Now, this is a base effect because the currency appreciation of the Swiss franc really happens after Q2 last year. We should see, and Alan has a slide on that, a significant improvement here. Again, it's very hard to forecast currencies in a world with a lot of geopolitical tensions. As it stands today, in terms of currencies, we should see a significant improvement in the quarters to come. As Alan will show, the projection for the whole year at this stage is at -2% only.

Talent Shakeup: As the headwinds from Covid are diminishing this growth will will shine through for the coming quarters.

Thomas Schinecker: As the headwinds from COVID are diminishing, this growth will shine through for the coming quarter. Here you can see that our base business is really overcompensating both for the COVID-19 effect and the LOE effect, and you also see here that in the first quarter, we still had an 8% effect on the currency. Now, this is the base effect because the currency appreciation of the Swiss franc really happened after Q2 last year, and we should see, and Alan has a slide on that, a significant improvement here.

Speaker Change: Yes, you can see that our base business is really overcompensating, both for the COVID-19 effect and the Halo effect.

Speaker Change: And you also see here that in first quarter, we still had 8% effect on the currencies. Now this is the base effect because the currency appreciation of the Swiss franc really happens after Q2 last year, and we should see and Alan has a side on that significant improvement here again.

Thomas Schinecker: Again, it's very hard to forecast currencies in a world with a lot of geopolitical tensions but as it states today, in terms of currencies, we should see a significant improvement in the quarters to come. And as Alan will show, the projection for the whole year, at this stage, is at -2% only. Now, here, you see the group sales over the last number of years and you can see that in '23 and in '24, we've had high single-digit growth in our base business. You see in the blue line our total business, including COVID. And for the coming quarters, you'll see that the blue and the orange lines will merge and the blue line will go up to the orange line.

Alan: It's very hard to forecast currencies.

Well with a lot of geopolitical tensions, but as it states today in terms of currencies, we should see a significant improvement in the quarters to come.

Alan: And as Alan will show the protection for the whole year at this stage is the minus 2% only.

Thomas Schinecker: Now here you see the Group sales over the last number of years, and you can see that in 2023 and in 2024, we've had high double-digit growth in our base business. You see in the blue line our total business, including COVID, and for the coming quarters you will see that the blue and the orange line will merge, and the blue line will go up to the orange line. Also, if you look on a divisional level, you can see that on the Diagnostics side, we've delivered 7% to 8% growth quarter-over-quarter over the last number of years. In Pharmaceuticals, we really accelerated our business over the last year. We do believe also that this will continue.

Alan: Now here you see the group sales over the last number of years and you can see that in 'twenty three 'twenty four.

Thomas Schinecker: We've had high single-digit growth in our base business. You see in the blue line our total business, including COVID. And for the coming quarters, you'll see that the blue and the orange lines will merge, and the blue line will go up to the orange line.

Alan: We've had high single digit growth in our base business you see in the Blue line, our total business.

Alan: Leading cobot and for the coming quarters, you will see that the blue and the Orange line with niche and Rhode Island will go up to the Orange line.

Thomas Schinecker: Also, if you look on a divisional level, you can see that on the diagnostic side, we've delivered 7% to 8% growth for quarter-over-quarter over the last number of years. And in Pharma, we really accelerated our business over the last year so, we do believe also, that this will continue. On the Pharma side, we continue to strengthen our pipeline, focusing on projects with high impact and with first-in-class and best-in-disease potential. In Q1, we terminated early-stage development for five NMEs based on clinical data, as well as prioritizing assets that deliver high value and high PTS. So, if you look over the last three quarters, we've removed 20% of total NMEs, really focusing our assets and our priorities. And at the same time, we've brought in a number of assets from the outside with high PTS and high value in areas such as hypertension, inflammatory bowel disease and also, obesity. And you can expect this kind of prioritization and partnering deals to continue over the course to come. In addition to the pipeline prioritization, we are also working on opportunities to improve operational performance across the Roche Group. Now, let me highlight a couple of examples.

Also, if you look on a divisional level, you can see that on the diagnostic side, we've delivered 7% to 8% growth for quarter-over-quarter over the last number of years. And in Pharma, we really accelerated our business over the last year so, we do believe also, that this will continue. On the Pharma side, we continue to strengthen our pipeline, focusing on projects with high impact and with first-in-class and best-in-disease potential. In Q1, we terminated early-stage development for five NMEs based on clinical data, as well as prioritizing assets that deliver high value and high PTS.

Alan: Also if you look on a divisional level you can see that on the diagnostic side, we've delivered 7% to 8% growth for quarter over quarter over the last number of years and in pharma, we really accelerated our business over the last year. So we do believe also.

Alan: So that this will continue.

Thomas Schinecker: On the pharma side, we continue to strengthen our pipeline, focusing on projects with high impact and with first in class and best-in-disease potential. In Q1, we terminated early stage developments for 5 NMEs based on clinical data, as well as prioritizing assets that deliver high value and high PTS. If we look over the last 3 quarters, we've removed 20% of total NMEs, really focusing our assets and our priorities. At the same time, we've brought in a number of assets from the outside with high PTS and high value in areas such as hypertension, inflammatory bowel disease, and also obesity. You can expect this kind of prioritization and partnering deals to continue over the course to come. In addition to the pipeline prioritization, we're also working on opportunities to improve operational performance across the Roche Group.

Alan: On the pharma side, we continue to strengthen our pipeline focusing on projects with high impact and with first in class and best in disease potential.

Thomas Schinecker: In Q1, we terminated early stage development for Five Enemies based on clinical data, as well as prioritizing assets that deliver high value and high PTS. So if you look over the last three quarters, we've removed 20% of total enemies, really focusing our assets and our priorities.

Alan: In Q1, we terminated.

Early stage development for five enemies.

Alan: Just on clinical data as well as prioritizing assets that deliver high value and high Pts.

So, if you look over the last three quarters, we've removed 20% of total NMEs, really focusing our assets and our priorities. And at the same time, we've brought in a number of assets from the outside with high PTS and high value in areas such as hypertension, inflammatory bowel disease and also, obesity. And you can expect this kind of prioritization and partnering deals to continue over the course to come. In addition to the pipeline prioritization, we are also working on opportunities to improve operational performance across the Roche Group. Now, let me highlight a couple of examples.

Alan: So if you look over the last three quarters, we've removed 20% of total enemies.

Alan: Focusing our assets and our priorities and at the same time, we've brought in a number of assets from the outside with high Pts and high value in areas such as hypertension.

Thomas Schinecker: And at the same time, we've brought in a number of assets from the outside with high PTS and high value in areas such as hypertension, inflammatory bowel disease, and also obesity. And you can expect this kind of prioritization and partnering deals to continue over the course of the coming years. In addition to the pipeline prioritization, we are also working on opportunities to improve operational performance across the Rush Group. Now, let me highlight a couple of examples.

Inflammatory bowel disease and also obesity.

Alan: And you can expect this kind of organization and partnering deals to continue over the quarters to come.

Alan: Okay.

Alan: In addition.

Alan: So the pipeline prioritization, we're also working on opportunities to improve operational performance across the Rush group now.

Thomas Schinecker: Now, let me highlight a couple of examples. Last month, we announced the divestment of our Vacaville biologics manufacturing facility in the US for CHF 1.2 billion. This divestment is a direct consequence of the ongoing efficiency gains for biologics manufacturing. We are also optimizing our geographical footprint here with facilities closer to the end markets, US, Europe, and Asia. In total, we now have 11 manufacturing sites with over 530,000 liters of biological manufacturing capacity online. With that, we still have the largest manufacturing capacity in the industry. On this slide, you can see why we're doing this. On the X-axis, you see the time scale. On the Y-axis, the titer that we get out of our cell lines. What you can see here is that we have significant productivity improvements in our manufacturing.

Alan: Now let me highlight a couple of examples.

Thomas Schinecker: Last month, we announced the divestment of our Vacaville biologics manufacturing facility in the U.S. for $1.2 billion. And this divestment is a direct consequence of the ongoing efficiency gains for biologics manufacturing. We are also optimizing our geographical footprint here with facilities closer to the end markets U.S., Europe and Asia. In total, we now have 11 manufacturing sites with over 530,000 liters of biological manufacturing capacity online. And with that, we still have the largest manufacturing capacity in the industry. On this slide, you can see why we're doing this. On the x-axis, you see the time scale. On the y-axis, the titer that we get out of our cell lines. And what you can see here is that we have significant productivity improvements in our manufacturing. In total, we have about five times higher productivity and with that, we don't need as many manufacturing sites as we have in the past to produce even more products. In addition, we have a portfolio shift to smaller volumes because of higher potency NMEs. So, with that, we can optimize our manufacturing network going forward. In addition, we've also made other additional adjustments to improve operational performance.

Last month, we announced the divestment of our Vacaville biologics manufacturing facility in the U.S. for $1.2 billion. And this divestment is a direct consequence of the ongoing efficiency gains for biologics manufacturing. We are also optimizing our geographical footprint here with facilities closer to the end markets U.S., Europe and Asia. In total, we now have 11 manufacturing sites with over 530,000 liters of biological manufacturing capacity online. And with that, we still have the largest manufacturing capacity in the industry.

Alan: Last month, we announced the divestment of our backfill biologics manufacturing facility in the U S or one 2 billion.

And this.

Alan: Divestment as a direct consequence of the ongoing efficiency gains for biologics manufacturing.

Alan: We are also optimizing our geographical footprints here with facilities closer to the end markets U S Europe and Asia.

Alan: In total we now have 11 manufacturing sites with over 550000 liters of biological manufacturing capacity online and with that we still have the largest manufacturing capacity in the industry.

On this slide, you can see why we're doing this. On the x-axis, you see the time scale. On the y-axis, the titer that we get out of our cell lines. And what you can see here is that we have significant productivity improvements in our manufacturing. In total, we have about five times higher productivity and with that, we don't need as many manufacturing sites as we have in the past to produce even more products. In addition, we have a portfolio shift to smaller volumes because of higher potency NMEs. So, with that, we can optimize our manufacturing network going forward. In addition, we've also made other additional adjustments to improve operational performance.

On this slide you can see why we're doing this.

Alan: On the X axis.

Alan: You see the time scale on the Y axis, the tighter that we get out of our cell lines.

Thomas Schinecker: And what you can see here is that we have significant productivity improvements in our manufacturing. In total, we have about five times higher productivity, and with that, we don't need as many manufacturing sites as we did in the past to produce even more products. In addition, we have a portfolio shift to smaller volumes because of higher potency enemies. So with that, we can optimize our manufacturing network going forward. In addition, we've also made other additional adjustments to improve operational performance.

Alan: And what you can see here is that we have significantly product fit significant productivity improvements in our manufacturing.

Thomas Schinecker: In total, we have about five times higher productivity, and with that, we don't need as many manufacturing sites as we've had in the past to produce even more products. In addition, we have a portfolio shift to smaller volumes because of higher potency NMEs. With that, we can optimize our manufacturing network going forward. In addition, we've also made other additional adjustments to improve operational performance. FMI moved from pharma to diagnostics, where we see a lot of opportunities in terms of leveraging synergies and also improving our operational cost position. We can combine the broadest portfolio that we have in the diagnostics industry to the benefit of FMI, and we can also leverage our next generation sequencing capabilities across diagnostics and FMI. In addition, we've integrated point of care and diabetes care into one organization, into one business area called Near Patient Care.

Alan: In total we have about five times higher productivity and with that we don't need as many manufacturing sites as we've had in the past to produce even more products. In addition.

Alan: Our portfolio shift to smaller volumes because of higher potency enemies.

So with that we can optimize our manufacturing network.

Alan: Forwards.

Alan: Yeah.

Alan: In addition, we've also made other additional adjustments to improve operational performance.

In addition, we've also made other additional adjustments to improve operational performance. FMI moved from Palmer to Diagnostics, where we see a lot of opportunities in terms of leveraging synergies and also improving our operational cost position. We can combine the, This is the broadest portfolio that we have in the diagnostics industry to the benefit of FMI, and we can also leverage our next generation sequencing capabilities across diagnostics and FMI. In addition, we've integrated point of care and diabetes care into one organization, into one business area called Near Patient Care. This allows us to take advantage of the fact that we have complementary patient and customer segments and also technology. We can then operate more impactfully as one organization, and we can reinvest the savings into growth areas, such as accelerating our CGM project.

In addition, we've also made other additional adjustments to improve operational performance. FMI moved from Pharma to Diagnostics, where we see a lot of opportunities in terms of leveraging synergies and also, improving our operational cost position. We can combine the broadest portfolio that we have in the Diagnostics industry to the benefit of FMI and we can also leverage our next generation sequencing capabilities across Diagnostics and FMI.

Thomas Schinecker: FMI moved from Palmer to Diagnostics, where we see a lot of opportunities in terms of leveraging synergies and also improving our operational cost position. We can combine the, This is the broadest portfolio that we have in the diagnostics industry to the benefit of FMI, and we can also leverage our next generation sequencing capabilities across diagnostics and FMI. In addition, we've integrated point of care and diabetes care into one organization, into one business area called Near Patient Care.

Alan: <unk> moved from Palma to diagnostics, where.

Alan: Where we see.

Alan: A lot of opportunities in terms of leveraging synergies and also improving our operational cost position.

Alan: We can combine the <unk>.

The broadest portfolio that we have in the diagnostic industry. So the benefits of <unk> and we can also leverage our next generation sequencing capabilities across diagnostics and SME.

In addition, we've integrated Point of Care and Diabetes Care into one organization, into one business area called Near Patient Care. This allows us to take advantage of the fact that we have complementary patient and customer segments and also technologies. And we can then operate more impactfully as one organization and we can re-invest the savings into growth areas, such as accelerating our CGM project.

Alan: In addition, we've integrated point of care in diabetes care into one organization.

Alan: It's one business area called patient patient care.

Thomas Schinecker: This allows us to take advantage of the fact that we have complementary patient and customer segments and also technology. We can then operate more impactfully as one organization, and we can reinvest the savings into growth areas, such as accelerating our CGM project. Now, moving to the future. We've launched 20 new medicines since the end of 2015. Now 55% of our portfolio sales are from the new portfolio. With that, we have one of the youngest portfolios in the industry. You may wonder why it's only a 5% increase. You can see that Rona Prieff dropped out.

This allows us to take advantage of the fact that we have complementary patient and customer segments and also technology. We can then operate more impactfully as one organization, and we can reinvest the savings into growth areas, such as accelerating our CGM project.

Thomas Schinecker: This allows us to take advantage of the fact that we have complementary patient and customer segments and also technologies. We can then operate more impactfully as one organization, and we can reinvest the savings into growth areas such as accelerating our CGM projects. Now moving to the future. We've launched 20 new medicines since the end of 2015. Now 55% of our portfolio sales are from the new portfolio. With that, we have one of the youngest portfolios in the industry. You may wonder why it's only a 5% increase. You can see that Ronapreve dropped out. Without Ronapreve, the increase would be significantly higher. Also this is in Swiss francs. Just want to highlight that. We have 2 NME launches this year. One of them is crovalimab, the other one is inavolisib. So we keep launching 2 NMEs per year.

Alan: This allows us to take advantage of the fact that we have.

Alan: Complementary patient and customer segments and also technologies.

Alan: And we can then operate more impactful as one organization and we can reinvest the savings into growth areas, such as accelerating our CGM projects.

Now, moving to the future. We've launched 20 new medicines since the end of 2015. Now, 55% of our portfolio sales are from the new portfolio. With that, we have one of the youngest portfolios in the industry. You may wonder why it's only a 5% increase. You can see that RONAPREVE dropped out. Without RONAPREVE, the increase would be significantly higher. And also, this is in Swiss francs. Just want to highlight that. We have two NME launches this year, one of them is CROVALIMAB, the other one is INAVOLISIB. So, we keep launching two NMEs per year. On this slide, what you can see is that the washout of COVID-19 is basically over. We have washed out CHF 700 million in the first quarter alone so, it went out completely on the Pharma side and also on the Diagnostic side. We'll continue to see some revenue but basically, the effects for the remaining of the year is in the range of only around 0.6% to 0.7% on the entire growth rate. So, you can see the growth rate will no longer be materially affected when we go into the next quarters.

Speaker Change: Now moving to the future.

Thomas Schinecker: We've launched 20 new medicines since the end of 2015. Now 55% of our portfolio sales are from the new portfolio. With that, we have one of the youngest portfolios in the industry. You may wonder why it's only a 5% increase. You can see that Rona Prieff dropped out.

Speaker Change: We've launched 20, new medicines since the end of 2015 now 55% of our portfolio sales from the new portfolio with that and we have one of the youngest portfolios in the industry.

Speaker Change: You May wonder why it's only a 5% increase you can see that run up we've kept out without the increase would be significantly higher and also this is in Swiss francs, just want to highlight that.

Thomas Schinecker: Without Rona Prieff, the increase would be significantly higher. And also, this is in Swiss francs. Just want to highlight that. We have two NME launches this year. One of them is KruvalaMap.

We have two NME launches this year one of them is cobalt them up the other one is listed so we keep launching two enemies per year.

Thomas Schinecker: The other one is Navalisib. So we keep launching two NMEs per year. On this slide, what you can see is that the washout of COVID-19 is basically over. We have washed out 700 million in the first quarter alone, so it went out completely on the pharma side and also on the diagnostic side, we'll continue to see some revenue, but basically, the effect for the remaining of the year is in the range of only around 0.6 to 0.7 percent on the entire growth rate, so you can see the growth rate will no longer be materially affected when we go into the next quarter.

On this slide, what you can see is that the washout of COVID-19 is basically over. We have washed out CHF 700 million in the first quarter alone so, it went out completely on the Pharma side and also on the Diagnostic side. We'll continue to see some revenue but basically, the effects for the remaining of the year is in the range of only around 0.6% to 0.7% on the entire growth rate. So, you can see the growth rate will no longer be materially affected when we go into the next quarters.

Thomas Schinecker: On this slide, what you can see, is that the washout of COVID-19 is basically over. We have washed out CHF 700 million in the first quarter alone, so it went out completely on the Pharmaceuticals side and also on the Diagnostics side. We'll continue to see some revenue, but basically the effect for the remainder of the year is in the range of only around 0.6% to 0.7% on the entire growth rate. You can see the growth rate will no longer be materially affected when we go into the next quarters. Let me just say, we contributed significantly during this pandemic with sales of almost CHF 20 billion, and we washed out those sales, without ever dropping into negative territory in terms of sales.

Speaker Change: On this slide you can see.

Speaker Change: Is that the wash out of COVID-19, it's basically over.

Speaker Change: We have washed out $700 million in the first quarter alone. So it went out completely on the pharma side and also on the diagnostics side, we will continue to see some revenue.

Speaker Change: But basically the effect for the remaining of the year is in the range of only around <unk>, 7% on the entire growth rate. So you can see the growth rate will no longer be materially affected when we go into the next quarters.

Speaker Change: And let me just say.

Thomas Schinecker: And let me just say, we contributed significantly during this pandemic with sales of almost CHF 20 billion. And we washed out those sales without ever dropping into negative territory in terms of sales. Now, this will be the last time that I'll show you this slide. On this slide, you will see what the growth drivers beyond 2025. These are the NMEs with significant potential and also, on the diagnostic side, these are only the launches of this year and next year where we have significant potential. And this slide, you'll see it more often going forward and we'll keep updating you on the different progresses that we've made in these NMEs. And with these NMEs, we really need to target the high disease burdens and areas with higher medical needs. So, in this last quarter, we hosted a Neurology IR call where we highlighted new clinical data for Phase I and Phase II, which had been presented at the AD/PD conference. There was new dose finding data from TRONTINEMAB, our anti-amyloid-beta Brainshuttle. Now, what you see is that within only a few months, the detection levels of the plots -- or the level of plots are below detection level.

And let me just say, we contributed significantly during this pandemic with sales of almost CHF 20 billion. And we washed out those sales without ever dropping into negative territory in terms of sales. Now, this will be the last time that I'll show you this slide. On this slide, you will see what the growth drivers beyond 2025. These are the NMEs with significant potential and also, on the diagnostic side, these are only the launches of this year and next year where we have significant potential. And this slide, you'll see it more often going forward and we'll keep updating you on the different progresses that we've made in these NMEs.

Speaker Change: We contributed significantly during this pandemic with sales almost $20 billion and we washed out those sales.

Speaker Change: Without ever dropping into negative territory in terms of sales now this will be the last time that I.

Thomas Schinecker: Now, this will be the last time that I will show you this slide. On this slide, you will see what are the growth drivers beyond 2025. These are the NMEs with significant potential. Also on the diagnostic side, these are only the launches of this year and next year where we have significant potential. This slide you will see more often going forward, and we'll keep updating you on the different progresses that we've made in these NMEs. With these NMEs, we really target the high disease burdens and areas with higher medical needs. In this last quarter, we hosted a neurology IR call where we highlighted new clinical data for phase I, phase II, which had been presented at the AD/PD conference. There was new dose finding data for donanemab, our anti-amyloid beta brain shuttle.

Speaker Change: I'll show you this slide.

Speaker Change: Okay.

Thomas Schinecker: On this slide, you will see what the growth drivers beyond 2025 are. These are the threats with significant potential, also on the diagnostic side. These are only the launches of this year and next year where we have significant potential, and this slide you will see more often going forward, and we'll keep updating you on the different progresses that we've made on these enemies. And with these enemies, we really need to target the high disease burdens and areas with higher medical.

Speaker Change: On this slide you will see what are the growth drivers.

Speaker Change: Beyond 2025.

Speaker Change: <unk>.

Speaker Change: The enemies with significant potential and also on the diagnostics side. These are only the launches of this year and next year, where we have significant potential.

And this slide, you'll see it more often going forward and we'll keep updating you on the different progresses that we've made in these NMEs. And with these NMEs, we really need to target the high disease burdens and areas with higher medical needs. So, in this last quarter, we hosted a Neurology IR call where we highlighted new clinical data for Phase I and Phase II, which had been presented at the AD/PD conference. There was new dose finding data from TRONTINEMAB, our anti-amyloid-beta Brainshuttle. Now, what you see is that within only a few months, the detection levels of the plots -- or the level of plots are below detection level.

Speaker Change: And this slide you will see more often going forward and we will keep updating you on the different progress that we've made in these enemies.

And with these NMEs, we really need to target the high disease burdens and areas with higher medical needs. So, in this last quarter, we hosted a Neurology IR call where we highlighted new clinical data for Phase I and Phase II, which had been presented at the AD/PD conference. There was new dose finding data from TRONTINEMAB, our anti-amyloid-beta Brainshuttle. Now, what you see is that within only a few months, the detection levels of the plots -- or the level of plots are below detection level.

Speaker Change: And with these enemies, we really the targets the high disease burden and areas with high unmet medical needs.

Thomas Schinecker: So in this last quarter, we hosted a neurology IR call where we highlighted new clinical data for phase one and phase two, which had been presented at the ADPD conference. There was new dose finding data from Trinitinimab, our anti-amyloid beta brain shuttle. Now, what you see is that within only a few months, the detection levels of the plugs, or the level of the plugs, are below detection level.

Speaker Change: So in this last quarter, we hosted eight neurology IR call, where we highlighted new clinical data for phase one phase two which had been presented at the <unk> PD conference.

Now, what you see is that within only a few months, the detection levels of the plots -- or the level of plots are below detection level. So you see a significant, very quick drop in plugs in these patients. And with all the data we know, we know that plug removal also has a benefit. We also have shown the four-year open label extension phase two data for PRAS-E in Parkinson's disease. We've also shown recently data from a phase two of a cardio two study of the veteran. And that's on top of standard of care where we see a significant benefit for these patients. Finally, on the diagnostic side, at the ATTD conference in March, we presented data on the Aquacheck SmartGuide CGM solution.

Now, what you see is that within only a few months, the detection levels of the plaques -- or the level of plaques are below detection level. So, you see a significant, very quick drop of plaques in these patients. And with all the data we know, we know that plaque-removal automatically has also [inaudible] a benefit. We also shown four-year, open-label extension Phase II data for PRASI in Parkinson's disease. We've also shown, lately, data in a conference from Phase II of KARDIA-2 study of ZILEBESIRAN and that's on top of standard of care where we see a significant benefit for these patients.

What's new dose finding data from treating them up our anti amyloid.

Speaker Change: Better brain shuttle.

Thomas Schinecker: Now what you see is that within only a few months, the detection levels of the plaques, or the level of plaques are below detection level. You see a significant, very quick drop of plaques of these patients. With all the data we know, we know that plaque removal automatically has also a clinical benefit. We also have shown the four-year open-label extension phase 2 data for prasinezumab in Parkinson's disease. We've also shown lately data in a conference from phase 2 of KARDIA-2 study of zilebesiran, and that's on top of standard of care, where we see a significant benefit for these patients. Finally, on the diagnostic side at the ATTD conference in March, we presented data on the Accu-Chek SmartGuide CGM solution.

Speaker Change: So what you see is that within only a few months the detection levels off the blocks.

Thomas Schinecker: So you see a significant, very quick drop in plugs in these patients. And with all the data we know, we know that plug removal also has a benefit. We also have shown the four-year open label extension phase two data for PRAS-E in Parkinson's disease. We've also shown recently data from a phase two of a cardio two study of the veteran. And that's on top of standard of care where we see a significant benefit for these patients. Finally, on the diagnostic side, at the ATTD conference in March, we presented data on the Aquacheck SmartGuide CGM solution.

Speaker Change: Or the level of plots are below detection level. So you see a significant very quick drop of blocks of these patients and with all the data. We know we know that plaque removal automatically also thank the benefit. We also have shown four year open label extension phase II data for <unk> in Parkinson's.

Speaker Change: Yes.

We've also shown lately data in a conference from phase two of Cardio <unk> study Afterbirth written and that's on top of standard of care, where we see a significant benefit for these patients.

Finally, on the diagnostic side, at the ATTD conference in March, we presented data on the Aquacheck SmartGuide CGM solution. So you can see we're nicely progressing on our pipeline, and I'll continue to give you more information on this. Now, let me just say that we still see very strong base business growth in both divisions. The COVID-19 sales decline is largely over. The rest of the year will not have any material effect. The LOE is very much in line with our expectations. With that, we confirm our guidance in terms of mid-single-digit growth. Also, on this slide, on the core EPS, we confirm our guidance as well as our intention to further increase the dividend in Swiss francs. Thank you very much from my side, and I hand over to Alan.

Finally, on the Diagnostic side, at the ATTD conference in March, we presented data on the Accu-check SmartGuide CGM Solution. So, you can see we're nicely progressing on our pipeline and I'll continue to give you more information on this. Now, let me just say that we still see very strong base business growth in both divisions. COVID-19 sales decline is largely over, the rest of the year will not have any material effect. LOE is very much in line with our expectations. With that, we confirm our guidance in terms of mid-single-digit growth. Also here on this slide, on the Core EPS, we confirm our guidance as well as our intention to further increase the dividend in Swiss francs.

Thomas Schinecker: So you can see we're nicely progressing on our pipeline, and I'll continue to give you more information on this. Now, let me just say that we still see very strong base business growth in both divisions. The COVID-19 sales decline is largely over. The rest of the year will not have any material effect.

Speaker Change: Finally on the diagnostic side.

Speaker Change: HGTV conference in March we presented data on the Alco Chick smart guys.

Speaker Change: Institution. So you can see we're nicely progressing on our pipeline and I'll continue to give you more information on this.

Thomas Schinecker: You can see we're nicely progressing on our pipeline, and we'll continue to give you more information on this. Now, let me just say that we still see very strong base business growth in both divisions. COVID-19 sales decline is largely over. The rest of the year will not have any material effects. LOE is very much in line with our expectations. With that, we confirm our guidance in terms of mid-single-digit growth. Also here on this slide on the core EPS, we confirm our guidance as well as our intention to further increase the dividend in Swiss francs. With that, thank you very much from my side, and I hand over to Alan.

Thomas Schinecker: The LOE is very much in line with our expectations. With that, we confirm our guidance in terms of mid-single-digit growth. Also, on this slide, on the core EPS, we confirm our guidance as well as our intention to further increase the dividend in Swiss francs. Thank you very much from my side, and I hand over to Alan.

Speaker Change: Now let me just say that we still see very strong base business growth in both divisions.

Speaker Change: But 19 sales decline is largely over the rest of the year will not have any material effect.

Speaker Change: He is very much in line with our expectations with that we confirm our guidance in terms of mid single digit growth.

With that, thank you very much from my side and I hand over to Alan.

Alan Hippe: Yeah. Thanks, Thomas. Yeah. And thanks to everybody who has contributed, I think, to these great results in Q1. We have made, I think, pretty significant progress. So, let me dive into it right away.

Speaker Change: Also here on the slide on the core EPS, we confirm our guidance as well as our intention to further increase the dividend its effects with that.

Speaker Change: Thank you very much from my side and I hand over to Alan.

Alan Hippe: Yeah. Thanks, Thomas. Yeah, and thanks to everybody who has contributed, I think, to this great results in Q1. We have made, I think, really significant progress. Let me dive into it right away. Another sales bridge with the same message here. I think we even look at the pharma side with the +2%. I think you see good growth in the US, Europe, international. Teresa will talk about it. You see a dip in Japan with Chugai, and this is really Ronapreve we had last year in constant rates. Ronapreve sales of CHF 519 million. This is all here in Swiss francs in constant rates. The other piece is coming from a price cut in Japan.

Alan: Yes, Thanks Thomas.

Alan Hippe: Another sales bridge, I was the same with the same message here. I think we even look at the pharma side with the plus 2%. I think you see good growth in the US, Europe, and international. Teresa will talk about that. You see a dip in Japan with Sugai. And this is really Rona Prief we had last year, at constant rates, Rona Prief sales of 519 million. This is all here in Swiss francs at constant rates. So the other piece is coming from a price cut in Japan. So I think Teresa will shed some more light on this. Then the Daya division, also here with the plus 2%. But also here is 194 million sales losses due to the loss of COVID sales embedded. Without that, I think we know pharma would have grown at 7%. Daya would have grown at 8%. And when you look at the group in CR, a plus 2% without the COVID sales impact, we would have grown by 7%. You see the impact from currencies. I will come back to that later. Thomas made a couple of comments, and I will add a little bit more information to that one. And that leads you then to the development of the Swiss franc at minus 6%, so still quite a significant impact. So quite an achievement here.

Another sales bridge, I was the same -- with the same message here. I think if we even look at the Pharma side with the +2%. you see good growth in the U.S., Europe, International -- Teresa will talk about it. You see a dip in Japan with Chugai and this is really RONAPREVE we had last year, in constant rates. RONAPREVE sales of CHF 519 million, this is all here in Swiss francs in constant rates. So, the other piece is coming from a price cut in Japan. So, I think Teresa will shed some more light on this. Then, the Dia Division, also here with the +2% but also here is CHF 194 million sales losses due to the loss of COVID sales embedded. Without that, I think we know Pharma would have grown at 7%, Dia would have grown at 8%. When you look at the Group in CER, a +2% without the COVID sales impact, we would have then grown by 7%. You see the impact from currencies, I will come back to that later.

Alan: And thanks to everybody who has contributed I think to this great results in Q1.

Alan: We have made I think pretty significant progress. So let me, let me dive into it right away.

Alan: Another sales pitch a what's the same what's the same message here I think when you look at the pharma Cypress to plus 2% I think to see good growth in the U S. Europe International television I will talk about it you'll see a dip in Japan with Chugai and this is really Rona pretty if we had last year in constant rates are on a pre sales of $519 million.

Alan Hippe: You see a dip in Japan with Sugai. And this is really Rona Prief we had last year, at constant rates, Rona Prief sales of 519 million. This is all here in Swiss francs at constant rates. So the other piece is coming from a price cut in Japan.

Alan Hippe: So I think Teresa will shed some more light on this. Then the Daya division, also here with the plus 2%. But also here is 194 million sales losses due to the loss of COVID sales embedded. Without that, I think we know pharma would have grown at 7%. Daya would have grown at 8%.

Alan: This is all here in Swiss francs and concentrates. So the other piece is coming out from a price cut in Japan. So I think Tvs that will shed some more light on this than the Dio Division also here with the plus 2%, but also here. It's a 194 million of sales losses due to of course, it was a lot of Kobe sales embedded.

Then, the Dia Division, also here with the +2% but also here is CHF 194 million sales losses due to the loss of COVID sales embedded. Without that, I think we know Pharma would have grown at 7%, Dia would have grown at 8%. When you look at the Group in CER, a +2% without the COVID sales impact, we would have then grown by 7%. You see the impact from currencies, I will come back to that later. Thomas made a couple of comments and I will add a little bit more information to that one. And that leads you then, to the development, in Swiss francs at -6%. So, still quite a significant impact. And let me go back to the point about manufacturing in Pharma and the sale of Vacaville -- and I think Thomas has outlined a rationale why we have done that but I think that's another element to it. And let me show you this. On the left-hand side, what you see on the slide is the sales development that we had between 2018 and 2023 in Pharma. And you see cumulatively, a +20%, which basically also highlights how well we have done given the [inaudible] that we have mastered. On the other side, you see what we have lost in AVASTIN, HERCEPTIN and RITUXAN -- a -72%. So I think, really, the +20% is [inaudible]. Then, you go to the right-hand side, you see the volume increase in that time frame, which helped in the +68%. So, a significant increase on the volume side. And then, I think you see the testimony to everything Thomas has said. I can show maybe a benefit from better efficiency in the production itself but also, let's say, we came up with very good cost containment in our manufacturing network and therefore, we could keep the cost of sale stable so, the cost of goods sold including the period cost. So, quite an achievement here. Let me add to this. It was not so simple as it looks like because we had to include new modalities as well. So, I think quite some complexity here, very well-mastered. And by the way, certainly, I think it fuels our ambition to defend the margin moving forward. Good. Exchange rates. Exchange rates, exchange rates, exchange rates. Let me start on the left-hand side. Once again, the group growth in constant rates was +1.6%.

Alan Hippe: I think Teresa will shed some more light on this. The dia division also here with the +2%, but also here is CHF -194 million of sales losses due to the loss of COVID sales embedded. Without that, I think we know pharma would have grown at 7%. Dia would have grown at 8%. When you look at the group in CER, +2%, without the COVID sales impact, we would have grown at 7%. You see the impact from currencies. I will come back to that later. Thomas made a couple of comments, and I will add a little bit more information to that one.

Alan Hippe: And when you look at the group in CR, a plus 2% without the COVID sales impact, we would have grown by 7%. You see the impact from currencies. I will come back to that later.

Without that I think we know pharma would have grown at 7% a dire would've grown at 8% and when you look at the group and see our a plus 2% with all of the Covid impact we would have.

And let me go back to the point about manufacturing in Pharma and the sale of Vacaville -- and I think Thomas has outlined a rationale why we have done that but I think that's another element to it. And let me show you this. On the left-hand side, what you see on the slide is the sales development that we had between 2018 and 2023 in Pharma. And you see cumulatively, a +20%, which basically also highlights how well we have done given the [inaudible] that we have mastered. On the other side, you see what we have lost in AVASTIN, HERCEPTIN and RITUXAN -- a -72%. So I think, really, the +20% is [inaudible]. Then, you go to the right-hand side, you see the volume increase in that time frame, which helped in the +68%. So, a significant increase on the volume side. And then, I think you see the testimony to everything Thomas has said. I can show maybe a benefit from better efficiency in the production itself but also, let's say, we came up with very good cost containment in our manufacturing network and therefore, we could keep the cost of sale stable so, the cost of goods sold including the period cost. So, quite an achievement here. Let me add to this. It was not so simple as it looks like because we had to include new modalities as well. So, I think quite some complexity here, very well-mastered. And by the way, certainly, I think it fuels our ambition to defend the margin moving forward. Good. Exchange rates. Exchange rates, exchange rates, exchange rates. Let me start on the left-hand side. Once again, the group growth in constant rates was +1.6%.

Alan Hippe: Thomas made a couple of comments, and I will add a little bit more information to that one. And that leads you then to the development of the Swiss franc at minus 6%, so still quite a significant impact. So quite an achievement here.

Thomas made a couple of comments, and I will add a little bit more information to that one. And that leads you then to the development of the Swiss franc at minus 6%, so still quite a significant impact. So quite an achievement here. Let me add to this. It was not so simple as it looks like because we had to include new modalities as well. So I think there is quite some complexity here, but very well mastered. And by the way, certainly, I think it fuels our ambition to defend the margin moving forward. Good. Exchange rates, exchange rates, exchange rates. Let me start on the left hand side. Once again, the group growth in constant rates was plus 1.6%.

Been growing at 7%, you'll see the impact from currencies I would come back to that later it almost made a couple of comments and I will add a little bit more information to that one and that leads to then to the development.

Alan Hippe: That leads you then to the development in Swiss francs at -6%. Still quite a significant impact. Let me go back to the point about manufacturing in pharma and the sale of Vacaville. I think Thomas has outlined the rationale why we have done that. I think there's another element to it, and let me show you this. On the left-hand side, what you see on the slide is the sales development that we had between 2018 and 2023 in pharma. You see cumulatively +20%, which basically also highlights how well we have done given the patent cliffs that we have mastered.

Alan: In Swiss francs at the minus 6%, so still quite a significant impact and.

Alan Hippe: Let me add to this. It was not so simple as it looks like because we had to include new modalities as well. So I think there is quite some complexity here, but very well mastered.

Then, you go to the right-hand side, you see the volume increase in that time frame, which helped in the +68%. So, a significant increase on the volume side. And then, I think you see the testimony to everything Thomas has said. I can show maybe a benefit from better efficiency in the production itself but also, let's say, we came up with very good cost containment in our manufacturing network and therefore, we could keep the cost of sale stable so, the cost of goods sold including the period cost. So, quite an achievement here. Let me add to this. It was not so simple as it looks like because we had to include new modalities as well. So, I think quite some complexity here, very well-mastered. And by the way, certainly, I think it fuels our ambition to defend the margin moving forward. Good. Exchange rates. Exchange rates, exchange rates, exchange rates. Let me start on the left-hand side. Once again, the group growth in constant rates was +1.6%.

Alan: Let me go back to the point about manufacturing and pharma and the sale of Vacaville.

Alan: I think Thomas has outlined duration L Y we have done that.

Alan: But I think that's another element to it than that.

Alan Hippe: And by the way, certainly, I think it fuels our ambition to defend the margin moving forward. Good. Exchange rates, exchange rates, exchange rates. Let me start on the left hand side. Once again, the group growth in constant rates was plus 1.6%.

Alan: Let me show you. This on the left hand side, where do you see on the slide is the salespeople element that we had between 2018 and 2023.

Alan: In pharma and Juicy cumulatively.

Alan: 20%, which basically also highlights how well we have done.

Good. Exchange rates. Exchange rates, exchange rates, exchange rates. Let me start on the left-hand side. Once again, the group growth in constant rates was +1.6% -- that's the +2% that you've seen all the time. Right-hand side, you see the -6%, when you look really at actual Swiss francs. And then, you see the impact. And the Swiss franc has strengthened, admittedly, against basically all the currencies that we're dealing with. It has really, significantly, strengthened against the Renminbi -- that's in APAC, what you see. You see the US dollar. And still, I can just mention it again and again, we have roughly 46% of our sales in US dollar. So that's, for us, the dominating currency. And then, you see Japan, where we got another hit.

Alan: Given the patent cliff that we have Martha on the other side you see what we have lost in Avastin, Herceptin and Rituxan, a minus 7% to 2%.

Alan Hippe: On the other side, you see what we have lost in Avastin, Herceptin, and Rituxan, a -72%. I think really the +20% is the point. When you then go to the right-hand side, you see the volume increase in that time frame, which has been a +68%. A significant increase on the volume side. Then I think you see the testimony to everything Thomas has said. I think certainly we have benefited from better efficiency in the production itself, but also, let's say we came up with very good cost containment in our manufacturing network, and therefore we could keep the cost of sales stable, so the cost of goods sold, including the period costs. Quite an achievement here. Let me add to this.

Alan Hippe: That's the plus 2% that you've seen all the time. On the right hand side, you see the minus 6% when you really look at it really closely at actual than Swiss francs. And then you see the impact. And the Swiss franc has strengthened, admittedly, against basically all the currencies that we're dealing with. It has really significantly strengthened against the renminbi. That's an APAC, what you see. You see the US dollar. And still, I can just mention it again and again. We have roughly 46% of our sales in the US dollar. So that's, for us, the dominating currency. And then you see Japan, where we got another hit.

Alan: So I think really the plus 20% is the point when you think go to the right hand side you can see the volume increase in that timeframe, which has been a plus 68%. So a significant increase on the volume side and then I think you'll see the testimony to everything Thomas has said I think certainly we have benefited from better efficiency in the production itself, but also let's say we came up with very good cost come.

Alan Hippe: And the Swiss franc has strengthened, admittedly, against basically all the currencies that we're dealing with. It has really significantly strengthened against the renminbi. That's an APAC, what you see. You see the US dollar.

You see the US dollar. And still, I can just mention it again and again, we have roughly 46% of our sales in US dollar. So that's, for us, the dominating currency. And then, you see Japan, where we got another hit. That certainly, I think, underlines where the Swiss franc is going. And there is some hope at the horizon and I will come to that. And here it is, let me go through what Thomas has mentioned already. I think on the left-hand side, you see that these curves that mean the average year-to-date 2024 and the average year-to-date 2023, they're converging for the US dollar as well as for the Euro. And that means the comparator gets better so, that's one element which certainly helps us. You see on the right-hand side, the model we're always running. And let me emphasize the fact that we keep all the currency rates at the end of March, stable, and then project what the currency impact would be at the given timelines on that slide here.

Alan Hippe: And still, I can just mention it again and again. We have roughly 46% of our sales in the US dollar. So that's, for us, the dominating currency. And then you see Japan, where we got another hit.

Alan: Payment in our manufacturing network and therefore, we could keep the cost of sales stable. So the cost of goods sold including the period costs. So quite an achievement here, let me add to this well it's not so simple as it looks like because we had to include new modalities as well so I think quite some complexity here very well Marston.

Alan Hippe: That certainly, I think, underlines where the Swiss franc is going. And there is some hope on the horizon. And I will come to that. And here it is. Let me go through what Thomas has mentioned already. I think on the left-hand side, you see that these curves mean the average year to date 2024 and the average year to date 2023 are converging for the US dollar as well as for the euro, and that means the comparator gets better, so that's one element which certainly helps us. You see on the right-hand side the model we're always running, and let me emphasize the fact that we keep all the currency rates at the end of March stable and then project what the currency impact would be at the given times on that slide here.

Alan Hippe: It was not so simple as it looks like because we had to include new modalities as well. I think quite some complexity here, very well mastered. By the way, certainly I think it fuels yeah our ambition yeah to defend the margin moving forward. Good. Exchange rates. Let me start on the left-hand side. Once again, the group growth yeah in constant rates with +1.6%, that's the +2% that you've seen all the time. Right-hand side, you see the -6% when you look really at actual in Swiss francs, and then you see the impacts yeah. The Swiss franc has strengthened, admittedly, against basically all the currencies yeah we're dealing with. It has really significantly strengthened against the renminbi.

Alan Hippe: And here it is. Let me go through what Thomas has mentioned already. I think on the left-hand side, you see that these curves mean the average year to date 2024 and the average year to date 2023 are converging for the US dollar as well as for the euro, and that means the comparator gets better, so that's one element which certainly helps us. You see on the right-hand side the model we're always running, and let me emphasize the fact that we keep all the currency rates at the end of March stable and then project what the currency impact would be at the given times on that slide here.

Alan: And by the way suddenly I think it fuels.

Alan: Our ambition here to defend the margin moving forward good exchange rates exchange rates exchange rates exchange rates.

And that means the comparator gets better so, that's one element which certainly helps us. You see on the right-hand side, the model we're always running. And let me emphasize the fact that we keep all the currency rates at the end of March, stable, and then project what the currency impact would be at the given timelines on that slide here. This is certainly highly speculative. I think what fuels our expectations that the currency impacts might look a little bit better is certainly the fact that the comparator last year looks a little bit better. Everything else remains to be seen but let's assume for a second our model is true and the currency rates stay where they have been at the end of March. What would that mean for half-year? You see a -5 percentage points on sales, a -7 percentage points on cooperating profit and a -8 percentage points on Core EPS.

Alan: Let me start on the left hand side once again the group grows and concentrates was plus one 6% that's the plus 2% that you've seen all the time right hand side you see the minus 6% when you look really at extra in Swiss francs, and then you see the impacts and the Swiss franc has strengthened admittedly.

Alan Hippe: This is certainly highly speculative. I think what fuels our expectations that the currency impacts might look a little bit better is certainly the fact that the comparison with last year looks a little bit better. Everything else remains to be seen, but let's assume for a second our model is true and the currency rates stay where they were at the end of March. What would that mean for half a year? You see a minus five percentage points on sales, a minus seven percentage points on cooperating profit, and a minus eight percentage points on core EPS.

Alan: Again, basically all the currencies that we are dealing with.

Alan: It has a really significantly strengthened against the renminbi, that's in APAC and what you see and do you see the U S dollar.

Alan Hippe: That's in APAC, what you see. You see the US dollar, yeah. Still, I can just mention it again and again, we have roughly 46% of our sales in US dollar. That's for us, the dominating currency. Then you see Japan, yeah, where we got another hit. That certainly, I think, underlines, yeah, where the Swiss franc is going. There is some hope at the horizon, and I will come to that. Here it is. Let me go through what Thomas has mentioned already. I think on the left-hand side, you see that these curves, that means the average year-to-date 2024, and the average year-to-date 2023, they're converging, you know. For the US dollar as well as for the euro.

Everything else remains to be seen but let's assume for a second our model is true and the currency rates stay where they have been at the end of March. What would that mean for half-year? You see a -5 percentage points on sales, a -7 percentage points on cooperating profit and a -8 percentage points on Core EPS. You see already on the sales, when you look, really, at the impact in the quarter itself, that the impact comes down quite significantly. And then when you look at full year, you see a -2 percentage points for sales, a -4 percentage points for all cooperating profit and a -5 percentage points for Core EPS. And you see, really, in Q4 and Q3, we would even see a positive impact given our assumption. As said, highly speculative but I think fueled a bit by the comparator as well.

Alan: It's still I can't just mentioned it again and again, we have roughly 46% of ourselves in U S. Dollars. So that's for US the dominating currency and then you'll see Japan, where we got another hit.

That's certainly I think our underlying share where the Swiss franc is going and there is some hope at the horizon and that will come to that.

Alan Hippe: You see already on sales, when you look really at the impact in the quarter itself, the impact comes down quite significantly, and then when you look at full year, you see minus two percentage points for sales, minus four percentage points for all cooperating profit, and minus five percentage points for core EPS. And you see, really, in Q4 and Q3, we would even see a positive impact given our assumption. As said, highly speculative but I think fueled a bit by the comparator as well.

Alan: And here it is.

Alan: Let me, let me go through but Tomo Thomas has mentioned already I think on the left hand side, you see that curve. So it means the average year to date 2024, and the average year to date 2023, they're converging for the U S dollar as well as for the Euro and that means the comp.

Alan Hippe: That means the comparator gets better. That's one element, you know, which certainly helps us. You see on the right-hand side the model we are always running. Let me emphasize the fact that we keep all the currency rates at the end of March stable, and then project you know what the currency impact would be at the given timelines on that slide here. This is certainly highly speculative. I think what fuels our expectations that the currency impacts might look a little bit better is certainly the fact that the comparator of last year looks a little bit better. Everything else remains to be seen. Let's assume for a second our model is true, yeah, and the currency rates stay where they have been at the end of March.

Alan: <unk> gets better so that's one that's one element, which certainly helps us.

Alan: See on the right hand side the model, we're always running and let me emphasize the fact that we keep all the currency rates at the end of March stable and then project what are the currency impact would be at the given timelines on that slide here. This is certainly highly speculative I think what fuels our our.

Alan Hippe: Good. I think Thomas confirmed the outlook. Let me say, excluding the impact from the resolution of the tax disputes, the number has been, in concentrate, 774 million Swiss francs -- just to get that straight again. A little bit from a formal point of view, from reporting. We have a new customer area structure in Diagnostics. It affects Pharma as well, as you can see. So, what you see is we brought FMI into the Diagnostics division and in the Diagnostics division, we brought it together Molecular Lab. So, you see in the Diagnostics division moving forward, you see Molecular Lab and that includes, really, the former Molecular Lab, [inaudible] and FMI. And then, you see really what happened on the Diabetes Care side.

Good. I think Thomas confirmed the outlook. Let me say, excluding the impact from the resolution of the tax disputes, the number has been, in concentrate, 774 million Swiss francs -- just to get that straight again. A little bit from a formal point of view, from reporting. We have a new customer area structure in Diagnostics. It affects Pharma as well, as you can see. So, what you see is we brought FMI into the Diagnostics division and in the Diagnostics division, we brought it together Molecular Lab. So, you see in the Diagnostics division moving forward, you see Molecular Lab and that includes, really, the former Molecular Lab, [inaudible] and FMI.

Alan Hippe: We have a new customer area structure in diagnostics. It affects pharma, as you can see. So what you see is we brought FMI into the diagnostics division, and in the diagnostics division, we brought together molecular lab. So in the diagnostics division moving forward, you see my molecular lab, and that includes really the formula, molecular lab, ink, and FMI. And then you see really what happened on the diabetes care side.

Alan: Patients that's the currency impacts might look a little bit better is certainly the fact that the comparator of last year, it looks a little bit better everything else remains to be seen but let's assume for a second our model is through the currency rates stay where they have been at the end of March what would that mean for half year Youll see a minus 5%.

Alan Hippe: What would that mean for H1? You see a -5 percentage points on sales, a -7 percentage points on core operating profit, and a -8 percentage points on core EPS. You see already on the sales, when you look really at the impact in the quarter itself, yeah, that the impact comes down quite significantly. Then when you look at full year, you see a -2 percentage points for sales, a -4 percentage points for core operating profit, and a -5 percentage points for core EPS. You see really in Q4 and Q3, we would even see a positive impact given our assumption. As said, highly speculative, but I think fueled a bit by the comparator as well. Good. I think Thomas confirmed the outlook.

And then, you see really what happened on the Diabetes Care side. We brought Point of Care together with Diabetes Care and this is now the organization's new Patient Care and we will report accordingly. And we'll certainly adjust the statements here, also for previous year, once we go through the upcoming quarters. Another reminder, we had that slide at year-end. The restatements will be applied in 2024 as well and this is nothing else, that we move FMI from Pharma to Diagnostics. I think certainly no impact for the group but certainly impacts for the divisions as well. And you see really the impact here, as I said, we had that slide already at year-end. Good. Upcoming IR events -- I think, probably, all are excited about Diagnostics Day and I can assure you Matt is working on it with his team quite a bit. So, that will be exciting.

Alan Hippe: We brought point of care together with diabetes care, and this is now the organization's new patient care, and we will report accordingly, and we'll certainly adjust the statements also for the previous year once we go through the upcoming quarters. Another reminder: we had that slide at year-end.

Points on sales of minus seven percentage points on cooperating profit and the minus eight percentage points on core EPS you see already on the on the sales when you look really at the at the impact in the quarter itself, yeah that the impact comes down quite significantly and then when you look at full year, you'll see a minus two percentage points for sales of minus four percentage points for all.

Alan Hippe: The restatements will be applied in 2024 as well, and this is nothing else but that we move FMI from pharma to diagnostics. I think certainly no impact for the group, but certainly impacts for the divisions as well, and you see really the impact here, as I said, we had that slide already at year-end. Good upcoming IR events. I think we're all excited about Diagnostics Day, and I can assure you Matt is working on it with his team quite a bit. So that will be exciting.

Alan: Core operating profit and a minus five percentage points for core EPS and you see really in Q4 and Q3, it would even see a positive impact given our assumption as Ed highly speculative, but I think fuel debate by the comparator as well.

Good. Upcoming IR events -- I think, probably, all are excited about Diagnostics Day and I can assure you Matt is working on it with his team quite a bit. So, that will be exciting. Then we have ASCO, where we want to look really at the malignant hematology portfolio but also at solid tumors. So, really, a little bit a comprehensive view of what we're doing in Oncology. Ophthalmology will be exciting. In Stockholm, we have a couple of new things here. And then, the Pharma Day, big event because there will be an update on the group strategy as well as on the Pharma strategy. And I think that's the perfect segue to hand over to Teresa. Alan, as both of you mentioned, in Q1, pharma sales reached 10.9 billion Swiss francs, growing by 2% at constant exchange rates, or 7% excluding Ronipreve. All regions, excluding Japan, delivered strong growth.

Speaker Change: Good I think Thomas confirmed the outlook, let me say, excluding the impact from the resolution of the tax disputes. The number has been in concentrated 774 million Swiss francs, just to get that straight to get a little bit from a form of point of view from a from a reporting and we have a new customer area structure.

Alan Hippe: Let me say, excluding the impact from the resolution of the tax dispute, the number has been in constant rates, CHF 774 million, just to get that straight again. A little bit from a formal point of view. From reporting, we have a new customer area structure in Diagnostics. It affects Pharma as well, as you can see. What you see is, we brought FMI into the Diagnostics division, and in the Diagnostics division, we brought it together with molecular lab, yeah. In the Diagnostics division moving forward, you see molecular lab, and that includes really the Pharma molecular lab, Inc. And FMI. And then you see really what happened on the diabetes care side.

Alan Hippe: And then we have ASCO, where we want to look really at the malignant hematology portfolio but also at solid tumors. So, really, a little bit of a comprehensive view of what we're doing in oncology. Ophthalmology will be exciting. In Stockholm, we have a couple of new things here. And then Pharma Day, a big event, because there will be an update on the group strategy as well as on the pharma strategy. And I think that's the perfect segue to hand over to Theresa. Alan, as both of you mentioned, in Q1, pharma sales reached 10.9 billion Swiss francs, growing by 2% at constant exchange rates, or 7% excluding Ronipreve. All regions, excluding Japan, delivered strong growth.

Speaker Change: In diagnostics it affects pharma as well as you can see.

Speaker Change: So what you see as we brought <unk> into the diagnostics division and in the Diagnostics Division. We brought them together was molecular that you're also seeing the diagnostics division moving forward you see my luck a molecular lab and that includes really the format molecular that ink and F&I and then you'll see really what happened on the diabetes care side.

Alan Hippe: We brought point-of-care together with diabetes care, and this is now the organization, Near Patient Care, and we will report accordingly, and we'll certainly adjust the statements, yeah, also for previous year once we go through the upcoming quarters. Another reminder, we had that slide at year-end. The restatements will be applied in 2024 as well. This is nothing else that we move FMI from Pharma to Diagnostics. I think certainly no impact for the Group, but certainly impacts for the divisions as well. You see really the impact here. As said, we had that slide already at year-end. Good. Upcoming IR events. I think while we're all excited about the Diagnostics Day, and I can assure you Matt is working on it and his team quite a bit.

Thank you, Thomas and Alan. As both of you mentioned, in Q1, Pharma sales reached CHF 10.9 billion; growing by 2% at constant exchange rates or 7% excluding RONAPREVE. All regions, excluding Japan, delivered strong growth. Sales in Japan were impacted by a base effect of CHF 0.6 billion in RONAPREVE sales, which occurred in Q1 of 2023. Excluding RONAPREVE, I think as Alan mentioned, Japan declined at 6% in constant exchange rates. So, that is primarily due to mandatory price cuts. As Thomas mentioned, there is no further RONAPREVE impact expected for Pharma for the remainder of the year so, the COVID-19 effect is officially behind us. Overall, Pharma volumes were up by 9% and the price mix impact was a -8%. Our young portfolio continues to deliver strong growth, led by our key brands VABYSMO, PHESGO, OCREVUS, POLIVY and HEMLIBRA. Combined, these five products added a billion in additional sales in Q1 alone.

Teresa Graham: Thank you, Thomas and Alan.

Speaker Change: Point of care together with diabetes care and data is now the organization new patient care and we will report accordingly, and we will certainly adjust the statements you're also for previous year. Once we go through the upcoming quarters. Another reminder, we had that slide at yearend.

As both of you mentioned, in Q1, Pharma sales reached CHF 10.9 billion; growing by 2% at constant exchange rates or 7% excluding RONAPREVE. All regions, excluding Japan, delivered strong growth. Sales in Japan were impacted by a base effect of CHF 0.6 billion in RONAPREVE sales, which occurred in Q1 of 2023. Excluding RONAPREVE, I think as Alan mentioned, Japan declined at 6% in constant exchange rates. So, that is primarily due to mandatory price cuts. As Thomas mentioned, there is no further RONAPREVE impact expected for Pharma for the remainder of the year so, the COVID-19 effect is officially behind us. Overall, Pharma volumes were up by 9% and the price mix impact was a -8%. Our young portfolio continues to deliver strong growth, led by our key brands VABYSMO, PHESGO, OCREVUS, POLIVY and HEMLIBRA. Combined, these five products added a billion in additional sales in Q1 alone.

Teresa Graham: Sales in Japan were impacted by a base effect of 0.6 billion Swiss francs in Ronipreve sales, which occurred in Q1 of 2023. Excluding Ronipreve, I think, as Alan mentioned, Japan declined at 6% at constant exchange rates, and that is primarily due to mandatory price cuts. As Thomas mentioned, there is no further Ronipreve impact expected for pharma for the remainder of the year, so the COVID-19 effect is officially behind us. Overall, pharma volumes were up by 9%, and the price mix impact was a negative 8%. Our young portfolio continues to deliver strong growth, led by our key brands Vobizmo, Fezgo, Ocrevus, Polivi, and Hemlibra. Combined, these five products added a billion in additional sales in Q1 alone.

Speaker Change: <unk> will be applied in 2024, as well and this is nothing else that we move F M I.

Speaker Change: <unk> pharma to diagnostics I think certainly no impact for the group, but certainly impacts for the divisions as well and you see really the impact here as said we had that slide already.

Speaker Change: Do you have it.

Speaker Change: Upcoming IR events I think while we're all excited about the diagnostics day and I can assure you Matt is working on it and his team quite a bit so that will be exciting and then we have I'll call them, where we want to look really at our malignant hematology portfolio, but also solid tumors, so really a little bit to an end.

Alan Hippe: That will be exciting. We have ASCO, where we want to look really at the malignant hematology portfolio, but also at solid tumors. Really a little bit, a comprehensive view on what we're doing in oncology. Ophthalmology will be exciting in Stockholm. We have a couple of new things here. The Pharma Day, big event, because there will be an update on the group strategy as well as on the pharma strategy. I think that's the perfect segue to hand over to Theresa.

Overall, Pharma volumes were up by 9% and the price mix impact was a -8%. Our young portfolio continues to deliver strong growth, led by our key brands VABYSMO, PHESGO, OCREVUS, POLIVY and HEMLIBRA. Combined, these five products added a billion in additional sales in Q1 alone.

Overall, Pharma volumes were up by 9% and the price mix impact was a -8%.

Our young portfolio continues to deliver strong growth, led by our key brands VABYSMO, PHESGO, OCREVUS, POLIVY and HEMLIBRA. Combined, these five products added a billion in additional sales in Q1 alone. VABYSMO continues its excellent growth momentum, which is consistently beating market expectations. And PHESGO has now become our second strongest performer, thanks to its outstanding growth. Moving on to Oncology and starting with the solid tumor franchise, where total sales increased by 1% in Q1 to CHF 3.9 billion. One key highlight here is certainly the completed, accelerated U.S. filing of INAVOLISIB, as Thomas mentioned, in first-line PI3-kinase hormone-receptive positive breast cancer, where we reported a progression-free survival hazard ratio of 0.43 at San Antonio last December.

And a comprehensive view on what we're doing in oncology ophthalmology will be exciting in Stockholm, we have a couple of new things here and then the pharma de Bakey event, because there will be an update on the group strategy as well as on the pharma strategy and I think that's the perfect segue to hand over to with them yourself.

Teresa Graham: Vobizmo continues its excellent growth momentum, which is consistently beating market expectations. And Fezgo has now become our second strongest performer, thanks to its outstanding growth. Moving on to oncology, and starting with the solid tumor franchise, where total sales increased by 1% in Q1 to 3.9 billion Swiss francs. One key highlight here is certainly the completed, accelerated US filing of Inivalisib, as Thomas mentioned, in first-line PI3 kinase hormone-receptive positive breast cancer, where we reported a progression-free survival hazard ratio of 0.43 at San Antonio last December.

Teresa Graham: Thank you, Thomas, Alan. As both of you mentioned, in Q1, pharma sales reached CHF 10.9 billion, growing by 2% at constant exchange rates or 7% excluding Ronapreve. All regions, excluding Japan, delivered strong growth. Sales in Japan were impacted by a base effect of CHF 0.6 billion in Ronapreve sales, which occurred in Q1 of 2023. Excluding Ronapreve, I think as Alan mentioned, Japan declined at 6% in constant exchange rates, and that is primarily due to mandatory price cuts. As Thomas mentioned, there is no further Ronapreve impact expected for pharma for the remainder of the year. The COVID-19 effect is officially behind us. Overall, pharma volumes were up by 9%, and the price mix impact was -8%.

Speaker Change: Thomas Mellon as both of you mentioned in Q1 pharma sales reached 10 9 billion Swiss francs growing by 2% at constant exchange rates or 7%, excluding Ron appreciate all regions, excluding Japan delivered strong growth sales in Japan were impacted by a base effect of point 6 billion Swiss francs, and Ron are pre sales which occurred in Q1.

One key highlight here is certainly the completed, accelerated U.S. filing of INAVOLISIB, as Thomas mentioned, in first-line PI3-kinase hormone-receptive positive breast cancer, where we reported a progression-free survival hazard ratio of 0.43 at San Antonio last December. We would now expect accelerated approval for this indication toward the end of the year and EU filing is also expected later this year. I mentioned on the previous slide the strong growth of momentum -- the strong momentum of PHESGO and you can see here that this is evident in the conversion rate, which has reached 41%. U.S. conversion is reaching 25%, which is just extraordinary when you think about the amount of patients who are now benefiting from this device.

Speaker Change: In 2023, excluding <unk> I think as Alan mentioned, Japan declined at 6% in constant exchange rates and that is primarily due to mandatory price cuts as Thomas mentioned there is no further <unk> impact expected for pharma for the remainder of the year. So that Covid COVID-19 in fact is officially behind us overall firm.

Speaker Change: Volumes were up by 9% in the price mix impact was a negative 8%.

Teresa Graham: Our young portfolio continues to deliver strong growth led by our key brands, Vabysmo, Phesgo, Ocrevus, Polivy, and Hemlibra. Combined, these five products added CHF 1 billion in additional sales in Q1 alone. Vabysmo continues its excellent growth momentum, which is consistently beating market expectations. Phesgo has now become our second strongest performer, thanks to its outstanding growth. Moving on to oncology and starting with the solid tumor franchise, where total sales increased by 1% in Q1 to CHF 3.9 billion. One key highlight here is certainly the completed accelerated US filing of inavolisib, as Thomas mentioned, in first-line PI3K hormone receptor-positive breast cancer, where we reported a progression-free survival hazard ratio of 0.43 at San Antonio last December.

Speaker Change: Our young portfolio continues to deliver strong growth led by our key brands. The buys most Tesco okra recipe <unk> and Libra combined these five.

Speaker Change: Five products added 1 billion in additional sales in Q1 alone for buys now continues its excellent growth momentum which is consistent.

Speaker Change: Consistently beating market expectations, and Cisco has now become our second strongest performer thanks to its outstanding growth.

Teresa Graham: And hot off the presses, just last week on Friday, ALECENSA achieved U.S. approval in adjuvant ALK-positive non-small cell lung cancer based on the very strong Phase III ALINA results that showed a disease-free survival hazard ratio of an outstanding 0.2, which unlocks an additional growth opportunity for ALINA. In terms of outlook, the TECENTRIQ Subcut PDUFA was set for the 15th of September and we are expecting the ALECENSA (ALINA) EU approval in Q2. As Alan just mentioned, we will host an IR event at ASCO. That event will cover both our Solid tumor and Hematology TAs and we'll focus in on our late stage pipelines. So, speaking of Hematology, you can see that our Hematology franchise achieved strong Q1 growth of 12%, reaching CHF 1.8 billion in sales in Q1. Q1 HEMLIBRA sales grew by 8%, which was driven by the EU, which had 17% growth at constant exchange rates and International, which had a staggering 51% growth in constant exchange rates.

And hot off the presses, just last week on Friday, ALECENSA achieved U.S. approval in adjuvant ALK-positive non-small cell lung cancer based on the very strong Phase III ALINA results that showed a disease-free survival hazard ratio of an outstanding 0.2, which unlocks an additional growth opportunity for ALINA. In terms of outlook, the TECENTRIQ Subcut PDUFA was set for the 15th of September and we are expecting the ALECENSA (ALINA) EU approval in Q2. As Alan just mentioned, we will host an IR event at ASCO. That event will cover both our Solid tumor and Hematology TAs and we'll focus in on our late stage pipelines.

Speaker Change: Moving on to oncology and starting with the solid tumor franchise, where total sales increased by 1% in Q1 to $3 9 billion Swiss francs. When key highlight here a certain lazy completed accelerated U S filing of Endeavour listed as Thomas mentioned in first line tier three kinase hormone receptor positive breast cancer, where we.

Speaker Change: We reported a progression free survival hazard ratio of <unk> four three at San Antonio Last December we would now expect accelerated approval for this indication towards the end of the year in E. Filing has also extended expected later this year.

Teresa Graham: We would now expect accelerated approval for this indication toward the end of the year, and EU filing is also expected later this year. I mentioned on the previous slide the strong momentum for Phesgo, and you can see here that this is evident in the conversion rate, which has reached 41%. US conversion is reaching 25%, which is just extraordinary when you think about the amount of patients who are now benefiting from this device. Hot off the presses just last week on Friday, Alecensa achieved US approval in adjuvant ALK-positive non-small cell lung cancer based on the very strong Phase III ALINA results that showed a disease-free survival hazard ratio of an outstanding 0.24, which unlocks an additional growth opportunity for ALINA.

Speaker Change: You mentioned on the previous slide the strong growth of momentum the strong momentum for first go and you can see here that this is evident in the conversion rate, which has reached 41% U S conversion is reaching 25%.

Teresa Graham: That event will cover both our solid tumor and hematology TAs, and we'll focus in on our late stage pipeline. So speaking of hematology, you can see that our hematology franchise achieved strong Q1 growth of 12%, reaching $1.8 billion in sales in Q1. Q1 hemilever sales grew by 8%, which was driven by the EU, which had 17% growth at constant exchange rates, and international, which had a staggering 51% growth at constant exchange rates.

So, speaking of Hematology, you can see that our Hematology franchise achieved strong Q1 growth of 12%, reaching CHF 1.8 billion in sales in Q1. Q1 HEMLIBRA sales grew by 8%, which was driven by the EU, which had 17% growth at constant exchange rates and International, which had a staggering 51% growth in constant exchange rates. U.S. sales were a bit down, about 1% but that, really, primarily was driven by a buying pattern and a little bit of softer demand. Growth of the Hematology franchise is also driven by the strong continued uptake of POLIVY in first-line DLBCL in the U.S. and the EU5, with U.S. patient shares climbing to 23%. We're well-positioned to move into standard of care here. One more piece of positive news to cover is COLUMVI, which Thomas mentioned on his first slide.

Speaker Change: Which is just extraordinary when you think about the amount of patients who are now benefiting from this for this device.

Speaker Change: And hot off the presses just last week on Friday, Allison to achieve U S approval in adjuvant <unk> positive non small cell lung cancer based on the very strong phase III arena results that showed a disease free survival hazard ratio of an outstanding point too.

Teresa Graham: US sales were a bit down, about 1%, but that really primarily was driven by a buying pattern and a little bit of soft [inaudible]. Growth of the hematology franchise is also driven by the strong continued uptake of Polivy and first-line DLBCL in the U.S. and the EU5, with U.S. patient shares climbing to 23%. We're well-positioned to move into standard of care here One more piece of positive news to cover is Columbi, which Thomas mentioned on his first slide.

Speaker Change: For which unlocked an additional growth opportunity for a leaner in terms of the outlook with the centric sub cut to differ with that for the 15th of September.

Teresa Graham: In terms of outlook, the Tecentriq subcut PDUFA was set for 15 September, and we are expecting the Alecensa ALINA EU approval in Q2. As Alan just mentioned, we will host an IR event at ASCO. That event will cover both our solid tumor and hematology TAs, and we'll focus in on our late-stage pipelines. Speaking of hematology, you can see that our hematology franchise achieved a strong Q1 growth of 12%, reaching CHF 1.8 billion in sales in the Q1. Q1 Hemlibra sales grew by 8%, which is driven by the EU, which had 17% growth at constant exchange rates, and international, which had a staggering 51% growth in constant exchange rates.

Speaker Change: And we are expecting the allison's that arena EU approval in Q2 as Alan just mentioned, we will host an IR event at <unk>.

One more piece of positive news to cover is COLUMVI, which Thomas mentioned on his first slide. It's currently launched in third-line+ DLBCL but we recently announced that the STARGLO Phase III in second-line DLBCL met its primary endpoint of overall survival. Those results will be submitted to global healthcare authorities and have been submitted for presentation at EHA as a late-breaking abstract. Of note, we also achieved Japan and China approval for CROVALIMAB in PNH and those U.S. and EU approvals are expected later in the year. So, on this slide, let me highlight a little bit further the additional investments that we're making in HEMLIBRA, particularly with regards to new convenience options to be launched later this year and into 2025.

Speaker Change: And that will cover both our solid tumor and hematology Tas and we'll focus in on our late stage pipelines.

Teresa Graham: It's currently launched in third-line plus DLBCL, but we recently announced that the StarGlo Phase III and second-line DLBCL met its primary endpoint of overall survival. Those results will be submitted to global healthcare authorities and have been submitted for presentation at EHA as a late-breaking abstract. Of note, we also achieved Japan and China approval for Cribolimab and PNH, and those U.S. and EU approvals are expected later in the year. So on this slide, let me highlight a little bit further the additional investments that we're making in Hemlibra, particularly with regard to new convenience options to be launched later this year and into 2025.

Speaker Change: Speaking of Hematology, you can see that our hematology franchise achieved a strong Q1 growth of 12%, reaching $1 8 billion in sales in Q1 Q1 had leber sales were 8% grew by 8%, which is driven by the EU, which had 17% growth at constant exchange rates and international which had a staggering 51 <unk>.

Speaker Change: <unk> growth in constant exchange rates sales were a bit down about 1%, but that really primarily was driven by our buying pattern and a little bit of softer demand.

Teresa Graham: US sales were a bit down, about 1%, but that really primarily was driven by a buying pattern and a little bit of softer demand. Growth of the hematology franchise is also driven by the strong continued uptake of Polivy in first-line DLBCL in the US and the EU5, with US patient shares climbing to 23%. We're well-positioned to move into standard of care here. One more piece of positive news to cover is Columvi, which Thomas mentioned on his first slide. It's currently launched in third-line plus DLBCL, but we recently announced that the STARGLO phase 3 and second-line DLBCL met its primary endpoint of overall survival. Those results will be submitted to global healthcare authorities and have been submitted for presentation at EHA as a late-breaking abstract.

So, on this slide, let me highlight a little bit further the additional investments that we're making in HEMLIBRA, particularly with regards to new convenience options to be launched later this year and into 2025. I think we all know that HEMLIBRA has established itself as a global standard of care in hemophilia A, with U.S. and EU market shares now exceeding 40%. HEMLIBRA's strong efficacy and safety profile across clinical trials has been confirmed by a substantial and continuously growing base of real-world evidence. We now have over 100 publications that really underscore the safety and efficacy of HEMLIBRA and the real-world data that we see, that about 80% of patients have zero bleeds. We have a very favorable safety profile, there is no risk of inhibitor development. And it's quite easy to use, with more than 60% of patients already on every other week or every month dosing. This, by the way, includes pediatric patients who are now able to administer down to the age of seven with appropriate training. As a lifelong condition, we do know that convenience is highly important to hemophilia A patients

Speaker Change: Growth in the Hematology franchise is also driven by the strong continued uptake of polygamy in first line D. L. P. C. L. In the U S and EU five with U S patient shares climbing to 23%, we're well positioned to move into standard of care here one more piece of positive news to cover is Colombia, which Thomas mentioned on his first slide. It's currently launched in third line plus the L. B.

Teresa Graham: I think we all know that Hemlibra has established itself as a global standard of care in hemophilia A, with US and EU market share now exceeding 40%. Hemlibra's strong efficacy and safety profile across clinical trials has been confirmed by a substantial and continuously growing base of real world evidence. We now have over 100 publications that really underscore the safety and efficacy of Hemlibra, and the real world data that we see that about 80% of patients have zero bleeds. We have a very favorable safety profile.

C L, but we recently announced with the Star Globe Phase three in second line <unk> met its primary endpoint of overall survival.

Speaker Change: The results will be submitted to global health care authorities and have been submitted for presentation at DHA as a late breaking abstract of note. We also achieved Japan and China approval for <unk> in the U S and EU approvals are expected later in the year.

Teresa Graham: Of note, we also achieved Japan and China approval for crovalimab and PNH, and those US and EU approvals are expected later in the year. On this slide, let me highlight a little bit further the additional investments that we're making in Hemlibra, particularly with regards to new convenience options to be launched later this year and into 2025. I think we all know that Hemlibra has established itself as a global standard of care in hemophilia A, with US and EU market shares now exceeding 40%. Hemlibra's strong efficacy and safety profile across clinical trials has been confirmed by a substantial and continuously growing base of real-world evidence. We now have over 100 publications that really underscore the safety and efficacy of Hemlibra. In the real-world data that we see, about 80% of patients have zero bleeds.

We now have over 100 publications that really underscore the safety and efficacy of HEMLIBRA and the real-world data that we see, that about 80% of patients have zero bleeds. We have a very favorable safety profile, there is no risk of inhibitor development. And it's quite easy to use, with more than 60% of patients already on every other week or every month dosing. This, by the way, includes pediatric patients who are now able to administer down to the age of seven with appropriate training. As a lifelong condition, we do know that convenience is highly important to hemophilia A patients

So on this slide let me highlight a little bit further the additional investments that we're making in Ham libra, particularly with regards to new convenience options to be launched later this year and into 2025 I think we all know that him Libre has established itself as a global standard of care in hemophilia, a with U S and EU market shares now exceeding 40%.

Teresa Graham: There is no risk of inhibitor development, and it's quite easy to use with more than 60% of patients already on every other week or every month dosing. This, by the way, includes pediatric patients who are now able to administer it down to the age of seven with appropriate training. As a lifelong condition, we do know that convenience is highly important to hemophilia A patients.

Speaker Change: Libre strong efficacy and safety profile across clinical trials has been confirmed by a substantial and continuously growing base of real world evidence.

As a lifelong condition, we do know that convenience is highly important to hemophilia A patients and today, 90% of our HEMLIBRA patients are satisfied with our current convenience options. However, we continue to invest to find ways to offer additional convenience to those patients. And again, more options will be available later this year and in 2025. We just launched two new vial options and are introducing a new administration kit shortly. And in addition, we are developing additional administration options. Please stay tuned for those announcements at ISTH in June of this year. Moving on to Neurology, our Neurology franchise achieved CHF 2.2 billion in sales in Q1, representing a very strong 9% growth at constant exchange rates. OCREVUS grew strongly, with 8% driven by all regions.

Speaker Change: We now have over 100 publications that really underscore the safety and efficacy of him Libra and the real world data that we see that about 80% of patients had zero bleeds.

Teresa Graham: And today, 90% of our hemoliberal patients are satisfied with our current convenience options. However, we continue to invest in finding ways to offer additional convenience to those patients. And again, more options will be available later this year and in 2025. We have just launched two new vial options and are introducing a new administration kit shortly. And in addition, we are developing additional administration options. Please stay tuned for those announcements at ISTH in June of this year. Moving on to neurology, our neurology franchise achieved 2.2 billion Swiss francs in sales in Q1, representing a very strong 9% growth at constant exchange rates. Ocrevus grew strongly, with 8% driven by all regions.

Teresa Graham: We have a very favorable safety profile. There is no risk of inhibitor development, and it's quite easy to use, with more than 60% of patients already on every other week or every month dosing. This, by the way, includes pediatric patients, who are now able to administer down to the age of seven with appropriate training. As a lifelong condition, we do know that convenience is highly important to hemophilia A patients, and today, 90% of our Hemlibra patients are satisfied with our current convenience options. However, we continue to invest to find ways to offer additional convenience to those patients. Again, more options will be available later this year and in 2025. We just launched 2 new vial options and are introducing a new administration kit shortly.

A very favorable safety profile, there is no risk of inhibitor development and it's quite easy to use with more than 60% of patients already on every other week or every month dosing. This by the way includes pediatric patients who are now able to administer down to the age of seven with appropriate training.

Speaker Change: As a lifelong condition, we do know that convenience is highly important to hemophilia a patients and today, 90% of our hand labor patients are satisfied with our current convenience options. However, we continue to invest to find ways to offer additional convenience to those patients and again more options will be available later this year and in 2025.

Moving on to Neurology, our Neurology franchise achieved CHF 2.2 billion in sales in Q1, representing a very strong 9% growth at constant exchange rates. OCREVUS grew strongly, with 8% driven by all regions. I'm also very pleased to share with you that the U.S. PDUFA date for the OCREVUS every-six-month subcut has been set for the 12th of September. EVRYSDI has now become the global leader for SMA and grew strongly by 7% in Q1, driven by the U.S., EU and Japan, which overcompensated for a 29% decline in International, which was solely caused by a delayed tender. We are also happy to announce that the EU filing of ELEVIDYS in DMD, as Thomas mentioned, will begin this year and we're looking forward to bringing this highly impactful therapy to EU patients. I am very pleased to report that the first ex-U.S. patient has already received ELEVIDYS in UAE and additional treatments are expected in the coming weeks. So, it is very exciting for these boys and their families.

Speaker Change: We just launched two new vial options are introducing a new administration kit. Shortly in addition, we are developing additional administration option. So please stay tuned for those announcements at I S. T. H in June of this year.

Teresa Graham: In addition, we are developing additional administration options, so please stay tuned for those announcements at ISTH in June 2024. Moving on to neurology. Our neurology franchise achieved CHF 2.2 billion in sales in Q1, representing a very strong 9% growth at constant exchange rates. Ocrevus grew strongly with 8% driven by all regions. I'm also very pleased to share with you that the US PDUFA date for the Ocrevus every six months subcut has been set for 12 September 2024. Evrysdi has now become the global leader for SMA and grew strongly by 7% in Q1, driven by the US, EU, and Japan, which overcompensated for a 29% decline in international, which was solely caused by a delayed tender.

Speaker Change: Moving on to neurology, our neurology franchise achieved a 2.2 billion Swiss francs in sales in Q1, representing a very strong 9% growth at constant exchange rates OCA vickery strongly with 8% driven by all regions. I'm also very pleased to share with you that the U S. <unk> date for the OCA vis every six months sub cut has been set for the 12 months.

Teresa Graham: I'm also very pleased to share with you that the U.S. PDUFA date for the Ocrevus every six month subcut has been set for the 12th of September. And RISD has now become the global leader for SMA and grew strongly by 7% in Q1, driven by the US EU and Japan, which overcompensated for a 29% decline in international sales, which was solely caused by a delayed tender. We are also happy to announce that the EU filing for elevides and DMD, as Thomas mentioned, will begin this year, and we're looking forward to bringing this highly impactful therapy to EU patients. I am very pleased to report that the first ex-US patient has already received elevides in UAE, and additional treatments are expected in the coming weeks. So it is very exciting for these boys and their family.

Speaker Change: September everything has now become the global leader for SMA and grew strongly by 7% in Q1, driven by the U S EU, and Japan, which overcompensated for 29% decline in international which was solely caused by a delayed tender.

We are also happy to announce that the EU filing of ELEVIDYS in DMD, as Thomas mentioned, will begin this year and we're looking forward to bringing this highly impactful therapy to EU patients. I am very pleased to report that the first ex-U.S. patient has already received ELEVIDYS in UAE and additional treatments are expected in the coming weeks. So, it is very exciting for these boys and their families.

Teresa Graham: We are also happy to announce that the EU filing of Elevidys in DMD, as Thomas mentioned, will begin this year, and we're looking forward to bringing this highly impactful therapy to EU patients. I am very pleased to report that the first ex-US patient has already received Elevidys in UAE, and additional treatment starts are expected in the coming weeks. Very exciting for these boys and their families. In Q1, we also presented additional early trontinemab dose finding at AD/PD. Again, Thomas mentioned this as well, with a 3.6 mg dose, confirming the previously seen safety profile and rapid amyloid plaque clearance. There are multiple neurology news flow items for 2024 to watch out for, including the updated data for trontinemab in Alzheimer's disease and prasinezumab in PD.

Speaker Change: We are also happy to announce that the EU filing in Leds in D. M. D. As Thomas mentioned will begin this year and we're looking forward to bringing this highly impactful therapy to <unk> patients.

Speaker Change: I'm very pleased to report that the first ex U S patient has already received Leds in UAE.

Speaker Change: And additional treatments starts are expected in the coming weeks, so very exciting for these boys and their families.

Teresa Graham: In Q1, we also presented additional early TRONTINEMAB dose findings at AD/PD. Again, Thomas mentioned this as well with the 3.6 mg dose, confirming the previously seen safety profile and rapid amyloid plaque clearance. There are multiple Neurology Newsflow items for 2024 to watch out for, including the updated data for TRONTI in Alzheimer's disease and PRASI in PD. The combination study of EVRYSDI with GYM329, or anti-latent myostatin in SMA, is expected to have interim data in Q4. GYM329, as you know, is also being explored in the context of obesity and to this end, we are planning to initiate a Phase I in healthy volunteers with obesity and that FPI should occur in Q2. So, switching gears and moving from Neurology to Immunology. Total Q1 sales in immunology were CHF 1.4 billion, that represents a 3% decline at constant exchange rates. It's primarily driven by LOE impacts, particularly for MABTHERA/RITUXAN.

In Q1, we also presented additional early TRONTINEMAB dose findings at AD/PD. Again, Thomas mentioned this as well with the 3.6 mg dose, confirming the previously seen safety profile and rapid amyloid plaque clearance. There are multiple Neurology Newsflow items for 2024 to watch out for, including the updated data for TRONTI in Alzheimer's disease and PRASI in PD. The combination study of EVRYSDI with GYM329, or anti-latent myostatin in SMA, is expected to have interim data in Q4. GYM329, as you know, is also being explored in the context of obesity and to this end, we are planning to initiate a Phase I in healthy volunteers with obesity and that FPI should occur in Q2.

Speaker Change: In Q1, we also presented additional early continue mad dose finding at a D. P. D. Again, Thomas mentioned this as well with the $3 six milligram dose confirming the previously seen safety profile and rapid amyloid plaque clearance. There are multiple neurology news flow items for 2024 to watch out for it including the updated data for <unk> in Alzheimer's disease and property N P D.

Teresa Graham: The combination study of Evrysdi with GYM329 or anti-myostatin in SMA is expected to have interim data in Q4. GYM329, as you know, is also being explored in the context of obesity, and to this end, we are planning to initiate a phase I in healthy volunteers with obesity, and that FPI should occur in Q2. Switching gears and moving from neurology to immunology, total Q1 sales in immunology were CHF 1.4 billion. That represents a 3% decline at constant exchange rates. It's primarily driven by LOE impacts, particularly for MabThera/Rituxan. Xolair clearly stands out here with very strong 10% growth at constant exchange rates. There's more good news on the horizon with Xolair for food allergy. We'll talk a little bit about that in a moment.

Speaker Change: The combination study of Brinci with Gyn through two nine or anti Myostatin in SMA is expected to have interim data in Q4.

Teresa Graham: GIMP329, as you know, is also being explored in the context of obesity, and to this end, we are planning to initiate a Phase I trial in healthy volunteers with obesity, and FPI should occur in Q2. So, switching gears and moving from neurology to immunology, total Q1 sales. In immunology, we're at 1.4 billion Swiss francs. That represents a 3% decline at constant exchange rates. It's primarily driven by LOE impacts, particularly for Mabthera Rituxan.

Speaker Change: Again through July as you know is also being explored in the context of obesity into this and we are planning to initiate a phase one in healthy volunteers.

Speaker Change: With obesity and that S. P I should occur in Q2.

Speaker Change: So switching gears and moving from neurology Immunology total Q1 sales.

So, switching gears and moving from Neurology to Immunology. Total Q1 sales in immunology were CHF 1.4 billion, that represents a 3% decline at constant exchange rates. It's primarily driven by LOE impacts, particularly for MABTHERA/RITUXAN. XOLAIR clearly stands out here with very strong 10% growth at constant exchange rates. There's more good news on the horizon with XOLAIR for food allergies, we'll talk a little bit about that in a moment. But before we get there, let me mention one key upcoming newsflow piece and that is the GAZYVA Phase III study in lupus nephritis is expected towards the end of the year. And those data could be very, very promising for patients with this very severe form of lupus. So, moving on to XOLAIR and food allergies.

Speaker Change: And I'll, let Jay 1.4 billion Swiss francs that represents a 3% decline at constant exchange rates, primarily driven by a L O impacts, particularly for Mabthera Rituxan Xolair clearly stands out here with very strong 10% growth at constant exchange rates and there's more good news on the horizon with filler for food allergy will talk a little bit about that in a moment.

Teresa Graham: Zoller clearly stands out here with very strong 10% growth at constant exchange rates. There's more good news on the horizon with Zoller for food allergies. We'll talk a little bit about that in a moment, but before we get there, let me mention one key upcoming news flow piece, and that is the Gaziva Phase 3 study in lupus nephritis, which is expected towards the end of the year. And those data could be very, very promising for patients with this very severe form of lupus. So moving on to Zoller and food allergies.

Teresa Graham: Before we get there, let me mention one key coming news flow piece, and that is that the Gazyva phase three study in lupus nephritis is expected towards the end of the year. Those data could be very, very promising for patients with this very severe form of lupus. Moving on to Xolair and food allergies. This is the first medicine to reduce allergic reactions to multiple foods, and I think the results here frankly really speak for themselves. A significantly higher share of patients could consume the threshold dose of peanut, milk, egg, or cashew when treated with Xolair versus placebo. I think we truly believe that Xolair has the opportunity to redefine the way that food allergies are managed.

Speaker Change: But before we get there let me mention one key upcoming news flow piece and that is the cause either phase III study in lupus nephritis is expected towards the end of the year.

And those data could be very very promising for patients with this very severe form of lupus.

So, moving on to XOLAIR and food allergies. So, this is the first medicine to reduce allergic reactions to multiple foods and I think the results here, frankly, really speak for themselves. A significantly higher share of patients could consume the threshold dose of peanut, milk, egg or cashew when treated with XOLAIR versus placebo. I think we truly believe that XOLAIR has the opportunity to redefine the way that food allergies are managed. The U.S. launch is just kicking off and we can already see very high excitement amongst patients and doctors and we look forward to sharing more with you over the coming quarters. Our Ophthalmology franchise reached CHF 0.9 billion sales in Q1, with an impressive growth of 58% at constant exchange rates. VABYSMO remains our key driver, now reaching U.S. market shares of 25% in AMD and 18% in DME. That's up 3 percentage points versus the previous quarter.

Speaker Change: So moving onto Xolair in food allergy. So this is the first medicine to reduce allergic reactions to multiple cities and I think the results here frankly really speak for themselves a significantly higher share of patients could consume the threshold dose of peanut milk AGR cashew when feed is with when treated with <unk> versus placebo.

Teresa Graham: So this is the first medicine to reduce allergic reactions to multiple foods, and I think the results here, frankly, really speak for themselves. A significantly higher share of patients could consume the threshold dose of peanut milk, egg, or cashew when treated with Zoller versus placebo.

Teresa Graham: I think we truly believe that Zoller has the opportunity to redefine the way that food allergies are managed. The US launch is just kicking off, and we can already see very high excitement amongst patients and doctors. And we look forward to sharing more with you over the coming quarters. Our ophthalmology franchise reached 0.9 billion sales in Q1, with an impressive growth of 58% at constant exchange rates. Vabizmo remains our key driver, now reaching US market shares of 25% in AMD and 18% in DME. That's up three percentage points versus the previous quarter.

Speaker Change: I think we truly believe that Xolair has the opportunity to redefine the way that food allergies are managed and the U S. Launch is just kicking off and we can already see a very high excitement amongst patients and doctors and we look forward to sharing more with you over the coming quarters.

Teresa Graham: The US launch is just kicking off, and we can already see a very high excitement amongst patients and doctors, and we look forward to sharing more with you over the coming quarters. Our ophthalmology franchise reached CHF 0.9 billion sales in Q1 with an impressive growth of 58% at constant exchange rates. Vabysmo remains our key driver, now reaching US market shares of 25% in AMD and 18% in DME. That's up three percentage points versus the previous quarter. The US RVO launch is showing strong momentum. We've already achieved 8% market share after only four months. Overall, Vabysmo is continually increasing penetration into new patients, and I think, you know, just underscoring this, the expansion into new market segments is really exemplified by the fact that 15% of accounts not using Vabysmo, or using Vabysmo have not used Lucentis previously.

Speaker Change: Our ophthalmology franchise reached <unk> 9 billion sales in Q1 with an impressive growth of 58% at constant exchange rates for buys now remains our key driver now reaching U S market shares of 25% in A&D and 18%.

Our Ophthalmology franchise reached CHF 0.9 billion sales in Q1, with an impressive growth of 58% at constant exchange rates. VABYSMO remains our key driver, now reaching U.S. market shares of 25% in AMD and 18% in DME. That's up 3 percentage points versus the previous quarter. The U.S. RVO launch is showing strong momentum, we've already achieved 8% market share after only four months. Overall, VABYSMO is continually increasing penetration into new patients. And I think underscoring this, the expansion into new market segments is really exemplified by the fact that 15% of accounts not using VABYSMO -- or using VABYSMO have not used LUCENTIS previously. So, you can really see that VABYSMO is not only moving up earlier in the treatment paradigm but it is moving into physicians that have not had historic LUCENTIS experience. We have two key Q1 updates for VABYSMO that I will cover in separate slides in just a moment. But before I do, let's cover quickly the outlook for 2024.

Speaker Change: That's up three percentage points versus the previous quarter. The U S. RVO launch is showing strong momentum we've already achieved 8% market share. After only four months overall the buys now is continually increasing penetration into your patience and I think it's underscoring this the expansion into new market segments is really exemplified by the fact that 15%.

Teresa Graham: The US RVO launch is showing strong momentum. We've already achieved 8% market share after only four months. Overall, Vabizmo is continually increasing penetration into new patients. And I think underscoring this, the expansion into new market segments is really exemplified by the fact that 15% of accounts not using Vabizmo or using Vabizmo have not used Lucentis previously. So you can really see that Vabizmo is not only moving up earlier in the treatment paradigm, but it is moving into physicians that have not had historic Lucentis experience. We have two key Q1 updates for Proviso that I will cover in separate slides in just a moment. But before I do, let's quickly cover the outlook for 2024.

Overall, VABYSMO is continually increasing penetration into new patients. And I think underscoring this, the expansion into new market segments is really exemplified by the fact that 15% of accounts not using VABYSMO -- or using VABYSMO have not used LUCENTIS previously. So, you can really see that VABYSMO is not only moving up earlier in the treatment paradigm but it is moving into physicians that have not had historic LUCENTIS experience.

Speaker Change: Of accounts not using the buyers now are using their buys and I have not used the census previously. So you can really see that for buys and that was not only moving up earlier in the treatment paradigm, but it is moving in to our physicians that have not had historically said just experience.

Teresa Graham: So you can really see that Vabizmo is not only moving up earlier in the treatment paradigm, but it is moving into physicians that have not had historic Lucentis experience. We have two key Q1 updates for Proviso that I will cover in separate slides in just a moment. But before I do, let's quickly cover the outlook for 2024.

Teresa Graham: You can really see that Vabysmo is not only moving up earlier in the treatment paradigm, but it is moving into physicians that have not had historic Lucentis experience. We have two key Q1 updates for Vabysmo that I will cover in separate slides in just a moment. Before I do, let's cover quickly the outlook for 2024. A couple important things to mention here. Susvimo, the US commercial relaunch for Susvimo in AMD is set for Q3 of this year, and the filing for DME, and diabetic retinopathy is planned for H2. There are two Phase 2 readouts in H2 for NMEs, which if positive, could lead to Phase 3 initiations. That's the vamikibart part, which is our IL-6 in DME, and then the ASO factor B in geographic atrophy.

We have two key Q1 updates for VABYSMO that I will cover in separate slides in just a moment. But before I do, let's cover quickly the outlook for 2024. So, couple of important things to mention here. So, SUSVIMO, the U.S. commercial relaunch for SUSVIMO in nAMD is set for Q3 of this year and the filing for DME and diabetic retinopathy is planned for the second half. And there are two Phase II readouts in the second half for NMEs, which if positive, could lead to Phase III initiations. That's VAMIKIBART, which is our IL-6 in DME and then, the ASO factor B and geographic atrophy.

Speaker Change: We have two key Q1 updates for providers and all that I will cover in a separate slides in just a moment.

Speaker Change: But before I do lets cover quickly the outlook for 2024, so a couple of important things to mention here, so such a female with a U S. Commercial relaunch persist Nemo and A&D is set for 'twenty Q3.

Teresa Graham: So CISVIMO, the U.S. commercial relaunch for CISVIMO and AMD is set for Q3 of this year, and the filing for DME and diabetic retinopathy is planned for the second half. And there are two phase two readouts in the second half for NMEs, which, if positive, could lead to phase three initiations. That's the MIKI BART, which is our IL-6 and DME, and then the ASO Factor B and geographic atrophy.

Speaker Change: This year in our filing for Dnb and diabetic retinopathy is planned for the second half and there are two phase II readouts in second half for enemies, which if positive could leave to phase III initiations, that's the Nicky part, which is our IL six nvme and then the ISO factor B in geographic atrophy beforehand.

Teresa Graham: Before I move on to the VABYSMO deep-dive slides, let me also just reiterate that we do have another IR event at ASRS on July 23rd and there, we will present some long-term follow-up data for VABYSMO. So, this slide looks at a network meta-analysis and a systemic literature review that was recently performed that shows VABYSMO improved anatomical results versus AFLIBERCEPT 8mg. These types of tools are validated to make comparisons across clinical trials and this particular one by Leng et al., analyzed seven clinical trials, including pivotal trials of VABYSMO, AFLIBERCEPT 2mg and AFLIBERCEPT 8mg in nAMD and DME. The combined studies cover more than 5,000 patients and the key outcome of the analysis, as you can see on the right, is that VABYSMO achieved greater CST reduction in both nAMD and DME compared to AFLIBERCEPT high dose and 2mg during the loading phase at 12 weeks. This analysis adds to the growing body of evidence that VABYSMO's unique MOA leads to the superior anatomical outcomes in the drying of eyes.

Before I move on to the VABYSMO deep-dive slides, let me also just reiterate that we do have another IR event at ASRS on July 23rd and there, we will present some long-term follow-up data for VABYSMO. So, this slide looks at a network meta-analysis and a systemic literature review that was recently performed that shows VABYSMO improved anatomical results versus AFLIBERCEPT 8mg. These types of tools are validated to make comparisons across clinical trials and this particular one by Leng et al., analyzed seven clinical trials, including pivotal trials of VABYSMO, AFLIBERCEPT 2mg and AFLIBERCEPT 8mg in nAMD and DME.

Teresa Graham: Before I move on to the Vabysmo deep dive slides, let me also just reiterate that we do have another IR event at ASRS on 23 July 2024, and there we will present some long-term follow-up data for Vabysmo. This slide looks at a network meta-analysis and a systematic literature review that was recently performed that shows Vabysmo improved anatomical results versus aflibercept 8 mg. These types of tools are validated to make comparisons across clinical trials, and this particular one by Lang et al. analyzed 7 clinical trials, including pivotal trials of Vabysmo, aflibercept 2 mg, and aflibercept 8 mg in AMD and DME.

Speaker Change: Before I move on to the buys a deep dive slides. Let me also just reiterate that we do have another IR event at a S. R. S. On July 23rd and there we will present, some long term follow up data for of our buys now.

Speaker Change: So that's what this slide looks at a network meta analysis in a systemic literature review that was recently performed it shows up I saw improved anatomical results versus the flavors that the eight milligram.

Speaker Change: These types of tools are validated to make comparisons across clinical trials and this particular, one by laying it all in like seven clinical trials, including pivotal trials of the Bai is now a flip receptor two milligram and the flu receptor eight milligram and an M. D. M. D. I mean, the combined studies cover more than 5000 patients in the key outcome of the analysis as you can see on the right.

Teresa Graham: analyzed seven clinical trials, including pivotal trials of Vobizemo, flibrocept 2mg and flibrocept 8mg, and AMD and DME. The combined studies cover more than 5,000 patients, and the key outcome of the analysis, as you can see on the right, is that Vobizemo achieved greater CST reduction in both AMD and DME compared to flibrocept high dose and 2mg during This analysis adds to the growing body of evidence that Vobizmo's unique MOA leads to superior anatomical outcomes in the drying of eyes.

The combined studies cover more than 5,000 patients and the key outcome of the analysis, as you can see on the right, is that VABYSMO achieved greater CST reduction in both nAMD and DME compared to AFLIBERCEPT high dose and 2mg during the loading phase at 12 weeks. This analysis adds to the growing body of evidence that VABYSMO's unique MOA leads to the superior anatomical outcomes in the [inaudible]. Supporting VABYSMO is the preferred choice for first-line treatment in nAMD and DME. Speaking of that growing body of evidence, let me briefly highlight the rapidly growing body of real-world evidence for VABYSMO. Currently, more than 50,000 VABYSMO patients have been analyzed across more than 10 real-world data publications. The combined insights from these real-world data studies clearly substantiate VABYSMO's real-world treatment benefit

Teresa Graham: The combined studies cover more than 5,000 patients, and the key outcome of the analysis, as you can see on the right, is that Vabysmo achieved greater CST reduction in both AMD and DME compared to aflibercept high dose, and 2mg during the loading phase at 12 weeks. This analysis adds to the growing body of evidence that Vabysmo's unique MOA leads to the superior anatomical outcomes and the drying of eyes, supporting Vabysmo as the preferred choice for first-line treatment in AMD and DME. Speaking of that growing body of evidence, let me briefly highlight the rapidly growing body of real-world evidence for Vabysmo. Currently, more than 50,000 Vabysmo patients have been analyzed across more than 10 real-world data publications. The combined insights from these real-world data studies clearly substantiate Vabysmo's real-world treatment benefit.

Is that buys them out with cheap greater CST reduction in both A&D, Andy I mean compared to a fully receptor <unk> antiemetic during the loading phase at 12 weeks.

Speaker Change: Analysis adds to the growing body of evidence that Verizon has unique M away leads to the superior anatomical outcomes in the drawing lives supporting for buys now as the preferred choice for first line treatment in A&D and D&B.

Teresa Graham: Supporting Vobizmo is the preferred choice for first-line treatment in AMD. Speaking of that growing body of evidence, let me briefly highlight the rapidly growing body of real-world evidence for Vabaismo. Currently, more than 50,000 Vabaismo patients have been analyzed across more than 10 real-world data publications. The combined insights from these real-world data studies clearly substantiate Vabaismo's real-world treatment benefit

Speaker Change: Speaking of that growing body of evidence, let me briefly highlight the rapidly growing body of real world evidence for Bai Bai is now currently more than 50000 <unk> patients have been analyzed across more than 10 real world data publications. The combined insights from these real world data studies, clearly substantiate the buys most real world treatment benefit.

Speaking of that growing body of evidence, let me briefly highlight the rapidly growing body of real-world evidence for VABYSMO. Currently, more than 50,000 VABYSMO patients have been analyzed across more than 10 real-world data publications. The combined insights from these real-world data studies clearly substantiate VABYSMO's real-world treatment benefit. ARVO is taking place in just a few days and you'll be able to see 36 abstracts covering real-world data on VABYSMO. We continue to see that real-world clinical evidence is absolutely mirroring what we saw in our clinical trials and, again, well-positioning VABYSMO as standard of care. Moving on, I'm happy to highlight the positive Phase II KARDIA-2 data results for ZILEBESIRAN and hypertension. A single subcu dose of ZILEBESIRAN showed clinically significant reduction in 24-hours systolic blood pressure at three months when added to three different standard of care regimens.

Teresa Graham: ARVO is taking place in just a few days, and you'll be able to see 36 abstracts covering real-world data on Vabaismo. We continue to see that real-world clinical evidence. Absolutely mirroring what we saw in our clinical trials and again, well positioning BISMO as standard of care. Moving on, I'm happy to highlight the positive phase 2 cardio 2 data results for zolbicerone and hypertension. A single subcu dose of zolbicerone showed a clinically significant reduction in 24 hours systolic blood pressure at three months when added to three different standard of care regimens.

Teresa Graham: ARVO is taking place in just a few days, and you'll be able to see 36 abstracts covering real-world data on Vabysmo. We continue to see that real-world clinical evidence is absolutely mirroring what we saw in our clinical trials, and again, well-positioning Vabysmo as standard of care. Moving on, I'm happy to highlight the positive Phase 2 KARDIA-2 data results for zilebesiran in hypertension. A single sub-Q dose of zilebesiran showed clinically significant reduction in 24-hour systolic blood pressure at 3 months when added to 3 different standard of care regimens. You can see in the graph that this positive effect was seen in both mean ambulatory and office blood pressures. Furthermore, the positive effect on systolic blood pressure was persistent at 6 months, including at the maximum dose of Olmesartan.

Speaker Change: ARVO was taking place in just a few days and you'll be able to see 36 abstracts covering real world data onto the buys though we continue to see that real world clinical evidence is absolutely mirroring what we saw in our clinical trials and again well positioning for buys them out as standard of care.

Moving on, I'm happy to highlight the positive Phase II KARDIA-2 data results for ZILEBESIRAN and hypertension. A single subcu dose of ZILEBESIRAN showed clinically significant reduction in 24-hours systolic blood pressure at three months when added to three different standard of care regimens. You can see in the graph that this positive effect was seen in both mean ambulatory and office blood pressures. Furthermore, the positive effect on systolic blood pressure was persistent at six months, including at the maximum dose of OLMESARTAN. The results support the potential of twice-yearly dosing and the safety and tolerability of the profile continues to be very encouraging. And I'm proud to say that we recently just achieved FPI for our third Phase II study, KARDIA-3. The patient population here differs from KARDIA-2 in that the KARDIA-3 patients will be on two to four standards of care and are patients that are at a particularly high risk of CV events. The KARDIA-3 results will inform the upcoming Phase III cardiovascular trial study, which we hope to be able to share with you later this year. And last but not least, let's have a look at our 2024 Key newsflow. You can see we've added quite a few green checkmarks in Q1 for positive regulatory and clinical results and I've covered the majority of them in previous slides. But let me highlight one additional piece of upcoming newsflow that we are excited about. We expect to have Phase I data for CT-388,

Speaker Change: Moving on I'm happy to highlight the positive phase II. According to data results for us that'll be surrounding hypertension, a single sub Q dose as they'll be surround show clinically significant reduction in 24 hour systolic blood pressure at three months went out of the three different standard of care regimens.

Teresa Graham: You can see in the graph that this positive effect was seen in both mean ambulatory and office blood pressures. Furthermore, the positive effect on systolic blood pressure was persistent at six months, including at the maximum dose of almost. The results support the potential of twice-yearly dosing, and the safety and tolerability of the profile continue to be very encouraging. And I'm proud to say that we recently just achieved FPI for our third Phase 2 study, Cardia 3. The patient population here differs from Cardia 2 in that Cardia 3 patients will be on two to four standards of care and are patients that are at a particularly high risk of CV events.

Speaker Change: See in the graph with as part of this positive effect was seen in both mean ambulatory and office blood pressures. Furthermore, the positive effect on blood pressure was persistent at six months, including at the maximum dose of almost Martin the results support the potential of twice yearly dosing in the safety and Tolerability of the profile continues.

The results support the potential of twice-yearly dosing and the safety and tolerability of the profile continues to be very encouraging. And I'm proud to say that we recently just achieved FPI for our third Phase II study, KARDIA-3. The patient population here differs from KARDIA-2 in that the KARDIA-3 patients will be on two to four standards of care and are patients that are at a particularly high risk of CV events. The KARDIA-3 results will inform the upcoming Phase III cardiovascular trial study, which we hope to be able to share with you later this year.

Teresa Graham: The results support the potential of twice-yearly dosing and the safety and tolerability profile continues to be very encouraging. I'm proud to say that we recently just achieved FPI for our third phase 2 study, KARDIA-3. The patient population here differs from KARDIA-2 in that the KARDIA-3 patients will be on two to four standards of care and are patients that are at a particularly high risk of CV events. The KARDIA-3 results will inform the upcoming phase 3 cardiovascular trial study, which we hope to be able to share with you later this year. Last but not least, let's have a look at our 2024 key news flow. You can see we've added quite a few green check marks in Q1 for positive regulatory and clinical results, and I've covered more, the majority of them in previous slides.

Speaker Change: To be very encouraging.

I'm proud to say that we recently just achieved F. P. I for our third phase two study of cardiac III. The patient population here differs from cardio too and that the carty of three patients will be on two to four standards of care and are patients that are at particularly high risk of CV events. The.

Teresa Graham: The Cardia 3 results will inform the upcoming Phase 3 cardiovascular trial study, which we hope to be able to share with you later this year. And last but not least, let's have a look at our 2024 Key News Flow. You can see we've added quite a few green checkmarks in Q1 for positive regulatory and clinical results, and I've covered the majority of them in previous slides. But let me highlight one additional piece of upcoming news flow that we are excited about. We expect to have phase one data for C3388 by early next year.

Speaker Change: The cardiac three results will inform the upcoming phase III cardiovascular trial study.

Which we hope to be able to share with you later this year.

And last but not least, let's have a look at our 2024 Key newsflow. You can see we've added quite a few green checkmarks in Q1 for positive regulatory and clinical results and I've covered the majority of them in previous slides. But let me highlight one additional piece of upcoming newsflow that we are excited about. We expect to have Phase I data for CT-388, That's our lead asset in obesity from CARMOT at half year in 2024 and aimed to present at ESAT in September. This new data will cover cohorts 11 and 12, which are in patients without type 2 diabetes. And I'm looking forward to sharing this additional C3388 data as well as upcoming readouts on the other two assets, CT868 and the oral CT996, later this year. And with that, I will let Matt guide you through our diagnostic results. Thank you, Teresa. All right. Good morning. Good afternoon, everyone.

And last but not least, let's have a look at our 2024 Key newsflow. You can see we've added quite a few green checkmarks in Q1 for positive regulatory and clinical results and I've covered the majority of them in previous slides. But let me highlight one additional piece of upcoming newsflow that we are excited about. We expect to have Phase I data for CT-388, that's our lead asset in obesity from Carmot, at half-year in 2024 and aimed to present at ESAT in September. This new data will cover cohorts 11 and 12, which is in patients without Type 2 diabetes. And I'm looking forward to sharing this additional CT-388 data, as well as upcoming readouts on the other two assets, CT-868 and the oral CT-996, later this year.

Speaker Change: And last but not least let's have a look at our 2024 key news flow you can see we've added quite a few green check marks in Q1 for positive regulatory.

Speaker Change: And clinical results and I've covered.

Speaker Change: The majority of them in previous slides, but let me highlight one additional piece of upcoming news flow that we are excited about we expect to have phase one data for <unk> 388, that's our lead asset in obesity from Carmine at half year of 2024 and aim to present at you sat in September this new data will cover cohorts 11, and 12, which is in patients without.

Teresa Graham: Let me highlight one additional piece of upcoming news flow that we are excited about. We expect to have phase 1 data for CT-388, that's our lead asset in obesity from Carmot at H1 2024 and aim to present at EASD in September. This new data will cover cohorts 11 and 12, which is in patients without type 2 diabetes. I'm looking forward to sharing this additional CT-388 data as well as upcoming readouts on the other two assets, CT-868 and the oral CT-996 later this year. With that, I will let Matt guide you through our diagnostics results.

Teresa Graham: That's our lead asset in obesity from CARMOT at half year in 2024 and aimed to present at ESAT in September. This new data will cover cohorts 11 and 12, which are in patients without type 2 diabetes. And I'm looking forward to sharing this additional C3388 data as well as upcoming readouts on the other two assets, CT868 and the oral CT996, later this year. And with that, I will let Matt guide you through our diagnostic results. Thank you, Teresa. All right. Good morning. Good afternoon, everyone.

Speaker Change: Type two diabetes and I'm looking forward to sharing this additional a C. T 38, a data as well as upcoming Readouts on the other two assets C. T. Six eight in the oral Cte 99, six later this year and with that I will let Matt Guide you through our diagnostics results. Thanks Theresa.

And with that, I will let Matt guide you through our Diagnostics results.

Matthew Sause: Thanks, Theresa. All right. Good morning. Good afternoon, everyone. It's my pleasure to present the Q1 results for Roche Diagnostics. With sales of CHF 3.47 billion, the diagnostics division grew at 2% or CHF 0.1 billion at constant exchange rate compared with Q1 2023. This growth was impacted by the washout of COVID-19 sales and total diagnostics revenue. Now looking forward, we do not expect substantial COVID-19 revenue in 2024, and I would note that 2024 is the last year we expect meaningful impact of COVID-19 on year-over-year sales performance. Focusing on our base business sales, we see strong momentum with 8% growth for Q1 2024, excluding COVID-19. For full year 2024, we have guided for mid to high single-digit base business growth, and I would continue to reinforce our confidence in the performance of our base business.

Speaker Change: Yeah.

Matt Sause: Thanks, Teresa. All right. Good morning -- good afternoon, everyone. It's my pleasure to present the Q1 results for Roche Diagnostics.

Speaker Change: Alright.

Matt: Good morning, Good afternoon, everyone. It's my pleasure to present, the Q1 results for Roche diagnostics.

Matthew Sause: It's my pleasure to present the Q1 results for Roche Diagnostics. So, with sales of 3.47 billion Swiss francs, the Diagnostics Division grew by 2%, or 0.1 billion Swiss francs at constant exchange rates compared with Q1 of 2022. This growth was impacted by the washout of COVID-19 cells and total diagnostics revenue.

It's my pleasure to present the Q1 results for Roche Diagnostics.

So, with sales of CHF 3.47 billion, the Diagnostics Division grew at 2% or CHF 0.1 billion at constant exchange rates compared with Q1 of 2023. This growth was impacted by the washout of COVID-19 sales and total Diagnostics revenue. Now, looking forward, we do not expect substantial COVID-19 revenue in 2024 and I would note that 2024 is the last year we expect a meaningful impact of COVID-19 on year-over-year sales performance. Focusing on our base business sales, we see strong momentum with 8% growth for Q1 2024, excluding COVID-19. For full year 2024, we have guided for mid to high single-digit base business growth and I would continue to reinforce our confidence in the performance of our base business. So, with that, I'd like to take you through the sales by product category.

Matt: So with sales of 3.47 billion Swiss francs. The diagnostics division grew at 2% or <unk> 1 billion Swiss francs at constant exchange rate compared with Q1 of 2023.

Matt: This growth was impacted by the washout of COVID-19 sales in total diagnostics revenue now looking forward, we do not expect substantial COVID-19 revenue in 2024, and I would note that 'twenty 'twenty four is the last year, we expect meaningful impact of COVID-19 on year over year sales performance.

Matthew Sause: Now looking forward, we do not expect substantial COVID-19 revenue in 2024, and I would note that 2024 is the last year we expect a meaningful impact of COVID-19 on year-over-year sales performance. Focusing on our base business sales, we see strong momentum with 8% growth for Q1 2024, excluding COVID-19. For full year 2024, we have guided for mid to high single digit base business growth, and I would continue to reinforce our confidence in the performance of our base. So with that, I'd like to take you through the sales by product category.

Matt: Focusing on our base business sales, we see strong momentum with 8% growth for Q1 2024, excluding COVID-19.

Matt: For full year 2024, we have guided for mid to high single digit base business growth and I would continue to reinforce our confidence in the performance of our base business.

Matthew Sause: With that, I'd like to take you through the sales by product category. First, sales in our core lab business increased by 9%, with very strong momentum driven by immunodiagnostics at +10% and clinical chemistry at +8%. Molecular diagnostics had a decline of -3%, and this was due to lower COVID-19 PCR lab-based testing sales. However, excluding the COVID-19 test, molecular lab is growing at +6%. This is driven by strong growth in our blood screening business at +11% and in our virology base business at +9%.

Speaker Change: So with that I'd like to take you through the sales by product category. So.

Matthew Sause: So, first, sales in our Core Lab business increased by 9%, with very strong momentum driven by Immunodiagnostics at +10% and Clinical Chemistry at +8%. Molecular diagnostics had a decline of -3% and this was due to lower COVID-19 PCR lab-based testing sales. However, excluding the COVID-19 test, Molecular Lab is growing at +6%. This is driven by strong growth in our blood screening business at +11% and in our Virology-based business at +9%. Our new customer area, Near Patient Care -- which you heard about from Alan and Thomas -- had a decline of -20%. And this was mainly due to lower COVID-19 rapid antigen, which we had a large government order in Q1 last year, and decline of our Blood Glucose Monitoring business due to the shift in the market to continuous glucose monitoring. This decline was partially offset by continued growth of our Respiratory Point of Care Molecular business, which grew 4% and excluded COVID-19 testing. The decline in Near Patient Care was -2%.

So, first, sales in our Core Lab business increased by 9%, with very strong momentum driven by Immunodiagnostics at +10% and Clinical Chemistry at +8%. Molecular diagnostics had a decline of -3% and this was due to lower COVID-19 PCR lab-based testing sales. However, excluding the COVID-19 test, Molecular Lab is growing at +6%. This is driven by strong growth in our blood screening business at +11% and in our Virology-based business at +9%. Our new customer area, Near Patient Care -- which you heard about from Alan and Thomas -- had a decline of -20%.

Speaker Change: So first sales in our core lab business increased by 9% with very strong momentum driven by immuno diagnostics at plus 10% and clinical chemistry at plus 8%.

Speaker Change: Molecular diagnostics had a decline of minus 3% and this was due to lower COVID-19, PCR lab based testing sales. However, excluding the COVID-19 test molecular lab is growing at plus 6%. This was driven by strong growth in our blood screening business at plus 11% and an overall <unk> base business.

Matthew Sause: However, excluding the COVID-19 test, Molecular Lab is growing at plus 6%. This is driven by strong growth in our blood screening business at plus 11% and in our virology-based business at plus 9%. Our new customer area near patient care, which you heard about from Alan and Thomas, had a decline of minus 20%. This was mainly due to lower COVID-19 rapid antigen, for which we had a large government order in Q1 last year, and the decline of our blood glucose monitoring business due to the shift in the market to continuous glucose monitoring. This decline was partially offset by continued growth of our respiratory point of care molecular business, which grew 4% and excluded COVID-19 testing. The decline in near patient care was minus 2%.

Speaker Change: At plus 9%.

Matthew Sause: Our new customer area, Near Patient Care, which you heard about from Alan and Thomas, had a decline of -20%, and this is mainly due to lower COVID-19 rapid antigen, which we had a large government order in Q1 last year, and decline of our blood glucose monitoring business due to the shift in the market to continuous glucose monitoring. This decline was partially offset by continued growth of our respiratory point-of-care molecular business, which grew 4% and, excluded COVID-19 testing, the decline of Near Patient Care was -2%. Sales in our pathology lab grew strongly at +19%, mainly driven by our advanced staining business and companion diagnostics. Looking across all regions, you still see the impact of COVID-19 on our regional sales. However, base business was very strong. Excluding the COVID-19 business, we see North America growing at +12%.

Speaker Change: Our new customer area near patient care, which you heard about from Allen and Thomas had a decline of minus 20% and this is mainly due to lower COVID-19, rapid antigen, which we had a large government order in Q1 last year.

And this was mainly due to lower COVID-19 rapid antigen, which we had a large government order in Q1 last year, and decline of our Blood Glucose Monitoring business due to the shift in the market to continuous glucose monitoring. This decline was partially offset by continued growth of our Respiratory Point of Care Molecular business, which grew 4% and excluded COVID-19 testing. The decline in Near Patient Care was -2%. Sales in our Pathology Lab grew strongly at +19%, mainly driven by our Advanced Staining business and Companion Diagnostics. So, looking across all regions, you still see the impact of COVID-19 on our regional sales however, base business was very strong. Excluding the COVID-19 business, we see North America growing at +12%; in EMEA, the base business excluding COVID-19 grew at +4%; in APAC, business -- base business, excuse me, sales excluding COVID-19 grew at +4% and in Latin America, sales excluding COVID-19 grew at +16%.

Speaker Change: And decline of our blood glucose monitoring business due to the shift in the market to continuous glucose monitoring.

Speaker Change: This decline was partially offset by continued growth of our respiratory point of care molecular business, which grew 4% and excluding COVID-19 testing the decline of near patient care was minus 2%.

Matthew Sause: Sales in our pathology lab grew strongly at plus 19%, mainly driven by our advanced staining business and companion diagnostic, so looking across all regions. We still see the impact of COVID-19 on our regional sales, but base business was very strong. Excluding the COVID-19 business, we see North America growing at plus 12%. In EMEA, the base business excluding COVID-19 grew at plus 4%, an APAC business, base business, excuse me, Sales excluding COVID-19 grew at plus 4%, and in Latin America, sales excluding COVID-19 grew at plus 16%.

Speaker Change: Sales in our pathology lab grew strongly at plus 19%, mainly driven by our advanced staining business and companion diagnostics.

Speaker Change: So looking across all regions you still see the impact of COVID-19 on our regional sales. However base business was very strong excluding the COVID-19 business, we see North America growing at plus 12%.

So, looking across all regions, you still see the impact of COVID-19 on our regional sales however, base business was very strong. Excluding the COVID-19 business, we see North America growing at +12%; in EMEA, the base business excluding COVID-19 grew at +4%; in APAC, business -- base business, excuse me, sales excluding COVID-19 grew at +4% and in Latin America, sales excluding COVID-19 grew at +16%.

Matthew Sause: In EMEA, the base business excluding COVID-19 grew at +4%. In APAC business, base business, excuse me, excluding COVID-19, grew at +4%. In Latin America, sales excluding COVID-19 grew at +16%. Now I'd like to shift gears and talk a little bit about the growth of our installed base since Q1 2023. Overall, our installed base is the foundation for our future growth, and we saw very good development in the last year. Our overall serum work area platforms grew at +3%, but the main drivers were our new systems, the cobas pro and pure, which grew at 77%. This is represented of our overall performance in core lab, where we had the highest number of serum work area industry placements in our history.

In EMEA the base business, excluding COVID-19 grew up plus 4%.

Speaker Change: In APAC business base business excuse me exclude.

Speaker Change: Excluding COVID-19 grew at plus 4% and in Latin America sales, excluding COVID-19 grew at plus 16%.

Matthew Sause: So, now, I'd like to shift gears and talk a little bit about the growth of our installed base since Q1 2023. And overall, our installed base is the foundation for our future growth and we saw very good development in the last year. Our overall serum work area platforms grew at +3% but the main drivers were our new systems, the cobas Pro and Pure, which grew at 77%. And this is representative of our overall performance in Core Lab, where we had the highest number of serum work area industry placements in our history. In Molecular Lab, the cobas 5800, 6800 and 8800, which are automated systems for molecular diagnostics, grew at +20%. This was driven by sales of our low to mid-throughput platform, the cobas 5800.

Speaker Change: So now I'd like to shift gears and talk a little bit about the growth of our installed base. Since Q1 2023 and overall our installed base is the foundation for our future growth and we saw very good development in the last year.

Speaker Change: Our overall serum work area platforms grew at plus 3%, but the main drivers were our new systems, the cobalt pro and pure which grew at 77% and this is represented of our overall performance in core lab, where we had the highest number of serum work area industry placements in our history.

Matthew Sause: In molecular lab, the cobas 5800, 6800, and 8800, which are our automated systems for molecular diagnostics, grew +20%. This was driven by sales of our low to mid throughput platform, the cobas 5800. I would point out that we substantially grew our installed base for automated molecular platforms, even coming off the end of the COVID-19 pandemic. I would also like to point out the good news, or excuse me, the good growth of cobas liat, our molecular point of care system, which also grew 6% in 2023, again, through the end of the COVID-19 pandemic. In our pathology lab, our main workhorse system, which is the BenchMark ULTRA and the new BenchMark ULTRA PLUS, grew 10%, highlighting our future growth potential in advanced staining.

Speaker Change: In molecular lab, the cobalt 5800, 6800, 8800, which are automated systems for molecular diagnostics grew at plus 20%.

Speaker Change: This was driven by sales of our low to mid throughput platform. The cobalt 58, Hunter and I would point out that we substantially grew our install base for automated molecular platforms, even coming off the end of the COVID-19 pandemic.

Matthew Sause: And I would point out that we substantially grew our installed base for automated molecular platforms, even coming off the end of the COVID-19 pandemic. I would also like to point out the good news, or excuse me, the good growth of cobas Liat, our molecular point of care system, which also grew at 6% in 2023 -- again, through the end of the COVID-19 pandemic. In our Pathology lab, our main workhorse system -- which is the BenchMark ULTRA and the new BenchMark ULTRAPLUS -- grew at 10%, highlighting our future growth potential in advanced staining. And our HE600 system, for primary staining, grew at +12 percent. And I would also note that our Digital Pathology business is growing strongly, as evidenced by the 29% growth of our DP200 and 600 installed base. This business will continue to grow and remain highly complementary to our overall Pathology Lab business. So, now, I would like to change gears again and talk about one of our upcoming launches that I'm very excited about.

And I would point out that we substantially grew our installed base for automated molecular platforms, even coming off the end of the COVID-19 pandemic. I would also like to point out the good news, or excuse me, the good growth of cobas Liat, our molecular point of care system, which also grew at 6% in 2023 -- again, through the end of the COVID-19 pandemic. In our Pathology lab, our main workhorse system -- which is the BenchMark ULTRA and the new BenchMark ULTRAPLUS -- grew at 10%, highlighting our future growth potential in advanced staining. And our HE600 system, for primary staining, grew at +12 percent. And I would also note that our Digital Pathology business is growing strongly, as evidenced by the 29% growth of our DP200 and 600 installed base. This business will continue to grow and remain highly complementary to our overall Pathology Lab business.

Speaker Change: I would also like to point out the good news for the excuse me the good growth of Cobalts Lee at our molecular point of care system, which also grew at 6% in 2023 again through the end of the COVID-19 pandemic.

And then a pathology lab.

Speaker Change: Our main workhorse system, which is the benchmark benchmark ultra and the new benchmark Ultra plus grew at 10%.

In our Pathology lab, our main workhorse system -- which is the BenchMark ULTRA and the new BenchMark ULTRAPLUS -- grew at 10%, highlighting our future growth potential in advanced staining. And our HE600 system, for primary staining, grew at +12 percent. And I would also note that our Digital Pathology business is growing strongly, as evidenced by the 29% growth of our DP200 and 600 installed base. This business will continue to grow and remain highly complementary to our overall Pathology Lab business.

Matthew Sause: Highlighting our future growth potential in the advanced stage, and our HE 600 system for primary staining grew at plus 12 percent. And I would also note that our digital pathology business is growing strongly, as evidenced by the 29% growth of our DP 200 and 600 install base. This business will continue to grow and remain highly complementary to our overall pathology lab. So now I would like to change gears again and talk about one of our upcoming launches that I'm very excited about.

Speaker Change: Highlighting our future growth potential and advanced staining.

Matthew Sause: Our HE 600 system for primary staining grew at +12%. I would also note that our digital pathology business is growing strongly as evidenced by the 29% growth of our DP 200 and 600 in installed base. This business will continue to grow and remain highly complementary to our overall pathology lab business. Now I would like to change gears again and talk about one of our upcoming launches that I'm very excited about, the Accu-Chek SmartGuide, which represents our first entry into the continuous glucose monitoring or CGM market. This is a set of solutions comprising a real-time CGM sensor as well as digital tools to support and guide clinical decision-making, both for people with diabetes as well as physicians.

Speaker Change: And our <unk> 600 system for primary staining grew at plus 12%.

Speaker Change: And I would also note that our digital pathology business is growing strongly as evidenced by the 29% growth of our DP 200 600 installed.

Speaker Change: Installed base. This business will continue to grow and remain highly complementary to our overall pathology lab business.

So, now, I would like to change gears again and talk about one of our upcoming launches that I'm very excited about -- the Accu-Check SmartGuide, which represents our first entry into the Continuous Glucose Monitoring (or CGM) market. This is a set of solutions comprising a real-time CGM sensor as well as digital tools to support and guide clinical decision-making, both for people with diabetes as well as physicians. We will augment the sensor with clinical algorithms to aid in a prospective two-hour glucose prediction, as well as a nighttime hypoglycemic prediction. This addresses one of the key unmet medical needs of diabetics, which is the concern around hypoglycemic events during sleep.

Speaker Change: So now I would like to change gears again and talk about one of our upcoming launches that I'm very excited about.

Matthew Sause: The AcuCheck Smart Guide, which represents our first entry into the Continuous Glucose Monitoring (or CGM) market. This is a set of solutions comprising a real-time CGM sensor as well as digital tools to support and guide clinical decision making, both for people with diabetes as well as physicians. We will augment the sensor with clinical algorithms to aid in a prospective two-hour glucose prediction, as well as a nighttime hypoglycemic prediction. This addresses one of the key unmet medical needs of diabetics, which is the concern around hypoglycemic events during sleep.

Speaker Change: The Acme check Smart guide, which represents our first entry into the continuous glucose monitoring or CGM market.

This is a set of solutions comprising of real time, CGM sensor as well as digital tools to support and guide clinical decision, making both for people with diabetes as well as physicians.

Matthew Sause: We will augment the sensor with clinical algorithms to aid in a prospective 2-hour glucose prediction, as well as a nighttime hypoglycemic prediction. This addresses one of the key unmet medical needs of diabetics, which is the concern around hypoglycemic events during sleep. Additionally, we will provide software tools that enable sharing of patient data with physicians to enable better clinical decision-making and enhance their ability to provide clinical guidance to people living with diabetes. Our sensor is designed to be applied in a single one-step application with a sensor life of 14 days. As you heard, we publicly released the data generated for our regulatory submission at the ATTD conference in Florence in March 2024, and we were really pleased with the data we released and also the response by physicians and key opinion leaders in attendance.

Speaker Change: We will augment the sensor with clinical algorithms to aid in a perspective to our glucose prediction as well as a nighttime hypoglycemia prediction.

Speaker Change: This addresses one of the key unmet medical needs of diabetics, which is the concern around hypoglycemic events during sleep.

Matthew Sause: Additionally, we will provide software tools that enable sharing of patient data with physicians to enable better clinical decision-making and enhance their ability to provide clinical guidance to people living with diabetes. Our sensor is designed to be applied in a single, one-step application with a sensor life of 14 days. As you heard, we publicly released the data generated for our regulatory submission at the ATTD conference in Florence, in March of 2024 and we were really pleased with the data we released and also the response by physicians and key opinion leaders in attendance. So, we're very much looking forward to the launch of this solution later this year.

Additionally, we will provide software tools that enable sharing of patient data with physicians to enable better clinical decision, making and enhance their ability to provide clinical guidance to people living with diabetes.

Speaker Change: Our sensor is designed to be applied in a single one step application with a sensor life of 14 days.

Speaker Change: As you heard we publicly released the data generated for a regulatory submission at the <unk> conference in Florida in March of 2024, and we were really pleased with the data we released and also the response by physicians and key opinion leaders in attendance.

Matthew Sause: So, we're very much looking forward to the launch of this solution later this year. And with that, I will start to have an overview of our developments in Infectious Disease, which is another key topic for Roche Diagnostics. And specifically, our focus on blood donor screening and highlight the launch of our CoBOTS Malaria Solution. Malaria infection is spread mainly via mosquitoes in regions with an endemic presence of this pathogen. It can also be transmitted through blood transfusions, where it can cause serious complications and is potentially fatal. Screening with current ELISA-based tests may provide inconsistent sensitivity or specificity. Screening donors with a molecular test will provide higher certainty around the presence of this dangerous pathogen to better protect the world's blood supply. The COBOSS Malaria Test is designed to detect the five major species that cause human malaria infection to provide broad coverage and greater certainty of detection.

So, we're very much looking forward to the launch of this solution later this year.

Matthew Sause: We're very much looking forward to the launch of this solution later this year. With that, I will start to have an overview of our developments in infectious disease, which is another key topic for Roche Diagnostics, and specifically our focus on blood donor screening, and highlight the launch of our cobas Malaria solution. Malaria infection is spread mainly via mosquitoes in regions with endemic presence of this pathogen. It can also be transmitted through blood transfusion, where it can cause serious complications and is potentially fatal. Screening with current ELISA-based tests may provide inconsistent sensitivity or specificity. Screening donors with a molecular test will provide higher certainty around the presence of this dangerous pathogen to better protect the world's blood supply.

Speaker Change: So we're very much looking forward to the launch of the solution later this year.

Speaker Change: And with that I will start to have a an overview of our our developments in infectious disease, which is another key topic for Roche diagnostics and specifically our focus on blood donor screening and highlights the launch of our cobalt malaria solutia.

And with that, I will start to have an overview of our developments in Infectious Disease, which is another key topic for Roche Diagnostics. And specifically, our focus on blood donor screening and highlight the launch of our cobas Malaria Solution. Malaria infection is spread mainly via mosquitoes in regions with endemic presence of this pathogen. It can also be transmitted through blood transfusions, where it can cause serious complications and is potentially fatal. Screening with current ELISA-based tests may provide inconsistent sensitivity or specificity. Screening donors with a molecular test will provide higher certainty around the presence of this dangerous pathogen to better protect the world's blood supply. The cobas Malaria Test is designed to detect the five major species that cause human malaria infection to provide broad coverage and greater certainty of detection.

Speaker Change: Malaria infection spread mainly via mosquitoes in regions with endemic presence of this pathogen.

Matthew Sause: It can also be transmitted through blood transfusions, where it can cause serious complications and is potentially fatal. Screening with current ELISA-based tests may provide inconsistent sensitivity or specificity. Screening donors with a molecular test will provide higher certainty around the presence of this dangerous pathogen to better protect the world's blood supply. The COBOSS Malaria Test is designed to detect the five major species that cause human malaria infection to provide broad coverage and greater certainty of detection.

Speaker Change: It can also be transmitted through blood transfusion working cause serious complications.

Speaker Change: And is potentially fatal.

Screening with current Elisa based test may provide inconsistent sensitivity or specificity screen.

Screening donors with a molecular test will provide higher certainty around the presence of this dangerous pathogen to better protect the world's blood supply. The cobas Malaria Test is designed to detect the five major species that cause human malaria infection to provide broad coverage and greater certainty of detection. The proprietary Roche tube allows for direct draw and usage on Roche fully-automated cobos X800 systems for increased workflow efficiency. This assay is currently approved by the U.S. FDA and is under review in the EU for CE IVDR approval. And so, now, turning to another area that's a key focus for the Roche group -- which is Neurology -- I'd like to turn to our key developments in the diagnosis of Alzheimer's disease. So, I'd like to walk you through our solutions by moving on the slide from left to right.

Speaker Change: Screening donuts with the molecular test will provide higher certainty around the presence of this dangerous pathogen to better protect the world's blood supply.

Matthew Sause: The cobas Malaria test is designed to detect the five major species that cause human malaria infection to provide broad coverage and greater certainty of detection. The proprietary Roche tube allows for direct draw and usage on Roche fully automated cobas x800 systems for increased workflow efficiency. This assay is currently approved by the US FDA and is under review in the EU for CE-IVDR approval. Now turning to another area that's a key focus for the Roche Group, which is neurology. I like to turn to, like our key developments in the diagnosis of Alzheimer's disease. So I'd like to walk you through our solutions by moving on the slide from left to right. We currently have our aid in diagnosis solutions available on the market. These are cerebrospinal fluid-based tests, which are both CE-IVD and FDA approved.

Speaker Change: The cobalt malaria test is designed to detect the five major species that caused human malaria infection to provide broad coverage and greater certainty of detection.

Matthew Sause: The proprietary Roche 2 allows for direct draw and usage on Roche fully automated COBOS X800 systems for increased workflow efficiency. This assay is currently approved by the U.S. FDA and is under review in the EU for CE-IVDR approval. And so now turning to another area that's a key focus for the Roche group, which is neurology, I'd like to turn to our key developments in the diagnosis of Alzheimer's. So I'd like to walk you through our solutions by moving on the slide from left to right.

Speaker Change: The proprietary rose two allows for direct draw and usage on Roche fully automated Carbos X 800 systems for increase workflow efficiency.

Speaker Change: Saturday is currently approved by the U S. FDA and is under review in the EU for CE IBD or approval.

And so, now, turning to another area that's a key focus for the Roche group -- which is Neurology -- I'd like to turn to our key developments in the diagnosis of Alzheimer's disease. So, I'd like to walk you through our solutions by moving on the slide from left to right. We currently have our aid and diagnosis solutions available on the market. These are cerebral spinal fluid-based tests, which are both CE IVD and FDA approved. These tests are used for aid in diagnosis and show concordance with amyloid PET for confirmatory diagnosis. While these tests represent an important step forward for the diagnosis of Alzheimer's disease, we recognize that it's important to continue to drive access to testing and that is why the development of blood-based biomarkers is so important.

Speaker Change: And so now turning to another area. That's a key focus for the Roche group, which is neurology I'd like to turn to.

Speaker Change: Our key developments in the diagnosis of Alzheimer's disease.

Speaker Change: So I'd like to walk you through our solutions by moving on to slide from left to right. We currently have our aid in diagnosis solutions available in the market. These are cerebral spinal fluid based tests, which are both CE IBD and FDA approved.

Matthew Sause: We currently have our aid and diagnosis solutions available on the market. These are cerebral spinal fluid-based tests that are both CEIVD and FDA approved. These tests are used to aid in diagnosis and show concordance with amyloid PET for confirmatory diagnosis. While these tests represent an important step forward for the diagnosis of Alzheimer's disease, we recognize that it's important to continue to drive access to testing, and that is why the development of blood-based biomarkers is so important.

Matthew Sause: These tests are used for aid in diagnosis and show concordance with amyloid PET for confirmatory diagnosis. While these tests represent an important step forward for the diagnosis of Alzheimer's disease, we recognize that it's important to continue to drive access to testing, and that is why the development of blood-based biomarkers is so important. If you move to the center box, what you'll see is we are currently developing our Elecsys amyloid plasma panel, which is a blood-based rule-out test for Alzheimer's consisting of the biomarkers p-tau 181 and APOE4. I would note that we are clinically validating these biomarkers in a real-world patient population in primary care. This test will enable a rule-out of Alzheimer's disease from a blood test, which is an important step forward. However, with a positive test result, confirmatory testing is still required.

Speaker Change: These tests are used for eight and diagnosis and show concordance with amyloid pet for confirmatory diagnosis. While these tests represent an important step forward for the diagnosis of Alzheimer's disease. We recognize that it is important to continue to drive access to testing and that is why the development of blood based biomarkers is so important.

these tests represent an important step forward for the diagnosis of Alzheimer's disease, we recognize that it's important to continue to drive access to testing and that is why the development of blood-based biomarkers is so important. If you move to the center box, what you'll see is we are currently developing our ELECSYS amyloid plasma panel, which is a blood-based rule-out test for Alzheimer's, consisting of the biomarkers p-Tau181 and ApoE4. I would note that we are clinically validating these biomarkers in a real-world patient population in primary care. This test will enable a rule-out of Alzheimer's disease from a blood test, which is an important step forward.

Matthew Sause: If you move to the center box, what you'll see is that we are currently developing our Alexis amyloid plasma panel, which is a blood-based rule-out test for Alzheimer's consisting of the biomarkers PTAL181 and APOE4. And I would note that we are clinically validating these biomarkers in a real-world patient population in primary care. This test will enable a rule-out of Alzheimer's disease from a blood test, which is an important step forward.

Speaker Change: If you move to the center box, what Youll see as we are currently developing our Alexis amyloid plasma panel, which is a blood based rule out test for Alzheimer's consisting of the Biomarkers Pizza 181 in April.

Speaker Change: For I would note that we are clinically validating these biomarkers in a real world patient population and primary care.

This test will enable a rule-out of Alzheimer's disease from a blood test, which is an important step forward. However, with a positive test result, confirmatory testing is still required. Now, consequently, we're developing a blood-based rule-in test for Alzheimer's, which you can see on the far right. This will be a critical part of improving the patient journey. It will consist of the p-Tau217 biomarker, which we are very happy to say, just received breakthrough device designation from the FDA. This biomarker is able to provide a rule-in result and hence, reduce the number of patients that need a final confirmatory diagnosis, which has the potential to really reduce the burden on healthcare systems worldwide.

Speaker Change: This task will enable a rule out of Alzheimer's disease from a blood test, which is an important step forward.

Matthew Sause: However, with a positive test result, confirmatory testing is still required. Now, consequently, we're developing a blood-based rule-in test for Alzheimer's, which you can see on the far right. This will be a critical part of improving the patient journey. It will consist of the P-Tau 217 biomarker, which we are very happy to say has just received breakthrough device designation from the FDA. This biomarker is able to provide a rule and result and hence reduce the number of patients that need a final confirmatory diagnosis, which has the potential to really reduce the burden on healthcare systems worldwide.

Speaker Change: However, with a positive test result, confirmatory testing is still required.

Matthew Sause: Now, consequently, we're developing a blood-based rule-in test for Alzheimer's, which you can see on the far right. This will be a critical part of improving the patient journey. It will consist of the p-tau 217 biomarker, which we are very happy to say just received breakthrough device designation from the FDA. This biomarker is able to provide a rule-in result and hence reduce the number of patients that need a final confirmatory diagnosis, which has the potential to really reduce the burden on healthcare systems worldwide. I would note that we are also clinically validating this biomarker in a real-world patient population, and I look forward to discussing our progress with you in future calls. Really highlight, with all these solutions together, we're building a comprehensive portfolio to enable the diagnosis of Alzheimer's disease.

Speaker Change: Now Consequently, we're developing a blood based rule in test for Alzheimer's, which you can see on the far right.

Speaker Change: This will be a critical part of improving the patient journey.

Speaker Change: It will consist of the P. Tau to one seven biomarker, which we are very happy to say just received breakthrough device designation from the FDA.

This biomarker is able to provide a rule-in result and hence, reduce the number of patients that need a final confirmatory diagnosis, which has the potential to really reduce the burden on healthcare systems worldwide. I would note that we are also clinically validating this biomarker in a real-world patient population and I look forward to discussing our progress with you in future calls. I would really highlight, with all these solutions together, we're building a comprehensive portfolio to enable the diagnosis of Alzheimer's disease. So, now, I come to our key launches for 2024. As you heard, this is a big year for launches for Diagnostics. In Q1, we achieved one of our key launches for the year, which was the malaria test, as we discussed.

Speaker Change: This biomarker is able to provide a rule in result, and hence reduce the number of patients that need a final confirmatory diagnosis, which has the potential to really reduce the burden on health care systems worldwide.

Matthew Sause: I would note that we are also clinically validating this biomarker in a real world patient population, and I look forward to discussing our progress with you on future calls. I would really highlight that with all these solutions together, we're building a comprehensive portfolio to enable the diagnosis of Alzheimer's. So now I come to our key launches for 2024. As you know, this is a big year for launches in diagnostics. In Q1, we achieved one of our key launches for the year, which was the malaria test, as we discussed.

Speaker Change: I would note that we were also clinically validating this biomarker in a real world patient population and I look forward to discussing our progress with you in future calls, but really highlights with all these solutions together, we're building a comprehensive portfolio to enable the diagnosis of Alzheimer's disease.

So, now, I come to our key launches for 2024. As you heard, this is a big year for launches for Diagnostics. In Q1, we achieved one of our key launches for the year, which was the malaria test, as we discussed. And I look forward to sharing the rest of the progress as we have subsequent calls in coming quarters. Now, lastly, as you heard from Alan, I would very much like to invite you to our Diagnostics Investor Day on May 22nd. It will be a hybrid event, taking place in London and also virtually. With our leadership team, we have put together a very exciting agenda for you and I'm looking forward to seeing you in person in London on May 22nd. You can register for this event on the Roche IR website. And with that, I'd like to pass it back to Thomas.

Matthew Sause: Now I come to our key launches for 2024. As you heard, this is a big year for launches for diagnostics. In Q1, we achieved one of our key launches for the year, which was the malaria test, as we discussed. I look forward to sharing the rest of the progress as we have subsequent calls in coming quarters. Lastly, as you heard from Alan, I would very much like to invite you to our Diagnostics Investor Day on 22 May. It will be a hybrid event taking place in London and also virtually. With our leadership team, we have put together a very exciting agenda for you, and I'm looking forward to seeing you in person in London on 22 May. You can register for this event on the Roche IR website.

Speaker Change: So now I come to our our key launches for 2024 as you heard this is a big year for launches for diagnosis for diagnostics.

Speaker Change: Q1, we achieved one of our key launches for the year, which was the malaria tests as we discussed and I look forward to sharing the rest of the progress as we have subsequent calls in coming quarters.

Matthew Sause: And I look forward to sharing the rest of the progress as we have subsequent calls in the coming quarters. Now, lastly, as you heard from Alan, I would very much like to invite you to our Diagnostics Investor Day on May 22nd. It will be a hybrid event taking place in London and also virtually.

Speaker Change: Now lastly, as you've heard from Alan I would very much like to invite you to our diagnostics investor day on May 22nd it.

Speaker Change: There will be a hybrid event, taking place in London and also virtually.

Matthew Sause: With our leadership team, we have put together a very exciting agenda for you. And I'm looking forward to seeing you in person in London on May 22nd. You can register for this event on the Roche IR website. And with that, I'd like to pass it back to Thomas.

Speaker Change: With our leadership team, we have put together a very exciting agenda for you and I'm looking forward to senior person in London on May 22nd you can register for this event on the Roche IR website.

And with that, I'd like to pass it back to Thomas.

Matthew Sause: With that, I'd like to pass it back to Thomas.

Speaker Change: And with that I'd like to pass it back to Thomas.

Thomas Schinecker: Thank you very much, team. And with that, we look forward to your questions. So, we have 45 minutes now for Q&A and the first question comes from Richard Vosser from J.P. Morgan. Richard, please.

Thomas Schinecker: Thank you very much, team. And with that, we look forward to your questions.

Thomas Schinecker: Thank you very much, Tim. With that, we look forward to your questions.

Thomas Mellon: Thank you very much Jim and that's we look forward to your questions.

Bruno Eschli: So, we have 45 minutes now for Q&A and the first question comes from Richard Vosser from J.P. Morgan. Richard, please.

Bruno Eschli: We have 45 minutes now for Q&A, and the first questions come from Richard Vosser from JPMorgan. Richard, please.

Thomas Mellon: So we have a 45 minutes now for Q&A and the first questions come from Richard <unk> from J P. Morgan.

Richard Vosser: Thanks for taking my questions. Two, please. Firstly, on TECENTRIQ. Could you give us an idea of how much your sales are now of adjuvant lung and more about the impact you see from KEYTRUDA going forward? And a linked question, just thinking about small cell lung cancer, Astra has seen some positive data here as well, in limited stage small cell lung cancer. So, how competitive is Astra there and how are they impacting your position on small cell lung cancer?

Thomas Mellon: Okay.

Richard Vosser: Thanks for taking my questions. Two, please. Firstly, on Tecentriq. Could you give us an idea of how much your sales are now of adjuvant lung and more about the impact you see from Keytruda going forward? A linked question, just thinking about small cell lung cancer. AstraZeneca has seen some positive data here as well in limited stage small cell lung cancer. So how competitive is AstraZeneca there, and how are they impacting your position in small cell lung cancer? Second question, just on Vabysmo. There's been a little bit of discussion about IOI in some of the medical journals around Vabysmo.

Richard: Thanks for taking my questions.

Richard: Two please.

Richard: Firstly on <unk>.

Richard: Could you give us an idea of how much your sales are now with adjuvant lung and.

Richard: More about the impact you see from contributor going forward and on a linked question just thinking about small cell lung cancer Astro is seeing some positive data here.

Richard: As well.

In a limited stage small cell lung cancer. So how competitive is asked are there and how are they impacting your position in small cell lung cancer.

Unknown Attendee: And then second question, just on VABYSMO, there's been a little bit of discussion about IOI in some of the medical journals around VABYSMO. Could you talk about how that's being received by the market and whether you need to enhance the manufacturing process to clear that out or whether it's nothing at all? Thanks very much. Great, thank you. So I'll start with VABYSMO.

And then second question, just on VABYSMO, there's been a little bit of discussion about IOI in some of the medical journals around VABYSMO. Could you talk about how that's being received by the market and whether you need to enhance the manufacturing process to clear that out or whether it's nothing at all? Thanks very much.

Richard: And then second question just on the buys may there's been a little bit of discussion about <unk> in some of the medical journals around but could you talk about how that's being received by the market and whether you need to enhance the manufacturing process to clear that out or whether it's nothing that's it thanks very much.

Richard Vosser: Could you talk about how that's being received by the market and whether you need to enhance the manufacturing process to clear that out or whether it's nothing at all? Thanks very much.

Matthew Sause: Great. Thank you. I'll start with Vabysmo. I mean, I think the safety of Vabysmo is very well established, and I don't think there's anything that we are seeing that leads us to believe that changes are necessary at this point. As with any of our drugs, we monitor that closely, and I think at this point, we feel extremely confident in Vabysmo. When it comes to Tecentriq, I mean, I think similar to sort of what we signaled in our last call, the sales for Tecentriq sort of globally will begin to stabilize, as we see peaks being reached in some of our key indications and competition heating up in other places. We will continue to see growth in other parts of the world that maybe offset more competitive impact in the US.

Speaker Change: Thank you. So I'll start with provides no I mean, I think the safety of our buys now is is very well established and I don't think there's anything that we are seeing that leads us to believe that changes are necessary at this point as with any of our drugs, we monitor that closely and I think at this point we.

Great, thank you. I'll start with VABYSMO. I think the safety of VABYSMO is very well-established and I don't think there's anything that we are seeing that leads us to believe that changes are necessary at this point. As with any of our drugs, we monitor that closely and I think at this point, we feel extremely confident in VABYSMO. When it comes to TECENTRIQ, I mean, I think similar to what we signaled in our last call, the sales for TECENTRIQ sort of globally will begin to stabilize as we see peak being reached in some our key indications and competition heating up in other places. We will continue to see growth in other parts of the world that maybe offset more competitive impact in the U.S. I think adjuvant lung is clearly one of those places where we are seeing that competitive impact. As far as small cell goes, we continue to have a leadership position there and I think we would anticipate holding on to that position for the foreseeable future. Richard, did we answer all your questions? Richard, you're fine. Sorry, sorry, it was muted again.

Teresa Graham: Great, thank you. I'll start with VABYSMO. I think the safety of VABYSMO is very well-established and I don't think there's anything that we are seeing that leads us to believe that changes are necessary at this point. As with any of our drugs, we monitor that closely and I think at this point, we feel extremely confident in VABYSMO.

Teresa Graham: I think that the safety of Buvismo is very well established, and I don't think there's anything that we are seeing that leads us to believe that changes are necessary at this point, because with any of our drugs, we monitor that closely. And I think at this point, we feel extremely confident in Buvismo. I think adjuvant lung is clearly one of those places where we are seeing that competitive impact. As far as small cell goes, we continue to have a leadership position there, and I think we would anticipate holding on to that position for the foreseeable future. Richard, did we answer all your questions? Richard, you're fine. Sorry, sorry, it was muted again.

Speaker Change: We feel extremely confident in the buys now.

Speaker Change: When it comes to centric I mean, do you think similar to sort of what we signaled in our in our last call. The salesperson to centric sort of globally will begin to stabilize as we see a peak being reached in some of our key indications and competition heating up in other places we will continue.

When it comes to TECENTRIQ, I mean, I think similar to what we signaled in our last call, the sales for TECENTRIQ sort of globally will begin to stabilize as we see peak being reached in some our key indications and competition heating up in other places. We will continue to see growth in other parts of the world that maybe offset more competitive impact in the U.S. I think adjuvant lung is clearly one of those places where we are seeing that competitive impact. As far as small cell goes, we continue to have a leadership position there and I think we would anticipate holding on to that position for the foreseeable future.

Speaker Change: Do you see growth in other parts of the world that may be offset more competitive impact in the U S.

Matthew Sause: I think adjuvant lung is clearly one of those places where we are seeing that competitive impact. As far as small cell goes, we continue to have a leadership position there, and I think we would anticipate holding on to that position for the foreseeable future.

Speaker Change: Adjuvant lung is clearly one of those places where we are seeing that competitive impact as far as small cell deals. We continue to have a leadership position there and I think we.

Speaker Change: Anticipate holding on to that position for the foreseeable future.

Bruno Eschli: Richard, did we answer all your questions? Richard, you're fine?

Speaker Change: Richard if we answer all of your questions.

Speaker Change: Okay.

Richard, did we answer all your questions? Richard, your [inaudible]. Sorry, sorry, it was muted again.

Bruno Eschli: Richard, did we answer all your questions? Richard, your [inaudible].

Speaker Change: Okay.

Richard Vosser: Sorry. Sorry, it was muted again, apologies. That's, that's great. Thank you very much.

Speaker Change: It's just you'll find alright, sorry, it makes it again apologies and that's that's great. Thank you very much.

Richard Vosser: Sorry. It muted again. Apologies. That's great. Thank you very much.

Unknown Attendee: Apologies. That's, that's great. Thank you very much.

Bruno Eschli: Thank you. We move on, and next one would be Emmanuel Papadakis from Deutsche Bank.

Unknown Attendee: And we move on. And the next one would be Emmanuel Papadakis from Deutsche Bank. Thank you for taking the questions. Maybe a couple on Hemlibra, please. You helpfully mentioned over 60% in Q2 and Q4 weeks. If you give us a split, that would be very helpful.

Bruno Eschli: And we move on. And the next one would be Emmanuel Papadakis from Deutsche Bank.

Speaker Change: And we move on the next one would be a mom and pop of doctors from Deutsche Bank.

Thank you for taking the questions. Maybe a couple on HEMLIBRA, please. You helpfully mentioned over 60% on Q2 and Q4 [inaudible], if you give us a split, that would be very helpful. And then, just talk a little bit about commercial momentum in the U.S. It seems to have stalled somewhat, in fact, you're actually down in Q1 in the U.S. so, talk to us a little bit about competitor impact. Particularly interested in the impact from [inaudible]. And then, the second question's around device improvements. I'm not -- wasn't entirely clear, are you referring to the two new vials and the administration kit or is there actually something else we're going to hear about, for example, a pen? And if not, is a pen anywhere in development and is there any potential to reduce the injection volume? I'm asking because we already have central monthly capacitor reading out with a low-volume pen device relatively shortly. So, it'd be interesting to hear your perspectives on potential competitive risks that may represent. Thank you.

Emmanuel Papadakis: Thank you for taking the questions. Maybe a couple on HEMLIBRA, please. You helpfully mentioned over 60% on Q2 and Q4 [inaudible], if you give us a split, that would be very helpful. And then, just talk a little bit about commercial momentum in the U.S. It seems to have stalled somewhat, in fact, you're actually down in Q1 in the U.S. so, talk to us a little bit about competitor impact. Particularly interested in the impact from [inaudible].

Emmanuel Papadakis: Thank you for taking the questions. Maybe a couple on Hemlibra, please. You hopefully mentioned over 60% on Q2 and Q4. If you give us a split, that would be very helpful. Just talk a little bit about commercial momentum in the US. It seems to have stalled somewhat. In fact, you're actually down in Q1 in the US. Talk to us a little bit about competitor impact, particularly interested in the impact from. The second question was on device improvements. I wasn't entirely clear. Are you referring to the two new vials and administration kit, or is there actually something else we're going to hear about, for example, a pen? If not, is a pen anywhere in development, and is there any potential to reduce the injection volume?

Speaker Change: Thank you for taking the questions.

Speaker Change: Maybe a couple of them have libre. Please you hopefully mentioned on Q2 Q4 week, if you would give us the split would be very helpful.

Unknown Attendee: And then just talk a little bit about commercial momentum in the US. It seems to have stalled somewhat. In fact, you're actually down in Q1 in the US.

Speaker Change: And then just talk a little bit upon commercial momentum in the U S. It seems to have stalled somewhat not you're actually down Q1 in the U S.

Unknown Attendee: So talk to us a little bit about competitor impact. I was particularly interested in the impact of Exxon's Octacog. And then the second question was about device improvements. I wasn't, wasn't entirely clear, are you referring to the two new vials and the administration kit, or is there actually something else we're going to hear about, for example, a pen? And if not, is a pen anywhere in development

Speaker Change: A little bit of bank, a bedroom packed to clean interested in impact.

Speaker Change: The impact from Maxim group smoke.

And then, the second question's around device improvements. I'm not -- wasn't entirely clear, are you referring to the two new vials and the administration kit or is there actually something else we're going to hear about, for example, a pen? And if not, is a pen anywhere in development and is there any potential to reduce the injection volume? I'm asking because we already have central monthly capacitor reading out with a low-volume pen device relatively shortly. So, it'd be interesting to hear your perspectives on potential competitive risks that may represent. Thank you.

Speaker Change: And then the second question was on device improvements.

Speaker Change:

Speaker Change: It wasn't entirely clear are you referring to the two new vials and administration kit or was there actually something else, we're going to hear about for example, a pin in it.

Speaker Change: Normally the pin.

Speaker Change: Anywhere in development is there any potential to reduce injection volume I'm asking because we already have central monthly question reading out with a low volume and of Australia relatively shortly so hoping to hear your perspectives on potential competitive risk that may represent thank you.

Teresa Graham: And is there any potential to reduce the injection volume? I'm asking because we already have central monthly capacitor reading out with a low volume pen device relatively shortly. So it'd be interesting to hear your perspectives on the potential competitive risk that this may represent. Thank you. Sure. So while we have, I think we disclosed that 60% of patients are already on that every other week or every four weeks. I don't think we've broken it down more finely than that. But I think that's, you know, that's still obviously the majority of patients. In terms of competitive impact, and in particular, the performance of the US, the US was down 1% in Q1.

And is there any potential to reduce the injection volume? I'm asking because we already have central monthly capacitor reading out with a low volume pen device relatively shortly. So it'd be interesting to hear your perspectives on the potential competitive risk that this may represent. Thank you.

Emmanuel Papadakis: I'm asking because we already have central monthly competitor reading out with a low volume pen device relatively shortly. It'd be interesting to hear your perspectives on potential competitive risk that may represent. Thank you.

Teresa Graham: Yeah, sure. While we have, I think we disclosed that we have 60% of patients are already on that every other week or every four weeks. I don't think we've broken it down more finely than that, but I think that's, you know, that's still obviously the majority of patients. In terms of competitive impact, and in particular the performance of the US, the US was down 1% in Q1. The majority of that was actually just a buying pattern issue with one of our larger specialty pharmacies, and that really was the biggest pull list. I think we're not seeing anything that leads us to believe that momentum in the US or the growth in the US will fall significantly. We still expect to see single-digit growth in the US this year for Hemlibra.

Speaker Change: Yeah sure. So while we have a I think we've disclosed that we have 60% of patients are already on that every other week or every four weeks I don't think we've broken it down more finally than that but I think that's you know.

Teresa Graham: Yep, sure. So, while we have -- I think we disclosed that we have 60% of patients are already on that every other week or every four weeks, I don't think we've broken it down more finely than that. But I think that's, you know, that's still obviously the majority of patients. In terms of competitive impact and in particular, the performance of the U.S. So, the US was down 1% in Q1. The majority of that was actually just a buying pattern issue with one of our larger specialty pharmacies. And that really was the biggest bullet.I think we're not seeing anything that leads us to believe that momentum in the U.S. or the growth in the U.S. will stall significantly. We still expect to see single-digit growth in the U.S. this year for HEMLIBRA.

Speaker Change: That's still obviously the majority of patients in terms of competitive impact and in particular the performance of the U S. So the U S was down 1% in Q1. The majority of that was actually just a buying pattern issue with one of our larger specialty pharmacies.

Teresa Graham: The majority of that was actually just a buying pattern issue with one of our larger specialty pharmacies. And that really was the biggest bullet, and I think we're not seeing anything that leads us to believe that momentum in the U.S. or growth in the U.S. will stall significantly. We still expect to see single-digit growth in the U.S. this year for Hemlibra.

Speaker Change: And.

And that really was the biggest bolus and I think we're not seeing anything that well.

Speaker Change: It leads us to believe that momentum in the U S or the growth in the U S will will fall significantly we still expect to see single digit growth in the U S. This year for him Libra in terms of the device improvement. So you are right. We havent. We have launched two additional vial configurations, we have a new administration coming later this year.

Teresa Graham: In terms of the device improvement -- so, you are right, we have launched two additional vial configurations. We have a new administration kit coming later this year. And then, in terms of additional convenience options, I would invite you to attend ISTH and learn more about what we have planned. Emmanuel, did this answer all your questions or follow-on questions? I'll wait with bated breath until ISCH, so yes, thank you. Yeah, unfortunately, you have to.

In terms of the device improvement -- so, you are right, we have launched two additional vial configurations. We have a new administration kit coming later this year. And then, in terms of additional convenience options, I would invite you to attend ISTH and learn more about what we have planned.

Teresa Graham: In terms of the device improvements. You are right, we have launched 2 additional vial configurations. We have a new administration kit coming later this year. In terms of additional convenience options, I would invite you to attend ISTH and learn more about what we have planned.

Speaker Change: And then in terms of additional convenience options I would invite you to attend I S. T H and learn more about what we have planned.

Emmanuel, did this answer all your questions or follow-on questions? I'll wait with bated breath until ISCH, so yes, thank you. Yeah, unfortunately, you have to.

Bruno Eschli: Emmanuel, did this answer all your questions or follow-on questions?

Speaker Change: And model the best answer all your questions or follow up question.

I'll wait with bated breath until ISTH so, yes, thank you. Yeah, unfortunately, you have to.

Emmanuel Papadakis: I'll wait with bated breath until ISTH so, yes. Thank you.

Emmanuel Papadakis: I'll wait with bated breath until ISTH. Yes. Thank you.

Speaker Change: Our wage with bated breath until Rins, Jason Yes. Thank you [laughter] yeah. Unfortunately, you have to.

Thomas Schinecker: Yeah. Unfortunately, you have to.

Bruno Eschli: Yeah. Unfortunately, you have to. Mm-hmm. Okay, we move on. Next one in the row would be Simon Baker from Redburn. Simon.

Unknown Attendee: Okay. Then, we move on. Next one in the row would be Simon Baker from Redburn. Simon? Thank you, Bruno. Thank you for taking my questions, everyone. Two, if I may, please.

Bruno Eschli: Okay. Then, we move on. Next one in the row would be Simon Baker from Redburn. Simon?

Okay, and then we move them excellent around would be M. Simon Baker from Redburn.

Simon Baker: Thanks, Bruno. Thank you for taking my questions, everyone. Two, if I may, please. Firstly, going back, Thomas, to I think slide 11 -- the rationalization of the pipeline. You've had a 20% gross reduction in NMEs but you've added a few as well. So, the actual net change is quite small. So, I;m just wondering if you could give us an idea of what's changed in terms of the criteria for keeping products in the pipeline, adding them and removing them? Because clearly, something's changed there. And then, secondly, on OCREVUS subcutaneous, thank you for giving us the PDUFA date there. I just wonder if you could give us an idea of how we should be thinking about the uptake of that and the potential, both U.S. and ex-U.S., please. Thanks so much.

Simon Baker: Thank you, Bruno. Thank you for taking my questions, everyone. Two, if I may please. Firstly, going back, Thomas to I think slide 11, the rationalization of the pipeline. You've had a 20% gross reduction in NMEs, but you've added a few as well. So the actual net change is quite small. So I just wonder if you could give us an idea of what's changed in terms of the criteria for keeping products in the pipeline, adding them and removing them. Because clearly something's changed there. Then secondly, on Ocrevus subcutaneous. Thank you for giving us the PDUFA date there.

Simon Baker: Thank you for your interest. Thank you for taking my questions. One curious if I may please.

Unknown Attendee: Firstly, going back, Thomas, to slide 11, the rationalization of the pipeline. You've had a 20% gross reduction in NMEs, but you've added a few as well. So the actual net change is quite small.

Simon Baker: Firstly going back to I'm sorry.

Simon Baker: The rationalization of the pipeline.

Simon Baker: If you had a 20% gross reduction.

Simon Baker: And enemies, but you've added a few as well so the actual net changes quite small so I just wonder if you could give us.

Thomas Schinecker: So I just wonder if you could give us an idea of what's changed in terms of the criteria for keeping products in the pipeline, adding them and removing them, because clearly, something's changed there. And then, secondly, on Ocrevus subcutaneous, thank you for giving us the PDUFA date there. I just wonder if you could give us an idea of how we should be thinking about the uptake of that and the potential, both US and ex-US, please. Thanks. Yeah, so let me answer the first question: you're right. The 20% reduction is gross.

So I just wonder if you could give us an idea of what's changed in terms of the criteria for keeping products in the pipeline, adding them and removing them, because clearly, something's changed there. And then, secondly, on Ocrevus subcutaneous, thank you for giving us the PDUFA date there. I just wonder if you could give us an idea of how we should be thinking about the uptake of that and the potential, both US and ex-US, please. Thanks.

Simon Baker: No idea of what's changed in terms of the criteria for keeping products in the pipeline.

Simon Baker: Them and removing them.

Simon Baker: Some exchange there.

Simon Baker: Then secondly.

Simon Baker: Octopus subcutaneous dosing for giving us the producer date I'm just wondering if you could give us.

Simon Baker: I just wonder if you could give us an idea of how we should be thinking about the uptake of that and the potential both US and ex-US, please. Thanks so much.

Speaker Change: I don't know just how we should be thinking about the uptake of that.

Sure.

Speaker Change: S and X U S.

Speaker Change: Thanks, so much.

Thomas Schinecker: Yeah. So, let me answer the first question. You're right, the 20% reduction is gross. So, net, it's not the same amount because we've also added things to partnering and M&A. Basically, we set a number of criteria in R&D, what a molecule needs to have in terms of criteria in order to pass our bar to be in our portfolio. One of the things is that 80% of our pipeline needs to be either best-in-class, first-in-class or best-in-disease. But there are a number of criteria, value being one criteria, patient population, scientific evidence, et cetera.

Speaker Change: Yeah.

Thomas Schinecker: Yeah. Let me answer the first question. You're right, the 20% reduction is gross. Net, it's not the same amount, because we've also added things to partnering and M&A. Basically, we set a number of criteria in R&D, what a molecule needs to have in terms of criteria in order to pass our bar to be in our portfolio. One of the things is that 80% of our pipeline needs to be either best in class, or first in class, or best in disease. But there are a number of criteria, value being one criteria, patient population, scientific evidence, et cetera. Based on that, we have prioritized our portfolio.

S: Yes, So let me answer the first question you're right.

S: <unk> been center reduction is gross so net it's it's not the same amount.

Teresa Graham: So net, it's not the same amount because we've also added things to partnering and M&A. Basically, we set a number of criteria in R&D for what a molecule needs to have in terms of criteria in order to pass our bar to be in our portfolio. One of the things is that 80% of our pipeline needs to be either best in class, first in class, or best in disease. But there are a number of criteria, value being one criteria, patient population, scientific evidence, etc.

S: Because we have also added things through partnering and in M&A.

S: Basically we set a number of criteria.

S: R&D what molecules needs to have in terms of our criteria in order to pass a bar to be honest in our portfolio.

One of the things is that 80% of our pipeline needs to be either best in class or first in class or best in disease, but there are a number of criteria value being one criteria patient population scientific evidence is that draw and based on that we have prioritized our portfolio, meaning also that we put more efforts.

Teresa Graham: And based on that, we have prioritized our portfolio. Meaning also that we put more effort and more speed behind molecules like TRONTINEMAB, that have very good data and very high promise. And so, we try to enhance and accelerate our portfolio to that. You'll see that ongoing for the next one or two quarters. And then, I think we'll be in a much more stable state and we've really shaped our portfolio in the direction that we wanted it to. Great.

And based on that, we have prioritized our portfolio. Meaning also that we put more effort and more speed behind molecules like TRONTINEMAB, that have very good data and very high promise. And so, we try to enhance and accelerate our portfolio to that. You'll see that ongoing for the next one or two quarters. And then, I think we'll be in a much more stable state and we've really shaped our portfolio in the direction that we wanted it to.

Thomas Schinecker: Meaning also that we put more effort, and more speed behind, molecules like Trontinemab that have very good data, very high promise. We try to enhance and accelerate our portfolios of that. You'll see that ongoing for the next one or two quarters, and then I think we'll be in a much more stable state, and we've really shaped our portfolio in the direction that we wanted to do.

S: And more speed behind.

S: I think it was like 10 them up that have very good data very high promise and so we tried to enhance and accelerate our portfolio with that youll see that ongoing for the next one or two quarters and then I think we'll be in a much more stable states and we've really shaped our portfolio in a direction that we wanted to do.

Thomas Schinecker: And then I think we'll be in a much more stable state, and we'll have really shaped our portfolio in the direction that we wanted to go. Great.

[inaudible]. And when it comes to uptake on OCREVUS subcut, I would expect strong uptake on OCREVUS subcut. I mean, I think when you look at the clinical profile of OCREVUS, it continues to be the standard of care in MS treatment. The long-term safety and efficacy data are unparalleled. And so, with the convenience of an every six-months, 10-minute injection, I would expect that we will both open up a significant amount of new patients in the U.S. as well as in EU. I mean, I think we've said repeatedly that we believe OCREVUS subcut is, in and of itself, a blockbuster opportunity and I would see no reason to change that. I mean, I think it's likely to be upwards of the $2 billion range, actually. Simon, any follow-on questions? No, that's all very clear. Thank you very much. Okay, and we move on. Next one would go to Matthew Weston from UBS.

Teresa Graham: [inaudible]. And when it comes to uptake on OCREVUS subcut, I would expect strong uptake on OCREVUS subcut. I mean, I think when you look at the clinical profile of OCREVUS, it continues to be the standard of care in MS treatment. The long-term safety and efficacy data are unparalleled. And so, with the convenience of an every six-months, 10-minute injection, I would expect that we will both open up a significant amount of new patients in the U.S. as well as in EU. I mean, I think we've said repeatedly that we believe OCREVUS subcut is, in and of itself, a blockbuster opportunity and I would see no reason to change that. I mean, I think it's likely to be upwards of the $2 billion range, actually.

Teresa Graham: Great. When it comes to uptake on Ocrevus subcut, I would expect strong uptake on Ocrevus subcut. I mean, I think when you look at the clinical profile of Ocrevus, it continues to be the standard of care in MS treatment. The long-term safety and efficacy data are unparalleled. With the convenience of an every 6-month, 10-minute injection, I would expect that we will both open up a significant amount of new patients in the US, as well as in the EU. I mean, I think we've said repeatedly that we believe Ocrevus subcut is in and of itself a blockbuster opportunity, and I would see no reason to change that. I mean, I think it's likely to be upwards of the $2 billion range, actually.

Teresa Graham: And when it comes to uptake on Ocrevus subcut, I would expect strong uptake on Ocrevus subcut. I mean, I think when you look at the clinical profile of Ocrevus, it continues to be the standard of care in MS treatment. The long-term safety and efficacy data are unparalleled.

Speaker Change: Right and.

Speaker Change: When it comes to uptake on okra vis some cut I would expect strong uptake on <unk> I mean, I think when you look at the clinical profile of OCA Vista continues to be the standard of care in M. S treatment, the long term safety and efficacy data are unparalleled.

Teresa Graham: And so, with the convenience of an every six months, 10 minute injection, I would expect that we will both open up a significant number of new patients in the US, as well as in Japan and the EU. I mean, I think we've said repeatedly that we believe Ocrevus subcut is, in and of itself, a blockbuster opportunity, And I would see no reason to change that.

Speaker Change: And so with the convenience of an every six month 10 minute Inge.

Speaker Change: Injection I would expect that we will both open up a significant.

Speaker Change: The amount of new patients in the U S.

Speaker Change: As well as in as well as in the U I mean, I think we've said repeatedly that we believe OCA is sub cut is in and of itself a blockbuster opportunity and I would see no reason to change that I mean, I think it's likely to be upwards of $2 billion $2 billion range actually.

Simon Baker: I mean, I think it's likely to be upwards of the two billion, two billion dollar range, actually. Simon, any follow-on questions? No, that's all very clear. Thank you very much. Okay, and we move on. Next one would go to Matthew Weston from UBS.

Speaker Change: Okay.

Thomas Schinecker: Simon, any follow-on questions?

Speaker Change: Simon.

Simon, any follow-on questions? No, that's all very clear. Thank you very much. Okay, and we move on. Next one would go to Matthew Weston from UBS.

Bruno Eschli: Simon, any follow-on questions?

Speaker Change: Any follow up questions.

No, that's all very clear. Thank you very much. Okay, and we move on. Next one would go to Matthew Weston from UBS.

Simon Baker: No, that's all very clear. Thank you very much.

Speaker Change: Alright, great. Thank you very much.

Bruno Eschli: Okay. And we move on. Next one would go to Matthew Weston from UBS.

Speaker Change: Yes.

Thomas Schinecker: Okay. We move on. Next one would go to Matthew Weston from UBS.

Bruno Eschli: Okay. We move on. Next one would go to Matthew Weston from UBS.

Speaker Change: Okay, and we move on.

Speaker Change: Next one would go to Matthew Weston from UBS.

Matthew Weston: Thank you very much. Two questions, if I can, please. The first on HEMLIBRA. Many of us on the call are looking forward to data from a competitor Factor VIII-mimetic bispecific in the coming quarters. Teresa, I'd just be very interested as to how you see the market dynamics today. If there is another bispecific enters, do you think there are still plenty of patients who haven't yet moved from Factor and therefore, a new entrant could drive incremental uptake in the bispecific market -- if I can put it that way? Or do you think inevitably, it becomes a market share fight and hence, why we're all looking forward to your incremental information at ISTH? I'd love to understand how much of the market you still think is yet to switch -- that has the potential to switch.

Speaker Change: Yes.

Matthew Weston: Thank you very much. Two questions, if I can please. The first on Hemlibra. Many of us on the call are looking forward to data from a competitor factor eight mimetic bispecific in the coming quarters. Teresa, I'd just be very interested as to how you see the market dynamics today. If there is another bispecific enters, do you think there are still plenty of patients who haven't yet moved from factor, and therefore a new entrant could drive incremental uptake in the bispecific market, if I can put it that way, or do you think inevitably it becomes a market share fight and hence why we're all looking forward to your incremental information at ISTH? I'd love to understand how much of the market you still think is yet to switch that has the potential to switch.

Matthew Weston: Thank you very much two questions if I can please.

Matthew Weston: First on the Hem Libra.

Many of us on the call and looking forward to data from a competitive factor memetic by specific in the coming quarters.

Matthew Weston: Teresa I'll just be very interested as to how you see the market dynamics today.

Matthew Weston: If there is under the bi specific answers.

Matthew Weston: Do you think there is still plenty of patients who haven't yet moved from factor.

Matthew Weston: And therefore, a new entrant could drive incremental uptake in the by specific market. If I can put it that way or do you think inevitably it becomes a market share fights and hence why we're all looking forward to your incremental information <unk> I'd love to understand how much of the market you still think is yet to switch.

Matthew Weston: Or do you think inevitably, it becomes a market share fight and hence, why we're all looking forward to your incremental information at ISTH? I'd love to understand how much of the market you still think is yet to switch -- that has the potential to switch. And then, the second question on INAVOLISIB. You called it out as a key launch for 2024. PIQRAY was historically a very challenging medicine for patients, never really met investors' expectations.

Or do you think inevitably, it becomes a market share fight and hence, why we're all looking forward to your incremental information at ISTH? I'd love to understand how much of the market you still think is yet to switch -- that has the potential to switch.

Has the potential to switch and then the second question on <unk>, but you called it out as a key launch for 2020 before.

Matthew Weston: Then the second question on inavolisib, but you called it out as a key launch for 2024. Piqray was historically a very challenging medicine for patients, never really met investors' expectations. You'll be launching inavolisib while another competitor is launching Truqap. I'd love to understand how you think of the uptake of that medicine as to whether you think there's a very strong switch opportunity from Piqray or whether or not you think this really is about slow and steadily building the market as clinicians start to look for PI3K patients more.

And then, the second question on INAVOLISIB. You called it out as a key launch for 2024. PIQRAY was historically a very challenging medicine for patients, never really met investors' expectations. You'll be launching INAVOLISIB while other competitors are launching TRUQAP. I'd love to understand how you think of the uptake of that medicine, as to whether you think there's a very strong switch opportunity from PIQRAY or whether or not you think this is really about slow and steadily building the market as clinicians start to look for PI3K patients more? Yeah, I mean, I think there's a combination of both things going on there within a ballistic, to be honest. I mean, these data, as you saw, were just stunning.

Matthew Weston: Ray was historically, a very challenging medicine for patients never really met <unk>.

<unk> expectations, you'll be launching in have a listed one of our competitors launching true cap I'd love to understand how you think of the uptake of that medicine as to whether you think there's a very strong switch opportunity from pick ray or whether or not you think this is really is about slow and steadily building the market.

Teresa Graham: You'll be launching Inavalisib while other competitors are launching Trucap. I'd love to understand how you think of the uptake of that medicine as to whether you think there's a very strong switch opportunity from PICRE or whether or not you think this is really about slow and steadily building the market as clinicians start to look for PI3K patients more. Yeah, I mean, I think there's a combination of both things going on there within a ballistic, to be honest. I mean, these data, as you saw, were just stunning.

Matthew Weston: Conditions start to look for <unk> patients.

Yeah. I mean, there's a combination of both things going on there within INAVOLISIB, to be honest. I mean, these data, as you saw, were just stunning. I mean, the initial trial population showed an incredibly impressive response so, it's been in a very good safety profile. And we continue to generate evidence in combinations other than just with PALBO. So, I would expect that in breast cancer alone, this could be a $2 billion opportunity or CHF 2 billion opportunity over time. So, I think we are really confident in what we've seen with our initial data and would think that we would both see naive patients coming on as well as patients who have been previously treated with a drug in the space. And certainly, additional testing will help as soon as patients -- as soon as people are looking for it, they will find more of these patients.

Teresa Graham: Yeah. I mean, there's a combination of both things going on there within INAVOLISIB, to be honest. I mean, these data, as you saw, were just stunning. I mean, the initial trial population showed an incredibly impressive response so, it's been in a very good safety profile. And we continue to generate evidence in combinations other than just with PALBO. So, I would expect that in breast cancer alone, this could be a $2 billion opportunity or CHF 2 billion opportunity over time.

Teresa Graham: Yeah. I mean, I think there's a combination of both things going on there with inavolisib, to be honest. I mean, these data, as you saw, were just stunning. I mean, the initial trial population showed an incredibly impressive response. It's been in a very good safety profile, and we continue to generate evidence in combinations other than just with palbociclib. I would expect that in breast cancer alone, this could be a $2 billion opportunity or CHF 2 billion opportunity over time. I think we are just really confident in what we've seen with our initial data and would think that we would both see naive patients coming on as well as patients who've been previously treated with a drug in the space.

Yeah, I mean, I think there's a combination of both things going on there within if I listen to be honest I mean these data as you saw were just stunning.

Thomas Schinecker: I mean, the initial trial population showed an incredibly impressive response, so it's been in a very good safety profile. And we continue to generate evidence in combinations other than just with Pelbo. So I would expect that in breast cancer alone, this could be a $2 billion opportunity or 2 billion Swiss francs opportunity over time. So I think we are really confident in what we've seen with our initial data and would think that we would both see naive patients coming on as well as patients who have been previously treated with a drug in the space.

Matthew Weston: I mean, the initial the initial trial population.

Matthew Weston: <unk> had an incredibly impressive response they've been in a very good safety profile and we continue to generate evidence in.

Matthew Weston: In combination other than just with turbo. So I would expect that in breast cancer alone. This could be a $2 billion opportunity or 2 billion Swiss franc opportunity overtime.

So, I think we are really confident in what we've seen with our initial data and would think that we would both see naive patients coming on as well as patients who have been previously treated with a drug in the space. And certainly, additional testing will help as soon as patients -- as soon as people are looking for it, they will find more of these patients.

Matthew Weston: So I think we are just really confident in what we've seen with our initial data and would think that we would both be naive patients coming on as well as.

Matthew Weston: As well as patients who have been previously treated with with a drug in this space and certainly additional testing will help us in these patients as soon as people are looking for it they will find more of these patients.

Thomas Schinecker: And certainly additional testing will help as soon as patients, as soon as people are looking for them, they will find more of these patients. In terms of the sort of dynamics of the overall hemophilia market, I mean, I think there are still a large number of patients who remain on factor for various reasons. We think we, you know, certainly believe that Hemlibra is very appropriate for a large number of those sort of mild and moderate patients who, for whatever reason, choose to remain on factor. And the profile of Hemlibra, you know, 80% of patients not experiencing bleeds, the well-characterized safety profile, the zero risk of inhibitors.

And certainly additional testing will help as soon as patients, as soon as people are looking for them, they will find more of these patients.

Teresa Graham: Certainly additional testing will help. As soon as people are looking for it, they will find more of these patients. In terms of the sort of dynamics of the overall hemophilia market, I mean, I think there are still a large number of patients who remain on factor for various reasons. We certainly believe that Hemlibra is very appropriate for a large number of those sort of mild and moderate patients who for whatever reason choose to remain on factor. The profile of Hemlibra, you know, 80% of patients not experiencing bleeds, the well-characterized safety profile, the zero risk of inhibitors.

In terms of the sort of dynamics of the overall hemophilia market, I mean, I think there are still a large number of patients who remain on Factor for various reasons. We think we, you know, certainly believe that HEMLIBRA is very appropriate for a large number of those sort of mild and moderate patients who, for whatever reason, choose to remain on Factor. And the profile of HEMLIBRA, you know, 80% of patients not experiencing bleeds, the well-characterized safety profile, the zero risk of inhibitors. I mean, these are all things that make HEMLIBRA, I think, if you're going to switch to a prophylactic treatment, it will continue, I believe, to be the standard of care and the treatment of choice for these patients. And yeah, I mean, I think there are still more patients on Factor who could benefit from these prophylactic treatments. And hopefully, similar to what we saw with anti-CD20s and MS, it just means that more patients will move to high-efficacy therapies. And certainly, I think that positions HEMLIBRA extremely well. And maybe just let me add some enamelicid.

Matthew Weston: In terms of the sort of dynamics in the overall hemophilia market I mean, I think there are still a large number of patients who remain on factor for various reasons. We think we you know we certainly believe that him libre is very appropriate for a large number of those sort of mild and moderate patients who for whatever reason she has to remain on factor and.

Matthew Weston: The profile of Heaven Libre is 80% of patients not experiencing bleeds, the well characterized safety profile the zero risk of inhibitors. I mean these are all things that make him labor I think you are going to switch to a prophylactic treatment. It will continue I believe to be the standard of care in the treatment of choice for these patients.

Teresa Graham: I mean, these are all things that make Hemlibra, I think, if you're going to switch to a prophylactic treatment, it will continue, I believe, to be the standard of care and the treatment of choice for these patients. And yeah, I mean, I think there are still more patients on factor who could benefit from these prophylactic treatments, hopefully, similar to what we saw with anti-CD20s and MS. It just means that more patients will move to high-efficacy therapies, and certainly, I think that positions Hemlibra extremely well. And maybe just let me add some enamelicid.

Teresa Graham: I mean, these are all things that make Hemlibra, I think if you're going to switch to a prophylactic treatment, it will continue, I believe, to be the standard of care and the treatment of choice for these patients. Yeah, I mean, I think there are still more patients on factor who could benefit from these prophylactic treatments and hopefully similar to what we saw with anti-CD20s in MS, it just means that more patients will move to high-efficacy therapies. Certainly, I think that positions Hemlibra extremely well.

I mean, these are all things that make HEMLIBRA, I think -- if you're going to switch to a prophylactic treatment, it will continue, I believe, to be the standard of care and the treatment of choice for these patients. And yeah, I mean, I think there are still more patients on Factor who could benefit from these prophylactic treatments. And hopefully, similar to what we saw with anti-CD20s and MS, it just means that more patients will move to high-efficacy therapies. And certainly, I think that positions HEMLIBRA extremely well.

Matthew Weston: And yeah, I mean, I think there are still more patients on factor, who could benefit from these prophylactic treatments and and and and hopefully similar to what we saw with anti CD 20, as an M. S. It just means that more patients will move to high efficacy therapies, and certainly I think that positions <unk> I'm, sorry that positions Hmm labor extremely well.

Alan Hippe: And maybe just let me add in INAVOLISIB. The reason why INAVOLISIB is so well-tolerated is because it's so selective for the mutated version of PIK3CA. And with that, we believe not only will patients switch and this will be the predominantly used medicine but it will actually expand the market. Because one of the key problems with medicines in this space is that they're not so well-tolerated. So, we see both opportunities. Yeah, and I think it's also fair to say that the competitor that you mentioned, we actually haven't seen their data yet. So we should probably wait to see their data before we start assigning market shares. I think it's going to be hard to answer.

Thomas Schinecker: Maybe just let me add on inavolisib. The reason why inavolisib is so well tolerated is because it's so selective for the mutated version of PIK3CA. With that, we believe not only will patients switch and this will be the predominantly used medicine, but it will actually expand the market. Because one of the key problems with medicines in the space is that's not so well tolerated. We see both opportunities.

Speaker Change: And maybe just let me add on this is the reason why this is so well tolerated is because it's so selective mutated.

Thomas Schinecker: The reason why enamelicid is so well tolerated is because it's so selective for the mutated version of PIK3CA. And with that, we believe not only will patients switch, and this will be the predominantly used medicine, but it will actually expand the market. Because one of the key problems with medicines in this space is that they're not so well tolerated. So we see both opportunities. Yeah, and I think it's also fair to say that the competitor that you mentioned, we actually haven't seen their data yet.

Speaker Change: Mutated version of <unk>.

Speaker Change: And with that we believe not only will Ah patients switch.

Speaker Change: And this will be the predominantly used medicine, but it will actually expand the markets because one of the key problems with medicines in this space that's not so well tolerated so we see both opportunities.

Teresa Graham: Yeah, and I think it's also fair to say, the competitor that you mentioned, we actually haven't seen their data yet. So, we should probably wait to see their data before we start assigning the market share. HEMLIBRA's going to be hard to unseat.

Teresa Graham: Yeah. I think it's also fair to say the competitor that you mentioned, we actually haven't seen their data yet. So we should probably wait to see their data before we start assigning the market share. Because Hemlibra is gonna be hard to unseat.

Speaker Change: And I think it's also fair to say the competitor that you mentioned, we actually haven't seen their data yet so we should probably wait to see their data before we we started assigning the marketshare.

Thomas Schinecker: So we should probably wait to see their data before we start assigning market shares. I think it's going to be hard to answer. Matthew, any additional questions? Okay. Then we move on, and the next one in the row would be Luisa from Bloomberg.

So we should probably wait to see their data before we start assigning market shares. I think it's going to be hard to answer.

Speaker Change: Remember, it's going to be hard to unseat.

Yeah.

Bruno Eschli: Matthew, any additional questions? Okay. Then we move on and the next one in the row would be Luisa from Berenberg. Luisa?

Speaker Change: Yeah.

Thomas Schinecker: Matthew, any additional questions?

Bruno Eschli: Matthew, any additional questions?

Speaker Change: Matthew Thanks.

Matthew Weston: Thanks, Bruno.

Thomas Schinecker: Okay. We move on, and next one in the row would be Louisa from Berenberg. Louisa.

Bruno Eschli: Okay. We move on, and next one in the row would be Louisa from Berenberg. Louisa.

Speaker Change: Okay.

Speaker Change: And we move onto next one on the ROE would be Luisa from Boardwalk.

Luisa Hector: Thank you very much for taking my questions. On COLUMVI, could you say any more about the potential for the STARGLO data and how that might impact the sales and any other comments that you have on the launch? I know the sales are still small now but obviously, in the later lines. So, just an update on COLUMVI. And going back to the pipeline prioritization and reshaping. As you get to the end of this and, obviously, we've seen some deals in recent months but were there any other notable areas or modalities missing as you reviewed the pipeline? Thank you.

[Analyst] (Berenberg): Thanks. Thank you very much for taking my questions. On Columvi, could you say any more about the potential for the STARGLO data, and how that might impact the sales, and any other comments that you have on the launch? I know the sales are still small now, but obviously in the later lines. Just an update on Columvi. Going back to the pipeline prioritization and reshaping, as you get to the end of this, and obviously we've seen some deals in recent months, but were there any other notable areas or modalities missing as you reviewed the pipeline? Thank you.

Luisa: Thank you very much for taking my question and I'm kind of would be did you say anymore about the potential for the <unk>.

Luisa: And their data and.

Luisa: And how that might impact that.

Luisa: Yeah.

Luisa: And any other comments you have on.

Luisa: The launch I understand does small now but have you seen the 19 nine.

Unknown Attendee: So just an update on Columbia. And going back to the pipeline prioritization and reshaping, as you get to the end of this, and obviously, we've seen some deals in recent months, but were there any other notable areas or modalities missing as you reviewed the pipeline? Thank you. Thomas, do you want to start with pipelines and then I can come back on Columbia? Sure, I can do that.

So just an update on Columbia. And going back to the pipeline prioritization and reshaping, as you get to the end of this, and obviously, we've seen some deals in recent months, but were there any other notable areas or modalities missing as you reviewed the pipeline? Thank you.

Speaker Change: Hey, Glenn.

Speaker Change: Lee and I'm going back to the pipeline prioritization and reshaping.

Speaker Change: And you get to the end of the some of.

Speaker Change: We've seen some new.

Speaker Change: Were there any other notable areas of modality.

Glenn: And as you think.

Thomas, do you want to start with pipelines and then I can come back on Columbia? Sure, I can do that.

Teresa Graham: Thomas, do you want to start with pipeline and then, I can come back on COLUMVI?

Glenn: Yeah.

Okay.

Teresa Graham: Thomas, do you want to start with pipeline, and then I can come back on Columvi?

Glenn: Thomas do you want to start with pipeline and then I can come back from Columbia sure I can do that.

Sure, I can do that. We're constantly looking at opportunities, both for partnering and acquisitions. I think when you look at our slides showing where our focus areas in terms of disease areas are, you can imagine that these are the five disease areas that we're really focusing on. And yeah, we are open to doing more deals. But what has to happen is that the science convinces us, and also that the financials convince us. And then we'll continue to bring in assets. We're looking at assets that have data to prove that it's a high PTS opportunity and also where we believe it's a high value opportunity. And in terms of Columbia, Lisa, you're absolutely right.

Thomas Schinecker: Sure, I can do that. We're constantly looking at opportunities, both for partnering and acquisitions. I think when you look at our slides showing where our focus areas in terms of disease areas are, you can imagine that these are the five disease areas that we're really focusing on. And yeah, we are open to do more deals but what has to happen is that a science convinces us and also that the financials convince us. And then, we'll continue to also bring in assets. We're looking at assets that have data to prove that it's a high PTS opportunity and also, where we believe it's a high value opportunity.

Thomas Schinecker: Sure. I can do that. We are constantly looking at opportunities both for partnering and acquisitions. You know, I think when you look at our slides showing where our focus areas in terms of disease areas are, you can imagine that these are the five disease areas that we're really focusing on. Yeah, we are open to do more deals, but what has to happen is that the science convinces us and also that the financials convince us, and then we'll continue to also bring in assets. We're looking at assets that have you know, data to prove that it's a high PTS opportunity and also where we believe it's a high-value opportunity.

Thomas Schinecker: We're constantly looking at opportunities, both for partnering and acquisitions. I think when you look at our slides showing where our focus areas in terms of disease areas are, you can imagine that these are the five disease areas that we're really focusing on. And yeah, we are open to doing more deals. But what has to happen is that the science convinces us, and also that the financials convince us. And then we'll continue to bring in assets. We're looking at assets that have data to prove that it's a high PTS opportunity and also where we believe it's a high value opportunity. And in terms of Columbia, Lisa, you're absolutely right.

Thomas Mellon: We are constantly looking at opportunities both for partnering and acquisitions.

I think when you look at our slides.

Thomas Mellon: Slides showing with our focus areas in terms of it seems there is you can imagine that these are the five disease areas that we're really focusing on.

Speaker Change: And yes, we are open to do more deals, but what has to happen is that the science convinces us and also that the financials convinced US and then we will continue to also bring in assets when you're looking at assets that have a.

Speaker Change: Data to prove that it's a high Pts opportunity and also where we believe it's a high value opportunity.

Speaker Change: Yeah.

Teresa Graham: And in terms of COLUMVI, Lisa, you're absolutely right. The initial indications for both COLUMVI and LUNSUMIO in third-line are those who represent a relatively small opportunity, a couple hundred million combined. When you get into second-line though, you are looking probably upwards of a CHF 200 billion opportunity overall. So, you know, we are really looking at STARGLO and then, subsequently, at the SUNMO data, which will become later this year, a very significant possibilities for market share expansion for both COLUMVI and LUNSUMIO. And then, obviously, when we get to -- when we start getting into the first-lines, those opportunities getting much larger.

Speaker Change: Okay.

Teresa Graham: In terms of Columvi, Louisa, you're absolutely right. The initial indications for both Columvi and Lunsumio in third line are those that represent a relatively small opportunity, a couple 100 million combined. When you get into second line, though, you are looking probably upwards of $200 billion opportunity overall. You know, we are really looking at STARGLO and then subsequently at the SUNMO data, which will become later this year, as very significant possibilities for market share expansion for both Columvi and Lunsumio. Then obviously, you know, when we start getting into the first lines, those opportunities getting the larger.

Speaker Change: And in terms of Colombia Lisa.

Lisa: You're absolutely right. The initial indications for both Columbia and leukemia in third line or it does represent a relatively small opportunity a couple of hundred million combined when you get into second line, though you are looking probably upwards of 200 billion opportunity overall so.

Teresa Graham: The initial indications for both Columbia and Luzumio in third line are that those represent a relatively small opportunity, a couple hundred million combined. When you get into second line, though, you are probably looking at upwards of a 200 billion opportunity overall. So, you know, we are really looking at Starglow and then, subsequently, at the Sunlow data, which will become later this year very significant possibilities for market share expansion for both Columbia and Luzumio. And then obviously, when we get to when we start getting into the first lines, those opportunities are much larger.

Lisa: We are really looking at start low and then subsequently the funnel data, which will come later this year.

Lisa: Very significant possibilities are for market share expansion for both Colombia, and then <unk> and then obviously you know when we get when we start getting into the first lines those opportunities getting the merger.

Teresa Graham: Yeah. So, CHF 2 billion opportunity second-line and obviously, even bigger opportunity if you go to the first-line. Luisa, any additional questions? That's great, thanks Bruno, and next one would be Sachin from Bank of America. Hi there, thanks for taking my questions. It's Sachin Jain from Bank of America. A couple, please.

Thomas Schinecker: Yeah. So, CHF 2 billion opportunity second-line and obviously, even bigger opportunity if you go to the first-line.

Thomas Schinecker: Yeah. CHF 2 billion opportunity second line and obviously even bigger opportunity.

So $2 billion opportunity second line, and obviously, even the big opportunity.

Teresa Graham: First line.

Thomas Schinecker: If you go to first line.

Speaker Change: Go ahead, Chris.

Speaker Change: Yeah.

Teresa Graham: Yes.

Luisa, any additional questions? That's great, thanks Bruno, and next one would be Sachin from Bank of America. Hi there, thanks for taking my questions. It's Sachin Jain from Bank of America. A couple, please.

Bruno Eschli: Luisa, any additional questions?

Thomas Schinecker: Louisa, any additional questions?

Bruno Eschli: Louisa, any additional questions?

Chris: Any additional questions that's.

No, that's great. Thanks, Bruno. and next one would be Sachin from Bank of America. Hi there, thanks for taking my questions. It's Sachin Jain from Bank of America. A couple, please.

Luisa Hector: No, that's great. Thanks, Bruno.

[Analyst] (Berenberg): That's great. Thanks, Bruno.

And next one would be Sachin from Bank of America. Hi there, thanks for taking my questions. It's Sachin Jain from Bank of America. A couple, please.

Bruno Eschli: And next one would be Sachin from Bank of America.

Chris: That's great. Thanks Brendan.

Thomas Schinecker: Yep. Next one would be Sachin from Bank of America.

Bruno Eschli: Yep. Next one would be Sachin from Bank of America.

Chris: Yep.

Chris: And the next one would be Sachin from Bank of America.

Sachin Jain: Hi there, thanks for taking my questions. It's Sachin Jain from Bank of America. A couple, please. Firstly, on the obesity asset, thank you for the color on the data coming at EFD but one of you just provided just a bit of clarification on those cohorts 11 and 12 you mentioned. What titration have you used in those? The reason for the question is, should we see better safety in this data than in the data at EFD last year, where I think it was 30% of vomiting? Could you also confirm a bit of 12 to 24-week data we see and where are you with just finalizing a titration arrangement with this asset?

Sachin Jain: Hi there. Actually, my question is for Sachin Jain, Bank of America. A couple, please. Firstly, on the BC asset, thank you for the color on the data coming EASD, but wonder if you just provide just a bit of clarification on those cohorts 11 and 12 you mentioned. What titration have you used in those? The reason for the question, should we receive better safety in this data than the data EASD last year, where I think it was 30% vomiting? Could you also confirm it will be the 12 to 24 week data we see? And where are you with just finalizing your titration regimen with this asset? Secondly, I guess a question for Thomas based on Alan's comments. The September R&D Day is being framed as a big strategy update in both group and pharma.

Sachin: Hi, guys. Thanks, taking my question for Sachin Jain Bank of America. A couple please firstly on the Vcs that thank you for the color on the data coming ESD, but wondering if you just start from others just a bit of clarification on those cohorts 11, and 12, you mentioned won't titration to be used in those.

Sachin Jain: Firstly, on the obesity asset, thank you for the color on the data coming at EFD, but one of you just provided a bit of clarification on those cohorts 11 and 12 you mentioned. What titration have you used in those? The reason for the question is, should we see better safety in this data than in the data at EFD last year, where I think 30% of patients vomited? Could you also confirm what the 12 to 24 week data we see would be?

Sachin Jain: The reason the question should we see back to safety in this data and the data ESD last year, where I think it was 30% in vomiting and could you also confirm the 12 to 24 week data, we see and where are you with just finalizing a titration regimen with this asset.

Sachin Jain: And where are you with just finalizing a titration arrangement with this asset? Secondly, I guess a question for Thomas based on Alan's comment: the September R&D day has been framed as a big strategy update. In both group and pharma, the annual event is usually more educational to just want to check, you know, preempting any big fireworks we should potentially see. And then my last question is just a quick check on

And where are you with just finalizing a titration arrangement with this asset?

Secondly, I guess a question for Thomas based on Alan's comment. The September R&D day has been framed as a big strategy update in both Group and Pharma. The annual event is usually more educational so, I just want to check, you know, preempting any big fireworks we should potentially see. And then, my last question is just a quick check for VABYSMO, obviously, you've referenced continues to beat consensus expectations. Any change in trajectory for the asset since the high-dose J-code competitor, EYLEA? So, thank you.

Sachin Jain: Secondly, I guess a question for Thomas based on Islands comments.

Sachin Jain: September R&D day, as being framed as a big strategy update.

Sachin Jain: And both <unk> pharma the annual event is usually more education, so just want to check.

Sachin Jain: The annual event is usually more educational, so just wanna check, you know, if we're gonna see any big fireworks we should potentially see. Then my last question is just a quick check for Vabysmo. Obviously, you've referenced continues to beat consensus expectations. Any change in trajectory for that asset since the high dose J-code competitor, Eylea, sorry. Thank you.

Speaker Change: Preempting any big for IMAX, we should potentially see and then my last question just a quick check, but basically I oversee you've referenced continues to beat consensus expectations.

Teresa Graham: Obviously, you've referenced continues to beat consensus expectations. Any change in trajectory for the asset since the high dose Jcode competitor? Thank you. Yeah.

Speaker Change: Any change in trajectory of assets since the high dose a J code.

Speaker Change: Alright, thank you.

Teresa Graham: Yeah. In terms of Carmot, I'm actually not sure that we're disclosing our dose titration at this time. More to come when those data are released later this year. I think we still have every internal confidence that this is a best-in-disease asset, and one that will demonstrate safety and efficacy that is very much in keeping with sort of the second generation of obesity assets. You know, sort of in that Viking-like range. I mean, I think this is what we would be expecting out of CT-388, when we see that data. Unfortunately, we don't have too much longer to wait. In terms of Vabysmo and impact from the J-code for high dose, no. Actually, we haven't seen any impact of that at this time.

Speaker Change: Yeah.

Teresa Graham: Yeah. So, in terms of Carmot, I'm actually not sure that we're disclosing our dose titration at this time. So, more to come when those data are released later this year. I think we still have every internal confidence that this is a best-in-disease asset and one that will demonstrate safety and efficacy that is very much in keeping with sort of the second generation of obesity assets. So, you know, sort of in that Viking-like range. I mean, I think this is what we would be expecting out of CT-388 when we see that data. And unfortunately, we don't have too much longer to wait. In terms of VABYSMO and impact from the J-code for high-dose, no. Actually, we haven't seen any impact of that at this time. Yes, and to your question around pharma day, we are working very hard in the organization to really set us up well in terms of pipeline, also in terms of operational performance.

Speaker Change: So in terms of chromite I'm actually not sure that we are disclosing our our desk titration and at this time, so more more to come when those data are released later this year I think we still have every every internal confidence that this is a best in disease asset.

Speaker Change: And one that will demonstrate safety and efficacy that is very much in keeping with sort of the second generation of obesity asset. So you know sort of in that Viking like range. I mean. This is this is what we would be expecting out of Cte create eight when we see that data and unfortunately, we don't have too much longer to weight them.

Thomas Schinecker: When we see that data, and unfortunately, we don't have too much longer to wait. In terms of BISMO and impact from the J code for high dose, no, actually, we haven't seen any impact of that at this time. Yes, and to your question around pharma day, we are working very hard in the organization to really set us up well in terms of pipeline, also in terms of operational performance.

Speaker Change: In terms of the buys now and impact from the J code for high dose no actually we haven't seen any impact of that.

Speaker Change: At this time.

Thomas Schinecker: Yeah. To your question around the Pharma Day, we are working very hard in the organization to really set us up well in terms of pipeline also in terms of operational performance. There are a lot of things ongoing right now in the organization and also working on clarity on strategy both for Pharma and for the Group. There's a lot of things that are rolling out in the organization, but as you understand, we wanna roll it out in the organization first before we inform more on the public side, and that will then happen September. There is a lot going on. September will be kind of more the external communication.

Speaker Change: Yes and to your question around the pharma day.

Thomas Schinecker: Yes and to your question around Pharma day, we are working very hard in the organization to really set us up well in terms of pipeline, also in terms of operational performance. So, there are a lot of things ongoing right now in the organization. And also working on clarity on strategy, both for Pharma and for the Group. And there's lot of things that are rolling out in the organization but, as you understand, we want to roll it out in the organization first before we inform more on the public side. And that will happen in September. So, there's a lot going on. In September, we'll be kind of more [inaudible] communication.

Speaker Change: We are working very hard in the organization.

Speaker Change: To really set us up well in terms of pipeline and also in terms of operational performance. So there are a lot of things ongoing right now in the organization and also working on a clarity on strategy both for pharma and for the group and a lot of things that are rolling out in the organization, but as you understand.

Thomas Schinecker: So there are a lot of things ongoing right now in the organization, and we're also working on clarity on strategy, both for pharma and for the group. And there are a lot of things that are rolling out in the organization. But, as you understand, we want to roll them out in the organization first before we inform more on the public side. And that will happen in September.

Speaker Change: We want to roll it out in the organization first before we inform them more on the public side and that doesn't happen in September.

Sachin Jain: So, there's a lot going on. In September, we'll be kind of more [inaudible] communication. And maybe, Sachin, here to add from my side on the CarMod assets. I think we have been saying that we will have data for all three assets in the clinic and CT388, that's where we will talk about cohort 11 and 12 at EADS. But there is a second conference where we could have additional data presented. And yes, to confirm we have the 12 and the 24 week data in house in the second half. So we'll see on what occasion we will share them. Did we answer all the questions? That's perfect.

So, there's a lot going on. In September, we'll be kind of more [inaudible] communication.

Speaker Change: So there's a lot going on in September will be kind of more the external communications.

And maybe, Sachin, to add from my side on the Carmot assets. I think we have been saying that we will have data for all three assets in the clinic and CT-388. That's where we will talk about cohort 11 and 12 at EADS. But there is a second conference which -- where we could have additional data presented. And yes, to confirm we have the 12 and the 24-week data in-house in the second half. So, we'll see at what occasion we will share them. Did we answer all the questions? That's perfect.

Bruno Eschli: And maybe, Sachin, to add from my side. On the Carmot assets, I think we have been saying that we will have data for all three assets in the clinic and CT-388. That's where we will talk about cohort 11 and 12 at EADS. But there is a second conference which -- where we could have additional data presented. And yes, to confirm we have the 12 and the 24-week data in-house in the second half. So, we'll see at what occasion we will share them. Did we answer all your questions?

Bruno Eschli: Maybe Sachin here to add from my side on the Carmot assets. I think we have been saying that we will have data for all three assets in the clinic and CT-388, that's where we will talk about cohort 11 and 12 at EASD. But there is a second conference where we could have additional data presented. Yes, to confirm, we have the 12 and the 24 week data in-house in H2. We'll see at what location we will share them. Did we answer all your questions?

Speaker Change: And maybe as such in here to add from my side on <unk> assets. I think we have been saying that we will have data for all three assets in the clinic.

Speaker Change: <unk> hundred 88, that's where we will talk about cohort 11 and 12 at.

Speaker Change: Yes, but there is a second conference.

Speaker Change: Well, we could have additional data presented and yes to confirm we have the 12 month on the 24 week data in house in the second half so we'll see at location dealer channel.

Speaker Change: Good morning.

That's perfect. Thank you, Bruni. Then we move on. Andrew Baum from Citi. Andrew.

Sachin Jain: That's perfect. Thank you, Bruno.

Bruno Eschli: Thank you, Bruni. Then we move on. Andrew Baum from Citi. Andrew.

Speaker Change: Perfect. Thank you Brittany.

Bruno Eschli: Okay. We move on. Andrew Baum from Citi. Andrew? Oh, sorry. Andrew, you can talk now.

Bruno Eschli: Then we move on. Andrew Baum from Citi. Andrew? Oh, sorry. Andrew? You can talk now.

Speaker Change: Okay.

Speaker Change: Then we move on Andrew Baum from Citi.

Andrew Baum: Oh, sorry. Andrew, you can talk now. Yeah, very good. Could you just highlight or talk about the BioNTech mRNA? Adjuvant pancreatic cancer program that you have running. You are in phase two of a drug with a very unfortunate short time to recurrence. Could you tell me whether this data is fileable and, if so, when you anticipate receiving the phase three data? And then second, you have rights to two cell therapies from Poseida, which are allo-non-lentiviral transfused cell therapies, which obviously have cost and potential safety advantages.

Oh, sorry. Andrew, you can talk now.

Okay.

Andrew Baum: Yeah, very good. Could you just highlight or talk about the BioNTech mRNA adjuvant pancreatic cancer program that you have running. You have a Phase II in a drug with a very unfortunate short time to recurrence. Could you talk me whether this data is fileable and if so, when you anticipate receiving the Phase III data? And then, second, you have rights to two cell therapies from Poseida, which are allo non-lentiviral transfused cell therapies, which obviously have cost and potential safety advantages. I know you have rights in the oncology setting, could you confirm that you also have rights in the autoimmune setting and whether you intend to, or how quickly, I should say, do you intend to initiate trials within the autoimmune space? Thank you.

Speaker Change: Okay.

Speaker Change: Oh, sorry.

Andrew Baum: Andrew you can talk about.

Sachin Jain: Okay. Yeah. Very good. Could you just highlight or talk about the BioNTech mRNA adjuvant pancreatic cancer program that you have running? You have a phase 2 in a drug with a very unfortunate short time to recurrence. Could you talk whether this data is fileable, and if so, when you anticipate receiving the phase 3 data? Second, you have rights to two cell therapies from Poseida, which are allo non-lentiviral transduced cell therapies, which obviously have cost and potential safety advantages. I know you have rights in the oncology setting. Could you confirm that you also have rights in the autoimmune setting and whether you intend to, or how quickly, I should say, do you intend to initiate trials within the autoimmune space? Thank you.

Andrew Baum: Okay. Yeah. Very good. Could you just highlight or talk about the BioNTech mRNA adjuvant pancreatic cancer program that you have running? You have a phase 2 in a drug with a very unfortunate short time to recurrence. Could you talk whether this data is fileable, and if so, when you anticipate receiving the phase 3 data? Second, you have rights to two cell therapies from Poseida, which are allo non-lentiviral transduced cell therapies, which obviously have cost and potential safety advantages. I know you have rights in the oncology setting. Could you confirm that you also have rights in the autoimmune setting and whether you intend to, or how quickly, I should say, do you intend to initiate trials within the autoimmune space? Thank you.

Good.

Andrew Baum: Could you just highlight or talk about the biotech mrna.

Andrew Baum: Adjuvant pancreatic cancer program that you have running you have a phase two and that drug with a very.

Andrew Baum: Fortunate short time to recurrence.

Andrew Baum: Could you talk whether this data is feasible and if so when do you anticipate receiving the phase III data.

Andrew Baum: And then second.

Andrew Baum: You have rights to two cell therapies from the cider, which allo known LINTA viral <unk> cell therapies, which obviously have cost and potential safety advantages I know you have rights in the oncology setting could you confirm that you also have rights in the autoimmune setting and whether you intend to or how quickly.

Andrew Baum: I know you have rights in the oncology setting. Could you confirm that you also have rights in the autoimmune setting and whether you intend to, or how quickly, I should say, do you intend to initiate trials within the autoimmune space? Thank you.

Andrew Baum: I should say do you intend to initiate trials within the autoimmune space. Thank you.

Teresa Graham: Andrew, you are asking questions that are sort of before your time. I think we all have a great degree of interest in what allogeneic CAR-T could do in settings outside of oncology. But we're not in a position to discuss that externally at this time. More to come, most likely by Pharma Day, on that. The phase 3 data, given that that's a partner program, I'm actually not sure what we're disclosing there. I don't know, maybe Thomas or Bruno might be able to help here.

Speaker Change: So Andrew you were asking questions that are sort of before before your time. So I think we all have a great degree of interest in with Allogeneic car T could do incentives outside of oncology.

Teresa Graham: So, Andrew, you are asking questions that are sort of before your time. So, I think we all have a great degree of interest in what allogeneic CAR-T could do in settings outside of oncology but we're not in a position to discuss that externally at this time. So, more to come, most likely by Pharma Day, on that. And the Phase III data, given that that's a partner program, I'm actually not sure what we're disclosing there. I don't know, maybe Thomas or Bruno might be able to help here. Maybe just to jump in.

Andrew Baum: We're not in a position to discuss that externally at this time, so more to come most likely by pharma day on that and the phase III data given that that's a partner program I'm actually not sure what we're disclosing their I don't know, maybe Thomas or break it looks like you have a price here, maybe just to jump in on that because we just started the phase two fourth quarter of.

Maybe just to jump in. I think we just started on the Phase II, 4th quarter of last year but I think we have not yet disclosed the timeline and when this will read out. But can you can you confirm you can file on the phase two data? Because that's my understanding.

Bruno Eschli: Maybe just to jump in. I think we just started on the Phase II, 4th quarter of last year but I think we have not yet disclosed the timeline and when this will read out.

Bruno Eschli: Maybe just to jump in. I think we just started the phase two, Q4 of last year.

Unknown Attendee: I think we just started phase two, the fourth quarter of last year, but I think we have not yet disclosed the timeline and when this will read out. But can you can you confirm you can file on the phase two data? Because that's my understanding.

Teresa Graham: Yeah.

Bruno Eschli: I think we have not yet disclosed the timeline and when this will read out.

Thomas Mellon: Last year about it I think we have not yet disclosed the timeline and when this will read out but you can you can you can.

Teresa Graham: Yeah. Thank you.

Sachin Jain: Can you confirm you can file on the phase two data? Because that's my understanding.

Andrew Baum: But can you confirm you can file on the safety data? Because that's my understanding.

Sachin Jain: Can you confirm you can file on the phase two data? Because that's my understanding.

Speaker Change: Can you confirm you can file on the phase two data because that's my understanding.

Unknown Attendee: I think we have not confirmed or been outspoken about whether we believe there's a possibility to file on these data. Thank you. Andrew, this was all from your side.

Bruno Eschli: I think we have not confirmed or been outspoken about whether we believe there's a possibility to file on these data.

Bruno Eschli: I think we have not confirmed, or been outspoken about whether we believe there's a possibility to file on these data.

Speaker Change: I think we have not confirmed or being outspoken about what do we believe there is a possibility to five of these data.

Sachin Jain: Thank you.

Speaker Change: Thank you.

Thank you. Andrew, this was all from your side.

Andrew Baum: Thank you.

Teresa Graham: Andrew, this was all from your side?

Bruno Eschli: Mm-hmm. Andrew, this was all from your side?

Speaker Change: Okay.

Speaker Change: And then just one on from your side, yes, many thanks.

Andrew Baum: Yes, many thanks. Then the next questions would come from Tim Anderson from Wolfe Research. Thank you. A few questions on Weizmo again.

Andrew Baum: Yes, many thanks.

Sachin Jain: Yes. Many thanks.

Then the next questions would come from Tim Anderson from Wolfe Research. Thank you. A few questions on Weizmo again.

Bruno Eschli: Then, the next questions would come from Tim Anderson from Wolfe Research.

Bruno Eschli: Mm-hmm. The next questions would come from Tim Anderson from Wolfe Research.

Yeah.

Speaker Change: And the next question will come from Tim Anderson from Wolfe Research.

Tim Anderson: Thank you. A few questions on VABYSMO again. What percent of VEGF treatment-naive patients are you capturing now? Periodically, you've given those updates in the past. And then, in as much as you've looked at it, there was a Department of Justice lawsuit against Regeneron on their reimbursement practices for EYLEA, related to credit card fees. I don't believe Roche does that. I'm wondering if you have a point of view on that and how that tilts things in their favor or does not. And then just last question, you talk about VABYSMO becoming standard of care and it's a better product so, can I interpret that to mean you think, eventually, VABYSMO actually overtakes EYLEA in terms of market share?

Speaker Change: Yeah.

Tim Anderson: Thank you. A few questions on Vabysmo again. What percent of Vabysmo treatment-naive patients are you capturing now? Periodically, you've given those updates in the past. In as much as you've looked at it, there was a Department of Justice lawsuit against Regeneron on their reimbursement practices for Eylea, related to credit card fees. I don't believe Roche does that. I'm wondering if you have a point of view on that and how that tilts things in their favor or does not. Just last question. You talk about Vabysmo becoming standard of care, and it's a better product. Can I interpret that to mean you think eventually Vabysmo actually overtakes Eylea in terms of market share?

Timothy Minton Anderson: Thank you a few questions on <unk> again.

Timothy Minton Anderson: What percent of VEGF treatment-naive patients are you capturing now? Periodically, you've given those updates in the past. And then, in as much as you've looked at it, there was a Department of Justice lawsuit against Regeneron regarding their reimbursement practices for ILEA related to credit card fees. I don't believe Roche does that. I'm wondering if you have a point of view on that and how that tilts things in their favor or does not.

Timothy Minton Anderson: What percent.

Timothy Minton Anderson: Bed, Jeff treatment naive patients are you capturing now periodically you've given those updates in the past.

Timothy Minton Anderson: And then and as much as you've looked at it there was the department of Justice lawsuit against Regeneron on their reimbursement practices.

Timothy Minton Anderson: Alright.

Timothy Minton Anderson: Related to credit card fees I don't believe Roche doesn't that I'm wondering if you have a point of view on that and how that sort of things in their favor does not.

And then just last question, you talk about VABYSMO becoming standard of care and it's a better product so, can I interpret that to mean you think, eventually, VABYSMO actually overtakes EYLEA in terms of market share?

Timothy Minton Anderson: And then just last question, you talk about VABYSMO becoming standard of care and it's a better product so, can I interpret that to mean you think, eventually, VABYSMO actually overtakes EYLEA in terms of market share? So I believe that patients who want to have the best opportunity to have a good outcome with their disease ought to be on babizinol. And eventually, I would think that that would mean more patients would end up on babizinol than on flibrizep.

Speaker Change: And then just last question you talked about the biofilm, becoming standard of care.

Speaker Change: Yeah, and it's a better product so can I interpret that to me you think eventually but buyers MAU actually overtakes eylea.

So, I believe that patients who want to have the best opportunity to have a good outcome with their disease ought to be on VABYSMO. And eventually, I would think that that would mean more patients would end up on VABYSMO than on AFLIBERCEPT. To answer your question about the DOJ lawsuit, obviously, we wouldn't comment on ongoing litigation against another company but I can tell you that that does not represent the practices that we follow here. And I'm sorry, Tim, I missed your first question. Oh, 40%.

Teresa Graham: So, I believe that patients who want to have the best opportunity to have a good outcome with their disease ought to be on VABYSMO. And eventually, I would think that that would mean more patients would end up on VABYSMO than on AFLIBERCEPT. To answer your question about the DOJ lawsuit, obviously, we wouldn't comment on ongoing litigation against another company but I can tell you that that does not represent the practices that we follow here. And I'm sorry, Tim, I missed your first question. Oh, 40%. More than 40% of our patients are currently naive.

Speaker Change: <unk> market share.

Teresa Graham: I believe that patients who want to have the best opportunity to have a good outcome with their disease ought to be on Vabysmo. Eventually, I would think that that would mean more patients would end up on Vabysmo than on the aflibercept. To answer your question about the DOJ lawsuit, obviously, we wouldn't comment on ongoing litigation against another company. But I can tell you that that does not represent the practices that we follow here. I'm sorry, Tim, I missed your first question. Oh, 40%. More than 40% of our patients are currently naive.

So I believe that patients who want to have the best opportunity to have a.

Speaker Change: A good outcome with their disease ought to be up by by itself.

Speaker Change: And eventually I would think that that would mean more patients with end up on buy by smell. It then on Sept.

Timothy Minton Anderson: To answer your question about the DOJ lawsuit, obviously, we wouldn't comment on ongoing litigation against another company, but I can tell you that that does not represent the practices that we follow here. And I'm sorry, Tim, I missed your first question. Oh, 40%.

Speaker Change: To answer your question about the Doj lawsuit, obviously, we wouldnt comment on ongoing litigation against another company, but I can tell you that that does not represent the practices that we follow here and I'm sorry, Tim I am I missed your first question, Oh, 40% more than 40% of our patients are currently naive.

And I'm sorry, Tim, I missed your first question. Oh, 40%. More than 40% of our patients are currently naive. Thank you. Maybe to add, Tim, I think we have seen an ETH patient share continuously increasing. A year ago, Q1 2023, I think we stood at just over 10%, and now we are above 40%. Tim, any additional questions?

And I'm sorry, Tim, I missed your first question. Oh, 40%. More than 40% of our patients are currently naive.

Teresa Graham: More than 40% of our patients are currently naive. Thank you. Maybe to add, Tim, I think we have seen an ETH patient share continuously increasing. A year ago, Q1 2023, I think we stood at just over 10%, and now we are above 40%. Tim, any additional questions?

Speaker Change: Yeah.

Thank you. Maybe to add, Tim, I think we have seen an ETH patient share continuously increasing. A year ago, Q1 2023, I think we stood at just over 10%, and now we are above 40%. Tim, any additional questions?

Tim Anderson: Thank you.

Maybe to add, Tim, I think we have seen an [inaudible] -- patient share continuously increasing. A year ago, Q1 '23, I think we stood at just over 10% and now, we are above 40%. Exactly right. Tim, any additional questions?

Thomas Schinecker: Maybe to add, Tim, I think we have seen an [inaudible] -- patient share continuously increasing. A year ago, Q1 '23, I think we stood at just over 10% and now, we are above 40%.

Bruno Eschli: Maybe to add, Tim, I think we have seen in the naive patient share continuously increasing. A year ago, Q1 2023, I think we stood at just over 10%. Now we are above 40%.

Speaker Change: Thank you Tim.

Bruno Eschli: Maybe to add, Tim, I think we have seen in the naive patient share continuously increasing. A year ago, Q1 2023, I think we stood at just over 10%. Now we are above 40%.

Speaker Change: Maybe to add Tim I think we've seen any patient share continuously increasing a year ago.

Speaker Change: <unk> Q1, 2020, I think we stood at just over 10% and now we are about 40%.

Teresa Graham: Exactly right.

Speaker Change: Alright.

Exactly right. Tim, any additional questions?

Teresa Graham: Exactly right.

Bruno Eschli: Tim, any additional questions?

Speaker Change: Any additional questions.

Timothy Minton Anderson: Well, I guess I'll just follow up on that first one. So, you said you're not seeing an impact yet from the J-code that high-dose EYLEA has. We're only really three weeks downstream of that. So, if we look three months or six months downstream, do you think that we'll have, you know, is that kind of a material event? Do you think it'll accelerate the uptake curve of high-dose EYLEA meaningfully at VABYSMO's expense? Yeah, I mean, as of right now, with the approval of high dose and the coming of the J-code, we're just not seeing that impact. Again, I think many physicians are making a very reasoned and rational clinical choice about where they believe they can get the best clinical outcome for their patients. And if you look at the data, that would suggest that they choose Bilbao.

Tim Anderson: Well, I guess I'll just follow up on that first one. So, you said you're not seeing an impact yet from the J-code that high-dose EYLEA has. We're only really three weeks downstream of that. So, if we look three months or six months downstream, do you think that we'll have, you know, is that kind of a material event? Do you think it'll accelerate the uptake curve of high-dose EYLEA meaningfully at VABYSMO's expense?

Tim Anderson: Well, I guess I'll just follow up on that first one. So you said you're not seeing impact yet from the J-code that high-dose Eylea has. We're only really three weeks downstream of that. So if we look three months or six months downstream, do you think that will have, you know. Is that kind of a material event? Do you think it'll accelerate the uptake curve of high-dose Eylea meaningfully at Vabysmo's expense?

Speaker Change: Well.

Speaker Change: Definitely.

Speaker Change: Just follow up on that first one so you said youre not seeing an impact yet from the J code Idose.

Speaker Change: We are only really three weeks downstream of that.

Timothy Minton Anderson: So if we look three months or six months downstream, do you think that we'll have, you know, is that kind of a material event? Do you think it'll accelerate the uptake curve of high-dose alea meaningfully at Popeye's? Yeah, I mean, as of right now, with the approval of high dose and the coming of the J-code, we're just not seeing that impact. Again, I think many physicians are making a very reasoned and rational clinical choice about where they believe they can get the best clinical outcome for their patients. And if you look at the data, that would suggest that they choose Bilbao.

Speaker Change: So if we look at three months or six months downstream do you think that will have is that kind of a material event.

Speaker Change: Celebrate the uptake curve.

Speaker Change: Oh, sorry.

Teresa Graham: Yeah. I mean, as of right now, with the approval of high-dose and the coming of the J-code, we're just not seeing that impact. Again, I think many physicians are making a very reasoned and rational clinical choice about where they believe they can get the best clinical outcome for their patients. And if you look at the data, that would suggest that they choose VABYSMO.

Speaker Change: <unk> expenses.

Teresa Graham: Yeah. I mean, as of right now, with the approval of high dose and the coming of the J-code, we're just not seeing that impact. Again, I think many physicians are making a very reasoned and rational clinical choice about where they believe they can get the best clinical outcome for their patients. If you look at the data, that would suggest that they choose Vabysmo.

Speaker Change: Yeah, I mean as of right now with the approval of high dose and see the kind of get a J code. We're just not seeing that impact again I think many physicians are making a very reasoned and rationale clinical choice about where they believe they can get the best clinical outcome for their patients and if you look at the data that would suggest that they choose for lifestyle.

Teresa Graham: Thank you. [inaudible] Okay, let me move on. The next one in the row is Steve Scala from Calum.

Tim Anderson: Thank you.

Bruno Eschli: Okay, let me move on. The next one in the row is Steve Scala from Cowen.

Tim Anderson: Thank you.

Speaker Change: Thank you.

Teresa Graham: Bless you.

Speaker Change: Sure.

Bruno Eschli: Okay. Let me move on. The next one on the row is Steve Scala from Cowen.

Speaker Change: Okay, Let me move on.

Speaker Change: The next one in the room is Steve Scala from Cowen.

Steve Scala: Thank you. Two questions. First, on TRONTINEMAB. Would you clarify whether or not tau reductions were observed in the Phase I/II trial? And will Phase III studies select for or stratify patients based on their tau level? So, that's the first question. Second question is that, Roche has previously stated that TECENTRIQ sub-Q will be largely protective of the franchise. I'm curious how to interpret the words largely protective. Could sub-Q be 50% of total current TECENTRIQ sales if the IV declines or is that too optimistic and not what you're implying? Thank you.

Steve Scala: Thank you. Two questions. First, on trontinemab, would you clarify whether or not tau reductions were observed in the phase 1/2 trial, and will phase 3 studies select for or stratify patients based on their tau level? That's the first question. Second question is that Roche has previously stated that Tecentriq subQ will be largely protective of their franchise. I'm curious how to interpret the words largely protective. Could subQ be 50% of total current Tecentriq sales if the IV declines, or is that too optimistic and not what you're implying? Thank you.

Steve Scala: Thank you two questions first on Trenton, a mab would you clarify whether or not Cal reductions were observed in the phase one phase two trial and we'll phase III studies select for or stratify patients based on their tower level. So that's the first question second question is that Roche.

Steve Scala: And will phase three studies select for or stratify patients based on their tau level? So that's the first question. The second question is that Roche has previously stated that eccentric subq will be largely protective of the franchise. I'm curious how to interpret the words largely protective.

Steve Scala: As previously stated that tech centric, so Q will be largely protective of the franchise I'm curious how to interpret the words largely protected.

Teresa Graham: Could subq be 50% of total current eccentric sales if the IV declines? Or is that too optimistic and not what you're implying? Thank you. So, I think when we say largely protective, I think what we mean is that patients who are currently on centric IV would potentially switch to centric subcut. And when you look at the sort of concentric subcut alone, I think we're assuming a couple additional hundreds of millions in sales that would come above and on top of the IV that's there, right?

Could subq be 50% of total current eccentric sales if the IV declines? Or is that too optimistic and not what you're implying? Thank you.

Steve Scala: So Q be 50% of total current tech centric sales, if the IV declines or is that too optimistic and not what youre, implying thank you.

So, I think when we say largely protective, I think what we mean is that patients who are currently on TECENTRIQ IV would potentially switch to TECENTRIQ subcut. And when you look at sort of TECENTRIQ subcut alone, I think we're assuming a couple additional hundreds of millions in sales that would come above and on top of the IV that's there, right? So, patients who would normally have gone on IV will go on subcut or IV patients would switch to subcut. But patients who would join or take TECENTRIQ just because there's a subcut is really in that couple hundred million range. Steve, does that make sense? Yes, if you can still hear me.

Teresa Graham: So, I think when we say largely protective, I think what we mean is that patients who are currently on TECENTRIQ IV would potentially switch to TECENTRIQ subcut. And when you look at sort of TECENTRIQ subcut alone, I think we're assuming a couple additional hundreds of millions in sales that would come above and on top of the IV that's there, right? So, patients who would normally have gone on IV will go on subcut or IV patients would switch to subcut. But patients who would join or take TECENTRIQ just because there's a subcut is really in that couple hundred million range. Steve, does that make sense?

Teresa Graham: I think when we say largely protective, I think what we mean is that patients who are currently on Tecentriq IV would potentially switch to Tecentriq subcut. And when you look at sort of Tecentriq subcut alone, I think we're assuming CHF 200 million in sales, that would come above and on top of the IV that's there, right? Patients who would normally have gone on IV will go on subcut, or IV patients would switch to subcut. But patients who would join or take Tecentriq just because there's a subcut is really in that CHF 200 million range. Steve, does that make sense?

Steve Scala: So I think when we say largely protective I think what we mean is that patients who are currently onto centric IV would potentially switch chip centric some cuts.

Steve Scala: And when you look at sort of centric sub cut alone I think we're assuming a couple of additional sort of hundred millions in sales that.

Steve Scala: That would come above and on top of the IV. That's there right. So patients who would normally have gone on IV will go on Sept cadre IV patients with switch to sub cut.

Teresa Graham: So patients who would normally have gone on IV will go on subcut, or IV patients would switch to subcut. But patients who would join or go to centric just because there's a subcut are really in that couple hundred million range. Steve, does that make sense? Yes, if you can still hear me.

Steve Scala: Patients, who have joined or take the centric just because there's the sub count is really in a couple of hundred millions range, Steve does that makes sense.

Steve Scala: Yep, if you can still hear me.

Steve Scala: Yeah, if you can still hear me.

Teresa Graham: Okay, great. And then, in terms of [inaudible]. Sorry, go ahead. But it sounds like the subcute could be a couple of hundred or a couple of billion Swiss francs, right? I mean, it could be a huge drug. A couple hundred million.

Teresa Graham: Okay, great. And then, in terms of [inaudible]. Sorry, go ahead.

Teresa Graham: Okay.

Steve Scala: Um.

Teresa Graham: Great. Oh, sorry, go ahead.

Speaker Change: Okay great.

Speaker Change: And then in terms of tranches Oh, sorry go ahead.

But it sounds like the subq could be a couple of hundred or a couple of billion Swiss francs, right? I mean, it could be a huge drug. A couple hundred million.

Steve Scala: But it sounds like the sub-Q could be a couple of hundred or a couple of billion Swiss francs, right? I mean, it could be a huge drug.

Steve Scala: It sounds like the subQ could be a couple hundred or a couple billion Swiss francs, right? I mean, it could be a huge drug.

Speaker Change: It sounds like the sub Q could be.

Speaker Change: A couple of hundred.

Speaker Change: A couple of billion Swiss franc rate I mean, it could be a huge drug.

Teresa Graham: A couple hundred million.

Teresa Graham: CHF 200 million.

Speaker Change: A couple of hundred million man. This is when we talk about we talked about <unk> 200, additional $1 million in additional sales and additional trials exactly of course, theyre switching ongoing underlying from IV to subcutaneous and therefore, she centric world.

Teresa Graham: And this is when we talk about at least 200 additional million in additional sales. 200 [inaudible] additional sales. Exactly. Of course, they're switching on going on the line from IV to subcutaneous. And therefore, you know, she's entered the world and won the last product.

Thomas Schinecker: And this is when we talk about at least 200 additional million in additional sales.

Bruno Eschli: This is when we talk about Steve, CHF 200 million in additional sales to-

200 [inaudible] additional sales. Exactly. Of course, they're switching on going on the line from IV to subcutaneous. And therefore, you know, she's entered the world and won the last product.

Teresa Graham: 200 [inaudible] additional sales. Exactly.

Teresa Graham: In additional sales, exactly.

Thomas Schinecker: Of course, they're switching on, going on the line from IV to subcutaneous. And therefore, you know, TECENTRIQ [inaudible] last product.

Bruno Eschli: Of course, they're switching ongoing underlying from IV to subcutaneous and therefore, you know, Tecentriq will be one big plus product in the end.

Speaker Change: Plus product and brand.

Teresa Graham: But it was also said that current patients can switch to the sub-Q, so that's a big number. Correct but it wouldn't be additive, so if you know if you make a hundred Swiss francs today, you might have some of that IV business switch to subcut, but you'll only get a little bit more on top of the hundred. If that makes sense, I just want to make sure we're being clear Thank you.

Steve Scala: But it was also said that current patients can switch to the sub-Q so, that's a big number.

Steve Scala: It was also said that current patients can switch to the subQ, so that's a big number.

Speaker Change: But it was also said that current patients could switch this Q. So that's a big number.

Bruno Eschli: Mm-hmm. Mm-hmm.

Correct but it wouldn't be additive. So, if you make a hundred Swiss francs today, you might have some of that IV business will switch to subcut but you'll only get a little bit more on top of the hundred, if that makes sense, I just want to make sure we're being clear that if we don't see it as a big upside for TECENTRIQ overall. Thank you.

Teresa Graham: Correct but it wouldn't be additive. So, if you make a hundred Swiss francs today, you might have some of that IV business will switch to subcut but you'll only get a little bit more on top of the hundred, if that makes sense, I just want to make sure we're being clear that if we don't see it as a big upside for TECENTRIQ overall.

Speaker Change: Hmm.

Teresa Graham: Correct, but it wouldn't be additive. If you make CHF 100 today, you might have some of that IV business will switch to subcut, but you'll only get a little bit more on top of the 100, if that makes sense. I just wanna make sure we're being clear, that we don't see it as a big upside for Tecentriq overall.

Speaker Change: Correct, but it wouldn't be additive. So if you know if you're if you make 100 and Swiss francs. Today, you might have some of that IV business will switch to sub cut, but you'll only get a little bit more on top of the 100, if that makes sense.

Speaker Change: I just want to make sure we're being clear.

Speaker Change: But we don't see it as a big upside for <unk> overall.

Steve Scala: Thank you.

Steve Scala: Okay. Thank you.

Teresa Graham: Okay. And in terms of TRONTI and tau, I don't think that we have disclosed the design of any future studies at this juncture. And Bruno, can you confirm? Have we talked about tau in that? No, I think we haven't.

Speaker Change: Thank you.

Teresa Graham: Okay. In terms of trontinemab and tau, I don't think that we have disclosed the design of any future studies at this juncture. Bruno, can you confirm? Have we talked about tau in the-

And in terms of content and Paul I don't think that we have disclosed the design of any future studies at this juncture and for now can you confirm how we talked about Tao and no I think we have it.

Bruno Eschli: No, I think we haven't. I mean, if it comes to study design, future study design, we have not yet been talking about any details, you know, patient selection, patient screening, comparator arms, which we can think about. But I think the question was also, Steve, whether we have looking at tau reduction. And sure, I think we looked up a whole variety of biomarkers and we also see whether there's an impact on tau. If I got your question right, Steve.

Bruno Eschli: No, I think we have. I mean, if it comes to a study design, future study design, we have not yet been talking about any details, you know, patient selection, patient screening, comparator arms, which we can think about. I think the question was also, Steve, whether we have been looking at a tau reduction. Sure, I think we look at a whole variety of biomarkers, and we'll also see whether there's an impact on tau. If I got your question right, Steve?

Bruno Eschli: I mean, when it comes to study design, future study design, we have not yet been talking about any details, you know, patient selection, patient screening, comparator arms, which we can think about. But I think the question was also, Steve, whether we were looking at Tau reduction. And sure, I think we'll look up the whole variety of biomarkers, and we'll also see whether there's an impact on Tau. If I got your question right, Steve.

Speaker Change: So study design future study design, we have not yet in.

Speaker Change: I'm talking about any details you know patient selection patient screening comparator arms, which we can think about.

Speaker Change: I think the question was also see whether we have been looking at Tau reduction and sure I think we look at a whole variety of biomarker and we'll also see whether there is an impact on <unk>. If I got your question right Steve.

Steve Scala: Yes, thank you. Any additional questions? No, I'm good. Thank you. Then we would move on with Richard Parkes from BNP.

Steve Scala: Yes, thank you.

Steve Scala: Yes. Thank you.

Any additional questions? No, I'm good. Thank you. Then we would move on with Richard Parkes from BNP.

Bruno Eschli: Any additional questions?

Bruno Eschli: Mm-hmm. Any additional questions?

Steve Scala: Okay.

No, I'm good. Thank you. Then we would move on with Richard Parkes from BNP.

Steve Scala: No, I'm good. Thank you.

Steve Scala: Okay.

Any any any additional questions.

Bruno Eschli: Then we would move on with Richard Parkes from BNP.

Steve Scala: No, I'm good. Thank you.

Speaker Change: No I'm good thank you.

Bruno Eschli: We would move on with Richard Parkes from BNP.

Speaker Change: Then we would move on with Richard Parkes from E&P.

Bruno Eschli: We would move on with Richard Parkes from BNP.

Richard Parkes: Hi. Thanks, Bruno. Thanks for taking the questions. So, firstly, big picture one for Thomas. Just wondering what the response of the R&D organization has been in terms of morale to your efforts to improve focus on prioritization. Obviously, it's involved kind of tightening up the budget and terminating of programs and just wondering how it's impacted retention and recruitment of people and how the organization is responding to that effort.

Speaker Change: Okay.

Speaker 16: Hi. Thanks, Bruno. Thanks for taking the questions. Firstly, big picture one for Thomas. Just wondering what the response of the R&D organization has been in terms of morale to your efforts to improve focus and prioritization. Obviously, it's involved kind of tidying up a budget and termination of programs. Just wondering how it's impacted retention and recruitment of people and how the organization's responding to that effort. On CT-388, I just wanted to push your views again on potential of the drug as a single agent. I know you've talked about a hope to deliver 20% to 25% plus weight loss, which would make it very competitive, but we've got Novo's CagriSema coming later this year, and you're likely to be a late entrant.

Richard Parkes: Hi. Thanks, Bruno. Thanks for taking the questions. Firstly, big picture one for Thomas. Just wondering what the response of the R&D organization has been in terms of morale to your efforts to improve focus and prioritization. Obviously, it's involved kind of tidying up a budget and termination of programs. Just wondering how it's impacted retention and recruitment of people and how the organization's responding to that effort. On CT-388, I just wanted to push your views again on potential of the drug as a single agent. I know you've talked about a hope to deliver 20% to 25% plus weight loss, which would make it very competitive, but we've got Novo's CagriSema coming later this year, and you're likely to be a late entrant.

Richard Parkes: Alright, Thanks, Brian Thanks.

Richard Parkes: Thanks for taking the questions. So firstly big picture one for Thomas.

Richard Parkes: Just wondering what the response of the R&D organization has been in terms of morale so youre.

Richard Parkes: To improve like because some prioritization.

Richard Parkes: States involved kind of tiny budget and termination of programs and just wondering how it's impacted retention and recruitment of people.

Richard Parkes: People and how they look normalization is responding to that.

Thomas Schinecker: And then, on CT-388, I just wanted to push your views again on potential of the drug as a single agent. I know you've talked about hope to deliver 20% to 25% plus weight loss, which would make it very competitive. But we've got Novo's CAGRISEMA coming later this year and you're likely to be a late entrant. So, just, do you see that as a stepping stone to then develop your combinations or how materially in opportunity do you see this as a single agent? And importantly, can you talk about manufacturing capacity and how quickly you can ramp that up because obviously, it's been a big investment that other companies have had to make there.

Richard Parkes: And then.

Richard Parkes: On the <unk> three I tell you I just wanted to push you views again on potential of the drug because as a single agent know you've talked about.

Richard Parkes: To deliver 20% to 25% plus weight loss, which would make it very competitive but we've got no Chicago Soma coming later, this year and you're likely to be a late entrant.

Speaker 16: Just do you see that as a stepping stone to then develop your combinations, or how material an opportunity do you see this to single agent? Importantly, can you talk about manufacturing capacity and how quickly you can ramp that up? Because obviously, it's been a big investment that other companies have had to make there.

Richard Parkes: Just do you see that as a stepping stone to then develop your combinations, or how material an opportunity do you see this to single agent? Importantly, can you talk about manufacturing capacity and how quickly you can ramp that up? Because obviously, it's been a big investment that other companies have had to make there.

Richard Parkes: Just do you see that was just stepping stone. So then.

Richard Parkes: Combinations or how material that opportunity did you see this as a single agent and importantly can you talk about manufacturing.

Richard Parkes: Pasty and how you how quickly you can ramp that up because it's been a big investment in the company is not to make that.

Teresa Graham: Because obviously, it's been a big investment that other companies have had to make there. Yeah, thanks for the question on the general R&D organization. Let me also highlight that over the last month, we've really worked on the end-to-end R&D process within Roche. So there's more work ongoing than just portfolio prioritization. We have also worked on setting up our pharma development organization in a better way. So there are a number of things that are ongoing.

Because obviously, it's been a big investment that other companies have had to make there.

Richard Parkes: Okay.

Thomas Schinecker: Yeah, thanks for the question. On, generally, the R&D organization -- let me also highlight that over the last month, we've really worked on the end-to-end R&D process within Roche. So, there's more work ongoing than just portfolio prioritization. We have also worked on setting up our Pharma development organization in a better way. So, there are a number of things that are ongoing. In terms of the reaction in the R&D organization, I think everyone wants to deliver more with the money that we have. And so, I think there's a lot of buy-in in the organization that this is the right time to do these things. But I think the feedback has been very positive, that this is the right direction that we have to go.

Thomas Schinecker: Thanks for the question on, generally, the R&D organization. Let me also highlight that over the last months, we've really worked on the end-to-end R&D process within Roche. There's been more work ongoing than just portfolio prioritization. We have also worked on setting up our pharma development organization in a better way. There are a number of things that are ongoing. In terms of the reaction in the R&D organization, I think everyone wants to deliver more with the money that we have. I think there's a lot of buy-in in the organization that this is the right time to do these things. I think the feedback has been very positive that this is the right direction that we have to go.

Speaker Change: Yeah, and thanks for the question on.

Speaker Change: Generally the R&D organization, let me also highlight that over the last months, we've really worked on really the end to end R&D process within a rush.

Speaker Change: So that would be more work ongoing been just portfolio prioritization. We have also worked on setting up our pharma development organization in a better way. So there are a number of things that are ongoing.

Teresa Graham: In terms of the reaction in the R&D organization, I think everyone wants to deliver more with the money that we have. And so, I think there's a lot of buy-in in the organization that this is the right time to do these things. But I think the feedback has been very positive, that this is the right direction that we have to go. And in terms of CT388, I mean, I think we do believe that, from a monotherapy perspective, it would have the best disease activity. But certainly, we're very interested in additional combinations, whether that's with our anti-myosatin antibody, which we've talked quite a bit about, but there are also possibilities in combination with other CV metabolic diseases, renal ophthalmology. I mean, obesity comes with so many comorbidities.

In terms of the reaction in the R&D organization, I think everyone wants to deliver more with the money that we have. And so, I think there's a lot of buy-in in the organization that this is the right time to do these things. But I think the feedback has been very positive, that this is the right direction that we have to go.

Speaker Change: In terms of the reaction in the R&D organization, I think everyone wants to deliver more with the money that we have and so I think theres a lot of buy in an organization that this is the right time to do these things, but I think the feedback has been very positive that this is the right direction that we have to go.

Thomas Schinecker: But I think the feedback has been very positive, that this is the right direction that we have to go. And in terms of CT388, I mean, I think we do believe that, from a monotherapy perspective, it would have the best disease activity. But certainly, we're very interested in additional combinations, whether that's with our anti-myosatin antibody, which we've talked quite a bit about, but there are also possibilities in combination with other CV metabolic diseases, renal ophthalmology. I mean, obesity comes with so many comorbidities.

Teresa Graham: Great. In terms of CT-388, I mean, I think we do believe that from a monotherapy perspective, it would have best-in-disease activity. But certainly we're very interested in additional combinations, whether that's with our anti-myostatin, which we've talked quite a bit about, but there's also possibilities in combination with other CV, metabolic, renal, and ophthalmology. I mean, Obesity comes with so many comorbidities. The potential combinations with other drugs in our pipeline are quite significant. I think these are also things that we're teasing out as we're putting together what the life cycle for CT-388 and the follow-on molecules could potentially be.

Speaker Change: Great and in terms of a city 388, I mean, I think we do believe that in from a monotherapy perspective, it would have best in disease activity.

And in terms of CT-388, I mean, I think we do believe that from a monotherapy perspective, it would have best-in-disease activity. But certainly, we're very interested in additional combination. Whether that's with our anti-myostatin, which we've talked quite a bit about, but there's also possibilities in combination with other CV, metabolic, renal, ophthalmology. I mean, obesity comes with so many co-morbidities. The potential combinations with other drugs in our pipeline are quite significant and so, I think these are also things that we're teasing out as we're putting together what the life cycle for CT-388 and the follow-on molecules could potentially be. So, I think we have a -- we believe we have a significant opportunity here because of the monotherapy benefit that will be provided in combination to help address additional co-morbidities that many of these patients suffer from.

Teresa Graham: And in terms of CT-388, I mean, I think we do believe that from a monotherapy perspective, it would have best-in-disease activity. But certainly, we're very interested in additional combination. Whether that's with our anti-myostatin, which we've talked quite a bit about, but there's also possibilities in combination with other CV, metabolic, renal, ophthalmology.

Certainly we're very interested in additional combinations, whether that's with our anti Myostatin would trend we've talked quite a bit about but theres also possibilities in combination with other CV metabolic renal.

I mean, obesity comes with so many co-morbidities. The potential combinations with other drugs in our pipeline are quite significant and so, I think these are also things that we're teasing out as we're putting together what the life cycle for CT-388 and the follow-on molecules could potentially be. So, I think we have a -- we believe we have a significant opportunity here because of the monotherapy benefit that will be provided in combination to help address additional co-morbidities that many of these patients suffer from.

Speaker Change: The margin I mean, theres just their obesity comes with so many comorbidities.

Teresa Graham: The potential combinations with other drugs in our pipeline are quite significant, and so I think these are also things that we're teasing out as we're putting together what the life cycle for CT388 and the follow-on molecules could potentially be. So I think we have a, we believe we have a significant opportunity here because of the monotherapy benefit that will be provided in combination to help address additional comorbidities that many of these patients suffer from.

Speaker Change: The potential combinations with other drugs in our pipeline are quite significant and so I think these are also things that where we're teasing out as well as we're putting together what the lifecycle for C. P 388 follow on follow on molecules could potentially be so I think we have a we believe we have a significant opportunity here because of the.

Teresa Graham: I think we believe we have a significant opportunity here because of the monotherapy benefits that will be provided in combination to help address additional comorbidities that many of these patients suffer from. In terms of manufacturing, certainly today, as Thomas mentioned at the beginning of the presentation, we have one of the largest, if not the largest, pharmaceutical manufacturing footprint in the industry and are very keenly thinking about how we will manufacture and bring these drugs to market both as a monotherapy as well as a fixed-dose combination. Much more to come, but this is certainly something that's top of mind for us.

Speaker Change: The monotherapy benefit that will be provided in combination to help address additional comorbidities that many of these patients suffer from in terms of manufacturing are certainly today as Thomas mentioned at the beginning of the presentation. We have one of the largest if not the largest.

Teresa Graham: In terms of manufacturing, certainly today -- as Thomas mentioned at the beginning of the presentation -- we have one of the largest, the largest pharmaceutical manufacturing footprint in the industry. And are very keenly thinking about how we will manufacture and bring these drugs to market, both as a monotherapy as well as a fixed-dose combination. So, much more to come but this is certainly something that's top of mind for us. Thank you.

In terms of manufacturing, certainly today -- as Thomas mentioned at the beginning of the presentation -- we have one of the largest, the largest pharmaceutical manufacturing footprint in the industry. And are very keenly thinking about how we will manufacture and bring these drugs to market, both as a monotherapy as well as a fixed-dose combination. So, much more to come but this is certainly something that's top of mind for us.

Speaker Change: Pharmaceutical manufacturing footprint in the industry and are very keenly.

Speaker Change: Thinking about how we will manufacture and bring these drugs to market, both as a monotherapy as well as a fixed dose combination so much more to come but this is certainly something that's top of mind for us.

Richard Parkes: But this is certainly something that's top of mind for us. Richard, does this answer all your questions? Yes, great. Thank you. Then next one is Emily from Barclays. Hi, thanks for taking my questions. I'll ask two. First one, there was a little bit of deceleration on Ocrevus in the US and the EU in the quarter. I was just wondering if you could provide any color around that.

But this is certainly something that's top of mind for us.

Richard Parkes: Thank you.

Speaker 16: Thank you.

Richard Parkes: Thank you.

Speaker Change: Thank you.

Richard, does this answer all your questions? Yes, great. Thank you. Then next one is Emily from Barclays. Hi, thanks for taking my questions. I'll ask two. First one, there was a little bit of deceleration on Ocrevus in the US and the EU in the quarter. I was just wondering if you could provide any color around that.

Bruno Eschli: Richard, does this answer all your questions?

Thomas Schinecker: Richard, does this answer all your questions?

Speaker Change: I appreciate that answer all your questions.

Yes, great. Thank you. Then next one is Emily from Barclays. Hi, thanks for taking my questions. I'll ask two. First one, there was a little bit of deceleration on Ocrevus in the US and the EU in the quarter. I was just wondering if you could provide any color around that.

Richard Parkes: Yes, great. Thank you.

Speaker 16: Yes. Great. Thank you.

Richard Parkes: Yes. Great. Thank you.

Then next one is Emily from Barclays. Hi, thanks for taking my questions. I'll ask two. First one, there was a little bit of deceleration on Ocrevus in the US and the EU in the quarter. I was just wondering if you could provide any color around that.

Bruno Eschli: Got it. Then, next one is Emily from Barclays. Emily Field.

Speaker Change: Yes, great. Thank you okay.

Thomas Schinecker: Okay. Next one is Emily from Barclays. Emily Field.

Emily Field: Hi, thanks for taking my questions. I'll ask two. First one, a little bit of deceleration on OCREVUS in the U.S. and EU in the quarter, I was just wondering if you could provide any color around that. And I know you'll have the subcut launch later in the year but are you expecting double-digit growth globally for the full year for OCREVUS? And then on CROVALIMAB, I was just wondering if you could characterize the commercial opportunity in the U.S. in PNH, you know, given that there are also recent launches of drugs like FABHALTA and also VOYDEYA. Thank you.

Speaker Change: Then the.

Speaker Change: Next one is Emily from Barclays.

Emily: Thank you.

Speaker 17: Hi. Thanks for taking my questions. I'll ask two. First one, a little bit of deceleration on Ocrevus in the US and EU in the quarter. I was just wondering if you could provide any color around that. I know you'll have the subcut launch later in the year, but are you expecting double-digit growth, globally for the full year for Ocrevus? On crovalimab, I was just wondering if you could characterize the commercial opportunity in the US and PNH, you know, given that there are also recent launches of drugs like Stivarga and also Voydeya. Thank you.

Emily Field: Hi. Thanks for taking my questions. I'll ask two. First one, a little bit of deceleration on Ocrevus in the US and EU in the quarter. I was just wondering if you could provide any color around that. I know you'll have the subcut launch later in the year, but are you expecting double-digit growth, globally for the full year for Ocrevus? On crovalimab, I was just wondering if you could characterize the commercial opportunity in the US and PNH, you know, given that there are also recent launches of drugs like Stivarga and also Voydeya. Thank you.

Emily: Hi, Thanks for taking my questions I'll ask two first one.

Emily: Little bit of deceleration on OCA in the U S and EU on the quarter I was just wondering if you could Brian any color around that and I know you'll have the satellite launch later in the year, but are you expecting double digit growth.

Emily Field: And I know you'll have the subcut launch later in the year, but are you expecting double-digit growth globally for the full year for Ocrevus? And then on Crivalumab, I was just wondering if you could characterize the commercial opportunity in the US and PMH, you know, given that there are also recent launches of drugs like Sobalta and also Voydeva. Thank you.

Emily: Lovely for the full year for Alkermes and then.

Emily: <unk> I was just wondering if you could characterize the commercial opportunity in the U S. PMA.

Emily: Given that there are also recent launches okay. Thanks, Pat Halter and also avoiding about thank you.

Teresa Graham: Yeah, sure. So, let me start with CROVA. So, you know, PNH is just sort of the entry ticket for a C5 complement drug so, we're actually not expecting really significant sales in any part of the world with CROVALIMAB in PNH. We believe the real benefit of this drug and where we believe we could see really material sales are in things like sickle cell disease, which are earlier in the life cycle on the pipeline. So, more to come on this drug but I think clearly, the opportunity in PNH is, we believe is gonna be relatively modest. When it comes to OCREVUS, we do continue to believe that we will see growth with OCREVUS globally. You know, there's a little bit of buying pattern sometimes that happens in Q1 but the overall anti-CD20 class continues to grow. And OCREVUS, as the market share leader here, continues to get a disproportionate share of new patient starts. We continue to see great retention on OCREVUS and patients being very satisfied with their therapies. So, yeah, I would continue to have a lot of confidence in the growth of OCREVUS going forward. Any additional questions? No, that was great.

Yeah, sure. So, let me start with CROVA. So, you know, PNH is just sort of the entry ticket for a C5 complement drug so, we're actually not expecting really significant sales in any part of the world with CROVALIMAB in PNH. We believe the real benefit of this drug and where we believe we could see really material sales are in things like sickle cell disease, which are earlier in the life cycle on the pipeline. So, more to come on this drug but I think clearly, the opportunity in PNH is, we believe is gonna be relatively modest. When it comes to OCREVUS, we do continue to believe that we will see growth with OCREVUS globally. You know, there's a little bit of buying pattern sometimes that happens in Q1 but the overall anti-CD20 class continues to grow. And OCREVUS, as the market share leader here, continues to get a disproportionate share of new patient starts. We continue to see great retention on OCREVUS and patients being very satisfied with their therapies. So, yeah, I would continue to have a lot of confidence in the growth of OCREVUS going forward. Any

Teresa Graham: Yeah, sure. Let me start with crovalimab. You know, PNH is just sort of the entry ticket for a C5 complement drug. We're actually not expecting really significant sales in any part of the world with crovalimab and PNH. We believe the real benefit of this drug and where we believe we could see really material sales are in things like sickle cell disease, which are earlier in the life cycle in the pipeline. More to come on this drug, but I think clearly the opportunity in PNH is, we believe, gonna be relatively modest. When it comes to Ocrevus, we do continue to believe that we will see growth with Ocrevus globally.

Brian: Yeah sure. So let me start with call that so you know P. N. H is just sort of the entry ticket for firstly, if ive complement drags. So we're actually not expecting really significant sales in any part of the world with <unk> and <unk>, we believe the real the real benefit of this drug and where we believe we can see really material sales are in things like sickle cell disease, which are earlier in the.

Brian: Wife cycling the pipeline so more to come on this drive, but I think clearly.

Teresa Graham: But I think clearly, clearly the opportunity in P&H is, we believe is gonna be relatively modest. When it comes to Ocrevus, we do continue to believe that we will see growth with Ocrevus globally. You know, there's a little bit of a buying pattern sometimes that happens in Q1, but the overall anti-CD20 class continues to grow, and Ocrevus, as the market share leader here, continues to get a disproportionate share of new patient starts. We continue to see great retention on Ocrevus and patients being very satisfied with their therapies.

Brian: Clearly the the opportunity in <unk> is we believe there's going to be relatively modest.

Brian: When it comes to <unk>, we do continue to believe that we will see growth with OCA globally.

Teresa Graham: You know, there's a little bit of buying pattern, sometimes that happens in Q1, but the overall anti-CD20 class continues to grow. Ocrevus as the market share leader here continues to get a disproportionate share of new patient starts. We continue to see great retention on Ocrevus, and patients being very satisfied with their therapy. Yeah, I would continue to have a lot of confidence in the growth of Ocrevus going forward.

Brian: There's a little bit of buying pattern, sometimes that happens in Q1.

When it comes to OCREVUS, we do continue to believe that we will see growth with OCREVUS globally. You know, there's a little bit of buying pattern sometimes that happens in Q1 but the overall anti-CD20 class continues to grow. And OCREVUS, as the market share leader here, continues to get a disproportionate share of new patient starts. We continue to see great retention on OCREVUS and patients being very satisfied with their therapies. So, yeah, I would continue to have a lot of confidence in the growth of OCREVUS going forward.

Brian: But the overall anti CD 20 class continues to grow and okra with ads B a market share leader here continues to get a disproportionate share of new patient starts we continue to see great retention on okra first.

Brian: And patients being very satisfied with with their therapy. So yeah.

Teresa Graham: So yeah, I would continue to have a lot of confidence in the growth of Ocrevus going forward. Any additional questions? No, that was great.

Brian: I I would continue to have a lot of confidence in the growth of <unk> going forward.

Thomas Schinecker: Any additional questions?

Speaker Change: Any additional questions.

Speaker 17: No, that was great. Thank you.

Emily Field: No, that was great. Thank you.

Bruno Eschli: Any additional questions?

Speaker Change: No that was great. Thank you.

additional questions? No, that was great.

additional questions?

Emily Field: No, that was great. Thank you.

Thomas Schinecker: Okay. We move on to Mark Purcell from Morgan Stanley.

Mark Douglas Purcell: Thank you. And we move on to Mark Purcell from Moog Assembly. Yeah, thank you very much for taking my questions. It's Mark Purcell from Morgan Stanley. I have two.

Thank you.

Speaker Change: Okay.

Okay. Then, we move on to Mark Purcell from Morgan Stanley. Yeah, thank you very much for taking my questions. It's Mark Purcell from Morgan Stanley. I have two.

Bruno Eschli: Okay. Then, we move on to Mark Purcell from Morgan Stanley.

Speaker Change: And when you move on to Mark herself from most of it.

Mark Purcell: Yeah, thank you very much for taking my questions. It's Mark Purcell from Morgan Stanley. I have two. The first one's just a general question in terms of OpEx and supply investment, following up from the last question on that. But when you sort of think about getting into obesity and immunology and hypertension, sort of three areas where, I guess, apart from ETROLIZUMAB, you haven't been in the near history -- how should we think about the investments going to be made, both in these large primary care and specialty care focused trials, sort of building out fill forces? The supply chain was just mentioned.

Speaker 18: Yeah, thank you very much for taking my questions. It's Mark Purcell from Morgan Stanley. I have two. The first one's just a general question in terms of OpEx and supply investment, following up from the last question on that. But when you sort of think about getting into obesity and immunology and hypertension, sort of three areas where, I guess apart from etrolizumab, you haven't been in the near history. How should we think about the investments going to be made both in these large primary care and especially in care focused trials, sort of building out field forces? The supply chain was just mentioned, but it'd be interesting to try and understand what the gating factors are, so what could be very significant investments into these three areas.

Mark Purcell: Yeah, thank you very much for taking my questions. It's Mark Purcell from Morgan Stanley. I have two. The first one's just a general question in terms of OpEx and supply investment, following up from the last question on that. But when you sort of think about getting into obesity and immunology and hypertension, sort of three areas where, I guess apart from etrolizumab, you haven't been in the near history. How should we think about the investments going to be made both in these large primary care and especially in care focused trials, sort of building out field forces? The supply chain was just mentioned, but it'd be interesting to try and understand what the gating factors are, so what could be very significant investments into these three areas.

Speaker Change: Yes. Thank you very much for taking my questions. It's Mark Purcell from Morgan Stanley I have two the first one is just a general question in terms of Opex and on supply investment following from the last question on that but what are you sort of think about getting into obesity in immunology and hypertension sort of three areas, where I guess apart from actually as a matter of you haven't been in there.

Teresa Graham: The first one's just a general question in terms of OPEX and supply investment, following up from the last question on that. But when you sort of think about getting into obesity and immunology and hypertension, sort of three areas where, I guess, apart from Etrolizumab, you haven't been in the near history, how should we think about the investments going to be made both in these large primary care and specialty care focused trials, sort of building out fill forces, the supply chain was just mentioned.

History, how should we think about the investment is going to be made both in these large primary care, especially the county focus trials.

Speaker Change: Building out so forces.

The supply chain was just mentioned but it'd be interesting to try and understand what the gating factors are so, what could be very significant investments into these three areas? And the second question is on PRASI for PD, as well as the GMY myostatin asset for SMA -- could you help us understand the potential to move these two assets from Phase II to filing? You know, what would you have to potentially see? Have you had discussions with your regulators in terms of accelerated filing for these two assets? Thank you.

Supply chain was just mentioned, but it would be interesting to try and understand what the gating factors are so what could be very significant investments. Since these these three areas and.

Teresa Graham: But it'd be interesting to try and understand what the gating factors are for what could be very significant investments into these three areas. And the second question is about PRASI for PD, as well as the GMY myostatin asset for SMA. Could you help us understand the potential to move these two assets from phase two to filing? You know, what would you potentially have to see?

Speaker 18: The second question is on prasinezumab for PD as well as the GYM329 myostatin asset for SMA. Could you help us understand the potential to move these two assets from phase 2 to filing? You know, what would you have to potentially see? Have you had discussions with your regulators in terms of accelerated filing for these two assets? Thank you.

Mark Purcell: The second question is on prasinezumab for PD as well as the GYM329 myostatin asset for SMA. Could you help us understand the potential to move these two assets from phase 2 to filing? You know, what would you have to potentially see? Have you had discussions with your regulators in terms of accelerated filing for these two assets? Thank you.

Speaker Change: And the second question is on probably for PD as well as the Jim why my start to NASA for SMA could you help us understand the potential to move these two assets from phase II to filing.

Speaker Change: Would you have to essentially see how have you had discussions with your regulators in terms of accelerated funding for these two assets. Thank you.

Teresa Graham: Have you had discussions with your regulators in terms of accelerated filing for these two assets? Thank you. Great. So, GIMP329, as I think it was mentioned on the slide, that is currently being studied in combination with EVRIS-D in patients with SMA.

Have you had discussions with your regulators in terms of accelerated filing for these two assets? Thank you.

Teresa Graham: Yeah. Great. With GYM329, as I think it was mentioned on the slide, that is currently being studied in combination with Evrysdi in patients with SMA. Assuming we see positive data there is a potential that the data could be fileable. Obviously we'll need to see the data, but it is possible that you could move relatively quickly there to an approval in it with a combination. The mono data for obesity, obviously the phase 1 is just initiating and we would have to see, we would have to begin conversations with regulators once we see some data there. In terms of prasinezumab, I think again, we will get data later this year that will inform whether or not we move into phase 3 with Parkinson's.

Speaker Change: Great.

Teresa Graham: Great. So, with GYM329, I think it was mentioned on the slide, that is currently being studied in combination with EVRYSDI in patients with SMA. Assuming we see positive data there, there is the potential that that data could be [inaudible]. So, obviously, we'll need to see the data but it is possible that you could move relatively quickly there to an approval with a combination. The monodata for obesity, obviously, the Phase I is just initiating and we would have to see -- we would have to begin conversations with regulators once we see some data there.

PD: So we can treat benign says I think it was mentioned on the slide that is currently being studied in combination with everything.

PD: In patients with SMA.

Teresa Graham: Assuming we see positive data there, there is the potential that that data could be usable. So obviously, we'll need to see the data, but it is possible that you could move relatively quickly there to an approval with a combination. The monodata for obesity, obviously, phase one is just initiating, and we would have to see, we would have to begin conversations with regulators once we see some data there.

Speaker Change: Assuming we see positive data there there is a potential that that data could be five level. So obviously, we'll need to see the data, but it is possible that you could move relatively you could move relatively quickly there too to and approval with a combination there.

Speaker Change: Mono data for obesity, obviously the phase one is just initiating and then we would have to see.

Speaker Change: We would have to begin conversations with regulators once we see some data there.

Teresa Graham: In terms of PRASI, I think, again, we will get data later this year that will inform whether or not we move into Phase III with Parkinson's. And once we have that, we'll be able to give you a better sense of what we believe the registrational pathway for that ought to be. Love your question about how we would commercialize ZILEBESIRAN, the Carmot assets and the TL1A. So, certainly, when we purchased these assets, we looked at a fully burdened cost structure, right? So, we know that the clinical trials here are large. As Thomas has mentioned, a lot of the pipeline culling that we've done has been done to create room for these assets so, that we can do the trials that they deserve in order to get the labels that they'll need to be competitive. When it comes to a commercialization front, we obviously considered what it would cost to do all of the DTC and the primary care-like sales forces that would be required. It's the same kind of marketing that was necessary in the past will be necessary later in the decade and I think what we believe is that a different kind of commercialization structure will become more the norm as we get to the later part of the decade. There is just no appetite from physicians, from healthcare systems to continue to have the kind of commercialization footprint that most pharma has been operating with over time.

In terms of PRASI, I think, again, we will get data later this year that will inform whether or not we move into Phase III with Parkinson's. And once we have that, we'll be able to give you a better sense of what we believe the registrational pathway for that ought to be. Love your question about how we would commercialize ZILEBESIRAN, the Carmot assets and the TL1A. So, certainly, when we purchased these assets, we looked at a fully burdened cost structure, right? So, we know that the clinical trials here are large.

Speaker Change: Terms of probably I think again, we will get data later this year that will inform whether or not we move into phase III with Parkinson's and once we have that we'll be able to give you a better sense of what we believe the registrational pathway for that ought to be.

Teresa Graham: Once we have that, we'll be able to give you a better sense of what we believe the registrational pathway for that ought to be. Love your question about immuno, about how we would commercialize zilebesiran, the Carmot assets, and the TL1A. Certainly when we purchased these assets, we looked at a fully burdened cost structure, right? We know that the clinical trials here are large. As Thomas has mentioned, a lot of the pipeline culling that we've done has been done to create room for these assets so that we can do the trials that they deserve in order to get the labels that they'll need to be competitive.

Speaker Change: Love Your question about India.

Speaker Change: About how we would commercialize dolby surround the chromite assets and the <unk>.

Speaker Change: So certainly when we purchased these assets we looked at a fully burdened cost structure right. So we know that the clinical trials here are our large.

Teresa Graham: So we know that the clinical trials here are large. As Thomas has mentioned, a lot of the pipeline calling that we've done has been done to create room for these assets so that we can do the trials that they deserve in order to get the labels that they'll need to be competitive. When it comes to commercialization, we obviously considered what it would cost to do all of the DTC and the primary care-like sales forces that would be required.

As Thomas has mentioned, a lot of the pipeline culling that we've done has been done to create room for these assets so, that we can do the trials that they deserve in order to get the labels that they'll need to be competitive. When it comes to a commercialization front, we obviously considered what it would cost to do all of the DTC and the primary care-like sales forces that would be required. It's the same kind of marketing that was necessary in the past will be necessary later in the decade and I think what we believe is that a different kind of commercialization structure will become more the norm as we get to the later part of the decade. There is just no appetite from physicians, from healthcare systems to continue to have the kind of commercialization footprint that most pharma has been operating with over time.

Thomas has mentioned a lot of the pipeline I'm, calling that we've done has been made has been done to create room for these assets. So that we can do the trials that they deserve a in order to get the label that they'll need to be competitive.

Teresa Graham: When it comes to a commercialization front, we obviously considered what it would cost to do all of the DTC and the primary care like sales forces that would be required, if the same kind of marketing that was necessary in the past will be necessary later in the decade. I think what we believe is that a different kind of commercialization structure will become more the norm as we get to the later part of the decade. There is just no appetite from physicians, from healthcare systems, to continue to have the kind of commercialization footprint that most pharma has been operating with over time. I think what we've seen as we've changed our own commercialization structure is that you can actually market your products extremely effectively, in a very different cost structure.

When it comes to a commercialization front, we obviously considered what it would cost to do all of the DTC and the primary care like sales forces that would be required if.

Thomas Schinecker: I don't think the same kind of marketing that was necessary in the past will be necessary later in the decade, and I think what we believe is that a different kind of commercialization structure will become more the norm as we get to the latter part of the decade. There is just no appetite from physicians and from healthcare systems to continue to have the kind of commercialization footprint that most pharma has been operating with over time.

Speaker Change: The same kind of marketing that was necessary in the past will be necessary later in the decade and I think what we believe is that a different kind of commercialization structure will become more the norm as we get to the later part of the decade. There is just no appetite from physicians from health care system.

There is just no appetite from physicians, from healthcare systems to continue to have the kind of commercialization footprint that most pharma has been operating with over time. I think what we've seen is we've changed our own commercialization structure, is that you can actually up, you can market your products extremely effectively in a very different cost structure. So, while we are prepared to do it, if we believe that it is necessary and that is what it is going to take in order to maximize the assets, we also believe that there may be a third way forward. And that is what we intend to explore over the coming months and years.

Speaker Change: To continue to have the kind of commercialization footprint that that most pharma has been operating with over time I think what we've seen is we've changed our own commercialization structure is that you can actually up you can you can market your products extremely effectively.

Thomas Schinecker: I think what we've seen is that we changed our own commercialization structure so that you can actually up, you can market your products extremely effectively at a very different cost structure. So while we are prepared to do it, if we believe that it is necessary, and that is what it is going to take in order to maximize the asset, we also believe that there may be a third way forward. And that is what we intend to explore over the coming months and years.

Speaker Change: And in a very different cost structure. So while we are prepared to do it. If we believe that it is necessary and that is what it is going to take in order to maximize the assets. We also believe that there may be a third way forward and and that is what we intend to explore over the coming over.

Teresa Graham: While we are prepared to do it, if we believe that it is necessary and that is what it is going to take in order to maximize the assets, we also believe that there may be a third way forward and that is what we intend to explore over the coming months and years. I do just want to sort of reiterate that we know that commercialization in these areas begins now, and that is something that we are fully prepared to do and are commencing immediately, to ensure that we are ready to be competitive when these drugs come to market.

Speaker Change: Over the coming months and years I do just want to sort of reiterate that we know that commercialization. In these areas begins now and that is something that we are fully prepared to do and are commencing immediately.

Thomas Schinecker: I do just want to sort of reiterate that we know that commercialization in these areas begins now and that is something that we are fully prepared to do and are commencing immediately to ensure that we are ready to be competitive when these drugs come to market. Maybe I can add a couple of points here as well. We will continue to protect our margin. So nothing we're going to do is going to dilute our margin.

I do just want to sort of reiterate that we know that commercialization in these areas begins now and that is something that we are fully prepared to do and are commencing immediately to ensure that we are ready to be competitive when these drugs come to market.

Speaker Change: To ensure that we are ready to be competitive when these drugs come to market.

Thomas Schinecker: Yeah. Maybe let me add a couple of points here as well. First, we will continue to protect our margin, so nothing we are going to do is going to dilute our margin. Second, as Theresa has mentioned, when we do M&A, we look in the entire P&L. That's already included in our plans. Third, you know, when we look under the hood, there's still a number of opportunities to improve our operational efficiencies, and we're tackling those as we speak.

Maybe let me add a couple of points here as well first.

Yeah. Maybe let me add a couple of points here as well. First, we will continue to protect our margin. So, nothing we're going to do is going to dilute our margin. Second, as Teresa has mentioned, when we do M&A, we look in the entire P&L so, that's already included in our plan. And third, you know, when we look under the hood, there's still a number of opportunities to improve our operational efficiencies and we're tackling those as we speak. Mark any additional questions or comments?

Thomas Schinecker: Yeah. Maybe let me add a couple of points here as well. First, we will continue to protect our margin. So, nothing we're going to do is going to dilute our margin. Second, as Teresa has mentioned, when we do M&A, we look in the entire P&L so, that's already included in our plan. And third, you know, when we look under the hood, there's still a number of opportunities to improve our operational efficiencies and we're tackling those as we speak.

Speaker Change: We will continue to protect our margin. So nothing we're going to do is going to dilute our margin.

Teresa Graham: Second, as Teresa has mentioned, when we do M&A, we look at the entire P&L, so that's already included in our plan. And third, you know, when we look under the hood, there's still a number of opportunities to improve our operational efficiencies, and we're tackling those as we speak. Mark any additional questions or comments?

Speaker Change: Second as Teresa mentioned, when we do M&A, we look at the entire P&L.

Speaker Change: So that's already included in that.

Speaker Change: And third.

Speaker Change: When we look under the Hood.

Speaker Change: Still a number of opportunities to improve our operational efficiencies and we're attacking those as we speak.

Speaker Change: Yeah.

Teresa Graham: Mm-hmm.

Bruno Eschli: Mark any additional questions or comments?

Thomas Schinecker: Mark, any additional questions, comments?

Speaker Change: Mark.

Any additional questions comments.

Mark Douglas Purcell: No, that's very clear. I was going to ask about how much room is being created and if there's going to be the kind of incremental pressure on margins but I think, Thomas, you've answered that pretty clearly in terms you do not expect the operating margin within Pharma to decline between now and 2030. Now, all of our plans are predicated on stable margins going forward. Great, thank you, and we go on with Peter Welford from Jefferies. Peter.

Mark Purcell: No, that's very clear. I was going to ask about how much room is being created and if there's going to be the kind of incremental pressure on margins but I think, Thomas, you've answered that pretty clearly in terms you do not expect the operating margin within Pharma to decline between now and 2030.

Speaker 18: No, that's very clear. I was gonna ask about how much room is being created and if there's gonna be, you know, the kind of incremental pressure on margins, but I think, Thomas, you've answered that pretty clearly in terms, you do not expect the operating margin within pharma to decline between now and 2030.

Mark Purcell: No, that's very clear. I was gonna ask about how much room is being created and if there's gonna be, you know, the kind of incremental pressure on margins, but I think, Thomas, you've answered that pretty clearly in terms, you do not expect the operating margin within pharma to decline between now and 2030.

Mark Douglas Purcell: That's very clear and I was going to ask about how much room is being created and if theres going to be the kind of incremental pressure on margins, but I think Thomas you've also that pretty clearly in some so you do not expect the operating margin within pharma to decline between now and 2013.

Teresa Graham: No. All of our plans are predicated on stable margins going forward.

Mark Douglas Purcell: Now all of them all of our plans are predicated on stable margins going forward.

No, all of our plans are predicated on stable margins going forward. Great, thank you, and we go on with Peter Welford from Jefferies. Peter.

Teresa Graham: No, all of our plans are predicated on stable margins going forward.

Speaker 18: Great. Thank you.

Mark Purcell: Great. Thank you.

Speaker Change: Great. Thank you.

Thomas Schinecker: We go on with Peter Welford from Jefferies. Peter.

Speaker Change: Okay.

Great, thank you. And we go on with Peter Welford from Jefferies. Peter.

Mark Purcell: Great, thank you.

Bruno Eschli: And we go on with Peter Welford from Jefferies. Peter?

Thomas Schinecker: We go on with Peter Welford from Jefferies. Peter.

Speaker Change: And we go on with Peter Welford from Jefferies.

Peter Welford: Hi, thank you. I've got just two questions left. Firstly, just on -- going back to HEMLIBRA again, I'm curious, just as we're all looking to, as everyone said, to look at financial competitive data. I'm curious, given what you've said, you highlighted that the real-world [inaudible] -- real data, sorry, has got 80% zero-inclusive leads. But I think on the label, you've got, you know, lower percentages than that. So, just curious whether you see the potential here and the requested [inaudible] comes from potentially, I guess, superior percentage on zero-treated bleeds or whether given all the effort that you're talking about, complete convenience and the new vials and pens we may see at ICH -- whether it's more the administration and the injection site pain that you're focusing on as a way you think, potentially, a competitor could differentiate. And then, just secondly, on the portfolio rationalization. I guess, relative to prior quarters, we've seen a decrease in the number of discontinued, if you want to call it that, or deprioritized assets.

Speaker Change: Yeah.

Speaker 19: Hi. Thank you. I've got just two questions left. Firstly, just on coming back to Hemlibra again. I'm curious just as again, obviously, we're all looking to, as everyone said, to the potential competitive data. I'm curious, given what you've said, you highlighted that the real world data, sorry, has got 80% zero treated bleeds. But I think on the label you've got, you know, lower percentages than that.

Peter Welford: Hi. Thank you. I've got just two questions left. Firstly, just on coming back to Hemlibra again. I'm curious just as again, obviously, we're all looking to, as everyone said, to the potential competitive data. I'm curious, given what you've said, you highlighted that the real world data, sorry, has got 80% zero treated bleeds. But I think on the label you've got, you know, lower percentages than that.

Peter James Welford: Hi, Thank you just two questions firstly, just going back to having deeper again I'm curious as to get them through we're all looking to.

Peter James Welford: Okay.

Peter James Welford: Yeah.

Peter James Welford: Curious given what you said you highlighted that the railroads.

Speaker Change: Thanks Scott.

Speaker Change: It recently, but I think on the label.

Teresa Graham: So just curious whether you see the potential here and the requested threats come from a potentially, I guess, superior percentage of zero-treated bleeds, or whether given all the effort that you're talking about, complete convenience, and the new vials and pens we may see at ICH, whether it's more the administration and the injection site pain that you're focusing on as a way you think, potentially, a competitor could differentiate. And then just secondly, on the portfolio rationalization, I guess, relative to prior quarters, we've seen a decrease in the number of discontinued, if you want to call it that, or deprioritized assets.

Speaker 19: Just curious whether you see the potential here and the requested threat come from a potentially, I guess, superior percentage on zero treated bleeds or whether given all the effort that you're talking about, complete convenience and the new vials and pens we may see at ISTH, whether it's more the administration and the injection site pain that you're focusing on as a way you think potentially a competitor could differentiate. Just secondly, on the portfolio rationalization, I guess relative to prior quarters, we've seen a decrease in the number of discontinued, if you wanna call it that, or deprioritized assets. I think, Thomas, you sort of suggested at the last call we're gonna see, you know, continuing over the next few quarters, some more, you know, some more assets being deprioritized.

Peter Welford: Just curious whether you see the potential here and the requested threat come from a potentially, I guess, superior percentage on zero treated bleeds or whether given all the effort that you're talking about, complete convenience and the new vials and pens we may see at ISTH, whether it's more the administration and the injection site pain that you're focusing on as a way you think potentially a competitor could differentiate. Just secondly, on the portfolio rationalization, I guess relative to prior quarters, we've seen a decrease in the number of discontinued, if you wanna call it that, or deprioritized assets. I think, Thomas, you sort of suggested at the last call we're gonna see, you know, continuing over the next few quarters, some more, you know, some more assets being deprioritized.

Speaker Change: So just curious whether you see the potential here.

Peter Welford: So, just curious whether you see the potential here and the requested [inaudible] comes from potentially, I guess, superior percentage on zero-treated bleeds or whether given all the effort that you're talking about, complete convenience and the new vials and pens we may see at ICH -- whether it's more the administration and the injection site pain that you're focusing on as a way you think, potentially, a competitor could differentiate.

Speaker Change: Right.

Speaker Change: From a P.

Speaker Change: Initially I guess superior percentage of directories as bleak.

Speaker Change: Given all the activity you talked about some pretty convenient.

Speaker Change: You filed and we may see at ICA.

Speaker Change: It's more the administration of the injection site pain that youll focusing on Youtube.

Speaker Change: Do you see potentially a competitive differentiator.

Peter Welford: And then, just secondly, on the portfolio rationalization. I guess, relative to prior quarters, we've seen a decrease in the number of discontinued, if you want to call it that, or deprioritized assets. And I think, Thomas, you sort of suggested at the last call, we're going to see, you know, continuing over the next few quarters, some more assets being deprioritized. Again, is the number -- the five that we see this quarter, is that representative now of perhaps a shift in the phase now for the rationalization and sort of pruning, if you like, to a new stage, where now we're looking at how you best invest the money and sort of more internal changes? Or is it phasing and actually, you know, we shouldn't anticipate that in any way, that the five projects is a slowdown? In fact, further rationalization is going to happen during the course of the year? Thank you. Let me just answer the second question first. There are a number of programs that have been stopped that will only show up in Q2.

Speaker Change: And then just secondly on the portfolio rationalization.

Speaker Change: Relative to prior quarters, we see a decrease in the number of discontinued if you want to call it out would be prioritized.

Teresa Graham: And I think, Thomas, as you sort of suggested in the last call, we're going to see, you know, continuing over the next few quarters, some more assets being deprioritized. Again, is the number, you know, the five that we see this quarter, representative now of perhaps a shift in the phase now for the rationalization and sort of pruning, if you like, to a new stage, where now we're looking at how you best invest the money and sort of more internal changes? Or is it just me?

Speaker Change: <unk> told US you sort of suggested in our last call. We're going to see continue to go to the next few quarters to move this more asset BBB.

Peter Welford: Again, is the number -- the five that we see this quarter, is that representative now of perhaps a shift in the phase now for the rationalization and sort of pruning, if you like, to a new stage, where now we're looking at how you best invest the money and sort of more internal changes? Or is it phasing and actually, you know, we shouldn't anticipate that in any way, that the five projects is a slowdown? In fact, further rationalization is going to happen during the course of the year? Thank you.

Speaker Change: We prioritize I guess is the number that we see this quarter is that represented now perhaps.

Speaker 19: I guess, is the number, you know, the five that we see this quarter, is that representative now of perhaps a shift in the phase now for the rationalization and sort of pruning, if you like, to a new stage where now we're looking at how you best invest the money into the more internal changes or is it just phasing? Actually, you know, we shouldn't anticipate that in any way the five projects is a slowdown, in fact, further rationalization is gonna happen during the course of the year. Thank you.

Peter Welford: I guess, is the number, you know, the five that we see this quarter, is that representative now of perhaps a shift in the phase now for the rationalization and sort of pruning, if you like, to a new stage where now we're looking at how you best invest the money into the more internal changes or is it just phasing? Actually, you know, we shouldn't anticipate that in any way the five projects is a slowdown, in fact, further rationalization is gonna happen during the course of the year. Thank you.

Speaker Change: Shifting now from our rationalization and sort of pruning if you'd like to a new stage, where now we're looking at how you best invest the money into the board's hurdle changes already just phasing and actually we shouldn't anticipate in any way. The slide is a slowdown in fact, so the rationalization is going to happen to it.

Peter James Welford: And actually, you know, we shouldn't anticipate that in any way, that the five projects are a slowdown. In fact, further rationalization is going to happen during the course of the year. Thank you. Let me just answer the second question first. There are a number of programs that have been stopped that will only show up in Q2.

Speaker Change: Thank you.

Thomas Schinecker: Yeah. Let me just answer the second question first. There are a number of programs that have been stopped that will only show up in Q2. Right? This process is ongoing, and that's why I mentioned you'll see it in the slides. I would say, for the next one or two quarters, and then we should be again back to normal situation. We're still looking at opportunities to bring in other assets. You know, and as I mentioned before, we have a strong focus on really bringing in first in class, best in disease assets with a lot of potential to drive also sales in the future.

Speaker Change: Yeah, Let me just answer the second question first.

Thomas Schinecker: Let me just answer the second question first. There are a number of programs that have been stopped that will only show up in Q2, right. So, this process is ongoing and that's why I mentioned, you'll see it in the slides, I would say for the next one or two quarters and then, we should be, again, back to normal situation. Again, we're still looking at opportunities to bring in other assets so, you know, and as I mentioned before, we have a strong focus on really bringing in first-in-class, best-in-disease assets with a lot of potential to drive sales in the future. Yeah, and talking about first-in-class, best-in-disease assets, Hemlibra perfectly exemplifies that. So, I mean, Hemlibra is the standard of care in hemophilia A. We have a tremendous amount of real-world data, which equates to real-world experience.

Speaker Change: There are a number of programs that have been stopped that will only show up in Q2.

Thomas Schinecker: Right, so this process is ongoing. And that's why I mentioned you'll see it in the slides. I would say for the next one or two quarters, and then we should be back to a normal situation. Again, we're still looking at opportunities to bring in other assets.

Speaker Change: Right. So this process is ongoing and that's why I mentioned youll see it in the slides I would say for the next one or two quarters and then we should be again back to normal situation again, we're still looking at opportunities to bring in other assets. So.

Teresa Graham: So, you know, and as I mentioned before, we have a strong focus on really bringing in first-in-class, best-in-disease assets with a lot of potential to drive sales in the future. Yeah, and talking about first-in-class, best-in-disease assets, Hemlibra perfectly exemplifies that. So, I mean, Hemlibra is the standard of care in hemophilia A. We have a tremendous amount of real-world data, which equates to real-world experience.

Speaker Change: And as I mentioned before.

Speaker Change: We have a strong focus on really bringing in first in class and best in disease assets with a lot of potential to drive.

Speaker Change: Also our sales in the future and I'm talking about first in class best in disease assay Assembly perfectly exemplifies that so hmm Libra is the standard of care in hemophilia, a we have a tremendous amount of railroad data, which equates to railroad experience, we have a very high level of patient satisfaction.

Teresa Graham: Yep. Talking about first in class best in disease assets, Hemlibra perfectly exemplifies that. Hemlibra is the standard of care in hemophilia A. We have a tremendous amount of real world data which equates to real world experience. We have a very high level of patient satisfaction on Hemlibra. I think the efficacy data, the safety data, the lived experience of physicians and patients who are treated with Hemlibra, 80% of patients not experiencing bleeds, 90% of patients being very pleased with the convenience options that already exist with Hemlibra even before improvements are made, the zero risk of inhibitors. You know, all of these things are things that are going to make it very difficult to ultimately unseat Hemlibra.

Teresa Graham: Yeah. And talking about first-in-class, best-in-disease assets, HEMLIBRA perfectly exemplifies that. So, I mean, HEMLIBRA is the standard of care in hemophilia A. We have a tremendous amount of real-world data, which equates to real-world experience. We have a very high level of patient satisfaction on HEMLIBRA. And I think the efficacy data, the safety data, the [inaudible] experience that physicians and patients who treat and are treated with HEMLIBRA -- 80% of patients not experiencing [inaudible], 90% of patients being very pleased with the convenience options that already exist with HEMLIBRA, even before improvements are made. The zero risk of inhibitors, you know, all of these things are things that are going to make it very difficult to ultimately unseat HEMLIBRA. And so, you know, I think we can talk theoretically about what options might be necessary in order to make inroads, but I think, A, we don't have data yet -- let's see the data. The data that is being generated by the [inaudible] is not going head-to-head against HEMLIBRA, it's going head-to-head against inhibitors. So, you know, we're not even really going to see an apples-to-apples comparison. I just, I truly believe that what we have with HEMLIBRA is going to be very difficult to really, practically unseat in the market as the standard of care.

Speaker Change: <unk> on him Libra, and I think that the efficacy data the safety data the lived experience of physicians and patients who are treated with a retreat and are treated with libre, 80% of patients not experience includes 90% of patients being very pleased with the convenience options that already exist with them we were even before.

Teresa Graham: The zero risk of inhibitors, you know, all of these things are things that are going to make it very difficult to ultimately unseat Hemlibra. And so, you know, I think we can talk theoretically about what options might be necessary in order to make inroads, but I think, A, we don't have data yet. I think what we're going to see, the data that is being generated by the image is not going head-to-head against Hemlibra; it's going head-to-head against inhibitors.

Speaker Change: Improvements are made the zero risk of inhibitors.

Speaker Change: All of these things are things that are going to make it very difficult to ultimately unseat him Libra and so you know I think I think we can talk theoretically about what options might be necessary in order to make inroads, but I think a we don't have data yet, let's see the data the data that is being generated by.

The zero risk of inhibitors, you know, all of these things are things that are going to make it very difficult to ultimately unseat HEMLIBRA. And so, you know, I think we can talk theoretically about what options might be necessary in order to make inroads, but I think, A, we don't have data yet -- let's see the data. The data that is being generated by the [inaudible] is not going head-to-head against HEMLIBRA, it's going head-to-head against inhibitors. So, you know, we're not even really going to see an apples-to-apples comparison. I just, I truly believe that what we have with HEMLIBRA is going to be very difficult to really, practically unseat in the market as the standard of care. We all know that experience counts for a lot with physicians and patients and the experience with HEMLIBRA has just been overwhelmingly positive.

Teresa Graham: You know, I think we can talk theoretically about what options might be necessary in order to make inroads, but I think, A, we don't have data yet. Let's see the data. The data that is being generated by Nemaysu is not going head-to-head against Hemlibra. It's going head-to-head against inhibitors. So, you know, we're not even really going to see an apples to apples comparison. I truly believe that what we have with Hemlibra is going to be very difficult to really practically unseat in the market as the standard of care. We all know that experience counts for a lot with physicians and patients, and the experience with Hemlibra has just been overwhelmingly positive.

Speaker Change: By the Navy does not going head to head against Libra is going head to head against inhibitors. So you know, we're not even really going to see an apples to apples comparison.

Teresa Graham: So, you know, we're not even really going to see an apples-to-apples comparison. I just, I truly believe that what we have with Hemlibra is going to be. It's very difficult to practically unseat in the market as the standard of care.

I just I truly believe that what we have with him Libra is going to be.

comparison. I just, I truly believe that what we have with HEMLIBRA is going to be very difficult to really, practically unseat in the market as the standard of care. We all know that experience counts for a lot with physicians and patients and the experience with HEMLIBRA has just been overwhelmingly positive.

comparison.

I just, I truly believe that what we have with HEMLIBRA is going to be very difficult to really, practically unseat in the market as the standard of care. We all know that experience counts for a lot with physicians and patients and the experience with HEMLIBRA has just been overwhelmingly positive.

Speaker Change: Very difficult to really practically and see in the market as the standard of care.

Peter James Welford: We all know that experience counts for a lot with physicians and patients and the experience with HEMLIBRA has just been overwhelmingly positive. Peter, any additional questions? Sorry, just to follow up on that, given what you've just said about it being very difficult to unseat M. Lieber as the standard of care, is Roche still keen on developing NXT, and how do you see NXT therefore potentially falling within that? Yeah, that's a great question.

We all know that experience counts for a lot with physicians and patients and the experience with HEMLIBRA has just been overwhelmingly positive.

Speaker Change:

Speaker Change: We all know that experience counts for a lot with physicians and patients and the experience with him Libra has just been overwhelmingly positive.

Peter, any additional questions? Sorry, just to follow up on that, given what you've just said about it being very difficult to unseat M. Lieber as the standard of care, is Roche still keen on developing NXT, and how do you see NXT therefore potentially falling within that? Yeah, that's a great question.

Bruno Eschli: Peter, any additional questions?

Sorry, just to follow up on that. Given what you've just said about it being very difficult to unseat HEMLIBRA as the standard of care, is Roche still keen on developing NXT and how do you see NXT, therefore, potentially falling within that? Yeah, that's a great question.

Peter Welford: Sorry, just to follow up on that. Given what you've just said about it being very difficult to unseat HEMLIBRA as the standard of care, is Roche still keen on developing NXT and how do you see NXT, therefore, potentially falling within that?

Speaker Change: Yeah.

Bruno Eschli: Peter, any additional questions?

Speaker Change: Peter.

Speaker Change: Additional questions.

Speaker 19: Sorry. Just to follow up on that. Given what you've just said about very difficult to unseat Hemlibra as the standard of care, is Roche still keen on developing NXT007? And how do you see NXT007 therefore potentially, you know, falling within that?

Peter Welford: Sorry. Just to follow up on that. Given what you've just said about very difficult to unseat Hemlibra as the standard of care, is Roche still keen on developing NXT007? And how do you see NXT007 therefore potentially, you know, falling within that?

Speaker Change: Right.

Peter James Welford: Just a follow up on that given what you've just said about very difficult Hadley.

Peter James Welford: <unk> standard of care.

Peter James Welford: Yeah.

Peter James Welford: Israel still keyed on developing <unk> T and how do you see any T that potentially you didn't fully within that.

Teresa Graham: Yeah, that's a great question. And looking at NXT -- NXT will have to provide an additional efficacy benefit over HEMLIBRA. And I think we feel pretty strongly as we've been thinking about designing the clinical development program for that drug, what it would need to demonstrate to suggest that it would be able to sort of compete successfully against HEMLIBRA. And I think an additional efficacy signal is going to need to be seen; it's going to need to be just as safe, it's going to need to be just as convenient. I mean, the bar is high. And, you know, I think we consider that even when we look at our own internal portfolio and what we might choose to invest in going forward, in terms of next-generation assets.

Teresa Graham: Yeah, that's a great question. Looking at NXT007, it will have to provide an additional efficacy benefit over Hemlibra. I think we, you know, we feel pretty strongly as we've been thinking about designing the clinical development program for that drug, what it would need to demonstrate to suggest that it would be able to sort of compete successfully against Hemlibra. I think an additional efficacy signal is gonna need to be seen. It's gonna need to be just as safe. It's gonna need to be just as convenient. I mean, the bar is high. You know, I think we consider that even when we look at our own internal portfolio and what we might choose to invest in going forward in terms of next generation assets.

Speaker Change: Yeah, that's a great question and looking at NXP NXT will have to provide an additional efficacy benefit over him Libra and I think we you know we feel pretty strongly as we've been thinking about designing the clinical development program for that drug what would need to demonstrate to suggest that it would it would be able to sort of compete so.

Peter James Welford: And looking at NXT, NXT will have to provide an additional efficacy benefit over Hemlibra, and I think we feel pretty strongly as we've been thinking about designing the clinical development program for that drug, what it would need to demonstrate to suggest that it would be able to sort of compete successfully against Hemlibra. And I think an additional efficacy signal is going to need to be seen; it's going to need to be just as safe, and it's going to need to be just as convenient. I mean, the bar is high.

Speaker Change: That's fully against him labor and I think an additional efficacy and an additional efficacy signal is going to need to be seen it's going to need to be just to say, it's going to need to be just as convenient I mean, the bar is high and I think we consider that even when we look at our own internal portfolio and what we might choose to invest in going forward in terms of next generation assets.

Teresa Graham: And, you know, I think we consider that even when we look at our own internal portfolio and what we might choose to invest in going forward, in terms of next-generation assets. Thank you. So I think, then, we come to the final question. I think Emmanuel Papadakis is back. Emmanuel, you've got the final one. Oh, no; he just dropped out.

And, you know, I think we consider that even when we look at our own internal portfolio and what we might choose to invest in going forward, in terms of next-generation assets.

Speaker 19: Thank you.

Peter Welford: Thank you.

Speaker Change: Thank you.

Bruno Eschli: I think then we come to the final question. I think Emmanuel Papadakis is back. Emmanuel, you get the final one. Oh, no, he just dropped out. I think then we are basically done with the call today. I hand back to Thomas for a final remark.

Thank you. So I think, then, we come to the final question. I think Emmanuel Papadakis is back. Emmanuel, you've got the final one. Oh, no; he just dropped out.

Peter Welford: Thank you.

Bruno Eschli: So I think, then, we come to the final question. I think Emmanuel Papadakis is back. Emmanuel, you've got the final one. Oh, no -- he just dropped out. So, I think then, we are basically done with the call today and I'll hand back to Thomas for a final remark.

Speaker Change: So I think then we come to the final question I think a mono <unk>.

Speaker Change: It gets us back.

Speaker Change: <unk> got a final one.

Speaker Change: Oh, no you just dropped out.

Emmanuel Papadakis: So, I think then, we are basically done with the call today and I'll hand back to Thomas for a final remark. Yeah, thanks very much. And also, thanks for your interest. To close out, let me just reiterate that we have strong base business growth and that in the coming quarters, we'll see the headwinds diminishing. And we've worked substantially on our pipeline, and you will continue to see that we will do a lot to progress our pipeline and build a leading pipeline in the industry. Thank you very much. Goodbye.

So, I think then, we are basically done with the call today and I'll hand back to Thomas for a final remark.

So I think then we are basically done with the call today.

Speaker Change: I hand back to Thomas for final remarks.

Thomas Schinecker: Yeah. Thanks very much, and also thanks for your interest. Just to close out, let me just reiterate that we have strong base business growth. That for the coming quarters we'll see the headwinds diminishing. We've worked substantially on our pipeline, and you will continue to see that we will do a lot to progress our pipeline and to build really a leading pipeline in the industry. Thank you very much.

Thomas Mellon: Thanks, very much and also thanks for your interest just to close out let me just reiterate that we have strong base business growth and that's for the coming quarters, we will see the headwinds the diminishing.

Thomas Schinecker: Yeah, thanks very much. And also, thanks for your interest. To close out, let me just reiterate that we have strong base business growth and that for the coming quarters, we'll see the headwinds diminishing. And we've worked substantially on our pipeline and you will continue to see that we will do a lot to progress our pipeline and to build a leading pipeline in the industry. Thank you very much. Goodbye.

Thomas Mellon: And we've worked a substantially on that pipeline and you'll continue to see that we will do a lot to progress our pipeline and to build a leading pipeline in the industry.

Speaker Change: Thank you very much.

Speaker Change: Yeah.

Bruno Eschli: Thank you very much.

Speaker 20: Goodbye.

Operator: Goodbye.

Speaker Change: Goodbye.

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