Q2 2024 Roche Holding AG Earnings Call

July 25, 2024

Thomas Schinecker: --to sharing a happy results with you today. Now let me take you through this slide, first. We've had a very strong growth in the first half year. Group sales increased by 8% excluding COVID--by 5%, excluding COVID by 8%.

Okay. Yeah. Now let me take you through this slide first we've had a very strong growth in the first half year group sales increased by 8% excluding COVID-19, it's about eight five.

Yeah. Now let me take you through this slide first we've had a very strong growth in the first half year group sales increased by 8% excluding COVID-19, it's about eight five.

Speaker Change: Now let me take you through this slide first we've had a very strong growth in the first half year group sales increased by 8% excluding COVID-19, it's about eight five.

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5% exiting COVID-19 by 8%.

Note that the weapon harvesting the court I would like to inform you that all participants on different argument with junk a call. After the presentation. There will be a question answer session.

Speaker Change: And specifically in the second quarter, as you will see in a second we had significant growth of 9% overall. Pharma is going very well in the base business with 8% diagnostics growing 9%. Well with the COVID-19, the sales decrease and also the LOE impact both in line with guidance. The sales decrease in COVID-19 is 0.8 billion. And also the LOE impact this year 0.6 billion. There was not much COVID impact in the second quarter.

Operator: 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, use star 9 on your phone's dial pad. When you then 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 and answer session. You are invited to send in questions for this throughout the entire session using the Q&A functionality of Zoom.

Speaker Change: Pharma is going very well and the base business with 8% diagnostics growing 9%.

Invited to send in questions for the throughout the entire session do you think the Q&A functionality up to you and.

Speaker Change: Well with the COVID-19, and the sales decrease and also the low impact both in line with guidance. The sales decrease in COVID-19, Associate dollars 8 billion and also the <unk> impact. This year 6 billion there was not much COVID-19 impact in the second quarter.

Speaker Change: In addition to that you May also ask you about you hadn't addressed your question probably for participants joining via phone to write you hadn't used online on your phone call. Pat when you doesn't get selected Chaucer question. Please follow the instructions on the phone and Presto fixed challenge yourself.

In addition to that, you may also raise your virtual hand to address your questions verbally. For participants joining via phone, to raise your hand, use star 9 on your phone's dial pad. When you then get selected to ask your questions, please follow the instructions on the phone and press star 6 to unmute yourself.

Thomas Unica: One last remark if you would like to follow the presented slides and Justice fall. Please feel free to go to worst outcome slash investors to download the presentation. At this time, it's my pleasure to introduce you to Thomas Unica C O westgroup, Mr silica stages here.

Speaker Change: Core operating profit increased by 11%, so significant growth here due to good cost management and shifting resources within the organization. With that a group core operating margin increased to almost two percentage points. Our core EPS grew 9% and also our operating free cash flow grew 9%. We have achieved a number of key milestones in the second quarter.

Core operating profit increased by 11%, so significant growth here due to good cost management and shifting resources within the organization. With that a group core operating margin increased to almost two percentage points. Our core EPS grew 9% and also our operating free cash flow grew 9%.

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

Speaker Change: With that as a group core operating margin increased to almost two percentage points of core EPS grew 9% and also our operating free cash flow grew 9%.

Thomas Schinecker: Thank you very much and hello to everyone. Good morning, good afternoon, wherever you are. I'm really looking forward to sharing our happy results with you today. Now, let me take you through this slide first. We've had very strong growth in the first half-year; group sales increased by 5%, excluding COVID by 8%. And specifically in the second quarter, as you will see in a second, we had significant growth of 9% overall.

Thomas Schinecker: Thank you very much and hello to everyone. Good morning, good afternoon, wherever you are. I'm really looking forward to sharing our happy results with you today.

Thank you very much and Hello to everyone. Good morning. Good afternoon, wherever you are and really looking forward to sharing our half year results with you today.

We have achieved a number of key milestones in the second quarter. On the regulatory side for pharma, the EU approval for OCREVUS [subcuts] in RMS and PPMS, ALECENSA in adjuvant ALK-positive non-small cell lung cancer, U.S. approval for VABYSMO pre filled syringe and PIASKY in PNH and also an FDA label update to SUSVIMO in nAMD. And also here, we filed for DME in diabetic retinopathy.

Speaker Change: We have achieved a number of key milestones in the second quarter.

Speaker Change: On the regulatory side for pharma, the EU approval for <unk>. In RMS and P. P. M S sensor in adjuvant <unk> positive non small cell lung cancer U S approval for the bison pre filled syringe and tier sky Q and H and also an FDA label update to FEMA in AMD and also here, we filed for <unk> in diabetic.

Speaker Change: Okay.

Thomas Schinecker: Now, let me take you through this slide first. We've had very strong growth in the first half-year; group sales increased by 5%, excluding COVID by 8%. And specifically in the second quarter, as you will see in a second, we had significant growth of 9% overall.

Speaker Change: Now let me take you through this slide first we've had a very strong growth in the first half year group sales increased by 8% excluding COVID-19 eight by.

Speaker Change: In RMS and P. P. M S sensor in adjuvant <unk> positive non small cell lung cancer U S approval for the bison pre filled syringe and tier sky Q and H and also an FDA label update to FEMA in AMD and also here, we filed for <unk> in diabetic.

Speaker Change: 5% exiting covered by 8%.

Speaker Change: And specifically in the second quarter as you will see in a second we had significant growth of 9% overall.

Thomas Schinecker: Pharma is growing very well in the base business with 8% and diagnostics going 9%. Both the COVID-19 sales decrease and also the LOE impact are both in line with guidance. The sales decrease for COVID-19 is $0.8 billion, and also the LOE impact is $0.6 billion. There was not much COVID impact in the second quarter.

Speaker Change: Pharma is going very well and the base business with 8% diagnostics growing 9%.

Speaker Change: We have EU filing for ELEVIDYS in DMD, and we also have filing for INAVOLISIB and we hope to get approval for INAVOLISIB in November this year.

Speaker Change: The COVID-19, and a sales decrease and also the low impact.

Speaker Change: Both in line with guidance.

Speaker Change: Sales decreased in COVID-19 is set to your point 8 billion.

Speaker Change: We also had a couple of positive pharma readouts, specifically in obesity space. On the Diagnostics side, we had a number of launches here as well that will be covered by Matt, c703 in ISE neo for the core lab. Segment that's growing very strongly for us. The cobas liat respiratory panel, which received FDA EU approval; cobas pro serology solution market that we've not been in--the biggest market in the world for blood screening in serology. We're now entering that space in the U.S. The continuous glucose monitoring for diabetic patients and also a number of tests that we've actually launched or receive breakthrough designation that time period and also the HPV self-collection solution for the FDA.

Speaker Change: And also the low impact of geopolitics billion, there was not much COVID-19 impact in the second quarter.

Speaker Change: The city space. On the diagnostics side, we had a number of launches here as well that will be covered by mats seven or three in either for the core lab segment, that's growing very strongly for us.

Speaker Change: On the diagnostics side, we had a number of launches here as well that will be covered by mats seven or three in either for the core lab segment, that's growing very strongly for us.

Thomas Schinecker: Co-operating profit increased by 11%, so this is a very significant growth here due to good cost management and shifting resources within the organization. With that, our group's core operating margin increased almost two percentage points, our core EPS grew 9%, and also our operating free cash flow grew 9%. We've achieved a number of key milestones in the second quarter. On the regulatory side, Pharma, the EU approval for oculus subcuts in RMS and PPMS, Allosenza in adjuvant outpositive non-small cell lung cancer, US approval for the bisomal pre-filled syringe and PSGy in PNH, and also an FDA label update for Fimo in AMD. And also here, we filed for DME and diabetic retinopathy.

Speaker Change: Cooperating profit increased by 11% so significant growth here due to good cost management and shifting resources within the organization.

The cobalt the respiratory panel, which received FDA EUA approval Cobos pro serology solution market that we've not been in the <unk>.

Speaker Change: With that as a group core operating margin increased to almost two percentage points. Our core EPS grew 9% and also our operating free cash flow grew 9%.

Speaker Change: Biggest market in the world for blood screening Enterology, we're now entering that space in the U S. The continuous glucose monitoring. Four. Diabetic patients then also a number of tests that we've actually launched or receive breakthrough designation that time period and also the HP soft collection solution for the FDA.

Speaker Change: We achieved a number of key milestones in the second quarter.

Speaker Change: On the regulatory side for pharma, the EU approval for <unk>.

Speaker Change: Four.

Speaker Change: Diabetic patients then also a number of tests that we've actually launched or receive breakthrough designation that time period and also the HP soft collection solution for the FDA.

Speaker Change: In RMS and Pms sensor in adjuvant <unk> positive non small cell lung cancer U S approval for <unk> pre filled syringe and tsi and <unk> and also the FDA label update to FEMA in AMD and also here, we filed <unk> NDA diabetic retinopathy.

Speaker Change: We have a number of trials and launches still ahead. The Phase III side for example, GAZYVA in lupus nephritis. Phase II enabling readouts in Alzheimer's with TRONTINEMAB, PRASI and in others. For example, also the Phase II data for our obesity medicine in diabetes, the CT-868. On the diagnostic side again, the number of launches still to come. I would like to highlight domestic commissary system, which is going to be really revolutionized how mass spectrometry is done in hospitals.

Speaker Change: The phase III side for example, cassava and lupus nephritis. Phase two enabling readouts in alzheimers with treating them up property. And in the others. For example, also the phase II data for our obesity medicine in diabetes, the Cta six eight.

Speaker Change: Phase two enabling readouts in alzheimers with treating them up property. And in the others. For example, also the phase II data for our obesity medicine in diabetes, the Cta six eight.

Thomas Schinecker: And we have an EU filing for OLIVITIS in DMD, and we also have an application for INAVOLISIB, and we hope to get approval for INAVOLISIB in November this year. We also had a couple of positive pharma readouts, specifically in the obesity space. On the diagnostic side, we had a number of launches here as well that will be covered by MATS, C703 in Islay for the core lab, a segment that's growing very strongly for us, the COVID-Lead Respiratory Panel, which received FDA EUA approval, COBUS Pro serology solution, a market that we've not been in, the biggest market in the world for blood screening in serology; we're now entering that space in the US, the continuous glucose monitoring for diabetic patients, then also a number of tests that we've actually launched or received breakthrough designation for during that time period, and also the HPE self-collection solution for the FDA.

Speaker Change: And we have your filing for elevators in DMD and we also have filing for a list and we hope to get approval.

Speaker Change: And in the others. For example, also the phase II data for our obesity medicine in diabetes, the Cta six eight.

Speaker Change: In November this year.

Speaker Change: Ignostic side again, the number of launches still to come I would like to highlight domestic commissary system, which is going to be really revolutionized how mass spectrometry is done in hospitals.

Speaker Change: We also had a couple of pleasant pharma readout, specifically in obesity space on.

On the diagnostics side, we had a number of launches here as well that would be covered by mats seven <unk> for the core lab segment, that's growing very strongly for us.

Speaker Change: Here, you see the sales growth again, great growth in both divisions, 5%, overall growth. And if you exclude COVID really significant high single digit growth. Here on the left hand side, you can see the sales development over the last 4.5 years and the total sales.

Thomas Schinecker: the COVID-Lead Respiratory Panel, which received FDA EUA approval, COBUS Pro serology solution, a market that we've not been in, the biggest market in the world for blood screening in serology; we're now entering that space in the US,

Speaker Change: Colby the respiratory panel, which received FDA EUA approval Cobos pro serology solution market that we've not been in.

Speaker Change: Overall growth and if you exclude COVID-19 really significant high single digit growth. Here on the left hand side, you can see the sales development over the last four and a half years.

Speaker Change: Biggest market in the world for blood screening Enterology, we're now entering the space in the U S. The continuous glucose monitoring.

Speaker Change: Here on the left hand side, you can see the sales development over the last four and a half years.

Thomas Schinecker: the continuous glucose monitoring for diabetic patients, then also a number of tests that we've actually launched or received breakthrough designation for during that time period, and also the HPE self-collection solution for the FDA. We have a number of trials and launches still ahead on the phase III side, for example, [inaudible] nephritis, phase II enabling readouts in Alzheimer's with TRITINUMAB, [inaudible] and others, for example, also the phase II data for our obesity medicine for diabetes, the CT868. On the diagnostic side, there are still a number of launches to come. I would like to highlight the mass spectrometry system, which is going to really revolutionize how mass spectrometry is done in hospitals.

the continuous glucose monitoring for diabetic patients, then also a number of tests that we've actually launched or received breakthrough designation for during that time period, and also the HPE self-collection solution for the FDA. We have a number of trials and launches still ahead on the phase III side, for example, [inaudible] nephritis, phase II enabling readouts in Alzheimer's with TRITINUMAB, [inaudible] and others, for example, also the phase II data for our obesity medicine for diabetes, the CT868.

And the total sales between 2020 in 2022 we had a total corporate sales of 19 billion. We were the first company to develop diagnostic tests and we also developed or brought to market two medicines that help fight. This pandemic, so where we were a significant contributor in 'twenty three in Q1 'twenty 'twenty four we still had an impact then as the cobalt was washing out but if you look at the underlying growth.

And the total sales

Speaker Change: Four.

Between 2020 and 2022 we had a total corporate sales of 19 billion. We were the first company to develop diagnostic tests. And we also developed or brought to market two medicines that help fight this pandemic. So we were a significant contributor. In '23, and Q1 2024, we still had an impact then as the COVID was washing out. But if you look at the underlying growth.

Speaker Change: Diabetic patients, but also a number of tests that we've actually launched or received breakthrough designation that time period and also the HP soft collection solutions like the FDA.

Speaker Change: We were the first company to develop diagnostic tests and we also developed or brought to market two medicines that help fight. This pandemic, so where we were a significant contributor in 'twenty three in Q1 'twenty 'twenty four we still had an impact then as the cobalt was washing out but if you look at the underlying growth.

We have a number of trials and launches still ahead on the phase III side, for example, [inaudible] nephritis, phase II enabling readouts in Alzheimer's with TRITINUMAB, [inaudible] and others, for example, also the phase II data for our obesity medicine for diabetes, the CT868.

Speaker Change: We have now most trials and launches still ahead.

Speaker Change: The phase III side for example, because <unk> in lupus nephritis.

Speaker Change: Phase III, enabling readouts in Alzheimer's with treating them up proxy.

But if you look at the underlying growth, the underlying growth that you see on the right hand side was really picking up in the last 1.5 years. We went from somewhere low-to mid-single digit growth to high-single digit growth over these 1.5 year. See in 2023 with 8% Q1, 7%. And now in Q2 have even 9% growth.

Speaker Change: And in others. For example, also the phase II data for our obesity medicine.

Speaker Change: Underlying growth that you see on the right hand side was really picking up picking up in the last one and a half years, we went from somewhere low to mid single digit growth to high single digit growth over these one and a half years see in 2023 with 8% Q1, 7% and now in Q2 have even 9% growth.

On the diagnostic side, there are still a number of launches to come. I would like to highlight the mass spectrometry system, which is going to really revolutionize how mass spectrometry is done in hospitals.

Speaker Change: Diabetes the <unk> eight.

Speaker Change: Agnostic side again, the number of launches still to come I would like to highlight domestic geometry system, which is going to really revolutionize how mass spectrometry is done in hospitals.

Speaker Change: And as we mentioned before there is no COVID impact in Q2, and you can see how these two curves now emerge, and we have 9% growth overall for the group in the second quarter.

Thomas Schinecker: Here you see the sales growth. Again, great growth in both divisions, 5% overall growth, and if you exit COVID, really significant high single-digit growth. Here on the left hand side, you can see the sales development over the last four and a half years. In total, between 2020 and 2022, we had total COVID sales of 19 billion. We were the first company to develop diagnostic tests and we also developed or brought to market to medicines that help fight this pandemic so we were a significant contributor.

You see the sales growth again, great growth in both divisions, 5%.

Speaker Change: Overall growth and if you exclude COVID-19 really significant high single digit growth.

Speaker Change: Again looking at the same on the divisional level, you can see that on the pharma side the base business growth has really accelerated over this time period. On the Diagnostics side, we've always been growing 7% to 8% and and now 9%. So we've delivered very solid growth in this division over a pretty long period of time, and we've now pretty much washed out most of our COVID impacts there.

Speaker Change: Here on the left hand side, you can see the sales development over the last four and a half years.

Pharma side the base business growth has really accelerated over this time period. On the diagnostics side, we've always been growing 7% to eight and and now 9%. So we've delivered very solid growth in this. Division over a pretty long period of time, and we've now pretty much washed out most of our COVID-19 impacts there.

Speaker Change: And the total sales between 2020 in 2022.

Speaker Change: On the diagnostics side, we've always been growing 7% to eight and and now 9%. So we've delivered very solid growth in this. Division over a pretty long period of time, and we've now pretty much washed out most of our COVID-19 impacts there.

Speaker Change: We had total COVID-19 sales of $19 billion.

Speaker Change: We were the first company to develop diagnostic tests and we also developed.

Speaker Change: Division over a pretty long period of time, and we've now pretty much washed out most of our COVID-19 impacts there.

Speaker Change: <unk> brought to market two medicines that help fight this pandemic, so where we were.

Thomas Schinecker: In '23 and Q1 2024, we still had an impact then as COVID was washing out. But if you look at the underlying growth, the underlying growth that you see on the right-hand side was really picking up, picking up in the last one and a half years. We went from somewhere low to mid single-digit growth to high single-digit growth over these one and a half years. See, in 2023, we had 8%, Q1, 7%, and now in Q2, we have even 9% growth. And as we mentioned before, there is no COVID impact in situ and you can see how these two curves now merge. And we had 9% growth overall for the group in the second quarter.

Speaker Change: We're a significant contributor in 'twenty three in Q1 'twenty 'twenty four we still had an impact then as the cobalt was washing out but if you look at the underlying growth the underlying growth that you see on the right hand side was really picking up picking up in the last one and a half years, we went from somewhere low to mid single digit growth to high single digit grow.

Speaker Change: Let me talk about some key drivers in the Roche portfolio and specifically also the Pharma portfolio. Diagnostics will be covered by Matt, but clearly some significant launches in Q2 and upcoming launches that are going to support the growth of distributions going forward. On the Pharma side, let me start with oncology in orange here received approval for adjuvant ALK-positive non-small cell lung cancer in the EU and the U.S. and it's now also included in the NCCN guidelines as category 1.

Speaker Change: Russia portfolio and specifically also the pharma portfolio. Diagnostics will be covered by mats, but clearly some. Significant launches in Q2 and upcoming launches that are going to support the growth of distributions going forward. On the pharma side, let me start with oncology in Orange here received approval for adjuvant <unk> positive non small cell lung cancer in the EU and the U S and it's now also included in the NTN guidelines as category one.

Mats: Diagnostics will be covered by mats, but clearly some. Significant launches in Q2 and upcoming launches that are going to support the growth of distributions going forward. On the pharma side, let me start with oncology in Orange here received approval for adjuvant <unk> positive non small cell lung cancer in the EU and the U S and it's now also included in the NTN guidelines as category one.

Speaker Change: Significant launches in Q2 and upcoming launches that are going to support the growth of distributions going forward. On the pharma side, let me start with oncology in Orange here received approval for adjuvant <unk> positive non small cell lung cancer in the EU and the U S and it's now also included in the NTN guidelines as category one.

Speaker Change: On the pharma side, let me start with oncology in Orange here received approval for adjuvant <unk> positive non small cell lung cancer in the EU and the U S and it's now also included in the NTN guidelines as category one.

Speaker Change: <unk> or these one and half years see in 2023, with 8% Q1, 7% and now in Q2, even 9% growth.

Thomas Schinecker: See, in 2023, we had 8%, Q1, 7%, and now in Q2, we have even 9% growth. And as we mentioned before, there is no COVID impact in situ and you can see how these two curves now merge.

Speaker Change: And as we mentioned before there is no COVID-19 impact in Q2, and you can see how if the curves now emerge and we have 9% growth overall for the group in the second quarter.

Speaker Change: We already talked about the breakthrough therapy designation for INAVOLISIB and the PDUFA date is 27th of November. On the Hematology side with HEMLIBRA and COLUMVI. HEMLIBRA, we have the auto injector in development. We've previously updated you on that. And we had a positive readout Phase III readouts in second-line DLBCL here with a bi specific.

Thomas Schinecker: And we had 9% growth overall for the group in the second quarter. Again, looking at the same on a divisional level, you can see that on the pharma side, the base business growth has really accelerated over this time period. On the diagnostic side, we've always been growing seven to eight and now 9%. So we've delivered very solid growth in this division over a pretty long period of time and we've now pretty much washed out most of our COVID impact there.

And we had 9% growth overall for the group in the second quarter.

Speaker Change: And if we do for a date is 27th of November. On the hematology side with <unk> in Colombia. Libre, we have the auto injector and developments. We've previously updated you on that and we had a positive readout phase III Readouts in second line <unk> are here with a bi specific.

Again, looking at the same on a divisional level, you can see that on the pharma side, the base business growth has really accelerated over this time period. On the diagnostic side, we've always been growing seven to eight and now 9%. So we've delivered very solid growth in this division over a pretty long period of time and we've now pretty much washed out most of our COVID impact there.

Speaker Change: Again looking at the same on the divisional level you can see that the.

Speaker Change: On the hematology side with <unk> in Colombia. Libre, we have the auto injector and developments. We've previously updated you on that and we had a positive readout phase III Readouts in second line <unk> are here with a bi specific.

Libre, we have the auto injector and developments. We've previously updated you on that and we had a positive readout phase III Readouts in second line <unk> are here with a bi specific.

Speaker Change: Pharma side the base business growth has really accelerated over this time periods on the dial.

Speaker Change: Lastly side, we've always been growing 7% to eight.

Speaker Change: Now, 9% so we've delivered very solid growth in this.

Speaker Change: Our Neurology franchise, where we are #1 it's doing very well. We've received EU approval for subcuts in OCREVUS, and we're waiting for the approval in the U.S. for subcuts. PDUFA date is September 13th. We've also published positive five-year data in type 1 SMA.

Speaker Change: Division over a pretty long period of time, and we've now pretty much washed out most of our COVID-19 impacts there.

Speaker Change: It's doing very well. If you have a pool. For sub cuts in octopus and we're waiting for the approval in the U S for sub cuts <unk> date is September 13th.

Speaker Change: If you have a pool. For sub cuts in octopus and we're waiting for the approval in the U S for sub cuts <unk> date is September 13th.

Speaker Change: For sub cuts in octopus and we're waiting for the approval in the U S for sub cuts <unk> date is September 13th.

Thomas Schinecker: Let me talk about some key drivers in the Roche portfolio and specifically also in the Pharma portfolio. Diagnostics will be covered by Matt, but clearly, some significant launches in Q2 and upcoming launches that are going to support the growth of this division going forward. On the pharma side, let me start with oncology in orange. Here we received approval for adjuvant outpositive non-small cell lung cancer in the EU and the US. And it's now also included in the NCN guidelines as category one.

Speaker Change: Let me talk about some key drivers.

Speaker Change: Russia portfolio and specifically also the follow up to <unk> diagnostics.

Mats: Diagnostics will be covered by mats, but clearly some <unk>.

Speaker Change: We've also published post this five year data.

Mats: Significant launches in Q2 and upcoming launches that are going to support the growth of this division going forward.

Speaker Change: In type one SMA. We've had a positive readout for food allergy and we see really strong pickup. We already treated more than 15000 patients and we do expect that that this is going to contribute to growth. This year and also next year. But by small what can I say doing fantastically well.

In type one SMA.

XOLAIR, we've had a positive readout for food allergy and we see really strong pickup. We already treated more than 15,000 patients and we do expect that, that this is going to contribute to growth this year and also next year. But by small what can I say doing fantastically well.

Speaker Change: We've had a positive readout for food allergy and we see really strong pickup. We already treated more than 15000 patients and we do expect that that this is going to contribute to growth. This year and also next year.

Mats: On the pharma side, let me start with oncology in Orange here received.

Speaker Change: We already treated more than 15000 patients and we do expect that that this is going to contribute to growth. This year and also next year.

Mats: Crude oil for adjuvant <unk> positive non small cell lung cancer in the EU and the U S and it's now also included in the NTN guidelines as category one.

Thomas Schinecker: And it's now also included in the NCN guidelines as category one. We have already talked about the breakthrough therapy designation for [inaudible], and the PDUFA date is the 27th of November. On the hematology side, with HEMLIBRA and [inaudible]. HEMLIBRA, we have the auto injector in development, we've previously updated you on that, and we had a positive readout, phase III readout, in second line, DLVCL here with I-specific. Our neurology franchise, where we're number one, is doing very well. We've received EU approval for subcuts in Okavos, and we are waiting for U.S. approval for subcuts. The PDUFA date is September 13th.

And it's now also included in the NCN guidelines as category one.

VABYSMO what can I say, doing fantastically well. There is really strong momentum here and this momentum will be further supported by--on the one hand, the U.S. approval of the pre-filled syringe. Also by the 4-year follow-up data in DME, but also as we get more and more approvals also for additional indications around the world, this will continuously support our growth rate. Let me also say we don't see any impact from the J codes on the 1st of April in the US for the Regeneron molecule, and also [inaudible] gives us another option, first now in AMD, but we want to take that also into other indications. And I already covered diagnostics. Let me just highlight four key launches in diagnostics.

Speaker Change: But by small what can I say doing fantastically well.

We have already talked about the breakthrough therapy designation for [inaudible], and the PDUFA date is the 27th of November. On the hematology side, with HEMLIBRA and [inaudible]. HEMLIBRA, we have the auto injector in development, we've previously updated you on that, and we had a positive readout, phase III readout, in second line, DLVCL here with I-specific. Our neurology franchise, where we're number one, is doing very well. We've received EU approval for subcuts in Okavos, and we are waiting for U.S. approval for subcuts. The PDUFA date is September 13th.

Mats: We already talked about the breakthrough therapy designation for <unk> and if we do further date is 27th of November.

Speaker Change: Really strong momentum here and this momentum will be further supported by on the one hand, the U S approval of the pre filled syringe. Also by the four year follow up data in the <unk>, but also as we get. It gets more and more approvals also for additional indications around the world This will continuously. Support our growth rate.

Mats: On the hematology sides.

Speaker Change: Also by the four year follow up data in the <unk>, but also as we get. It gets more and more approvals also for additional indications around the world This will continuously.

<unk> in Colombia.

Let me also say we don't see any impact from the J codes on the 1st of April in the U.S. for the Regeneron molecule, and also SUSVIMO gives us another option, first now in AMD, but we want to take that also into other indications. And I already covered diagnostics. Let me just highlight four key launches in diagnostics.

me also say we don't see any impact from the J codes on the 1st of April in the US for the Regeneron molecule, and also [inaudible] gives us another option, first now in AMD, but we want to take that also into other indications. And I already covered diagnostics. Let me just highlight four key launches in diagnostics.

Speaker Change: Zebra, we have the auto injector and development.

It gets more and more approvals also for additional indications around the world This will continuously.

Speaker Change: Previously updated you on that we had a positive readout phase III Readouts in second line <unk> are here with bi specific.

Speaker Change: Support our growth rate.

Speaker Change: Let me also say, we don't see any impact from the J codes in 1st of April in the U.S. for the Regeneron molecule. And also SUSVIMO gives us another option. First now in AMD, but we want to take that also into other indications. And I already covered the Diagnostics. Let me just highlight. Four key launches in diagnostics, one is the <unk> and Cabos C seven or three which gives us up to 100% higher throughput really important for the large labs around the world. And with that we are really solidifying our big advantage that we have over other companies when it comes to our portfolio we've completely over the last year's rejuvenating, our core lab portfolio and we bring new.

Speaker Change: Urology franchise, where we are number one.

Let me just highlight four key launches in Diagnostics. One is the ISE neo and the cobas C703, which gives us up to 100% higher throughput, really important for the large labs around the world. And with that, we are really solidifying our big advantage that we have over other companies when it comes to our portfolio. We've completely over the last years rejuvenated our core lab portfolio, and we bring new systems to the market, mass spectrometry being one of them, which can be integrated into the COBAS Pro solution. some sort of market mass spectrometry being one of them, which can be integrated into the <unk> pro solution and there is a synergy effect and the pull through because this is also going to support our growth rate in clean chemistry, and immuno chemistry, and we already see that in there is really. Hi desire for customers to have that if they could take it with them after they see it. Would have. Unfortunately, it's too heavy for them to put it into the suitcase, but I can tell you.

Speaker Change: First of April in the U S for that. Regeneron molecule. And also to speed more gives us another option for us. Now in AMD, but we want to take that also into other indications. And I already covered the diagnostics let.

Speaker Change: Is doing very well.

Speaker Change: Received EU approval.

Speaker Change: Regeneron molecule. And also to speed more gives us another option for us. Now in AMD, but we want to take that also into other indications. And I already covered the diagnostics let.

Speaker Change: For sub cuts in <unk> and we are waiting for the approval in the U S for sub cuts <unk> date is September 13th.

Speaker Change: And also to speed more gives us another option for us. Now in AMD, but we want to take that also into other indications.

Speaker Change: Now in AMD, but we want to take that also into other indications.

Thomas Schinecker: We've also published positive five-year data in Type 1 SMA. So there, we have had positive readouts for food allergies, and we see really strong pickup. We have already treated more than 15,000 patients, and we do expect that this is going to contribute to growth this year and also next year. VABYSMO, what can I say, doing fantastically well.

We've also published positive five-year data in Type 1 SMA. So there, we have had positive readouts for food allergies, and we see really strong pickup. We have already treated more than 15,000 patients, and we do expect that this is going to contribute to growth this year and also next year.

Speaker Change: <unk>.

Speaker Change: <unk> published post this five year data.

Speaker Change: And I already covered the diagnostics let.

Speaker Change: In type one SMA.

Speaker Change: Let me just highlight. Four key launches in diagnostics, one is the <unk> and Cabos C seven or three which gives us up to 100% higher throughput really important for the large labs around the world. And with that we are really solidifying our big advantage that we have over other companies when it comes to our portfolio we've completely over the last year's rejuvenating, our core lab portfolio and we bring new.

Speaker Change: Four key launches in diagnostics, one is the <unk> and Cabos C seven or three which gives us up to 100% higher throughput really important for the large labs around the world.

Speaker Change: We've had the positive readouts for food allergy and we see really strong pickup.

We've completely over the last years rejuvenated our core lab portfolio, and we bring new systems to the market, mass spectrometry being one of them, which can be integrated into the cobas pro solution. And there is a synergy effect and a pull-through because this is also going to support our growth rate in clean chemistry, and immunochemistry. And we've already see that, and there is really high desire for customers to have that. If they could take it with them after they see it, they would have. Unfortunately, it's too heavy for them to put it into the suitcase, but I can tell you.

<unk> already treated more than 15000 patients and we do expect that this is going to contribute to growth. This year and also next year.

And with that we are really solidifying our big advantage that we have over other companies when it comes to our portfolio we've completely over the last year's rejuvenating, our core lab portfolio and we bring new.

VABYSMO, what can I say, doing fantastically well. There is really a strong momentum here, and this momentum will be further supported by, on the one hand, the US approval of the pre-filled syringe, also by the four-year follow-up data in DME, but also as we get more and more approvals, also for additional indications around the world, this will continuously support our growth rate. Let me also say we don't see any impact from the J codes on the 1st of April in the US for the Regeneron molecule, and also [inaudible] gives us another option, first now in AMD, but we want to take that also into other indications. And I already covered diagnostics.

Speaker Change: But the <unk>, what can I say doing fantastically well.

Thomas Schinecker: There is really a strong momentum here, and this momentum will be further supported by, on the one hand, the US approval of the pre-filled syringe, also by the four-year follow-up data in DME, but also as we get more and more approvals, also for additional indications around the world, this will continuously support our growth rate. Let me also say we don't see any impact from the J codes on the 1st of April in the US for the Regeneron molecule, and also [inaudible] gives us another option, first now in AMD, but we want to take that also into other indications. And I already covered diagnostics. Let me just highlight four key launches in diagnostics.

There is really a strong momentum here, and this momentum will be further supported by, on the one hand, the US approval of the pre-filled syringe, also by the four-year follow-up data in DME, but also as we get more and more approvals, also for additional indications around the world, this will continuously support our growth rate. Let me also say we don't see any impact from the J codes on the 1st of April in the US for the Regeneron molecule, and also [inaudible] gives us another option, first now in AMD, but we want to take that also into other indications. And I already covered diagnostics.

Speaker Change: Or is it really a strong momentum here and this momentum will be further supported by on the one hand, the U S approval of the pre filled syringe.

Speaker Change: Also by the four year follow up data in the <unk>.

Speaker Change: So some sort of market mass spectrometry being one of them, which can be integrated into the <unk> pro solution and there is a synergy effect and the pull through because this is also going to support our growth rate in clean chemistry, and immuno chemistry, and we already see that in there is really. Hi desire for customers to have that if they could take it with them after they see it. Would have. Unfortunately, it's too heavy for them to put it into the suitcase, but I can tell you.

Speaker Change: But also as we.

Speaker Change: Get more and more approvals also for additional indications around the world This will continuously.

And we've already see that, and there is really high desire for customers to have that. If they could take it with them after they see it, they would have. Unfortunately, it's too heavy for them to put it into the suitcase, but I can tell you we're definitely open to take orders.

Speaker Change: Support our growth rate.

Speaker Change: Let me I'll, just say, we don't see any impact from the J codes.

Speaker Change: Hi desire for customers to have that if they could take it with them after they see it. Would have.

First of April in the U S for that.

Speaker Change: Regeneron molecule.

Speaker Change: Would have.

Speaker Change: And also it's a C. Moore gives us another option first now in AMD, but we want to take that also into other indications.

Speaker Change: Unfortunately, it's too heavy for them to put it into the suitcase, but I can tell you.

Speaker Change: We're definitely open to take orders. Continuous glucose monitoring space. Diabetes is one of the biggest. Biggest growth markets. Now bring in a solution that is differentiated in terms of the algorithms. So really excited to see that and that should give us new momentum in diabetes care Lastly, next generation sequencing, where we're making very good progress and we believe we have a really differentiated solution.

We're definitely open to take orders. Continuous glucose monitoring space. Diabetes is one of the biggest. Biggest growth markets. Now bring in a solution that is differentiated in terms of the algorithms. So really excited to see that and that should give us new momentum in diabetes care

We're definitely open to take orders.

Continuous glucose monitoring space for diabetes is one of the biggest growth markets. We now bring in a solution that is differentiated in terms of the algorithms. So, really excited to see that and that should give us new momentum in diabetes care. Lastly, next generation sequencing, where we're making very good progress and we believe we have a really differentiated solution.

Speaker Change: Continuous glucose monitoring space. Diabetes is one of the biggest. Biggest growth markets. Now bring in a solution that is differentiated in terms of the algorithms. So really excited to see that and that should give us new momentum in diabetes care Lastly, next generation sequencing, where we're making very good progress and we believe we have a really differentiated solution.

Let me just highlight four key launches in diagnostics. One is the ISE NEO and the COBA C703, which gives us up to 100% higher throughput, really important for the large labs around the world. And with that, we are really solidifying our big advantage that we have over other companies when it comes to our portfolio. We've completely over the last years rejuvenated our core lab portfolio, and we bring new systems to the market, mass spectrometry being one of them, which can be integrated into the COBAS Pro solution. And there's a synergy effect and a pull-through because this is also going to support growth rates in clean chemistry and immunochemistry. And we already see that, and there is really a high desire for customers to have that. If they could take it with them after they saw it, they would have. Unfortunately, it's too heavy for them to put it into their suitcases, but I can tell you we're definitely open to taking orders.

Speaker Change: And I already covered the diagnostics let.

Speaker Change: Diabetes is one of the biggest. Biggest growth markets. Now bring in a solution that is differentiated in terms of the algorithms. So really excited to see that and that should give us new momentum in diabetes care Lastly, next generation sequencing, where we're making very good progress and we believe we have a really differentiated solution.

Thomas Schinecker: One is the ISE NEO and the COBA C703, which gives us up to 100% higher throughput, really important for the large labs around the world. And with that, we are really solidifying our big advantage that we have over other companies when it comes to our portfolio. We've completely over the last years rejuvenated our core lab portfolio, and we bring new systems to the market, mass spectrometry being one of them, which can be integrated into the COBAS Pro solution.

Speaker Change: Let me just highlight.

Speaker Change: Biggest growth markets. Now bring in a solution that is differentiated in terms of the algorithms. So really excited to see that and that should give us new momentum in diabetes care Lastly, next generation sequencing, where we're making very good progress and we believe we have a really differentiated solution.

Speaker Change: Our key launches in diagnostics one is.

Speaker Change: Now bring in a solution that is differentiated in terms of the algorithms. So really excited to see that and that should give us new momentum in diabetes care Lastly, next generation sequencing, where we're making very good progress and we believe we have a really differentiated solution.

Speaker Change: As EMEA and Kobo <unk> III.

Speaker Change: Which gives us up to 100% higher throughput really important for the large labs around the world.

Lastly, next generation sequencing, where we're making very good progress and we believe we have a really differentiated solution.

Lastly, next generation sequencing, where we're making very good progress and we believe we have a really differentiated solution compared to what's on the market day, when it comes to throughput and cost position. Now, let me just briefly highlight some progress on our key strategic initiatives. We've revised our 10-year goals, which we rolled out at the beginning of the year. We've revised our group strategy, which we've discussed with the Board this week, and which we have also worked with people in our company. So this is being rolled out the same goes for the pharma strategy, where we clarified the tenure direction and our five therapeutic areas, which are the ones. We always show to you as well in the diagnostic side, we actually refined our strategy in 2020 and at that time, we shifted about 500 million Swiss francs in R&D.

Speaker Change: Compared to what's on the market day, when it comes to throughput and cost position. Now let me just briefly highlight some progress on our key strategic initiatives. We've revised our 10 year goals, which we rolled out at the beginning of the year, we've revised our group strategy, which we've discussed with the board this week and which we have also worked with. With people in our company. So this is being rolled out the same goes for the pharma strategy, where we clarified the tenure direction and our five therapeutic areas, which are the ones. We always show to you as well in the diagnostic side, we actually refined our strategy in 2020 and at that time, we shifted about 500 million Swiss francs in R&D.

Now, let me just briefly highlight some progress on our key strategic initiatives. We've revised our 10-year goals, which we rolled out at the beginning of the year. We've revised our group strategy, which we've discussed with the Board this week, and which we have also worked with people in our company.

Speaker Change: Now let me just briefly highlight some progress on our key strategic initiatives. We've revised our 10 year goals, which we rolled out at the beginning of the year, we've revised our group strategy, which we've discussed with the board this week and which we have also worked with.

Speaker Change: Systems to the market mass spectrometry being one of them, which can be integrated into the <unk> pro solution and there is a synergy effect and the pull through because this is also going to support our growth rate in clean chemistry, and immuno chemistry, and we already see that in there is really.

Thomas Schinecker: And there's a synergy effect and a pull-through because this is also going to support growth rates in clean chemistry and immunochemistry. And we already see that, and there is really a high desire for customers to have that. If they could take it with them after they saw it, they would have. Unfortunately, it's too heavy for them to put it into their suitcases, but I can tell you we're definitely open to taking orders.

Speaker Change: We've revised our 10 year goals, which we rolled out at the beginning of the year, we've revised our group strategy, which we've discussed with the board this week and which we have also worked with.

So this is being rolled out the same goes for the Pharma strategy, where we clarified the 10-year direction in our five therapeutic areas, which are the ones we always show to you as well. In the Diagnostic side, we actually refined our strategy in 2020. And at that time, we shifted about CHF 500 million in R&D to

So, this is being rolled out the same goes for the Pharma strategy, where we clarified the 10-year direction in our five therapeutic areas, which are the ones we always show to you as well.

Speaker Change: With people in our company. So this is being rolled out the same goes for the pharma strategy, where we clarified the tenure direction and our five therapeutic areas, which are the ones. We always show to you as well in the diagnostic side, we actually refined our strategy in 2020 and at that time, we shifted about 500 million Swiss francs in R&D.

Speaker Change: Hi, <unk>.

Speaker Change: Customers to have that if they could take it with them after they see it.

Speaker Change: Would have.

Speaker Change: Unfortunately, it's too heavy for them to put it into the suitcase, but I can tell you.

In the Diagnostic side, we actually refined our strategy in 2020. And at that time, we shifted about CHF 500 million in R&D to development of certain assays, really high medical value assays, and also technologies, really accelerating some of these activities that can mass spec CGM next-generation sequencing and point of care. And you can see that paying off with all the launches are coming through in diagnostics. Digital side, we really focused our efforts.

Speaker Change: We are definitely open to take orders continuous glucose monitoring space for diabetes is one of the.

Thomas Schinecker: Continuous glucose monitoring space for diabetes, one of the biggest growth markets. We now bring in a solution that is differentiated in terms of the algorithms. So I'm really excited to see that, and that should give us new momentum in diabetes care. Lastly, next-generation sequencing, we're making very good progress, and we believe we have a really differentiated solution compared to what's on the market today when it comes to throughput and cost [inaudible].

Speaker Change: Two developments of certain assays. Really high medical value assays, and also technologies really accelerating some of these activities that can mass spec CGM next generation sequencing and point of care and you can see that paying off with all the launches are coming through in diagnostics. Digital side, we really focused our efforts.

Speaker Change: The biggest growth markets, we now bring in.

Speaker Change: Really high medical value assays, and also technologies really accelerating some of these activities that can mass spec CGM next generation sequencing and point of care and you can see that paying off with all the launches are coming through in diagnostics.

Speaker Change: A solution that is differentiated in terms of the algorithms. So really excited to see that and that should give us new momentum in diabetes care. Lastly, next generation sequencing, we were making very good progress and we believe we have a really differentiated solution compared to what's on the market day when it comes to.

Speaker Change: Digital side, we really focused our efforts.

On the Digital side, we really focused our digital health efforts setting clear priorities on really making our core business stronger with digital solutions on how we can differentiate. Also, focusing very much in Generative AI, where we have some key people in our organization that are driving that forward and with some partnerships for example, with NVIDIA. On R&D excellence and I have an additional slide on that we set a clear roadmap on how to achieve our productivity targets you see a lot of the activity that we've done over the last.

Speaker Change: Setting clear priorities on really. Making our core business stronger with digital solutions on how we can differentiate also. <unk> very much in generative AI, where we have some key people in our organization that are driving that forward and with some partnerships for example, with Nvidia. On R&D excellence and I have an additional slide on that we set a clear roadmap on how to achieve our productivity targets you see a lot of the activity that we've done over the last.

Speaker Change: Making our core business stronger with digital solutions on how we can differentiate also. <unk> very much in generative AI, where we have some key people in our organization that are driving that forward and with some partnerships for example, with Nvidia.

Speaker Change: <unk> throughput and cost position.

Thomas Schinecker: Now, let me just briefly highlight some progress on our key strategic initiatives. We've revised our 10-year goals, which we rolled out at the beginning of the year. We've revised our group strategy, which we discussed with the board this week, and which we have also worked with people in our company, so this is being rolled out.

Speaker Change: Now let me just briefly highlight some progress on our key strategic initiatives.

Speaker Change: <unk> very much in generative AI, where we have some key people in our organization that are driving that forward and with some partnerships for example, with Nvidia.

We've revised our 10 year goals, which we rolled out at the beginning of the year, we've revised our group strategy, which we've discussed with the board this week and which we have also worked with.

On R&D excellence, and I have an additional slide on that, we set a clear roadmap on how to achieve our productivity targets. You see a lot of the activity that we've done over the last months. We're really focusing our portfolio on a best-in-disease and first-in-class assets. We're augmenting our pipeline by bringing in great effort from the outside. And with that we can accelerate the key assets, where we believe it has the biggest opportunity and we can gain a lot of speed.

Speaker Change: On R&D excellence and I have an additional slide on that we set a clear roadmap on how to achieve our productivity targets you see a lot of the activity that we've done over the last.

Speaker Change: With people in our company. So this is being rolled out the same goes for the pharma strategy, where we clarify the 10 year direction and our five therapeutic areas, which are the ones. We always show to you as well in the diagnostic side, we actually refined our strategy in 2020 and at that time, we shifted about 500 million Swiss francs in R&D.

Thomas Schinecker: The same goes for the pharma strategy, where we clarified the 10-year direction for our five therapeutic areas, which are the ones we always show to you as well. On the diagnostic side, we actually refined our strategy in 2020. And at that time, we shifted about 500 million Swiss francs in R&D to the development of certain assays, really high medical value assays, and also technologies, really accelerating some of these activities, like mass spec, CGM, and next-generation sequencing point of care. And you can see that paying off with all the launches that are coming through in diagnostics.

Speaker Change: Months, we're really focusing our portfolio on a best in disease and first in class assets, whereas mentoring our pipeline by bringing in great effort from the outside. And with that we can accelerate the key assets, where we believe it has the biggest opportunity and and we can gain the most speed.

Speaker Change: And with that we can accelerate the key assets, where we believe it has the biggest opportunity and and we can gain the most speed.

Speaker Change: Two developments of certain assets.

Speaker Change: Additionally, we are constantly working on our operational excellence. So, I believe that there are plenty of opportunities to still become a more efficient organization without losing any innovation and just making sure that the money that we have available, which is enough is really focused on projects that will deliver impact.

Speaker Change: Really high medical value assays, and also technologies really accelerating some of these activities that can mass spec CGM next generation sequencing point of care and you can see that paying off with all the launches are coming through in diagnostics.

Speaker Change: Plenty of opportunities to still become a more efficient organization without losing any innovation and just making sure that the money that we have available which is enough is really focused on projects that will deliver impact.

Thomas Schinecker: And you can see that paying off with all the launches that are coming through in diagnostics. On the digital side, we really focused our digital health efforts, setting peer priorities on really making our core business stronger with digital solutions on how we can differentiate. Also, we are focusing very much on generative AI, where we have some key people in our organization that are driving that forward and with some partnerships, for example, with NVIDIA.

And you can see that paying off with all the launches that are coming through in diagnostics.

Speaker Change: On the digital side, we really focused our digital health efforts.

On the digital side, we really focused our digital health efforts, setting peer priorities on really making our core business stronger with digital solutions on how we can differentiate. Also, we are focusing very much on generative AI, where we have some key people in our organization that are driving that forward and with some partnerships, for example, with NVIDIA.

Speaker Change: Setting clear priorities.

Speaker Change: Not really.

Speaker Change: Just very briefly and you'll get much more of an update on R&D excellence and all the fantastic progress that has been made in the autumn. But just the longest six areas, we set very clear and ambitious R&D objectives. And these are triggered into the bonus system and the MBOs for our people and we've defined clear roadmap on how to achieve these productivity levers.

Speaker Change: Making our core business stronger with digital solutions on how we can differentiate also.

Speaker Change: Focusing very much in generative AI, where we have some key people in our organization that are driving that forward and with some partnerships for example, with Nvidia.

Speaker Change: In the autumn, but just the longest six areas, we set very clear and ambitious R&D objectives.

Speaker Change: And these are triggered into the bonus system and N B Ost for our. People and we've defined clear roadmap on how to achieve these productivity levers. Already last year defines the bar. So the bar is five criteria that each molecule needs to have in order to be worth being in our pipeline and we constantly assess.

And these are triggered into the bonus system and N B Ost for our. People and we've defined clear roadmap on how to achieve these productivity levers.

Thomas Schinecker: On R&D excellence, and I have an additional slide on that, we set a clear roadmap on how to achieve our productivity targets. You see a lot of the activity that we've done over the last months. We are really focusing our portfolio on the best indices and first-in-class assets. We are augmenting our pipeline by bringing in great assets from the outside. And with that, we can accelerate the key assets where we believe this has the biggest opportunity, and we can gain a lot of speed. Additionally, we are constantly working on operational excellence.

On R&D excellence, and I have an additional slide on that, we set a clear roadmap on how to achieve our productivity targets. You see a lot of the activity that we've done over the last months. We are really focusing our portfolio on the best indices and first-in-class assets. We are augmenting our pipeline by bringing in great assets from the outside. And with that, we can accelerate the key assets where we believe this has the biggest opportunity, and we can gain a lot of speed.

Speaker Change: People and we've defined clear roadmap on how to achieve these productivity levers. Already last year defines the bar. So the bar is five criteria that each molecule needs to have in order to be worth being in our pipeline and we constantly assess.

We've already last year defined the bar. So, the bar is five criteria that each molecule needs to have in order to be worth being in our pipeline and we constantly assess our pipeline to the start. This has meant also that we have stopped the number of assets, but we've already brought in assets. We also accelerating other assets. So, you can really see that we are managing our portfolio really holistically and you can expect us that this is now kind of routine.

Speaker Change: Months, we're really focusing our portfolio on a best in disease and first in class assets, whereas mentoring our pipeline by bringing in great assets from the outside.

Speaker Change: Already last year defines the bar. So the bar is five criteria that each molecule needs to have in order to be worth being in our pipeline and we constantly assess.

Speaker Change: And with that we can accelerate the key assets, where we believe it has the biggest opportunity and and we can gain a low speed.

Speaker Change: Our pipeline.

Speaker Change: This has meant also that we have stopped the number of assets, but we've already brought in assets. We also accelerating out of assets. So you can really see that we are managing our portfolio really holistically and you can expect us that this is now kind of routine.

Speaker Change: Additionally, we are constantly working on operational excellence, so I believe that there.

Additionally, we are constantly working on operational excellence. So I believe that there are plenty of opportunities to still become a more efficient organization without losing any innovation and just making sure that the money that we have available, which is enough, is really focused on projects that will deliver impact.

Thomas Schinecker: So I believe that there are plenty of opportunities to still become a more efficient organization without losing any innovation and just making sure that the money that we have available, which is enough, is really focused on projects that will deliver impact. Just very briefly, and you will get much more of an update on R&D excellence and all the fantastic progress that has been made in the autumn. But just in these six areas, we set very clear and ambitious R&D objectives, and these are triggered into the bonus system and MBOs for our people.

So I believe that there are plenty of opportunities to still become a more efficient organization without losing any innovation and just making sure that the money that we have available, which is enough, is really focused on projects that will deliver impact.

Speaker Change: Thank you have opportunities to still become a more efficient organization without losing any innovation and just making sure that the money that we have available which is enough really.

Speaker Change: We established end-to-end governance. It's really making sure that our organization works seamlessly between the different R&D engines. Also that we have a high gates. So that's as we move into the different phases, we have de-risked our assets much earlier. We've accessed some of the best external innovation, we're really optimizing R&D engines and looking at investing into technologies like Generative AI. But there's definitely opportunities to become even better and this is a big focus.

Speaker Change: It's really making sure that our organization works seamlessly between the different R&D engines. Also that we have a high gates. So that's as we move into the different phases, we have derisked.

Speaker Change: Really focused on projects that will deliver impact.

Speaker Change: Also that we have a high gates. So that's as we move into the different phases, we have derisked.

Just very briefly, and you will get much more of an update on R&D excellence and all the fantastic progress that has been made in the autumn. But just in these six areas, we set very clear and ambitious R&D objectives, and these are triggered into the bonus system and MBOs for our people. And we've defined clear roadmaps on how to achieve this productivity leverage. We already defined the bar last year. So the bar is five criteria that each molecule needs to have in order to be worth being in our pipeline. And we constantly assess our pipeline against this bar. This has also meant that we stopped a number of assets, but we've also brought in assets, we're also accelerating other assets. So you can really see that we're managing our portfolio really holistically, and you can expect that this is now kind of routine. We established end-to-end governance, really making sure that our organization works seamlessly between the different R&D engines.

Speaker Change: Just very briefly.

Speaker Change: Get much more of an update on R&D excellence all the fantastic progress that has been made.

Speaker Change: Our assets much earlier, we've exited some of the best external innovation, we're really optimizing R&D engines and looking at investing into technologies like generative AI, but theres definitely opportunities to become even better and this is a big focus.

Speaker Change: Awesome.

Speaker Change: Just a longer six areas, we set very clear and ambitious R&D objectives, and this triggered into the bonus system and <unk> for our people and we.

Thomas Schinecker: And we've defined clear roadmaps on how to achieve this productivity leverage. We already defined the bar last year. So the bar is five criteria that each molecule needs to have in order to be worth being in our pipeline.

Speaker Change: If I am clear roadmap on how to achieve these productivity levers.

Speaker Change: The other focus was around talent and culture and mindset really bringing some of the best people into the organization to make sure that we have key people for different--five different disease areas and we rolled out a high performance organization concept in the beginning of the organization, really differentiating awesome performance and pay.

Speaker Change: <unk>.

Speaker Change: Already last year defines the bar. So the bar is five criteria that each molecule needs to have in order to be worth being in our pipeline and we constantly assess.

Thomas Schinecker: And we constantly assess our pipeline against this bar. This has also meant that we stopped a number of assets, but we've also brought in assets, we're also accelerating other assets. So you can really see that we're managing our portfolio really holistically, and you can expect that this is now kind of routine. We established end-to-end governance, really making sure that our organization works seamlessly between the different R&D engines.

Speaker Change: Pipeline.

Speaker Change: <unk> differentiating awesome performance and pay. Right now let me give you a brief outlook. Over the last. Nine years, we've launched 20, new medicines peer sky. It's the last one the C five. [laughter] inhibitor. <unk> has been launched in China, Japan, and the U S. We will continue to roll it out in other countries. We will also continue to expand into other indications.

<unk> differentiating awesome performance and pay.

Speaker Change: This is meant to also that we have stopped the number of assets that we've already brought in assets. We also accelerating out of assets. So you can really see that we are managing our portfolio really holistically and you can expect us that this is now kind of routine.

Right? Now, let me give you a brief outlook. Over the last nine years, we've launched 20 new medicines, PIASKY is the last one, the C5 inhibitor. This has been launched in China, Japan, and the U.S. We will continue to roll it out in other countries. We will also continue to expand into other indications.

Speaker Change: Right now let me give you a brief outlook. Over the last. Nine years, we've launched 20, new medicines peer sky. It's the last one the C five. [laughter] inhibitor. <unk> has been launched in China, Japan, and the U S. We will continue to roll it out in other countries. We will also continue to expand into other indications.

Speaker Change: Over the last. Nine years, we've launched 20, new medicines peer sky. It's the last one the C five. [laughter] inhibitor. <unk> has been launched in China, Japan, and the U S. We will continue to roll it out in other countries. We will also continue to expand into other indications.

Speaker Change: Nine years, we've launched 20, new medicines peer sky. It's the last one the C five. [laughter] inhibitor. <unk> has been launched in China, Japan, and the U S. We will continue to roll it out in other countries. We will also continue to expand into other indications.

Speaker Change: It's the last one the C five. [laughter] inhibitor. <unk> has been launched in China, Japan, and the U S. We will continue to roll it out in other countries. We will also continue to expand into other indications.

We established end to end governance.

Speaker Change: [laughter] inhibitor. <unk> has been launched in China, Japan, and the U S. We will continue to roll it out in other countries. We will also continue to expand into other indications.

Speaker Change: Really making sure that our organization works seamlessly between the different R&D engine.

Speaker Change: <unk> has been launched in China, Japan, and the U S. We will continue to roll it out in other countries. We will also continue to expand into other indications.

Speaker Change: We will continue to roll it out in other countries. We will also continue to expand into other indications.

Thomas Schinecker: Also, we have high gates so that as we move things into the different phases, we have de-risked our assets much earlier. We've accessed some of the best external innovation. We're really optimizing our R&D engines and looking at investing in technologies like generative AI, but there are definitely opportunities to become even better at this and it's a big focus. The other focus was around talent, culture, and mindset, really bringing some of the best people into the organization to make sure that we have key people for the five different disease areas. And we rolled out the high performance organization concept in the beginning of the organization, really differentiating also in performance and pay.

Speaker Change: Also that we have high gates, so that as we move into the different phases, we have de risked.

Speaker Change: INAVOLISIB I believe I've covered already fantastic new medicines, fantastic data. And it has received priority review by the FDA and breakthrough therapy designation really showing that this is really great molecule. We'll take it into earlier lines, but also into other cancers. So, there is a big opportunity here with INAVOLISIB. On the right hand side, you can see our <unk>. Pharma sales and how much of the Newport. What's the percentage of. The contribution from the new portfolio and do you see that keeps increasing.

INAVOLISIB I believe I've covered already fantastic new medicines, fantastic data. And it has received priority review by the FDA and breakthrough therapy designation really showing that this is really great molecule. We'll take it into earlier lines, but also into other cancers. So, there is a big opportunity here with INAVOLISIB.

Speaker Change: Assets much earlier, we've exited some of the best external innovation, we're really optimizing R&D engines and looking at investing in technology.

Speaker Change: And it has received priority review by the FDA and breakthrough therapy designation really showing that this is really great molecule will take it into earlier lines, but also into other cancers. So there is a big opportunity here with this it.

Speaker Change: Technologies like generative AI, but theres definitely opportunities to become even better.

Speaker Change: And it's a big focus.

Thomas Schinecker: And we rolled out the high performance organization concept in the beginning of the organization, really differentiating also in performance and pay. Now let me give you a brief outlook. You know, over the last nine years, we've launched 20 new medicines; PiaSky is the last one, the C5 inhibitor. This has been launched in China, Japan, and the US.

And we rolled out the high performance organization concept in the beginning of the organization, really differentiating also in performance and pay.

On the right hand side, you can see our Pharma sales and how much of the new--what's the percentage of the contribution from the new portfolio. And you do you see that keeps increasing. With RONAPREVE going out, the increases would have been even higher if that wouldn't have gone up.

Speaker Change: The other focus was around talent and culture and mindset really bringing some of the best people into the organization to make sure that we have key people for different five different disease areas and we rolled out a high performance organization concept in the beginning of the organization really differentiating also.

Speaker Change: On the right hand side, you can see our <unk>. Pharma sales and how much of the Newport. What's the percentage of. The contribution from the new portfolio and do you see that keeps increasing.

Speaker Change: Pharma sales and how much of the Newport. What's the percentage of. The contribution from the new portfolio and do you see that keeps increasing.

Speaker Change: What's the percentage of. The contribution from the new portfolio and do you see that keeps increasing.

Now let me give you a brief outlook. You know, over the last nine years, we've launched 20 new medicines; PiaSky is the last one, the C5 inhibitor. This has been launched in China, Japan, and the US. We will continue to roll it out in other countries. We will also continue to expand into other indications. Inavolisib, I believe I've covered already, a fantastic new medicine, fantastic data, and it has received prior review by the FDA and breakthrough therapy designation, really showing that this is a really great molecule. We'll take it into early alliance, but also into other cancers, so there is a big opportunity here with Inavolisib.

Speaker Change: The contribution from the new portfolio and do you see that keeps increasing.

Speaker Change: With RONAPREVE going out, the increases would have been even higher if that wouldn't have gone up. Now, we have a number of key growth drivers on the Pharma side and on the Diagnostic side. On the Pharma side, we all know the Pharma, there

With RONAPREVE going out, the increases would have been even higher if that wouldn't have gone up.

Speaker Change: The increases would have been even higher if that.

Speaker Change: It wouldn't have gone up.

Now, we have a number of key growth drivers on the Pharma side and on the Diagnostic side. On the Pharma side, we all know the Pharma, there are certain risks in development only one out of 10 medicines at the end makes it. Even in Phase III only about 70%, 75%. If you look at the industry average actually it makes it through Phase III. So, not all of them will make it. But we're confident that with what we have in the pipeline and what we'll continue to add to the pipeline, that we can continue our growth momentum.

Speaker Change: Performance and pay.

Speaker Change: Now we have a number of key growth drivers.

Thomas Schinecker: We will continue to roll it out in other countries. We will also continue to expand into other indications. Inavolisib, I believe I've covered already, a fantastic new medicine, fantastic data, and it has received prior review by the FDA and breakthrough therapy designation, really showing that this is a really great molecule. We'll take it into early alliance, but also into other cancers, so there is a big opportunity here with Inavolisib.

Speaker Change: Alright, now let me give you a brief outlook.

Speaker Change: On the pharma side and on the diagnostic side on the pharma side, we all know the farmer.

Speaker Change: Over the last.

Speaker Change: Nine years, we've launched 20, new medicines peer sky.

Speaker Change: There are certain risks in development only one out of 10 medicines at it makes it even in phase III only about 70%, 75%. If you look at the industry average actually it makes it through phase III, so not all of them will make it but we. We're confident that with what we have in the pipeline and what we'll continue to add to the pipeline that we can continue our growth momentum.

Speaker Change: It's the last one the <unk>.

Speaker Change: Inhibitor.

Speaker Change: <unk> has been launched in China, Japan, and the U S.

Speaker Change: We will continue to roll it out in other countries. We will also continue to expand into other indications.

Speaker Change: We're confident that with what we have in the pipeline and what we'll continue to add to the pipeline that we can continue our growth momentum.

Speaker Change: I believe I covered already fantastic New medicine fantastic data.

Thomas Schinecker: On the right-hand side, you can see our pharma sales and what's the percentage of the contribution from the new portfolio, and you see that keeps increasing. With RonaPreef going out, you know, the increases would have been even higher if that wouldn't have gone up.

<unk> has received priority review by the FDA and breakthrough therapy designation really showing that this is really great molecule will take it into earlier lines, but also into other cancers. So there is a big opportunity here with this.

Speaker Change: On the Diagnostics side, let me just say, here projects are de-risked much earlier. And in fact, the last year before the launches really mostly handover from manufacturing--from R&D to manufacturing. So, there is not a lot of risk in terms of the pipeline here.

Speaker Change: Just say here projects are de risked much more. Much earlier and in fact last year before the launches really most of the handover of manufacturing from R&D to manufacturing so. There is not a lot of risk in terms of the pipeline here let.

Speaker Change: Much earlier and in fact last year before the launches really most of the handover of manufacturing from R&D to manufacturing so. There is not a lot of risk in terms of the pipeline here let.

Speaker Change: There is not a lot of risk in terms of the pipeline here let.

Speaker Change: On the right hand side you can see.

Speaker Change: Pharma sales and how much of it.

Speaker Change: Let me just highlight some of them. We mentioned also in the recent release, TIRAGOLUMAB where we had disappointing data in SKY-6. Here, this is about SKY-1, but we have reviewed TIRAGOLUMAB program. We've had two more programs that we stopped and you can be assured that we will be diligent around this as well. As I mentioned, they've ERISA we. Highlighted that the <unk> that we have a phase III start here against some competitive molecules. We believe this is potential best best in disease elevate as I mentioned the filing.

Let me just highlight some of them. We mentioned also in the recent release, TIRAGOLUMAB where we had disappointing data in SKY-6. Here, this is about SKY-1, but we have reviewed TIRAGOLUMAB program. We've had two more programs that we stopped and you can be assured that we will be diligent around this as well.

Speaker Change: What's the percentage of the.

Speaker Change: I mentioned also in the recent release, a typical them up where we had disappointing data in sky six.

Speaker Change: The contribution from the new portfolio and do you see that keeps increasing.

Speaker Change: With rolling out <unk> going out.

Speaker Change: Here. This is about sky, one, but we have reviewed our typical map program. We've had two more programs that we stopped and you can be.

Speaker Change: The increases would have been even higher if that.

Speaker Change: It wouldn't have gone up.

Thomas Schinecker: Now, we have a number of key growth drivers on the pharma side and on the diagnostic side. On the pharma side, we all know that pharma, there are certain risks in development; only one out of 10 medicines at the end makes it. Even in phase III, only about 70 to 75%, if you look at the industry average actually make it through phase III, so not all of them will make it, but we're confident that with what we have in the pipeline and what we'll continue to add to the pipeline, that we can continue our growth momentum. On the diagnostic side, let me just say, here projects are de-risked much earlier, and in fact, the last year before launch is really mostly a handover from R&D to manufacturing. So there is not a lot of risk in terms of the pipeline here. Let me just highlight some of them.

Now, we have a number of key growth drivers on the pharma side and on the diagnostic side. On the pharma side, we all know that pharma, there are certain risks in development; only one out of 10 medicines at the end makes it. Even in phase III, only about 70 to 75%, if you look at the industry average actually make it through phase III, so not all of them will make it, but we're confident that with what we have in the pipeline and what we'll continue to add to the pipeline, that we can continue our growth momentum. On the diagnostic side, let me just say, here projects are de-risked much earlier, and in fact, the last year before launch is really mostly a handover from R&D to manufacturing. So there is not a lot of risk in terms of the pipeline here.

Speaker Change: Now we have a number of key growth drivers.

Speaker Change: On the pharma side and on the diagnostic side on the pharma side, we all know pharma.

Speaker Change: Be assured that we will be diligent around this as well. As I mentioned, they've ERISA we. Highlighted that the <unk> that we have a phase III start here against some competitive molecules. We believe this is potential best best in disease elevate as I mentioned the filing.

As I mentioned, DIVARASIB we highlighted at ASCO that we have a Phase III start here against some competitive molecules. We believe this is potential best-in-disease. ELEVIDYS as I mentioned the filing in the EU.

As I mentioned, DIVARASIB we highlighted at ASCO that we have a Phase III start here against some competitive molecules. We believe this is potential best-in-disease.

Speaker Change: As I mentioned, they've ERISA we. Highlighted that the <unk> that we have a phase III start here against some competitive molecules. We believe this is potential best best in disease elevate as I mentioned the filing.

There are certain risks in development only one out of 10 medicines at the it makes it even in phase III only about 70% to 75%. If you look at the industry average actually it makes it through phase III, so not all of them will make it but.

Speaker Change: Highlighted that the <unk> that we have a phase III start here against some competitive molecules. We believe this is potential best best in disease elevate as I mentioned the filing.

ELEVIDYS as I mentioned the filing in the EU. So, we've received--the conversations were very positive with the regulatory bodies. ASO factor B was disclosed also that unfortunately, that Phase III didn't work, but it's goods that we de-risk the Phase II. So, that's exactly what we wanted to do and we know that geographic atrophy are very hard to treat disease. Treats disease I don't think I have to cover a lot about the obesity and I'm sure you will have a number of questions about that I already mentioned the launches on the diagnostics side really excited how this is developing.

Thomas Schinecker: but we're confident that with what we have in the pipeline and what we'll continue to add to the pipeline, that we can continue our growth momentum. On the diagnostic side, let me just say, here projects are de-risked much earlier, and in fact, the last year before launch is really mostly a handover from R&D to manufacturing. So there is not a lot of risk in terms of the pipeline here. Let me just highlight some of them.

Speaker Change: In the EU. So we've received. The conversations were very positive with the regulatory bodies is a peak. In fact, the B whats disclosed also that's unfortunately, that's a phase II didnt work, but it's goods that we de risk the phase II. So that's exactly what we wanted to do and we know that geographic atrophy is very hard to do.

Speaker Change: We are confident that with what we have in the pipeline and what we'll continue to add to the pipeline that we can continue our growth momentum.

Speaker Change: The conversations were very positive with the regulatory bodies is a peak.

Speaker Change: In fact, the B whats disclosed also that's unfortunately, that's a phase II didnt work, but it's goods that we de risk the phase II. So that's exactly what we wanted to do and we know that geographic atrophy is very hard to do.

Speaker Change: On the diagnostics side.

Speaker Change: Just say here projects are de risked much more.

Speaker Change: Much earlier and in fact, the last year before the launches really most of the handover from manufacturing from R&D to manufacturing. So as there is not a lot of risk in terms of the pipeline here.

I don't think I have to cover a lot about the obesity and I'm sure you will have a number of questions about that. I already mentioned the launches on the Diagnostics side, really excited how this is developing.

Speaker Change: Treats disease I don't think I have to cover a lot about the obesity and I'm sure you will have a number of questions about that I already mentioned the launches on the diagnostics side really excited how this is developing.

Let me just highlight some of them. We mentioned also in the recent release, TIRAGOLUMAB, where we had disappointing data in Sky 6. Here, this is about Sky 1 but we have reviewed our TIRAGOLUMAB program. We've had two more programs that we stopped, and you can be ensured that we will be diligent around this as well. [inaudible] we highlighted at ASCO that we have a phase III start here in some competitive molecules. We believe this is potentially best [inaudible]. [inaudible] mentioned a filing in the EU, so the conversations were very positive with the regulatory body. Factor B was disclosed also that, unfortunately, phase II didn't work, but it's good that we derisked in phase II, so that's exactly what we want to do. And we know that geographic atrophy is a very hard to treat disease. I don't think I have to cover a lot about obesity, and I'm sure you'll have a number of questions about that.

Thomas Schinecker: We mentioned also in the recent release, TIRAGOLUMAB, where we had disappointing data in Sky 6. Here, this is about Sky 1 but we have reviewed our TIRAGOLUMAB program. We've had two more programs that we stopped, and you can be ensured that we will be diligent around this as well. [inaudible] we highlighted at ASCO that we have a phase III start here in some competitive molecules. We believe this is potentially best [inaudible]. [inaudible] mentioned a filing in the EU, so the conversations were very positive with the regulatory body. Factor B was disclosed also that, unfortunately, phase II didn't work,

Speaker Change: Let me just highlight some of them.

Speaker Change: <unk> mentioned.

Speaker Change: Also in the recent release typical them up where we had disappointing data in <unk>.

Speaker Change: We have a very positive outlook for 2024 with a continued strong growth in our base business. There is not so much COVID effects anymore, and also the LOE impact is less. So, we can confirm our guidance on the group sales. And we do believe that with the momentum we have, this will carry us into 2025 as well.

Speaker Change: This is about <unk>.

Speaker Change: But we have reviewed our typical map program. We've had two more programs that we stopped and you can.

Speaker Change: Be assured that we will be diligent.

Speaker Change: Around this as well.

Speaker Change: As I mentioned, Dave ERISA, we.

Speaker Change: Into 2025 as well overall. Overall, I mentioned the sales, but we increase our core EPS outlook to now a high single digit growth in core EPS because of the strong momentum that we have in terms of operating profit growth as well and a strong cost control.

Into 2025 as well

Overall, I mentioned the sales, but we increase our core EPS outlook to now a high single digit growth in core EPS, because of the strong momentum that we have in terms of operating profit growth as well in the strong cost control. And you can imagine that we are shifting a lot of funds to really make sure that the money is put to good use and in places where we have the biggest impact I still see opportunities to continue to do that so that we will continue to in this year increase our margin and for future is at least maintain if not exceed it.

Speaker Change: Overall, I mentioned the sales, but we increase our core EPS outlook to now a high single digit growth in core EPS because of the strong momentum that we have in terms of operating profit growth as well and a strong cost control.

Speaker Change: Highlighted at <unk> that we have a phase III start here against some competitive molecules. We believe this is potential best best in disease elevated I mentioned the filing.

Speaker Change: In the EU. So we've received.

And you can imagine that we are shifting a lot of funds to really make sure that the money is put to good use, and in places where we have the biggest impact. I still see opportunities to continue to do that, so that we will continue to--in this year increase our margin and for future is at least maintain if not extend our margins.

Speaker Change: The conversations are very positive with the regulatory bodies.

Speaker Change: And you can imagine that we are shifting a lot of funds to really make sure that the money is put to good use and in places where we have the biggest impact I still see opportunities to continue to do that so that we will continue to in this year increase our margin and for future is at least maintain if not exceed it.

Thomas Schinecker: but it's good that we derisked in phase II, so that's exactly what we want to do. And we know that geographic atrophy is a very hard to treat disease.

Speaker Change: The B what's disclosed.

Speaker Change: <unk> also that unfortunately that phase two didnt work, but it's goods that we de risk the phase II. So that's exactly what we wanted to do and we know that geographic atrophy is very hard to do.

Speaker Change: I don't think I have to cover a lot about the obesity and I'm sure you'll have a number of questions about that I already mentioned the launches on the diagnostics side really excited how this.

Speaker Change: With that, I hand over to Alan that will give you a bit more of a deep dive into the finances.

Alan Hippe: Thanks, Thomas. Yes, I think you've seen the great sales dynamic and when you bring that together with a reasonable resource allocation. I think you end up with great results. And I think that's what we've shown in the first half. And before I dig into this let me do a little bit of advertising about the upcoming IR events, there's a lot going on.

Speaker Change: Is developing.

Alan: Yeah, I think you've seen as a great sales dynamic and when you bring that together with a reasonable resource allocation I think you end up with great results and I think that's what we've shown in the first half and before I dig into this let me do a little bit of advertising.

Thomas Schinecker: I don't think I have to cover a lot about obesity, and I'm sure you'll have a number of questions about that. I already mentioned the launches on the diagnostic side. I'm really excited about how this is developing. We have a very positive outlook for 2024 with continued strong growth in our base business. There are not so many COVID effects anymore, and also the LOE impact is less, so we can confirm our guidance on group sales.

I don't think I have to cover a lot about obesity, and I'm sure you'll have a number of questions about that.

Speaker Change: We have a very positive outlook for 2024 with a continued strong growth in our base business.

I already mentioned the launches on the diagnostic side. I'm really excited about how this is developing. We have a very positive outlook for 2024 with continued strong growth in our base business. There are not so many COVID effects anymore, and also the LOE impact is less, so we can confirm our guidance on group sales. And we do believe that with the momentum we have, this will carry us into 2025 as well.

Speaker Change: Not so much cover the FX anymore and also the low impact is less so.

Alan: about the upcoming IR events, there's a lot going on. I think really September, a big months for us, and great months to look forward to share full data of the positive Phase I for <unk>. So the injectable onto obesity side and also phase one Cte 99, six so the aura and obesity at the European Association for the Study of Diabetes.

about the upcoming IR events, there's a lot going on.

Speaker Change: We confirm our guidance on the on the group sales and we do believe that with the momentum we have it will carry us into 2025 as well overall.

Alan: There's a lot going on I think really September big months for us and a great months to look forward to share full data of the positive phase one for <unk>. So the injectable onto obesity side and also phase one Cte 99, six so the aura and obesity.

Thomas Schinecker: And we do believe that with the momentum we have, this will carry us into 2025 as well. Overall, I mentioned sales, but we increased our core EPS outlook to now a high single-digit growth in core EPS because of the strong momentum that we have in terms of operating profit growth as well as strong cost control. And you can imagine that we're moving a lot of funds to really make sure that the money is put to good use

And we do believe that with the momentum we have, this will carry us into 2025 as well.

I think really September, a big months for us, and great months to look forward to. We'll share full data of the positive Phase I for CT-388, so the injectable onto obesity side, and also Phase I CT-996, so the oral in obesity at the European Association for the Study of Diabetes.

Speaker Change: Overall.

Overall, I mentioned sales, but we increased our core EPS outlook to now a high single-digit growth in core EPS because of the strong momentum that we have in terms of operating profit growth as well as strong cost control. And you can imagine that we're moving a lot of funds to really make sure that the money is put to good use and in places where we have the biggest impact, I still see opportunities to continue to do that so that we will continue to, this year, increase our margin and, for future years, at least maintain, if not extend our margins. With that, I hand over to Alan, who will give you a bit more of a deep dive into the finances.

Speaker Change: Mentioned, the sales, but we increase our core EPS outlook to now a high single digit growth in core EPS because of the strong momentum that we have in terms of operating profit growth as well and the strong cost control.

Alan: At the European Association for the study of diabetes. On to slide that's followed by the traditional pharma day with updates on our group strategy and the pharma strategy. So it's surely also an update on R&D excellence and then in October we'll share the trunk turn them up.

At the European Association for the study of diabetes.

See that on the slide, that's followed by the traditional Pharma Day with updates on our group strategy and the Pharma strategy. So, it's surely also an update on R&D excellence. And then in October, we'll share the TRONTINEMAB Phase I/IIb expansion cohort data in Alzheimer's disease at the clinical trials on Alzheimer's disease Conference.

Speaker Change: On to slide that's followed by the traditional pharma day with updates on our group strategy and the pharma strategy. So it's surely also an update on R&D excellence and then in October we'll share the trunk turn them up.

Speaker Change: And you can imagine that we are shifting a lot of funds to really make sure that the money is put to good use and in places where we have the biggest impact I still see opportunities to continue to do that so that we will continue to increase our margin and for future is at least maintain if not exceed it.

Thomas Schinecker: and in places where we have the biggest impact, I still see opportunities to continue to do that so that we will continue to, this year, increase our margin and, for future years, at least maintain, if not extend our margins. With that, I hand over to Alan, who will give you a bit more of a deep dive into the finances.

Speaker Change: As one to be expansion cohort data in Alzheimer's disease at the clinical trials on Alzheimer's disease Conference.

Speaker Change: Good, let's get into the results. And I think it's really a great set of numbers. So, let me start on the sales side, and Matt and Teresa will do a great deal to dig deeper into the sales. So, let me mention again, the 5% growth in constant rates, 8% when you exclude the COVID impact. You see the core operating profit up 11%, even 4% when it comes to Swiss francs. I think great momentum here from good cost, cost control, resource allocation, and prioritization.

Speaker Change: Extended modules with that I hand over to Alan that will give you a bit more of a deep dive into the financials.

Speaker Change: And I think it's really a great set of numbers. So let me start on the sales side and and methane Televisa would do a great deal to dig deeper into the sales so let.

Alan Hippe: Thanks Thomas. I think you've seen the great sales dynamic and when you bring that together with reasonable resource allocation, I think you end up with great results. And I think that's what we've shown in the first half.

Alan: Thanks Thomas.

Alan: Yes, I think you've seen as a great sales dynamic and when you bring that together with reasonable resource allocation I think you end up with great results and I think that's what we've shown in the first half and before I dig into this let me do a little bit of advertising.

Speaker Change: Let me mention again, the 5% growth in constant rates, 8% when you exclude the COVID-19 impacts you'll see the cooperating profit up 11%, even 4% when it comes to Swiss francs, I think great momentum here from good cost cost control resource allocation and prioritization.

Alan: About the upcoming IR events.

A lot going on.

Alan: I think really September big months for us and a great months to look forward to share full data of the positive phase one for <unk>. So the injectable onto obesity side and also phase one Cte 99, six so the aura and obesity.

Speaker Change: And then you see really the core net income with 8% increase. So, where is the mitigation of dynamic coming from? And that comes on one hand from the financial result, higher debt on the balance sheet, therefore, higher interest charges. And second is taxes. That's the minimum tax in Switzerland. The Pillar 2 top-up tax, which certainly led to higher tax charges

Speaker Change: The mitigation of dynamic coming from and that comes on one hand from the financial result, higher debt on our balance sheet, therefore, higher interest charges and second is taxes.

Speaker Change: That's the minimum of Texan, Switzerland. The pillar two top opex. Suddenly led to higher tax charges and then you'll see the core net income to core EPS, 9%. So we have a higher dynamic dynamic in the core EPS Teresa who'll talk about sugar I'm sure in Japan.

That's the minimum of Texan, Switzerland. The pillar two top opex. Suddenly led to higher tax charges

Alan: The European Association for the study of diabetes see that on the slide that's followed by the traditional pharma day with updates on the group strategy and the pharma strategy. So it's surely also an update on R&D excellence and then in October we'll share the truck turn them up.

Speaker Change: The pillar two top opex. Suddenly led to higher tax charges and then you'll see the core net income to core EPS, 9%. So we have a higher dynamic dynamic in the core EPS Teresa who'll talk about sugar I'm sure in Japan.

Speaker Change: Suddenly led to higher tax charges and then you'll see the core net income to core EPS, 9%. So we have a higher dynamic dynamic in the core EPS Teresa who'll talk about sugar I'm sure in Japan.

And then you'll see the core net income to core EPS, 9%. So, we have a higher dynamic in the core EPS. Teresa will talk about Chugai, I'm sure, in Japan. And there, certainly we see a reduction in sales coming from COVID on top of that, really, I think the contribution from Chugai was a bit lower compared to the first half of 2023. And that leads to a higher dynamic in core EPS.

Alan: As one to be expansion cohort data in Alzheimer's disease at the clinical trials on Alzheimer's disease Conference.

Teresa: And then suddenly we see a reduction in sales coming from Covid on top of that are really I'd say the contribution from sugar I was a bit lower compared to the first half of 2023 and that leads to a higher dynamic in core EPS.

Alan: And before I dig into this, let me do a little bit of advertising about the upcoming IR events. There's a lot going on. I think really September is a big month for us and a great month to look forward to. We will share full data of the positive phase one for CT3 at eight, so the injectable on the obesity side, and also phase I CT996, so the oral in obesity at the European Association for the Study of Diabetes. See that on the slide. And that's followed by the traditional Pharma Day with updates on the group strategy and the pharma strategy, so surely also an update on R&D excellence. And then in October, we will share the Trontinamab phase I2B expansion core data in Alzheimer's disease at the Clinical Trials for Alzheimer's Disease Conference.

Alan: Good let's get into the results.

Alan: We will share full data of the positive phase one for CT3 at eight, so the injectable on the obesity side, and also phase one CT996. So the oral in obesity at the European Association for the Study of Diabetes.

Alan: See that on the slide. And that's followed by the traditional Pharma Day with updates on the group strategy and the pharma strategy, so surely also an update on R&D excellence. And then in October, we will share the Trontinamab phase I2B expansion core data in Alzheimer's disease at the Clinical Trials for Alzheimer's Disease Conference. Good, let's get into the results.

See that on the slide. And that's followed by the traditional Pharma Day with updates on the group strategy and the pharma strategy, so surely also an update on R&D excellence. And then in October, we will share the Trontinamab phase I2B expansion core data in Alzheimer's disease at the Clinical Trials for Alzheimer's Disease Conference.

Alan: And I think it's really up.

Speaker Change: Set of numbers. So let me start on the sales side and and met at Televisa will do a great deal to dig deeper into the sales so.

Speaker Change: IFRS net income impacted by impairments with the minus 4%. And then the operating free cash flow look so boring with 8 billion in both half years, but in fact, we overcompensated an impact coming from RONAPREVE last year. We had an inflow from RONAPREVE of about 1 billion.

Good, let's get into the results. And I think it's a really great set of numbers. So let me start on the sales side. And Matt and Teresa will do a great deal to dig deeper into the sales. So let me mention again the 5% growth in constant rates, 8% when you exclude the COVID impacts. You see the cooperating profit up 11%, even 4% when it comes to Swiss francs. I think great momentum here from good cost, cost control, resource allocation, and prioritization. And then you see the really cornered income with an 8% increase so where is the mitigation of dynamic coming from? That comes on the one hand from the financial result, higher debt on a balance sheet, therefore higher interest charges and second is taxes. There's the minimum tax in Switzerland, the pillar two top-up tax, which certainly led to higher tax charges.

Alan: And I think it's a really great set of numbers. So let me start on the sales side. And Matt and Teresa will do a great deal to dig deeper into the sales. So let me mention again the 5% growth in constant rates, 8% when you exclude the COVID impacts. You see the cooperating profit up 11%, even 4% when it comes to Swiss francs. I think great momentum here from good cost, cost control, resource allocation, and prioritization. And then you see the really cornered income with an 8% increase so where is the mitigation of dynamic coming from?

Speaker Change: Let me you mentioned again, the 5% growth in constant rates, 8% when you exclude the COVID-19 impacts you'll see the core operating profit up 11%, even 4% when it comes to Swiss francs, I think great momentum here from good cost cost control resource allocation and prioritization.

Speaker Change: And I think we'd be compensated this first half. So, really, really strong cash generation. Free cash flow with the plus 1%. Why do we lose dynamic compared to the operating free cash flow? That's clear, because we have shifted last year a tax payment for the first half to the second half.

Speaker Change: And then you see really the core net income was <unk>, 8% increase so where is the mitigation of dynamic coming from that comes on one hand from the financial result, higher debt on our balance sheet, therefore, higher interest charges and second is taxes.

Alan: That comes on the one hand from the financial result, higher debt on a balance sheet, therefore higher interest charges and second is taxes. There's the minimum tax in Switzerland, the pillar two top-up tax, which certainly led to higher tax charges.

Speaker Change: Good. Very quickly on the sales bridge for the group. What you see is from left to right, you see half year 2023 was 29.8 billion. You see half year 2024, with the 20.8 billion, certainly in constant rates plus 5%. And then you see really the diabase business was to increase, you see the dire COVID sales impact of a minus 242 million. Then you see the significant impact from the Pharma portfolio very positively. Then you see what we lost on the RONAPREVE sales 518 million and then the loss of exclusivity of 600 million. If you added that together, you come to a minus 1.4 billion, which worked against us half year to half year.

Speaker Change: The minimum tax in Switzerland.

Speaker Change: Quickly on the sales bridge for the group. What you see is from left to right you see half year 2023 was $29 8 billion Youll see half year 2020, $4 billion to $28 billion suddenly and concentrates plus 5% and then you see really the diabase business was to increase you'll see the dire cobot sales impact of minus 240.

The pillar two top opex.

Speaker Change: What you see is from left to right you see half year 2023 was $29 8 billion Youll see half year 2020, $4 billion to $28 billion suddenly and concentrates plus 5% and then you see really the diabase business was to increase you'll see the dire cobot sales impact of minus 240.

Speaker Change: Which suddenly led to higher tax charges and then you'll see the core net income to core EPS, 9% there'll be a higher dynamic dynamic in the core EPS.

Alan: And then you see the cornered income to core EPS, 9%. So we have a higher dynamic in the core EPS. Teresa will talk about sugar, I'm sure, in Japan. And there certainly, we see a reduction in sales coming from COVID. On top of that, really, I think the contribution from sugar was a bit lower compared to the first half of 2023 and that leads to a higher dynamic in core EPS. IFRS net income impacted by impairments with minus 4%.

Alan: And certainly, we see a reduction in sales coming from COVID. On top of that, really, I think the contribution from sugar was a bit lower compared to the first half of 2023. And that leads to a higher dynamic in core EPS. IFRS net income impacted by impairments with minus 4%.

Speaker Change: The reason I will talk about sugar I'm sure in Japan.

Speaker Change: And then suddenly we see a reduction in sales coming from Covid on top of that.

Speaker Change: I think the contribution from sugar I was a bit lower compared to the first half 2023 and that leads to a higher dynamic than core EPS <unk>.

Speaker Change: 2 million, then you'll see the significant impact from the pharma portfolio very positively then you'll see what we lost on the Rona pre sales $518 million and then the loss of exclusivity of $600 million. If you added that together you come to a minus one 4 billion, which worked against us a half year to half year.

Net income impacted by impairments with the minus 4% and then the operating free cash flow looks so boring was $8 billion in both hobbyists, but in fact, we overcompensated an impact coming from.

Alan: And then the operating free cash flow looks so boring with 8 billion in both half years. But in fact, we overcompensated for an impact coming from Rona brief last year. We had an inflow from Rona brief of about a billion, and I think we compensated for that this first half, so really, really strong cash generation.

Speaker Change: When you look really at the P&L, I think really 5% sales growth, 11% core operating profit growth where I mentioned, a couple of times already in constant rates. When you look at the absolute number, it's a 1.5 billion and the core operating profit of 1.1 billion. And when you go through the lines. Let me go through that first I think in the other revenue that's been collect store and Thats all took soulja. Yeah. It was the great data on food allergies, which certainly helps us here, you'll see the cost of sales was a minus 168 million.

When you look really at the P&L, I think really 5% sales growth, 11% core operating profit growth where I mentioned, a couple of times already in constant rates. When you look at the absolute number, it's a 1.5 billion and the core operating profit of 1.1 billion.

Speaker Change: Rona free of last year, we had an inflow from rona proof of about $1 billion.

Speaker Change: And I think we compensated. This this first half so really really strong cash generation free cash flow was still up plus 1% why do we lose dynamic compared to the operating free cash flow. That's clear because we have shifted last year tax payment for the first half to the second half.

Alan: Free cash flow with a plus 1%, why do we lose dynamic compared to the operating free cash flow? That's clear because we shifted last year the tax payment from the first half to the second.

And when you go through the lines. Let me go through that first. I think in the other revenue that's been VENCLEXTA and that's also XOLAIR. Yeah, with the great data on food allergies, which certainly helps us here. You see the cost of sales was a minus 168 million.

Speaker Change: And when you go through the lines. Let me go through that first I think in the other revenue that's been collect store and Thats all took soulja. Yeah. It was the great data on food allergies, which certainly helps us here, you'll see the cost of sales was a minus 168 million.

Alan: Good. Very quickly on the sales bridge for the group. What you see is from left to right, you see half year 2023 with 29.8 billion; you see half year 2024 with the 20.8 billion certainly at constant rates plus 5%. And then you really see the DIA base business with the increase; you see the DIA COVID sales impact of minus 242 million; then you see the significant impact from the pharma portfolio very positively.

Speaker Change: Good very quickly on the sales bridge for the group.

You see the cost of sales was a minus 168 million. Both divisions had significant volume increase, so the group plus 10% Dia, plus 4%, plus 13% even. And we have a very reasonable cost of sales increase was 2%. Nevertheless, we had any effect from last year. Last year, we released a provision at half year COVID-related provision of 276 million. If you were adjusting for this, cost of sales would have even gone down. So, I think very, very good cost control in that line. Same applies to R&D.

Alan: Then you see what we lost on the RONA brief sales, 518 million and then the loss of exclusivity at 600 million. If you added that together, you come to a minus 1.4 billion, which worked against us half year to [inaudible]. When you look really at the P&L, I think really 5% sales growth and 11% co-operating profit growth were mentioned a couple of times already at constant rates. When you look at the absolute number, it's the 1.5 billion and the co-operating profit of 1.1 billion. And when you go through the lines, let me go through that first.

Speaker Change: You see it from left to right you will see half year 2023. It was $29 8 billion Youll see half year 2024, with the $28 billion suddenly and concentrates plus 5% and then you see really the dire base business with the increase you see the dire Kobe sales the impact of a minus 242.

Speaker Change: Both divisions had significant volume increase those as a group plus 10% die of plus 4% plus 13% even.

Speaker Change: And. We have a very reasonable cost of sales increase was 2%. Nevertheless, we had any effect from last year last year, we released a provision at half year Covid related provision of $276 million. If you were adjusting for this cost of sales would have even gone down. So I think very very good cost control and deadline same applies to R&D.

Speaker Change: We have a very reasonable cost of sales increase was 2%. Nevertheless, we had any effect from last year last year, we released a provision at half year Covid related provision of $276 million. If you were adjusting for this cost of sales would have even gone down. So I think very very good cost control and deadline same applies to R&D.

Speaker Change: Then you'll see the significant impact from the pharma portfolio very positively then you'll see what we lost on the Rona pre sales $518 million and then the loss of exclusivity of $600 million. If you added that together you come to a minus one 4 billion, which worked against us a half year to half year.

Same applies to R&D. We know we have a relatively high R&D level. Nevertheless, you see really both divisions very focused on applying here, a very very reasonable allocation of resources, and we move on as we have really higher impacts now coming from other compounds. And therefore, I think putting the portfolio makes a lot of sense.

Speaker Change: We know we have a relatively high R&D level. Nevertheless, you see really both divisions. Very focused on applying here, a very very reasonable allocation. Allocation of resources and we move on as we have really higher impacts now coming from other from other compounds and therefore, I think putting the portfolio makes a lot of sense.

Speaker Change: Very focused on applying here, a very very reasonable allocation. Allocation of resources and we move on as we have really higher impacts now coming from other from other compounds and therefore, I think putting the portfolio makes a lot of sense.

When you look at the P&L.

Speaker Change: I think <unk>, 5% sales growth, 11% cooperating profit grows where I mentioned, a couple of times already and constant rates. When you look at the absolute number it's a $1 5 billion and are cooperating profit of $1 1 billion.

Speaker Change: Allocation of resources and we move on as we have really higher impacts now coming from other from other compounds and therefore, I think putting the portfolio makes a lot of sense.

Speaker Change: SG&A. SG&A driven by mAb, mAb increased by 111 million and explains the growth that you see here. That means automatically corporate and administration were flat, even a slight decrease year. So, also here, well applied cost control. And then really other operating income and expenses was a minus 212 million, minus 30%. We sell our tail end products, where we have lost exclusivity really after a certain period, we do that on a very regular basis.

Speaker Change: And when you go through the lines. Let me go through that first I think in the other revenue that's been click store and Thats all took solar with the great data on food allergies, which certainly helps US here you can see the cost of sales was a minus $168 million.

Alan: I think in the other revenue, that's when [inaudible] and that's also Xolia with the great data on food allergies, which certainly helps us here. You see, the cost of sales was minus 168 million. Both divisions had significant volume increase. There was a group plus 10%, buyer plus 4%, and pharma plus 13% even. And we have a very reasonable cost of sales increase of 2%. Nevertheless, we had an effect from last year. Last year, we released a provision at half-year COVID-related provision of 276 million. If you were adjusting for this, the cost of sales would even have gone down. So I think very, very good cost control in that line.

Speaker Change: Both divisions had significant volume increase also grew plus 10% die of plus 4% from plus 13% even.

Speaker Change: We sell our tail end products, where we have lost exclusivity really after a certain period, we do that on a very regular basis. In the first half 2024, we had lower gains on divestment proposals of 225 million. So that explains that number very well what is remarkable is.

We sell our tail end products, where we have lost exclusivity really after a certain period, we do that on a very regular basis.

Speaker Change: And.

We have a very reasonable cost of sales increase was 2%. Nevertheless, we had an effect from last year last year, we released a provision at half year Covid related provision of $276 million. If you were adjusting for this cost of sales would have even gone down. So I think very very good cost control and deadline same applies to R&D.

In the first half 2024, we had lower gains on divestment proposals of 225 million. So, that explains that number very well. What is remarkable is when you take the release of the provision, the cost of sales line of 276 million, which was a base effect from last year, and you take as a reduction of gains of product divestments of 225 million, that's a 501 million, which basically worked against us. So, when you take that into account you see how strong results really are.

Alan: If you were adjusting for this, the cost of sales would even have gone down. So I think very, very good cost control in that line. The same applies to R&D. We know we have a relatively high R&D level. Nevertheless, you see that both divisions were very focused on applying a very, very reasonable allocation of resources.

If you were adjusting for this, the cost of sales would even have gone down. So I think very, very good cost control in that line.

Speaker Change: Is when you take the release of the provision the cost of sales line of 276 million, which was a base effect from last year and you take as a reduction of gains of product divestments of 225 million, that's a $501 million, which basically worked against us. So when you take that into account you see how strong.

Speaker Change: We know we have a relatively high R&D level. Nevertheless, you see really both divisions.

The same applies to R&D. We know we have a relatively high R&D level. Nevertheless, you see that both divisions were very focused on applying a very, very reasonable allocation of resources. And we move on as we have really higher impacts now coming from other compounds. And therefore, I think the portfolio makes a lot of sense.

Speaker Change: Very focused on applying here.

Speaker Change: Very reasonable.

Alan: And we move on as we have really higher impacts now coming from other compounds. And therefore, I think the portfolio makes a lot of sense.

Speaker Change: Results really are. Okay with that I think the margins I think I have to mention that I think margin really wind up with a plus one nine percentage points in constant rates farmer.

Results really are.

Okay. With that, I've seen the margins. I think I have to mention that, I think margin really went up with a plus 1.9 percentage points in constant rates. Pharma division went up with roughly 1 percentage point. And the Diagnostics division was a strong plus 3.3 percentage points. As Thomas has said, ambition is very clear, really maintaining where that level somehow and then really defending the margin moving on. So, I think a great step forward here.

Speaker Change: Okay with that I think the margins I think I have to mention that I think margin really wind up with a plus one nine percentage points in constant rates farmer.

Alan: SG&A, SG&A driven by M&D, M&D increased by 111 million and explains the growth that you see here. That means automatically that corporate and administration were flat, even a slight decrease here. So also here, well-applied cost control. And then really other operating income and expenses were minus 212 million, minus 30%. We sell our tail-end products where we have lost exclusivity really after a certain period. We do that on a very regular basis.

G&A SG&A driven by M&A M&A increased by $111 million of expansive growth that you see here that means automatically corporate administration were flat, even a slight decrease year. So also here well tight cost control and then really other operating income and expenses was a minus 212 million minus 30%.

Speaker Change: Pharma Division went up with roughly one percentage point. And the diagnostics Division was a strong plus 3.3 percentage points as Thomas has said ambition is very clear. Really maintaining where that level somehow and then really defending the margin moving on so I think it took a great step forward here.

Speaker Change: And the diagnostics Division was a strong plus 3.3 percentage points as Thomas has said ambition is very clear. Really maintaining where that level somehow and then really defending the margin moving on so I think it took a great step forward here.

Speaker Change: Really maintaining where that level somehow and then really defending the margin moving on so I think it took a great step forward here.

Speaker Change: We send we sell our tailored products, where we have lost exclusivity really after a certain period, we do that on a very regular basis in the first half 2024, we had lower gains on divestments.

Speaker Change: Core Lab financial results deteriorated by CHF 276 million, when you get constant rates of minus 306 million, major drivers obvious high interest expenses. We have done M&A last year of about 10 billion. You will see that mirrors certainly on the debt side, that's the major driver here. I think all the rest are more minor impacts.

Speaker Change: Poses of $225 million.

Alan: In the first half of 2024, we had lower gains on divestment proposals of 225 million, so that explains that number very well. What is remarkable is when you take the release of the provision, the cost of sales line of 276 million, which was a base effect from last year, and you take the reduction in gains from product divestment of 225 million, that's 501 million, which basically worked against us. So when you take that into account, you see how strong these results really are.

Speaker Change: Paints that number very well what is remarkable is when you take the release of the provision the cost of sales line of 276 million, which was a base effect from last year and you take as a reduction of gains of product divestment of $225 million, that's a $501 million, which basically worked again.

Speaker Change: Yeah, I think all the rest are more minor impacts. When you look at the core tax rate quite a story, we went from the effective tax rate, 69% Javier to SAR 23 to 17, 3% half year 2024, and we have two components. One is the impact of the pillar two top opex. So the the minimum tax which was applied in Switzerland relatively proactively I have to say.

Yeah, I think all the rest are more minor impacts.

When you look at the core tax rate quite a story. We went from the effective tax rate 16.9% half year 2023 to 17.3% half year 2024. And we have two components. One is the impact of the Pillar 2 top-up tax. So, the minimum tax which was applied in Switzerland relatively proactively I have to say.

Javier: When you look at the core tax rate quite a story, we went from the effective tax rate, 69% Javier to SAR 23 to 17, 3% half year 2024, and we have two components. One is the impact of the pillar two top opex. So the the minimum tax which was applied in Switzerland relatively proactively I have to say.

Speaker Change: So when you take that into account you see how strong these results really are.

Alan: Okay, with that, I think the margins, I think I have to mention that I think margin really went up by plus 1.9 percentage points in constant rates. The Pharma division went up by roughly one percentage point. And the diagnostics division was a strong plus 3.3 percentage points. As Thomas has said, that ambition is very clear, really maintaining that level somehow and then really defending the margin moving on, so I think a great step forward here. Cornett's financial results deteriorated by 276 million Swiss francs.

Okay, with that, I think the margins, I think I have to mention that I think margin really went up by plus 1.9 percentage points in constant rates. The Pharma division went up by roughly one percentage point. And the diagnostics division was a strong plus 3.3 percentage points. As Thomas has said, that ambition is very clear, really maintaining that level somehow and then really defending the margin moving on, so I think a great step forward here.

Speaker Change: Okay with that I think the margins I think I have to mention that I think margin really wind up with plus one nine percentage points in constant rates.

Javier: You see now a 1.8 percentage points impact here, so slightly higher than the 1.5 percentage points. Why is that? While we have paid a little bit more on the first half than we will pay in the second half. So, I think that's one element here.

Speaker Change: Pharma Division went up with roughly one percentage point.

Speaker Change: And the diagnostics Division was a strong plus three three percentage points as Thomas has said ambition is very clear.

Speaker Change: What is certainly nice to see is a reduction on our, let's say normal corporate tax rate of 15.5% compared to a 16.9% at half year 2023. And here, the major impact is really a profit distribution in the group. So, that's a little bit of an unusual setup that we're having here. Let me say,

What is certainly nice to see is a reduction on our, let's say normal corporate tax rate of 15.5% compared to a 16.9% at half year 2023. And here, the major impact is really a profit distribution in the group. So, that's a little bit of an unusual setup that we're having here.

Alan: Really maintaining that level somehow and then really defending the margin moving on. So I think a great step forward here. Cornett's financial results deteriorated by 276 million Swiss francs.

Speaker Change: Really maintaining that level somehow and then really defending the margin moving on so I think we've got a great step forward here.

Cornet's financial results deteriorated by 276 million Swiss francs. When you get constant rates of minus 306 million, the major driver is obvious, high interest expenses. We did M&A last year of about 10 billion. You will see that mirrors are certainly on the bedside. That's the major driver here. I think all the rest are more minor impacts.

Speaker Change: Core net financial result.

Speaker Change: Curated by 276 million in Swiss francs, when Youll get concentrates of minus $306 million major driver is obvious higher interest expenses.

Alan: When you get constant rates of minus 306 million, the major driver is obvious, high interest expenses. We did M&A last year of about 10 billion. You will see that mirrors are certainly on the bedside.

Let me say, I mentioned that the group tax rate should go to 19.5% on the full year. I think that's perhaps more on the higher side, perhaps 19% is a better figure at this stage. But very clear, there will be certainly--will be a little bit of a rebalancing of the effective tax rate.

Javier: No. I mentioned that the group tax rate would go to 19, 5% on the full on a full year I think that's perhaps more on the higher side, perhaps 19% is a better figure at this stage, but very clear there will be a certainly there will be a little bit of a rebalancing.

Javier: I mentioned that the group tax rate would go to 19, 5% on the full on a full year I think that's perhaps more on the higher side, perhaps 19% is a better figure at this stage, but very clear there will be a certainly there will be a little bit of a rebalancing.

Speaker Change: Have done M&A last year of about $10 billion, you will see that mirrors certainly on the pet side. That's the major driver here I think all the rest are more minor impacts.

Alan: That's the major driver here. I think all the rest are more minor impacts. When you look at the core tax rate, it tells quite a story. We went from the effective tax rate of 16.9% half year 2023 to 17.3% half year 2024.

That's the major driver here. I think all the rest are more minor impacts.

Javier: The core tax rate quite a story, we went from the effective tax rate, 69% Javier to sell 23 to 17, 3% half year 2024, and we have two components. One is the impact of the pillar two top opex. So the the minimum tax which was applied in Switzerland relatively proactively I have to say yes.

When you look at the core tax rate, it tells quite a story. We went from the effective tax rate of 16.9% half year 2023 to 17.3% half year 2024 and we have two components. One is the impact of the pillar two top-up tax. So the minimum tax, which was applied in Switzerland relatively proactively, I have to say, you see now 1.8 percentage points of impact here, so slightly higher than the 1.5 percentage points. Why is that?

Javier: Of the effective tax rate. Okay, Cory PFS development. Well do you see the plus. Plus 8.9. <unk>, 9% on top which is 9%, which we all have mentioned multiple times. And I think this 9% is certainly a great indicator why we thought really bringing up the guidance for core EPS makes sense.

Of the effective tax rate.

Cory: Okay, Cory PFS development. Well do you see the plus.

Okay. Core EPS development. Well, you see the plus 8.9% on top, which is the 9%, which we all have mentioned multiple times. And I think this 9% is certainly a great indicator why we thought really bringing up the guidance for core EPS makes sense, especially for the second half.

Alan: and we have two components. One is the impact of the pillar two top-up tax. So the minimum tax, which was applied in Switzerland relatively proactively, I have to say, you see now 1.8 percentage points of impact here, so slightly higher than the 1.5 percentage points. Why is that?

Well do you see the plus.

Cory: Plus 8.9.

Speaker Change: <unk>, 9% on top which is 9%, which we all have mentioned multiple times.

Speaker Change: And I think this 9% is certainly a great indicator why we thought really bringing up the guidance for core EPS makes sense.

Javier: Now 1.8 percentage points impact here, so slightly higher than the 1.5 percentage points why is that while we have paid a little bit more on the first half than we will pay in the second half. So I think thats one element here.

Speaker Change: Especially for the second half you'll see that come from operations doing very well then the product dispose that I've mentioned Vista minus 225 million financial income and expense in totality with a minus 306 and then the tax rate change was a minus 176, yeah really working against us.

Especially for the second half

You see that come from operations doing very well. Then the product dispose that I've mentioned with the minus 225 million. Financial income and expense in totality with a minus 306, and then the tax rate change was a minus 176, yeah, really working against us.

Javier: What is certainly a nice to see is a reduction year on our per se normal corporate tax rate of 15, 5% compared to a 69% at half year 2023 and here. The major impact is really profit distribution in the group. So that's a little bit of a of an unusual setup that we're having here let me say.

Alan: Well, we paid a little bit more in the first half than we will pay in the second half, so I think that's one element here. What is certainly nice to see is a reduction in our, let's say, normal corporate tax rate of 15.5% compared to 16.9% at half year 2023. And here the major impact is really profit distribution in the group. So that's a little bit of an unusual setup that we are having here.

Speaker Change: Okay. Non-core. On the non-core side, well, starting with the core operating profit plus 11. Then the global restructuring plans, I would argue basically in what we have done also last year, 100 million more. You see really the impairments of intangible assets was the minus 803 million, I would argue that's very well related to what we're doing R&D excellence. So, cleaning up the portfolio, looking really what should be there, what shouldn't be there, making also room to put other stuff into our R&D budget.

Alan: Let me say, I mentioned that the group tax rate should go to 19.5% for the full year. I think that's perhaps more on the higher side; perhaps 19% is a better figure at this stage. But very clear, there will be a little bit of a rebalancing of the effective tax rate. Okay, core EPS development. Well, you see the plus 8.9% on top, which is the 9% we all have mentioned multiple times.

Let me say, I mentioned that the group tax rate should go to 19.5% for the full year. I think that's perhaps more on the higher side; perhaps 19% is a better figure at this stage. But very clear, there will be a little bit of a rebalancing of the effective tax rate.

Javier: No.

Javier: I mentioned that the group tax rates would go to 19, 5% on the full on the full year.

Speaker Change: You see really the impairments of intangible assets was the minus $803 million I would argue that's very well related to what we're doing R&D excellence are cleaning up the portfolio looking at really what should be there, but it shouldn't be there, making also room to put other stuff into our R&D budget M&A and the alliance transactions was a minus 32 million.

You see really the impairments of intangible assets was the minus $803 million I would argue that's very well related to what we're doing R&D excellence are cleaning up the portfolio looking at really what should be there, but it shouldn't be there, making also room to put other stuff into our R&D budget

Javier: That's perhaps more on the higher side, perhaps 19% is a better figure.

At stage, but very clear there will be a certainly there will be a little bit of a rebalancing.

Javier: The effective tax rate.

Javier: Okay core EPS development.

M&A and the alliance transactions was a minus 32 million, some Carmot cost playing into this. And then legal and environmental, I think we had a major release of provision last year, related to a legal case that didn't come back in 2024. And then I think when you put everything together, you see the IRS net income with the decline of minus 4% in constant rates minus 11% interest rates.

Okay, core EPS development. Well, you see the plus 8.9% on top, which is the 9% we all have mentioned multiple times. And I think this 9% is certainly a great indicator why we thought really bringing up the guidance for core EPS makes sense, especially for the second half. You see that comes from operations doing very well, then the product disposal that I've mentioned with the minus 225 million, financial income and expense in totality with a minus 306, and then the tax rate change with a minus 176. Yeah, really working then again.

Speaker Change: Well do you see.

Speaker Change: Some karma cost playing into this and then legal and environmental I think we had a major release of a provision last year related to a legal case that didn't come back in 2024, and then I think when you put everything together you see the IRS net income with the decline of minus 4% at constant rates minus 11% interest.

Speaker Change: Plus eight nine.

Speaker Change: <unk>, 9% on top which is 9%, which we all have mentioned multiple times.

Alan: And I think this 9% is certainly a great indicator why we thought really bringing up the guidance for core EPS makes sense, especially for the second half. You see that comes from operations doing very well, then the product disposal that I've mentioned with the minus 225 million, financial income and expense in totality with a minus 306, and then the tax rate change with a minus 176. Yeah, really working then again.

And I think this 9% is certainly a great indicator why we thought really bringing up the guidance for core EPS makes sense.

Speaker Change: Especially for the second half, you'll see that come through our operations doing very well then the product dispose that I've mentioned with the minus 225 million financial income and expense in totality with a minus 306 and then the tax rate change was minus 176 really working against us.

Speaker Change: Okay. Let me get to the cash flow. Very important for us, as we want to do more M&A and we want to control the debt level, want to control the interest charges. So, I think really, really good when we generate more cash, and we do, as you can see. You see really on the left hand side, seven 7 billion half year 2023, and concentrates and then you get on the right hand side to the $8 4 billion.

Okay. Let me get to the cash flow. Very important for us, as we want to do more M&A and we want to control the debt level, want to control the interest charges. So, I think really, really good when we generate more cash, and we do, as you can see.

Speaker Change: Okay, Let me get to the cash flow very important for us as we want to do more M&A and we want to control the debt level want to control. The interest charges. So I think really really good when we generate more cash than we do as you can see.

Alan: Okay, non-core, on the non-core side, well, starting with the cooperating profit plus 11, then the global restructuring plans, I would argue basically in what we have done also last year, 100 million more, you see really the impairments of intangible assets with the minus 803 million, I would argue that's very well related to what we do in R&D excellence, so cleaning up the portfolio, looking really what should be there, what shouldn't be there, making also room to put other stuff into our R&D budget, M&A and the alliance transactions with a minus 32 million, some Cornett costs playing into this, and then legal and environmental, I think we had a major release of a provision last year related to a legal case that didn't come back in 2024. And then I think when you put everything together, you see the IFRS net income with the decline of minus 4% in constant rates, minus 11% interest rate. Okay, let me get to the cash flow.

Okay, non-core, on the non-core side, well, starting with the cooperating profit plus 11, then the global restructuring plans, I would argue basically in what we have done also last year, 100 million more, you see really the impairments of intangible assets with the minus 803 million, I would argue that's very well related to what we do in R&D excellence, so cleaning up the portfolio, looking really what should be there, what shouldn't be there, making also room to put other stuff into our R&D budget, M&A and the alliance transactions with a minus 32 million, some Cornett costs playing into this, and then legal and environmental, I think we had a major release of a provision last year related to a legal case that didn't come back in 2024. And then I think when you put everything together, you see the IFRS net income with the decline of minus 4% in constant rates, minus 11% interest rate.

Speaker Change: Okay noncore on the noncore side well start when he was the cooperating profit plus 11, then the global restructuring plans.

Speaker Change: You see really on the left hand side, seven 7 billion half year 2023, and concentrates and then you get on the right hand side to the $8 4 billion.

You see really on the left hand side, 7.7 billion half year 2023, in constant rates. And then you get on the right hand side to the 8.4 billion half year, 2024 in constant rates, and you see the bridge.

Speaker Change: Are you basically and what we have done also last year, a $100 million more.

Speaker Change: Half year, 2024, and concentrates and you'll see the bridge. I think the operating performance, it's just great with plus $1 2 billion, you'll see that the net trade working capital movement was a minus $487 million that is the effect from the Rona inflow that we have seen in the first half 2023 suddenly we had positive effects against this and I think all of the other effects.

Half year, 2024, and concentrates and you'll see the bridge.

Speaker Change: You see really the impairments of intangible assets was the minus $803 million I would argue that's very well related to what we're doing R&D excellence are cleaning up the portfolio looking at really what should be there, but it shouldnt be there, making also room to put other stuff into our R&D budget M&A and the alliance transactions was a minus 32 million.

I think the operating performance, it's just great with plus 1.2 billion. You see that the net trade working capital movement was a minus 487 million that is the effect from the RONAPREVE inflow that we have seen in the first half 2023. Certainly, we had positive effects against this. And I think all of the other effects are not very significant, given our good cash flow development, you see the foreign exchange impact even, it's relatively reasonable on the cash flow side.

Speaker Change: I think the operating performance, it's just great with plus $1 2 billion, you'll see that the net trade working capital movement was a minus $487 million that is the effect from the Rona inflow that we have seen in the first half 2023 suddenly we had positive effects against this and I think all of the other effects.

Speaker Change: Not very significant given our good cash flow development, you'll see the foreign exchange impact, even it's relatively reasonable on the cash flow side. Okay. How about that and when we look at the debt level on and off and that's an hour and you.

Not very significant given our good cash flow development, you'll see the foreign exchange impact, even it's relatively reasonable on the cash flow side.

Okay. So, how about that? And when we look at the debt level on end of--and that's now a year-end, look at the end of 2023, with minus 18.7. And if we looked at half year 2024, that's an increase of 6.9 billion. And very clearly, you see in between what it was driven by, on one hand, well, good operating free cash flow generation. I've talked about that. We paid taxes of about 2 billion. We paid a dividend of 7.9 billion. And then we had M&A of 2.5 billion, and that M&A of 2.5, that's Carmot. We paid Carmot

Speaker Change: Okay. How about that and when we look at the debt level on and off and that's an hour and you.

Speaker Change: How about that and when we look at the debt level on and off and that's an hour and you.

Okay, let me get to the cash flow. Very important for us as we want to do more M&A and we want to control the debt level, and we want to control the interest charges. So I think it is really, really good when we generate more cash, and we do, as you can see. You can really see on the left hand side 7.7 billion half year 2023 at constant rates, and then you get on the right hand side to the 8.4 billion half year 2024 at constant rates, and you see the bridge.

Speaker Change: Look at the end of 2023, it was minus $18 seven and we looked at half year 2024, that's an increase of $6 9 billion.

Speaker Change: Right.

Alan: Very important for us as we want to do more M&A and we want to control the debt level, and we want to control the interest charges. So I think it is really, really good when we generate more cash, and we do, as you can see. You can really see on the left hand side 7.7 billion half year 2023 at constant rates, and then you get on the right hand side to the 8.4 billion half year 2024 at constant rates, and you see the bridge.

Speaker Change: And very clearly you see in between what your boss driven by on one hand, well good operating free cash flow generation has talked about that we paid taxes of about 2 billion. We paid a dividend of 7.9 billion and then we had M&A of $2 5 billion and that M&A of two five times, that's Carmen we paid karma.

Speaker Change: You see really on the left hand side, seven 7 billion half year 2023, and constant rates and then you get on the right hand side to the eight 4 billion.

And then we had M&A of 2.5 billion, and that M&A of 2.5 billion, that's Carmot. We paid Carmot USD 3.1 billion, CHF 2.7 billion in the first half of 2024. So let me also mentioned the gross debt on the balance sheet is 34.4 billion. Balance sheet, I think I can cut that short the increase in assets, it's coming from it's coming from carpet.

And then we had M&A of 2.5 billion, and that M&A of 2.5 billion, that's Carmot. We paid Carmot USD 3.1 billion, CHF 2.7 billion in the first half of 2024.

Speaker Change: Half year, 2024, and concentrates and you'll see the bridge.

Speaker Change: I think the operative performance, it's just great with plus $1 2 billion. You see then the net trade working capital movement was a minus $487 million that is the effect from the Rona inflow that we have seen in the first half of 2023 suddenly we had positive effect against it and I think all the other effects.

Speaker Change: The $3 $1 billion $2 7 billion Swiss francs in the first half of 2024.

Alan: I think the operating performance is just great with plus 1.2 billion. You see then the net trade working capital movement with minus 487 million; that is the effect of the Rona Brief inflow that we have seen in the first half of 2023. Certainly, we had positive effects against this, and I think all the other effects are not very significant given a good cash flow development. You see, the foreign exchange impact, even it's relatively reasonable on the cash flow side. Okay, so how about debt?

I think the operating performance is just great with plus 1.2 billion. You see then the net trade working capital movement with minus 487 million; that is the effect of the Rona Brief inflow that we have seen in the first half of 2023. Certainly, we had positive effects against this, and I think all the other effects are not very significant given a good cash flow development. You see, the foreign exchange impact, even it's relatively reasonable on the cash flow side.

So, let me also mentioned the gross debt on the balance sheet is 34.4 billion. Okay. Balance sheet, I think I can cut that short. The increase in assets, it's coming from Carmot, goodwill of roughly 1 billion intangible assets of roughly 1.8 billion. And then you see really the liability is going up, the current liabilities and the non-current liabilities. That's the debt increase I've talked about.

Speaker Change: So let me also mentioned the gross debt on the balance sheet is 34.4 billion. Balance sheet, I think I can cut that short the increase in assets, it's coming from it's coming from carpet.

Speaker Change: Balance sheet, I think I can cut that short the increase in assets, it's coming from it's coming from carpet.

Speaker Change: Not very significant given.

Speaker Change: Good cash flow development, you'll see the foreign exchange impact, even it's relatively reasonable on the cash flow side.

Speaker Change: Could peel off roughly 1 billion intangible assets off roughly $1 8 billion and then you see really the liability is going up the current liabilities and the non current liabilities. That's the debt increase I've talked about.

Okay, so how about debt?

Alan: And when we look at the debt level at the year end, look at the end of 2023, it was minus 18.7. And we look at half year 2024, that's an increase of 6.9 billion. And very clearly, you see in between what it was driven by on the one hand, well, good, operating free cash flow generation, I've talked about that. We paid taxes of about 2 billion, we paid the dividend of 7.9 billion, and then we had M&A of 2.5 billion. And that M&A of 2.5 billion, that's Cornett. We paid Cornett the 3.1 billion US dollars, 2.7 billion Swiss francs in the first half of 2024. So let me also mention the gross debt on the balance sheet is $34.4 billion.

Speaker Change: Okay.

Speaker Change: How about that.

Speaker Change: And when we look at the debt level.

Speaker Change: And off and that's in our <unk>.

Speaker Change: Okay. With that, currencies, on everybody's minds, I think really we see a little bit light at the end of the tunnel. But well, very clearly, I think currency rates are volatile, we cant control them. But what you see is, when you look really at the impact on sales in Q2, it was a minus 2 percentage points. So, while we see the impacts got smaller for half year minus 5 percentage points, a minus 7 percentage points, on core operating profit of minus 8 percentage points on core EPS. If you remain all the currency rates stable until year-end, you see really smaller impacts.

Speaker Change: Yes.

Speaker Change: Look at the end of 2023, it was minus $18 seven and we look at half year 2024, that's an increase of $6 9 billion.

Speaker Change: I think really we see a little bit light at the end of the tunnel, but well very clearly I think currency rates are volatile, we cant control them, but what you see is when you look really at the impact on sales in Q2. It was a minus two percentage points. So well, we see the impacts got smaller for Javier minus five percentage points of minus <unk> <unk>.

Speaker Change: And very clearly youll see in between what you did was driven by on one hand, well good operating free cash flow generation has talked about that we paid taxes of about $2 billion. We paid a dividend of 7.9 billion and then we had M&A of $2 5 billion and that M&A of two five grams, that's carbon we paid karma.

Alan: And that M&A of 2.5 billion, that's Cornett. We paid Cornett the 3.1 billion US dollars, 2.7 billion Swiss francs in the first half of 2024. So let me also mention the gross debt on the balance sheet is $34.4 billion. Okay, balance sheet, I think I can cut that short. The increase in assets is coming from Cornett goodwill of roughly a billion, and intangible assets of roughly 1.8 billion.

And that M&A of 2.5 billion, that's Cornett. We paid Cornett the 3.1 billion US dollars, 2.7 billion Swiss francs in the first half of 2024. So let me also mention the gross debt on the balance sheet is $34.4 billion.

Speaker Change: Seven percentage points on cooperating profit of minus eight percentage points on core EPS. If you remain all the currency rates stable until year end.

Speaker Change: The $3 $1 billion $2 7 billion Swiss francs in the first half of 2024.

Speaker Change: You see really smaller impacts so for full year or minus three percentage points of minus five percentage points for cooperating profit and a minus six percentage points for core EPS and you see on sales based on that modeling, we expect even cero impact. So I think it all goes in the right direction, we had a strengthening of the of the yen yet.

You see really smaller impacts

So, for full year, minus 3 percentage points or minus 5 percentage points for core operating profit and a minus 6 percentage points for core EPS. And you see on sales based on that modeling, we expect even cero impact. So, I think it all goes in the right direction. We had a strengthening of the of the yen yet.

Speaker Change: So let me also mentioned the gross debt on the balance sheet is $34 4 billion.

Okay, balance sheet, I think I can cut that short. The increase in assets is coming from Cornett goodwill of roughly a billion, and intangible assets of roughly 1.8 billion. And then you see really the liabilities going up, the current liabilities and the non-current liabilities, that's the debt increase I've talked about.

Speaker Change: Balance sheet, I think I can cut that short the increase in assets, it's coming from.

We had a strengthening of the of the yen yesterday. So, I think that all helps us a little bit. Let's see how it comes out at year-end. I think Thomas talked about the guidance very clearly. The group sales growth was mid-single-digit sales growth. I think we're a couple of topics in the second half, which I think really, we think we have to take into account and then the core EPS, I think just a derivative of the performance that we have had in the first half.

Speaker Change: It's coming from carpet.

Speaker Change: The day, so I think that all helps us a little bit let's see how it comes out at year end I think Thomas talked about our guidance very clearly as a group sales growth was mid single digit sales growth I think we're a couple of topics in the second half.

Speaker Change: Goodwill off roughly $1 billion.

Speaker Change: Intangible assets off roughly $1 8 billion and then you'll see really the liability is going up the current liabilities and the non current liabilities. That's the debt increase I've talked about.

Alan: And then you see really the liabilities going up, the current liabilities and the non-current liabilities, that's the debt increase I've talked about. Okay, with that, currencies are on everybody's mind.

And then you see really the liabilities going up, the current liabilities and the non-current liabilities, that's the debt increase I've talked about.

Okay, with that, currencies are on everybody's mind. I think really we see a little bit of light at the end of the tunnel, you know, but, very clearly, I think currency rates are volatile; we can't control them. But what you see is when you really look at the impact on sales in Q2, it was minus two percentage points. So while we see the impacts get smaller, for half a year, minus five percentage points, minus seven percentage points on cooperating profit and minus eight percentage points on core EPS. If we keep all the currency rates stable until year end, you see a really smaller impact. So for full year, minus three percentage points, minus five percentage points for cooperating profit, and minus six percentage points for core EPS. And you see on sales, based on that modeling, we expect even zero impact, so I think it all goes in the right direction. We had a strengthening of the yen yesterday, so I think that all helps us a little bit. Let's see how it comes out at year end.

Alan: I think really we see a little bit of light at the end of the tunnel, you know, but, very clearly, I think currency rates are volatile; we can't control them. But what you see is when you really look at the impact on sales in Q2, it was minus two percentage points. So while we see the impacts get smaller, for half a year, minus five percentage points, minus seven percentage points on cooperating profit and minus eight percentage points on core EPS.

Speaker Change: Which I think really we think we have to take into account and then the core EPS I think just a derivative of the performance.

Speaker Change: Okay with that currencies on everybody's mind.

That we have had in the first half I think we have excluded the impact from the resolution of the tax disputes in 2023, which was.

That we have had in the first half

I think we have excluded the impact from the resolution of the tax disputes in 2023, which was a story of the second half of 2023. The impact was 774 million in constant rates, so, quite significant. So, please take that into account. But this is very well in line, you had the structure of the guidance as we have started the year with. Good. And I think with that, I'm happy to hand over to Teresa. great. Thanks Allan.

Teresa: A story of the second half of 2023, the impact was $774 million in concentrates are quite significant. So please take that into account, but this is very well in line you had the structure of the guidance as we have started the year with good and I think with that I'm happy to hand over to Teresa great. Thanks Allan.

Javier: Javier minus five percentage points of minus seven percentage points on cooperating profit of minus eight percentage points on core EPS. If we remain all the currency rates stable until year end.

Good. And I think with that, I'm happy to hand over to Teresa.

Alan: If we keep all the currency rates stable until year end, you see a really smaller impact. So for full year, minus three percentage points, minus five percentage points for cooperating profit, and minus six percentage points for core EPS.

Speaker Change: You see really smaller impact so for full year or minus three percentage points of minus five percentage points for cooperating profit and a minus six percentage points for core EPS and you see on sales based on that modeling, we expect even zero impact. So I think it all goes in the right direction, we had a strengthening of the of the yen.

Teresa Graham: Great. Thanks Alan. So, let's start by taking a closer look at the sales for Pharma in the first half of the year. So, year-to-date from a sales reached 22.6 billion growing at 5% at constant exchange rates, at 8% without RONAPREVE. All regions, excluding Japan delivered very strong growth. As has been alluded to, sales in Japan were impacted by a base effect of about CHF 600 million in RONAPREVE sales in Q1 of last year. Excluding RONAPREVE, Japan declined at 5%, and that's primarily due to mandatory price cuts. And as Alan just alluded to, overall Pharma volumes were up by 13%.

Teresa: So let's start by taking a closer look at the sales for pharma in the first half of the years. So year to date from a sales reached $22 6 billion growing at 5% at constant exchange rates at 8% with outbound appreciate all regions, excluding Japan delivered very strong growth as has been alluded to your sales in Japan were impacted by a base effect.

Alan: And you see on sales, based on that modeling, we expect even zero impact, so I think it all goes in the right direction. We had a strengthening of the yen yesterday, so I think that all helps us a little bit. Let's see how it comes out at year end.

Thomas Unica: Yesterday, so I think that all helps us a little bit let's see how it comes out at year end I think Thomas talked about our guidance very clearly as a group sales growth was mid single digit sales growth I think a couple of topics in the second half.

Teresa Graham: As has been alluded to, sales in Japan were impacted by a base effect of about CHF 600 million in RONAPREVE sales in Q1 of last year. Excluding RONAPREVE, Japan declined at 5%, and that's primarily due to mandatory price cuts. And as Alan just alluded to, overall Pharma volumes were up by 13%. Core operating profit increased by 7%. At constant exchange rates versus 5% sales increase with an impressive margin of 50.5% here.

Speaker Change: That's about 600 million Swiss francs, and wound up great sales in Q1 of last year, excluding <unk>.

Alan: I think Thomas talked about the guidance very clearly; the group sales growth was minimum digit sales growth. I think we have a couple of topics in the second half, which I think really, we think we have to take into account. And then the core EPS, I think just the derivative of the performance that we had in the first half. I think we have excluded here the impact of the resolution of the tax disputes in 2023, which was a story in the second half of 2023. The impact was $774 million at constant rates, so quite significant. So please take that into account. But this is very well in line with the structure of the guidance we started the year with. Good. And I think with that, I'm happy to hand over to Teresa.

Ronnie Poon: Ronnie Poon, Japan declined at 5% and that's primarily due to mandatory price cuts and as Alan just alluded to overall pharma volumes were up by 13%.

Thomas Unica: Which I think really we think we have to take into account and then the core EPS I think just a derivative of the performance.

Speaker Change: Core operating profit increased by 7%. At constant exchange rates versus 5% sales increase with an impressive margin of 50.5% here. Let me quickly take you through a little bit more detail on the different P&L lines. So other revenue increased by 14% that was primarily driven by as Alan mentioned profit sharing income from higher sales and solar outside the U S.

Core operating profit increased by 7%. At constant exchange rates versus 5% sales increase with an impressive margin of 50.5% here.

Speaker Change: That we have had in the first half I think we have excluded here the impact from the resolution of the tax dispute in 2023, which was.

At constant exchange rates versus a 5% sales increase with an impressive margin of 55% here. Let me quickly take you through a little bit more detail on the different P&L lines. So other revenue increased by 14% that was primarily driven by as Alan mentioned profit sharing income from higher sales and solar outside the U S.

Let me quickly take you through a little bit more detail on the different P&L lines. So, other revenue increased by 14%. That was primarily driven by--as Alan mentioned, profit sharing income from higher sales of XOLAIR outside the U.S. And then clicks that any less cost of sales increased by 5%, but that was all driven by last year's release of the COVID-19 provisions without that cost of sales that have actually declined which is pretty impressive on a 13% volume increase on the. R&D costs remained stable you can see that 1% increase in SG&A as Alan mentioned that is entirely driven by M. D and that is all in support of our new launches.

Teresa: A story of the second half of 2023, the impact was $774 million in concentrates are quite significant. So please take that into account, but this is very well in line at the structure of the guidance as we have started the year with good and I think with that I'm happy to hand over to Teresa great. Thanks Al.

Teresa: The impact was $774 million at constant rates, so quite significant. So please take that into account. But this is very well in line with the structure of the guidance we started the year with. Good. And I think with that, I'm happy to hand over to Teresa.

and VENCLEXTA in the U.S. Cost of sales increased by 5%, but that was all driven by last year's release of the COVID-19 provisions. Without that, cost of sales that have actually declined which is pretty impressive on a 13% volume increase. R&D costs remained stable you can see that 1% increase in SG&A as Alan mentioned, that is entirely driven by M&D and that is all in support of our new launches. And in terms of other operating income this decreased by 35% and that was really entirely due to lower gains on disposals of products.

Speaker Change: And then clicks that any less cost of sales increased by 5%, but that was all driven by last year's release of the COVID-19 provisions without that cost of sales that have actually declined which is pretty impressive on a 13% volume increase on the. R&D costs remained stable you can see that 1% increase in SG&A as Alan mentioned that is entirely driven by M. D and that is all in support of our new launches.

Teresa Graham: Great. Thanks, Alan. So let's start by taking a closer look at the sales for pharma in the first half of the year. So year to date, pharma sales reached $22.6 billion, growing at 5% at constant exchange rates, or 8% without Ranapreet. All regions, excluding Japan, delivered very strong growth.

Teresa: So let's start by taking a closer look at the sales for pharma in the first half of the year. So year to date from a sales reached $22 6 billion growing at 5% at constant exchange rates at 8% with outbound in all regions, excluding Japan delivered very strong growth.

Speaker Change: R&D costs remained stable you can see that 1% increase in SG&A as Alan mentioned that is entirely driven by M. D and that is all in support of our new launches.

Teresa: As has been alluded to, sales in Japan were impacted by a base effect of about 600 million Swiss francs and Ranapreet sales in Q1 of last year. Excluding Ranapreet sales in Japan declined by 5%, and that's primarily due to mandatory price cuts. And as Alan just alluded to, overall pharma volumes were up by 13%. Core operating profit increased by 7% at constant exchange rates versus 5% sales increase with an impressive margin of 50.5% here.

Rhonda: It has been alluded to <unk> sales in Japan were impacted by a base effect of about 600 million Swiss francs, and Rhonda <unk> sales in Q1 of last year, excluding <unk>.

Speaker Change: And in terms of other operating income this decreased by 35% and that was really entirely due to lower gains on disposals of products. So, now what is driving that strong growth so as Thomas alluded to our young best in disease portfolio continues to deliver for us our key brands. The buys no fetsko okra recipe Olivia Leigh Brisbane Libra, They delivered an additional almost 2 billion in the first half of the year. The bias now maintains strong growth trajectory consistently exceed.

And in terms of other operating income this decreased by 35% and that was really entirely due to lower gains on disposals of products.

So, now what is driving that strong growth? So, as Thomas alluded to, our young best-in-disease portfolio continues to deliver for us. Our key brands, VABYSMO, PHESGO, OCREVUS, POLIVY, EVRYSDI, HEMLIBRA, they delivered an additional almost 2 billion in the first half of the year. VABYSMO maintained strong growth trajectory consistently exceeding market expectations. PHESGO continues to grow very impressively, and PHESGO is on track--I'm sorry, I believe is on track POLIVY to become a blockbuster by the end of 2024.

Alan: Japan declined at 5% and Thats, primarily due to mandatory price cuts and as Alan just alluded to overall pharma volumes were up by 13%.

Speaker Change: So now what is driving that strong growth so as Thomas alluded to our young best in disease portfolio continues to deliver for us our key brands. The buys no fetsko okra recipe Olivia Leigh Brisbane Libra, They delivered an additional almost 2 billion in the first half of the year. The bias now maintains strong growth trajectory consistently exceed.

Alan: Core operating profit increased by 7%.

Speaker Change: Exchange rates were six 5% sales increase with an impressive margin is 55% here.

Teresa: Let me quickly take you through a little bit more detail on the different P&L lines. Other revenue increased by 14%. That was primarily driven by, as Alan mentioned, profit share income from higher sales of Zoller outside the US and VENCLEXTA in the US. Cost of sales increased by 5%, but that was all driven by last year's release of the COVID-19 provisions. Without that, the cost of sales would have actually declined, which is pretty impressive on a 13% volume increase.

Speaker Change: Let me quickly take you through a little bit more detail on the different P&L lines. So other revenue increased by 14% that was primarily driven by as Alan mentioned profit sharing income from higher sales of solar outside the U S and <unk> in the less cost of sales increased by 5%, but that was all driven by last year's release.

Speaker Change: Market expectations Transco continues to grow very impressively and Fez Gal is on track. I'm sorry, I believe he is on track to become a blockbuster by the end of 2024. I wanted to touch quickly on to centric here, if you can sort of get down to the to the bottom part of the chart. You can see here that the decline into centric is actually being more than made up for by the growth in international and in Europe going forward, we expect to centric to grow in a low single digit range.

Market expectations

PHESGO continues to grow very impressively, and PHESGO is on track--I'm sorry, I believe is on track POLIVY to become a blockbuster by the end of 2024. I wanted to touch quickly on to centric here, if you can sort of get down to the to the bottom part of the chart. You can see here that the decline into centric is actually being more than made up for by the growth in international and in Europe going forward, we expect to centric to grow in a low single digit range.

PHESGO continues to grow very impressively, and PHESGO is on track--I'm sorry, I believe is on track POLIVY to become a blockbuster by the end of 2024.

Speaker Change: I'm sorry, I believe he is on track to become a blockbuster by the end of 2024.

I wanted to touch quickly on TECENTRIQ here, if you can sort of scoot down to the bottom part of the chart. You can see here that the decline in TECENTRIQ is actually being more than made up for/by the growth in international and in Europe. Going forward, we expect TECENTRIQ to grow in a low single digit range.

Speaker Change: I wanted to touch quickly on to centric here, if you can sort of get down to the to the bottom part of the chart. You can see here that the decline into centric is actually being more than made up for by the growth in international and in Europe going forward, we expect to centric to grow in a low single digit range.

Speaker Change: The COVID-19 provisions without that cost of sales that have actually declined which is pretty impressive on a 13% volume increase.

Speaker Change: R&D costs remained stable you can see that 1% increase in SG&A as Alan mentioned that is entirely driven by M&A and that is all in support of our new launches.

Teresa: R&D costs remain stable. You can see that 1% increase in SG&A. As Alan mentioned, that is entirely driven by M&D, and that is all in support of our new launches. And in terms of other operating income, this decreased by 35% and that was really entirely due to lower gains on disposals of products. So now, what is driving that strong growth? So, as Thomas alluded to, our Young Best in Disease portfolio continues to deliver for us. Our key brands, VABYSMO, PHESGO, OCREVUS, POLIVY, [inaudible], HEMLIBRA delivered an additional almost $2 billion in the first half of the year. VABYSMO maintains a strong growth trajectory, consistently exceeding market expectations. PHESGO continues to grow very impressively, and it is on track. I'm sorry, POLIVY is on track to become a blockbuster by the end of 2024.

R&D costs remain stable. You can see that 1% increase in SG&A. As Alan mentioned, that is entirely driven by M&D, and that is all in support of our new launches. And in terms of other operating income, this decreased by 35% and that was really entirely due to lower gains on disposals of products.

Speaker Change: As we see sort of more increased competition as we begin to reach peak in some of our key indications like HCC and small cell. While we're on the topic of TECENTRIQ I'll also mention our Sub-Q formulation. We are seeing good uptake following the EU approval, especially in the U.K., where the conversion rate has already reached 32% and we are expecting EU approval--I'm, sorry U.S. approval later this year.

Speaker Change: And in terms of other operating income this decreased by 35% and that was really entirely due to lower gains on disposals of products.

Speaker Change: While we're on the topic of to centric I'll also mention our sub Q formulation. We are seeing good uptake following the EU approval, especially in the U K, where the conversion rate has already reached 32% and we are expecting EU approval I'm, sorry U S approval later this year.

Teresa: And that was really entirely due to lower gains on disposals of products. So now, what is driving that strong growth? So, as Thomas alluded to, our Young Best in Disease portfolio continues to deliver for us. Our key brands, Bobizmo, Fezgo, Ocrevus, Polivi, RISD, Hemlibra, delivered an additional almost $2 billion in the first half of the year. Bobizmo maintains a strong growth trajectory, consistently exceeding market expectations. Fezgo continues to grow very impressively, and it is on track. I'm sorry, but Olivier is on track to become a blockbuster by the end of 2024.

Thomas Unica: So now what is driving that strong growth so as Thomas alluded to our young best in disease portfolio continues to deliver for us our key brands. The <unk> at least risky libre. They delivered an additional almost $2 billion in the first half of the year. The bias now maintained strong growth trajectory consistently exceeding.

So now, what is driving that strong growth? So, as Thomas alluded to, our Young Best in Disease portfolio continues to deliver for us. Our key brands, VABYSMO, PHESGO, OCREVUS, POLIVY, [inaudible], HEMLIBRA delivered an additional almost $2 billion in the first half of the year. VABYSMO maintains a strong growth trajectory, consistently exceeding market expectations. PHESGO continues to grow very impressively, and it is on track. I'm sorry, POLIVY is on track to become a blockbuster by the end of 2024.

Speaker Change: So, now lets jump into solid tumors. This franchise has total sales increased by 2% to CHF 8 billion in the first six months of the year. In terms of key news, as Thomas mentioned, I'm happy to highlight that INAVOLISIB received FDA breakthrough designation and was granted priority review with the PDUFA of the 27th of December and in parallel, we have also completed the EU filing. Let me just take a minute to remind you that <unk> phase III data in first line PSA kinase mutated hormone receptor positive breast cancer demonstrated a very strong PFS benefit.

So, now lets jump into solid tumors. This franchise has total sales increased by 2% to CHF 8 billion in the first six months of the year. In terms of key news, as Thomas mentioned, I'm happy to highlight that INAVOLISIB received FDA breakthrough designation and was granted priority review with the PDUFA of the 27th of December and in parallel, we have also completed the EU filing.

Speaker Change: This franchise has total sales increased by 2% to 8 billion Swiss francs and the first six months of the year in terms of key news as Thomas mentioned I'm happy to highlight that in a Elisa.

Thomas Unica: Market expectations Transco continues to grow very impressively and <unk> is on track.

Speaker Change: <unk> FDA breakthrough designation and was granted priority review with a <unk> the 27th of December and in parallel. We have also completed the EU filing let me just take a minute to remind you that <unk> phase III data in first line PSA kinase mutated hormone receptor positive breast cancer demonstrated a very strong PFS benefit.

Speaker Change: I'm sorry, I believe he is on track to become a blockbuster by the end of 2024.

Let me just take a minute to remind you that INAVOLISIB Phase III data in first-line PI3-kinase mutated hormone receptor positive breast cancer demonstrated a very strong PFS benefit with a hazard ratio of 0.43, and that we are going to keep investing here to realize the full potential of this best-in-class medicine in hormone receptor positive breast cancer, where we do see about a 2 billion peak sales opportunity.

Teresa: I want to touch quickly on TECENTRIQ here, but if you sort of scoot down to the bottom part of the chart, you can see that the decline in TECENTRIQ is actually being more than made up for by the growth in international and in Europe. Going forward, we expect TECENTRIQ to grow in a low single-digit range as we see sort of more increased competition as we begin to reach peak in some of our key indications, like HCC and small cell.

Speaker Change: I wanted to touch quickly on guest centric here, if you can sort of get down to the to the bottom part of the chart. You can see here that the decline into centric is actually being more than made up for by the growth in international and in Europe going forward, we expect <unk> to grow in a low single digit range.

Speaker Change: I would hazard ratio of <unk> 0.43, and that we are going to keep investing here to realize the full potential of this best in class medicine in hormone receptor positive breast cancer, where we do see about a 2 billion peak sales. Opportunity. Moving on to the her two franchise, which again clearly outperformed consensus expectation with pet silent growing year to date by 6% and FESCO growing year to date by 60%. That's strong growth momentum for Tesco are just continues the global conversion rate currently stands at 41% you may be looking at that and saying well that looks at this.

I would hazard ratio of <unk> 0.43, and that we are going to keep investing here to realize the full potential of this best in class medicine in hormone receptor positive breast cancer, where we do see about a 2 billion peak sales. Opportunity.

Speaker Change: And as we see sort of more increased competition isn't really begin to reach peak in some of our key indications like HCC and small cell.

Speaker Change: Opportunity.

Teresa: some of our key indications, like HCC and small cell. While we're on the topic of TECENTRIQ, I'll also mention our sub Q formulation. We are seeing good uptake following EU approval, especially in the UK, where the conversion rate has already reached 32% and we are expecting EU approval and, I'm sorry, US approval later this year. So now let's jump into solid tumors. This franchise had total sales increased by 2% to 8 billion Swiss francs in the first six months of the year.

some of our key indications, like HCC and small cell. While we're on the topic of TECENTRIQ, I'll also mention our sub Q formulation. We are seeing good uptake following EU approval, especially in the UK, where the conversion rate has already reached 32% and we are expecting EU approval and, I'm sorry, US approval later this year.

some of our key indications, like HCC and small cell.

Speaker Change: Moving on to the her two franchise, which again clearly outperformed consensus expectation with pet silent growing year to date by 6% and FESCO growing year to date by 60%. That's strong growth momentum for Tesco are just continues the global conversion rate currently stands at 41% you may be looking at that and saying well that looks at this.

Moving on to HER2 franchise, which again clearly outperformed consensus expectation with KADCYLA growing year to date by 6% and PHESGO growing year-to-date by 60%. That's strong growth momentum for PHESGO just continues. The global conversion rate currently stands at 41%. You may be looking at that and saying, well, that looks the same as we saw in Q1, and that is correct.

While we're on the topic of TECENTRIQ, I'll also mention our sub Q formulation. We are seeing good uptake following EU approval, especially in the UK, where the conversion rate has already reached 32% and we are expecting EU approval and, I'm sorry, US approval later this year.

Speaker Change: While we're on the topic of to centric I'll also mentioned in our sub Q formulation. We are seeing good uptake following the EU approval, especially in the U K, where the conversion rate has already reached 32% and we are expecting EU approval I'm, sorry U S approval later this year.

So now let's jump into solid tumors. This franchise had total sales increased by 2% to 8 billion Swiss francs in the first six months of the year. In terms of key news, as Thomas mentioned, I'm happy to highlight that INAVOLISIB received FDA breakthrough designation and was granted priority review with the PDUFA on the 27th of December. And in parallel, we have also completed the EU filing. So, let me just take a minute to remind you that INAVOLISIB's phase three data and first-line PI3 kinase mutated hormone receptor positive breast cancer demonstrated a very strong PFS benefit with a hazard ratio of 0.43 and that we are going to keep investing here to realize the full potential of this best-in-class medicine in hormone receptor positive breast cancer, where we do see about a $2 billion peak sales opportunity.

Speaker Change: So now lets jump into solid tumors.

Speaker Change: Same as we saw in Q1 and that is correct. In Q2, we added another five launch countries to the calculation of the global conversion rate. So that's why the rate remained stable. However, if you actually look at the rates an earlier launch countries. We do continue to see that conversion increase a great example is the U S where we are upfront.

Same as we saw in Q1 and that is correct.

In Q2, we added another five launch countries to the calculation of the global conversion rate. So, that's why the rate remained stable. However, if you actually look at the rates in earlier launch countries, we do continue to see that conversion increase. A great example is the U.S. where we are up from 24% in Q1 to 26% in Q2.

Teresa: In terms of key news, as Thomas mentioned, I'm happy to highlight that INAVOLISIB received FDA breakthrough designation and was granted priority review with the PDUFA on the 27th of December. And in parallel, we have also completed the EU filing. So, let me just take a minute to remind you that INAVOLISIB's phase three data and first-line PI3 kinase mutated hormone receptor positive breast cancer demonstrated a very strong PFS benefit with a hazard ratio of 0.43

Speaker Change: <unk> FDA breakthrough designation and was granted priority review with a <unk> the 27th of December and in parallel. We have also completed the EU filing let me just take a minute to remind you that <unk> phase III data in first line <unk> kinase mutated hormone receptor positive breast cancer demonstrated a very strong PFS benefit.

Speaker Change: 24% in Q1 to 26% in Q2, we also continued to see an overall further penetration in her two positive breast cancer in general. So if you take first go in for Chad It together and this bodes well for a scenario in which you see more than 50% of forget it sounds being converted to <unk> by 2026. On Allison's that remains the global market leader in first line <unk> positive non small cell in all major markets and has grown 7% year to date in Q2, we received EU approval for the adjuvant setting and in addition, our recent NCC and guideline update included Allison's as a category recommendation for this indication going forward, we expect to see low single digit.

24% in Q1 to 26% in Q2,

We also continued to see an overall further penetration in HER2-positive breast cancer in general. So, if you take PHESGO and PERJETA together, and this bodes well for a scenario in which you see more than 50% of PERJETA sales being converted to PHESGO by 2026. ALECENSA remains the global market leader in first-line ALK-positive non-small cell in all major markets. It has grown 7% year-to-date. In Q2, we received EU approval for the adjuvant setting and in addition, our recent NCCN guideline update included ALECENSA as a category recommendation for this indication. Going forward, we expect to see low single digit.

Speaker Change: I would hazard ratio of <unk> four three and that we are going to keep investing here to realize the full potential of this best in class medicine in hormone receptor positive breast cancer, where we do see about a 2 billion peak sales opportunity.

Teresa: and that we are going to keep investing here to realize the full potential of this best-in-class medicine in hormone receptor positive breast cancer, where we do see about a $2 billion peak sales opportunity. Moving on to the HER-2 franchise, which again clearly outperformed consensus expectations, with [inaudible] growing year to date by 6% and PHESGO growing year to date by 60%. That strong growth momentum for PHESGO just continues. The global conversion rate currently stands at 41%.

and that we are going to keep investing here to realize the full potential of this best-in-class medicine in hormone receptor positive breast cancer, where we do see about a $2 billion peak sales opportunity.

ALECENSA remains the global market leader in first-line ALK-positive non-small cell in all major markets. It has grown 7% year-to-date. In Q2, we received EU approval for the adjuvant setting and in addition, our recent NCCN guideline update included ALECENSA as a category recommendation for this indication. Going forward, we expect to see low single-digit growth for ALECENSA with the adjuvant setting overcompensating for competitive impact that's expected in first-line.

Speaker Change: On Allison's that remains the global market leader in first line <unk> positive non small cell in all major markets and has grown 7% year to date in Q2, we received EU approval for the adjuvant setting and in addition, our recent NCC and guideline update included Allison's as a category recommendation for this indication going forward, we expect to see low single digit.

Moving on to the HER-2 franchise, which again clearly outperformed consensus expectations, with [inaudible] growing year to date by 6% and PHESGO growing year to date by 60%. That strong growth momentum for PHESGO just continues. The global conversion rate currently stands at 41%. You may be looking at that and saying, well, that looks the same as we saw in Q1 and that is correct. In Q2, we added another five launch countries to the calculation of the global conversion rate, so that's why the rate remains stable. However, if you actually look at the rates in earlier launch countries, we do continue to see that conversion increase. A great example is the US, where we are up from 24% in Q1 to 26% in Q2.

Teresa: You may be looking at that and saying, well, that looks the same as we saw in Q1 and that is correct. In Q2, we added another five launch countries to the calculation of the global conversion rate,

Speaker Change: Moving on to the her two franchise, which again clearly outperformed consensus expectation with pet silent growing year to date by 6% and FESCO growing year to date by 60% that's strong growth momentum for Tesco just continues the global conversion rate currently stands at 41% you may be looking at that and saying well that looks.

Speaker Change: Growth for Allison's out with the adjuvant setting overcompensating for competitive impact that's expected in first line. Thomas already mentioned and unfortunately, the phase two three skyscraper. Six study are tiered call your mom in first line non squamous bidness. Its co primary endpoint in that study was discontinued on Thomas also mentioned is that based on these results. We took a close reevaluation of any of the ongoing trials in children with pure gobbling up and decided to close two additional studies.

Growth for Allison's out with the adjuvant setting overcompensating for competitive impact that's expected in first line.

Thomas already mentioned that unfortunately, the Phase II/III SKYSCRAPER-6 study of TIRAGOLUMAB in first-line non-squam did miss its co-primary endpoint in that study was discontinued. Thomas also mentioned is that based on these results. We took a close reevaluation of any of the ongoing trials in children with pure gobbling up and decided to close two additional studies.

Thomas already mentioned that unfortunately, the Phase II/III SKYSCRAPER-6 study of TIRAGOLUMAB in first-line non-squam did miss its co-primary endpoint in that study was discontinued.

Speaker Change: Thomas already mentioned and unfortunately, the phase two three skyscraper.

Speaker Change: Same as we saw in Q1 and that is correct. In Q2, we added another five launch countries to the calculation of the global conversion rate. So that's why the rate remains stable. However, if you actually look at the rates an earlier launch countries. We do continue to see that conversion increase a great example is the U S where we are upfront.

Thomas: Six study are tiered call your mom in first line non squamous bidness. Its co primary endpoint in that study was discontinued on Thomas also mentioned is that based on these results. We took a close reevaluation of any of the ongoing trials in children with pure gobbling up and decided to close two additional studies.

Thomas also mentioned that based on these results, we took a close reevaluation of any of the ongoing trials in children with TIRAGOLUMAB and decided to close two additional studies.

Teresa: so that's why the rate remains stable. However, if you actually look at the rates in earlier launch countries, we do continue to see that conversion increase. A great example is the US, where we are up from 24% in Q1 to 26% in Q2.

Speaker Change: 24% in Q1 to 26% in Q2.

Speaker Change: That's the Phase III SKYSCRAPER 15, an adjuvant non-small cell and the SKY 5, which is a Phase II neo adjuvant and neo adjuvant non-small cell. All other trials in other indications have either already completed, or are already fully enrolled or close to full enrollment. And so, those trials will continue as planned.

Speaker Change: Also continue to see an overall further penetration in her two positive breast cancer in general. So if you take first go in for Chad It together and this bodes well for a scenario in which you see more than 50% of forget of sales being converted to <unk> by 2026.

Speaker Change: You know adjuvant adjuvant non small cell all other trials in other indications have either already completed or are already fully enrolled or close to full enrollment instead those trials will continue as planned.

Teresa: We also continue to see overall further penetration in HER-2 positive breast cancer in general. So if you take PHESGO and PERJETA together, this bodes well for a scenario in which you see more than 50% of PERJEA sales being converted to PHESGO by 2025. ALECENSA remains the global market leader on first-line L-positive non-small-cell in all major markets and has grown 7% year-to-date. In Q2, we received EU approval for the adjuvant setting, and, in addition, a recent NCCN guideline update included ALECENSA as a category recommendation for this indication. Going forward, we expect to see low single-digit growth for ALECENSA with the adjuvant setting overcompensating for competitive impact that's expected in first-line.

Speaker Change: On Allison's that remains the global market leader in first line <unk> positive non small cell in all major markets and has grown 7% year to date.

Speaker Change: On the outlook, you'll see several things coming up for the remainder of the year. I'm quickly going to touch on here on DIVARASIB our potentially best-in-class KRAS G12C inhibitor, which will enter pivotal head-to-head Phase III versus the first generation of KRAS inhibitors in second-line non-small cell.

Speaker Change: Q2, we received EU approval for the adjuvant setting and in addition, our recent Mtc and guideline update.

Speaker Change: Crude allison's as a category recommendation for this indication going forward, we expect to see low single digit growth for allison's out with the adjuvant setting overcompensating for competitive impact that's expected in first line.

Teresa: Going forward, we expect to see low single-digit growth for ALECENSA with the adjuvant setting overcompensating for competitive impact that's expected in first-line. Thomas already mentioned that, unfortunately, the Phase 2, 3, Skyscraper 6 study of TIRAGOLUMAB first-line non-squame did miss its co-primary endpoint, and that study was discontinued. Thomas also mentioned that based on these results, we took a close re-evaluation of all of the ongoing trials with TIRAGOLUMAB and decided to close two additional studies. That's the Phase 3 Skyscraper 15 and adjuvant non-small cell and the Sky 5, which is a Phase 2 neoadjuvant adjuvant adjuvant non-small cell.

Going forward, we expect to see low single-digit growth for ALECENSA with the adjuvant setting overcompensating for competitive impact that's expected in first-line.

Speaker Change: And so with that, let's switch to hematology, where growth continues to be strong, and we now stand at 3.8 billion in sales with 10% growth. HEMLIBRA in the U.S. and EU5 patient shares have climbed to 41%, and we've now treated over 26,000 patients globally. It was great to see the U.S. returning to a positive growth of 3% in Q2. As you might remember it was impacted by buying pattern in Q1, as well as some competition impact.

Thomas already mentioned that, unfortunately, the Phase 2, 3, Skyscraper 6 study of TIRAGOLUMAB first-line non-squame did miss its co-primary endpoint, and that study was discontinued. Thomas also mentioned that based on these results, we took a close re-evaluation of all of the ongoing trials with TIRAGOLUMAB and decided to close two additional studies. That's the Phase 3 Skyscraper 15 and adjuvant non-small cell and the Sky 5, which is a Phase 2 neoadjuvant adjuvant adjuvant non-small cell. All other trials and other indications have either already completed or are already fully enrolled or close to full enrollment, and so those trials will continue as planned. On the outlook, you'll see several things coming up for the remainder of the year.

Speaker Change: Thomas already mentioned and unfortunately, the phase two three skyscraper.

Speaker Change: Libre in the U S and EU five patient shares have climbed to 41% and that we've now treated over 26000 patients globally. It was great to see the U S. Returning to a positive growth of 3% in Q2 as you might remember it was impacted.

Speaker Change: Six study tiered call your mom in first line non squamous did miss its co primary endpoint in that study was discontinued Thomas also mentioned is that based on these results we took a close reevaluation.

Speaker Change: <unk> of the ongoing trials in children with tiered volume up and decided to close two additional studies.

Speaker Change: Hi. By so buying pattern in Q1 is as well as some competition impact for the remainder of the year, we expect low to mid single digit growth in the U S and mid single digit growth over all for him Libra from a demand perspective, we've seen the first signs of patients switching back from long acting factor eight two haven't Libra and in Q2, we also provide.

Hi. By so buying pattern in Q1 is as well as some competition impact

Speaker Change: By so buying pattern in Q1 is as well as some competition impact for the remainder of the year, we expect low to mid single digit growth in the U S and mid single digit growth over all for him Libra from a demand perspective, we've seen the first signs of patients switching back from long acting factor eight two haven't Libra and in Q2, we also provide.

For the remainder of the year, we expect low to mid-single-digit growth in the U.S. and mid single-digit growth over all for HEMLIBRA. From a demand perspective, we've seen the first signs of patients switching back from long acting Factor 8 to HEMLIBRA. And in Q2, we also provided an update at ISTH to announce in the development of a new auto injector for HEMLIBRA, which will bring additional administration options for our patients.

Speaker Change: The phase III skyscraper.

Speaker Change: <unk> and adjuvant non small cell and the sky.

Speaker Change: <unk>, which is a phase two a neo adjuvant and.

Speaker Change: No adjuvant adjuvant non small cell all other trials in other indications have either already completed or are already fully enrolled or close to full enrollment instead those trials will continue as planned.

Teresa: All other trials and other indications have either already completed or are already fully enrolled or close to full enrollment, and so those trials will continue as planned. On the outlook, you'll see several things coming up for the remainder of the year. I'm quickly going to touch on DIVERACIB, our potentially best-in-class KRAS G12C inhibitor, which will enter pivotal head-to-head phase 3 versus the first generation of KRAS inhibitors and second-line non-small cell. And so with that, let's switch to hematology, where growth continues to be strong

All other trials and other indications have either already completed or are already fully enrolled or close to full enrollment, and so those trials will continue as planned. On the outlook, you'll see several things coming up for the remainder of the year.

Speaker Change: An update at ista to announce in the development of a new auto injector for him Libre, which will bring additional administration options for our patients.

Speaker Change: On the outlook, you'll see several things coming up for the remainder of the year I'm quickly going to touch on here R&D veracity of our potentially best in class <unk> inhibitor, which will enter pivotal head to head phase III versus the first generation of K Ras inhibitors in second line non small cell.

Speaker Change: POLIVY in first-line DLBCL is further expanding its patient shares, the U.S. is now up to 26% that's 3% increase from Q1, and has already been used for more than 30,000 patients globally. Let me point out here that the Q2 growth rate for POLIVY was impacted by a one-time pricing effect in Germany. And overall, we expect those peak sales to remain at about 2 billion for POLIVY.

I'm quickly going to touch on DIVERACIB, our potentially best-in-class KRAS G12C inhibitor, which will enter pivotal head-to-head phase 3 versus the first generation of KRAS inhibitors and second-line non-small cell. And so with that, let's switch to hematology, where growth continues to be strong and we now stand at 3.8 billion in sales with 10% growth.

Speaker Change: So with that lets switch to hematology, where growth continues to be strong and we now stand at $3 8 billion in sales with 10% growth.

Teresa: and we now stand at 3.8 billion in sales with 10% growth. HEMLIBRA in the U.S. and EU5 patient shares have climbed to 41%, and we've now treated over 26,000 patients globally. It was great to see the U.S. returning to positive growth of 3% in Q2.

and we now stand at 3.8 billion in sales with 10% growth.

Speaker Change: About 2 billion for a plenty.

Speaker Change: I'm going to talk more about STARGLO on the next slide, so I will just quickly touch here on LUNSUMIO and the fact that we are excited about the positive phase--The positive data for subcutaneous formulation in third-line follicular lymphoma. The Sub-Q formulation has all the benefits of the already available IV formulation including no need for hospitalization, fixed treatment duration, but on top of the convenience of administration it also seems to require less steroid use. We plan to file LUNSUMIO Sub-Q in the second half of 2024 with global regulators.

HEMLIBRA in the U.S. and EU5 patient shares have climbed to 41%, and we've now treated over 26,000 patients globally. It was great to see the U.S. returning to positive growth of 3% in Q2. As you might remember, it was impacted by a sort of buying pattern in Q1 as well as some competition impact. For the remainder of the year, we expect low to mid single-digit growth in the US and mid single-digit growth overall for HEMLIBRA. From a demand perspective, we've seen the first signs of patients switching back from long-acting factor eight to HEMLIBRA. And in Q2, we also provided an update at ISTH announcing the development of a new auto injector for HEMLIBRA, which will bring additional administration options for our patients. POLIVY and first-line [inaudible] is further expanding its patient share as the U.S is now up to 26%, that's a 3% increase from Q1 and has already been used for more than 30,000 patients globally. Let me point out here there's a Q2 growth rate for POLIVY that was impacted by a one-time pricing effect in Germany and overall, we expect those peak sales to remain at about 2 million in POLIVY.

Speaker Change: The positive data for subcutaneous formulation in third line Follicular lymphoma.

Teresa: As you might remember, it was impacted by a sort of buying pattern in Q1 as well as some competition impact. For the remainder of the year, we expect low to mid single-digit growth in the US and mid single-digit growth overall for HEMLIBRA. From a demand perspective, we've seen the first signs of patients switching back from long-acting factor eight to HEMLIBRA. And in Q2, we also provided an update at ISTH announcing the development of a new auto injector for HEMLIBRA, which will bring additional administration options for our patients.

Speaker Change: Q formulation has all the benefits of the already available IV formulation, including no need for hospitalization fixed treatment duration, but on top of the convenience of administration. It also seems to require less steroid use we plan to file in the second half of 2024 with global regulators are.

Speaker Change: Bye.

Speaker Change: By buying pattern in Q1 is as well as some competition impact for the remainder of the year, we expect low to mid single digit growth in the U S and mid single digit crossover offer him Libra from a demand perspective, we've seen the first signs of patients switching back from long acting factor eight two haven't Libra and in Q2, we also.

Thomas: Thomas already touched on PIASKY U.S. approval in PNH, EU approval expected in second half. And let me just mention that we see the real upside for PIASKY in novel indications, and particularly things like the ongoing development and small cell--I'm sorry in sickle cell.

Speaker Change: An update at ista to announce in the development of a new auto injector for him Libre, which will bring additional administration options for our patients.

POLIVY and first-line [inaudible] is further expanding its patient share as the U.S is now up to 26%, that's a 3% increase from Q1 and has already been used for more than 30,000 patients globally. Let me point out here there's a Q2 growth rate for POLIVY that was impacted by a one-time pricing effect in Germany and overall, we expect those peak sales to remain at about 2 million in POLIVY.

Speaker Change: Olivia in first line <unk> is further expanding its patient shares the U S is now up to 26% that's 3% increase from Q1 and has already been used for more than 30000 patients globally. Let me point out here that the Q2 growth rate for <unk> was impacted by a onetime pricing effect in Germany and overall, we expect those peak sales to remain at.

Thomas: So, now, let's have a closer look at the STARGLO results. So, COLUMVI plus GEMOX almost double the median overall survival versus the comparator arm with the hazard ratio of up 0.62, reducing the risk of death by 41% for second-line DLBCL patients. Median PFS increased almost fourfold and there were also almost twice as many complete responses with COLUMVI-GEMOX. The safety profile is consistent with the

So, now, let's have a closer look at the STARGLO results. So, COLUMVI plus GEMOX almost double the median overall survival versus the comparator arm with the hazard ratio of up 0.62, reducing the risk of death by 41% for second-line DLBCL patients. Median PFS increased almost fourfold and there were also almost twice as many complete responses with COLUMVI-GEMOX.

Speaker Change: So Colombia, plus your marks almost double the median overall survival versus the comparator arm would have a hazard ratio of up one six to reducing the risk of death by 41% for second line <unk> patients median PFS increased almost fourfold and there were also almost twice as many complete responses with Columbia <unk>. The safety profile is consistent with.

Speaker Change: About 2 billion for a plenty.

Teresa: I'm going to talk more about STARGLOW on the next slide, so I will just quickly touch on LUNSUMIO and the fact that we are excited about the positive phase, the positive data for the subcutaneous formulation and third-line follicular lymphoma. The sub-Q formulation has all the benefits of the already available IV formulation, including no need for hospitalization, a fixed treatment duration, but on top of the convenience of administration, it also seems to require less steroid use. We plan to file LUNSUMIO's subcut in the second half of 2024 with global regulators. Thomas already touched on PSCHI U.S. approval in PNH, EU approval expected in the second half. And let me just mention that we see the real upside for PSCHI in novel indications and particularly things like the ongoing development in small cell, sorry, sickle cell.

I'm going to talk more about STARGLO on the next slide, so I will just quickly touch on LUNSUMIO and the fact that we are excited about the positive phase, the positive data for the subcutaneous formulation and third-line follicular lymphoma. The sub-Q formulation has all the benefits of the already available IV formulation, including no need for hospitalization, a fixed treatment duration, but on top of the convenience of administration, it also seems to require less steroid use. We plan to file LUNSUMIO's subcut in the second half of 2024 with global regulators.

The safety profile is consistent with the individuals' study drugs, and this novel combination could offer a very important option for patients who aren't eligible for CAR-T therapy, which is more than 50% of patients in that second-line. And we are looking forward to filing these results with global health authorities later this year. Moving on to neurology, our neurology franchise achieved $4 6 billion in sales for the first half representing an impressive 13% growth curve. Of course, there is a strong growth momentum continues at 8% driven by all regions not only as OCA or is the market leader in the U S and the EU, but it has also reached a milestone of one.

Speaker Change: To talk more about star glow on the next slide So I will just quickly quickly touch here on similar in the fact that we are excited about the positive phase.

Speaker Change: Individuals' study drugs in this novel combination could offer a very important option for patients who aren't eligible for car T therapy, which is more than 50% of patients in that second line and we are looking forward to filing these results with global health authorities later this year. Moving on to neurology, our neurology franchise achieved $4 6 billion in sales for the first half representing an impressive 13% growth curve. Of course, there is a strong growth momentum continues at 8% driven by all regions not only as OCA or is the market leader in the U S and the EU, but it has also reached a milestone of one.

Speaker Change: The positive data for a subcutaneous formulation in third line Follicular lymphoma.

Teresa: The sub-Q formulation has all the benefits of the already available IV formulation, including no need for hospitalization, and a fixed treatment duration, but on top of the convenience of administration, it also seems to require less steroid use. We plan to file Linsumio's subcut in the second half of 2024 with global regulators. Thomas already touched on PSCHI U.S. approval in PNH, EU approval expected in the second half, and let me just mention that we see the real upside for PSCHI in novel indications and particularly things like the ongoing development in small cell, sorry, sickle cell.

Speaker Change: The sub Q formulation has all the benefits of the already available IV formulation, including no need for hospitalization fixed treatment duration, but on top of the convenience of administration. It also seems to require less steroid use we plan to file in the second half of 2024 with global regulators.

Moving on to neurology. Our neurology franchise achieved 4.6 billion in sales for the first half representing an impressive 13% growth curve. Of course, there is a strong growth momentum continues at 8% driven by all regions not only as OCREVUS, the market leader in the U.S. and the EU, but it has also reached a milestone of 1 million patient years of cumulative exposure.

Speaker Change: Moving on to neurology, our neurology franchise achieved $4 6 billion in sales for the first half representing an impressive 13% growth curve.

Speaker Change: Of course, there is a strong growth momentum continues at 8% driven by all regions not only as OCA or is the market leader in the U S and the EU, but it has also reached a milestone of one.

Thomas Unica: Thomas I already touched on the P. S Sky a U S approval in P and H EU approval expected in second half and let me just mentioned that we see the real upside for P. S. Guy in novel indications, and particularly things like the ongoing development and small cell I'm sorry in sickle cell.

Speaker Change: 1 million patient years of cumulative exposure. Are there more are six months subcutaneous formulation has received EU approval in the U S. But if it is set for the 12th of September again. This is two times per year 10 minutes to treat year MFS. We expect that OCA or a sub cut represents an incremental $2 billion in sales opportunity and we expect this to be increasingly visible in the coming quarters. As we are already starting to see some strong pick up in our very early launch countries in the EU.

1 million patient years of cumulative exposure.

Furthermore our six months subcutaneous formulation has received EU approval and the U.S. PDUFA is set for the 12th of September. Again, this is two times per year, 10 minutes to treat your MS. We expect that OCREVUS our subcuts represents an incremental 2 billion in sales opportunity. And we expect this to be increasingly visible in the coming quarters. As we are already starting to see some strong pick up in our very early launch countries in the EU.

Speaker Change: Are there more are six months subcutaneous formulation has received EU approval in the U S. But if it is set for the 12th of September again. This is two times per year 10 minutes to treat year MFS.

Speaker Change: So now let's have a closer look at the Stark law results.

Speaker Change: So Colombia, plus gem ox almost double the median overall survival versus the comparator arm would have a hazard ratio of <unk> six to reducing the risk of death by 41% for second line <unk> patients median PFS increased almost four fold and there were also almost twice as many complete responses with Columbia Gem ox.

Speaker Change: We expect that OCA or a sub cut represents an incremental $2 billion in sales opportunity and we expect this to be increasingly visible in the coming quarters. As we are already starting to see some strong pick up in our very early launch countries in the EU.

Speaker Change: EVRYSDI growth increased by 25% in Q2, that's largely due to a significant tender in the international region. The outlook for everything remains positive. After we became the market leader in terms of patient share and total patients treated in Q1, we expect the full year growth to be in the high teens. With regards to new follow up data, as Thomas mentioned, in Q2, we presented the five-year data for children with Type 1 SMA. And these results just again validate EVRYSDI strong efficacy and safety profile, and really underscore why it has become the market leader.

Speaker Change: <unk> profile is consistent with the individual study drugs in this novel combination could offer a very important option for patients who are eligible for car T therapy, which is more than 50% of patients in that second line and we are looking forward to filing these results with global health authorities later this year.

Thomas already touched on PSCHI U.S. approval in PNH, EU approval expected in the second half. And let me just mention that we see the real upside for PSCHI in novel indications and particularly things like the ongoing development in small cell, sorry, sickle cell.

With regards to new follow up data as Thomas mentioned in Q2, we presented the five year data for children with type one SMA and these results just again validate embraces strong efficacy and safety profile and really underscore why it has become the market leader.

Speaker Change: Moving on to neurology, our neurology franchise achieved $4 6 billion in sales for the first half representing an impressive 13% growth curve.

Speaker Change: <unk> is a strong growth momentum continues at 8% driven by all regions not only is <unk> the market leader in the U S and the EU, but it has also reached a milestone of one.

Speaker Change: Excitingly for our DMD gene therapy, ELEVIDYS, we have completed the EU filing. We have already achieved registration--achieved approval in six countries ex U.S. We have booked the first sales for ELEVIDYS of 29 million, we remain very excited about this treatment. And we're looking forward to bringing this important medicines to patients as soon as possible.

Speaker Change: 1 million patient years of cumulative exposure.

Speaker Change: Are there more are six months subcutaneous formulation has received EU approval in U S. Producer is set for the 12th of September again. This is two times per year 10 minutes to treat year MFS.

Speaker Change: For elevate ease of $29 million, we remain very excited about this treatment and we're looking forward to bringing this important medicines to patients.

Speaker Change: As soon as possible looking forward there is a lot coming up and in neurology, including Feddybb written up for them as they are planning to share the 48 week data. More 48 week data from the phase II Fanapt trial at <unk>. This will be the first look at relapsed data as well as update updated MRI data.

As soon as possible

Teresa: We expect that OCREVUS represents an incremental $2 billion in sales opportunity, and we expect this to be increasingly visible in the coming quarters as we are already starting to see some strong pickup in our very early launch countries in the EU. EVRYSDI growth increased by 25% in Q2. That's largely due to a significant tender in the international region. The outlook for EVRYSDI remains positive.

We expect that OCREVUS represents an incremental $2 billion in sales opportunity, and we expect this to be increasingly visible in the coming quarters as we are already starting to see some strong pickup in our very early launch countries in the EU.

Looking forward, there is a lot coming up in neurology, including FENEBRUTINIB for MS. We are planning to share the 48-week data--more 48-week data from the Phase II FENopta trial at ECTRIMS. This will be the first look at relapsed data as well as updated MRI data including T1 and T2 lesions are definitely something to look forward to there.

Speaker Change: More 48 week data from the phase II Fanapt trial at <unk>. This will be the first look at relapsed data as well as update updated MRI data.

EVRYSDI growth increased by 25% in Q2. That's largely due to a significant tender in the international region. The outlook for EVRYSDI remains positive. After we became the market leader in terms of patient share and total patients treated in Q1, we expect the full year growth to be in the high teens. With regard to new follow-up data, as Thomas mentioned, in Q2, we presented the five-year data for children with type 1 SMA. And these results just again validate EVRYSDI's strong efficacy and safety profile and really underscore why it has become the market leader.

Teresa: After we became the market leader in terms of patient share and total patients treated in Q1, we expect the full year growth to be in the high teens. With regard to new follow-up data, as Thomas mentioned, in Q2, we presented the five-year data for children with type 1 SMA. And these results just again validate EVRYSDI's strong efficacy and safety profile and really underscore why it has become the market leader.

Speaker Change: If we see growth increased by 25% in Q2, that's largely due to a significant tender in the international region. The outlook for everything remains positive. After we became the market leader in terms of patient share and total patients treated in Q1, we expect the full year growth to be in the high teens.

Speaker Change: Including T. One and T. Two lesions are definitely something to look forward to there for continue mab in a D. We have the updated phase one two data that will be shared at sea Tac. This dataset will contain more than 100 patients with longer follow up from the original dosing cohorts in the first data from the expansion cohorts as communicated we do expect that we will have some. They shouldn't data from time chimney mab in a D by Q1 to make decisions on whether or not to take this model.

Including T. One and T. Two lesions are definitely something to look forward to there

For TRONTINEMAB in AD, we have the updated Phase I/II data that will be shared at CTAD. This dataset will contain more than 100 patients with longer follow-up from the original dosing cohorts in the first data from the expansion cohorts. As communicated, we do expect that we will have sufficient data from TRONTINEMAB in AD by Q1 to make decisions on whether or not to take this molecule [Audio Gap] (00:43:05.)

Speaker Change: With regards to new follow up data as Thomas mentioned in Q2, we presented the five year data for children with type one SMA and these were the results just again validate embraces strong efficacy and safety profile and really underscore why it has become the market leader.

Speaker Change: They shouldn't data from time chimney mab in a D by Q1 to make decisions on whether or not to take this model.

Teresa: Excitingly, for our DMD gene therapy, ELEVIDYS, we have completed the EU filing. We have already achieved approval in six countries ex-US, and we have booked the first sale for ELEVIDYS of 29 million. We remain very excited about this treatment and we're looking forward to bringing this important medicine to patients as soon as possible. Looking forward, there is a lot coming up in neurology including FETABRUTINIB for MS. We are planning to share more 48-week data from the phase II [inaudible] trial at [inaudible]. This will be the first look at relapse data as well as updated MRI data, including T1 and T2 legions. So definitely something to look forward to there. For [inaudible] in AD, we have the updated phase I/II data that will be shared at [inaudible]. This data set will contain more than 100 patients with longer follow ups from the original dosing cohort and the first data from the expansion cohort. As communicated, we do expect that we will have sufficient data from [inaudible] in AD by Q1 to make decisions on whether or not to take this molecule into phase III studies. Let me also quickly mention as Thomas did, the phase II [inaudible] readout for [inaudible] in Parkinson's, which is now scheduled for Q4 and should definitely be considered high risk but would also be highly [inaudible]. There really has been no advances for these patients in many, many years. Moving on to immunology, total half year sales reached 3 billion, which represents a 1% increase at constant exchange rates. The highlight here is clearly [inaudible] and its recent launch in food allergies. With only four months on the market, we already have more than 15,000 patients on treatment. We expect growth in the second half to further accelerate to reach around 20%. We expect a strong growth momentum to be carried forward into 2025 with year over year growth rate [inaudible]. [inaudible] sales grew slightly in the first half at 3% as biosimilars in the EU experienced lower than expected rollout. However, we do expect that to accelerate now in both the EU and the US in the second half. And in terms of the outlook, I think most of you know I'm personally very excited to see the phase III results, the regency study of [inaudible] which we expect for Q3 and I'm very pleased to announce that our trial in [inaudible] and IBV are now to be initiated [inaudible] in Q4 and Crohn's disease in Q1. Additional indications where we've taken a development decision and where we will be initiating phase II studies will be announced at the upcoming pharma day at the end of September. Moving on to ophthalmology, our ophthalmology franchise has reached 1.9 billion in half year sales with an impressive growth of 54%. The VABYSMO market share just continued to grow despite the J code for the EYLEA high dose being received in April. We've now reached 27% in AMD, that's up from 24% and 19% in DME, up from 18% and RVO is now at 15%, up from 8%. This holds true for the dynamic update seen in other early launch markets. In the UK we see shares of AMD at 29%, France at 19%, Germany at 15%, so the momentum for VABYSMO just keeps building. Importantly, as Thomas mentioned in Q2 we achieved FDA approval for the pre-filled syringe, which has the potential to ease the administration procedure and we expect to receive that approval in the EU as well. Just a few days ago, we presented four year road [inaudible] follow up for VABYSMO in DME and ASRS, which confirms VABYSMO's strong safety and efficacy profile. So as Thomas mentioned, [inaudible] relaunch in the US is already commencing. I'll talk a little bit more about that in the next slide, but in terms of outlook, we've got the VABYSMO EU approval and RVO and the filing approval of the pre-filled syringe in the EU and then the read out of two phase two studies, one in monotherapy and in combination for IL6 [inaudible] which will help inform future development program in that area. So now let's take a closer look [inaudible] at Now, if we dig into the different product areas, now I'd like to give you a little bit more color on these results. Sales in our core lab business increased by 10%, with very strong momentum driven by immunodiagnostics at plus 11%, as well as clinical chemistry at plus 8%. Our molecular lab business increased by 3% due to strong growth in our blood screening business plus 13%.

Speaker Change: Excitingly for our DMD gene therapy <unk>, we have completed the E filing we have already achieved registration achieved approval in six countries ex U S. We have booked the first sales.

Speaker Change: For elevate is a $29 million, we remain very excited about this treatment and we're looking forward to bringing this important medicines to patients.

Speaker Change: As soon as possible looking forward there is a lot coming up and in neurology, including further brighten up for M. As we are planning to share the 48 week data.

Speaker Change: More 48 week data from the phase II Fanapt trial at <unk>. This will be the first look at relapsed data as well as update updated MRI data.

Speaker Change: Including T. One and T. Two lesions are definitely something to look forward to there for <unk> and <unk>. We have the updated phase one two data that will be shared at sea Tac. This dataset will contain more than 100 patients with longer follow up from the original dosing cohorts in the first data from the expansion cohorts as communicated we do expect that we will have some.

Speaker Change: --now in both the EU and the U.S. in the second half. And in terms of the outlook I think most of you know, I'm personally very excited to see the Phase III results of the REGENCY study of GAZYVA in lupus nephritis, which we expect for Q3 and I'm very pleased to announce that our trials in TL1A, and IBD are to be initiated at UC in Q4 and Crohn's disease in Q1. Additional indications where we've taken a development decision and where we will be initiating Phase II studies will be announced at the upcoming Pharma Day at the end of September.

Speaker Change: You know I'm personally very excited to see the phase III results are the regency study, because iva and lupus nephritis, which we expect for Q3 and I'm very pleased to announce that our IDE trials in Tijuana, an IBD or to be initiated a you see in Q4 in crohn's disease in Q1.

Speaker Change: Data from <unk>, and a D by Q1 to make decisions on whether or not to take this model a model molecule into phase III studies.

Speaker Change: Let me also quickly mentioned as Thomas said, the phase III to delver readout for <unk> in Parkinson's, which is now scheduled for Q4 and should definitely be considered high risk would also be extremely high reward is there really has been no advance for these patients in many many years.

Speaker Change: Additional indications where we've taken a development decision and where we will be initiating Phase II studies will be announced at the upcoming Pharma Day at the end of September. Moving onto ophthalmology, our ophthalmology franchise has reached $1 9 billion in first half.

Additional indications where we've taken a development decision and where we will be initiating Phase II studies will be announced at the upcoming Pharma Day at the end of September.

Speaker Change: Moving on to Immunology total half your sales reached 3 billion, which represents a 1% increase at constant exchange rates. The highlight here is clearly xolair in its recent launch in food allergy with only four months on the market. We already have more than 15000 patients on treatment, we expect growth in the second half to further accelerate to reach around two.

Speaker Change: Moving onto ophthalmology, our ophthalmology franchise has reached $1 9 billion in first half.

Moving on to ophthalmology, our ophthalmology franchise has reached 1.9 billion in first--in half year sales with an impressive growth of 54%. The VABYSMO market share just continues to grow despite the J code for the EYLEA high dose being received in April. We've now reached 27% and a M. D. That's up from 24% and 19% in D. N me up from 18% and RVO is now at 15% upfront. <unk>, 8%. This holds true for that dynamic update as seen in other early launch markets in the U K, we see shares of A&D at 29%, France at 19%, Germany at 15%. So the momentum from our bias now just keeps building importantly, as Thomas mentioned in utility ever achieved FDA approval for the pre sell search.

Moving onto ophthalmology, our ophthalmology franchise has reached 1.9 billion in first--in half year sales with an impressive growth of 54%. The VABYSMO market share just continues to grow despite the J code for the EYLEA high dose being received in April. We've now reached 27% in AMD, that's up from 24% and 19% in DME, up from 18% and RVO is now at 15% up from 8%. This holds true for that dynamic update as seen in other early launch markets in the U.K., we see shares of AMD at 29%, France at 19%, Germany at 15%. So, the momentum from VABYSMO just keeps building.

Half year sales with an impressive growth of 54% of our buys no market share. It just continues to grow despite the J code for the Eylea high dose being received in April we've now reached 27% and a M. D. That's up from 24% and 19% in D. N me up from 18% and RVO is now at 15% upfront. <unk>, 8%. This holds true for that dynamic update as seen in other early launch markets in the U K, we see shares of A&D at 29%, France at 19%, Germany at 15%. So the momentum from our bias now just keeps building importantly, as Thomas mentioned in utility ever achieved FDA approval for the pre sell search.

being received in April we've now reached 27% and a M. D. That's up from 24% and 19% in D. N me up from 18% and RVO is now at 15% upfront. <unk>, 8%. This holds true for that dynamic update as seen in other early launch markets in the U K, we see shares of A&D at 29%, France at 19%, Germany at 15%. So the momentum from our bias now just keeps building importantly, as Thomas mentioned in utility ever achieved FDA approval for the pre sell search.

being received in April

we've now reached 27% and a M. D. That's up from 24% and 19% in D. N me up from 18% and RVO is now at 15% upfront. <unk>, 8%. This holds true for that dynamic update as seen in other early launch markets in the U K, we see shares of A&D at 29%, France at 19%, Germany at 15%. So the momentum from our bias now just keeps building importantly, as Thomas mentioned in utility ever achieved FDA approval for the pre sell search.

Speaker Change: 80% and we expect this strong growth momentum to be carried forward into 2025 with year over year growth rate in the teens.

Speaker Change: <unk>, 8%. This holds true for that dynamic update as seen in other early launch markets in the U K, we see shares of A&D at 29%, France at 19%, Germany at 15%. So the momentum from our bias now just keeps building importantly, as Thomas mentioned in utility ever achieved FDA approval for the pre sell search.

Speaker Change: Camera sales grew slightly in the first half at 3% as Biosimilars in the EU experienced a slower than expected rollout. However, we do expect that to accelerate now in both the EU and the U S. In the second half and in terms of the outlook I think most of you know I'm personally very excited to see the phase III results are the regency study, because iva and lupus nephritis.

Importantly, as Thomas mentioned, in Q2 we achieved FDA approval for the prefilled syringe, which has the potential to easy administration procedure, and we expect to receive that approval in the EU as well. Just a few days ago, we presented four-year follow-up for VABYSMO in DME at a ASRS, which confirms have eyes on strong safety and efficacy profile. So, as Thomas mentioned, SUSVIMO commercial relaunch in the U.S. is already commencing. I'll talk a little bit more about that in the next slide.

Speaker Change: <unk>, which has the potential to easy administration procedure, and we expect to receive that approval in the EU as well just a few days ago. We presented four year ROE next follow up for buys now India me at a S. R S, which confirms have eyes on strong safety and efficacy profile. So as Thomas mentioned, the so simo commercial re launch in the U S is already commencing I'll talk a little bit more about that in the next slide.

Speaker Change: Which we expect for Q3 and I'm very pleased to announce that our IDE trials in Tijuana and IBD are can be initiated.

Speaker Change: See in Q4 in Crohn's disease and Q1.

Speaker Change: Additional indications, where we've taken a development decision and where we will be initiating phase II studies will be announced at the upcoming pharma day at the end of September.

Speaker Change: So as Thomas mentioned, the so simo commercial re launch in the U S is already commencing I'll talk a little bit more about that in the next slide.

Speaker Change: Moving onto ophthalmology, our ophthalmology franchise has reached $1 9 billion in first.

Speaker Change: But in terms of outlook. We've got the VABYSMO EU approval in RVO and the filing approval of the prefilled syringe in the EU and then the readout of two Phase II monotherapy studies. Two phase two studies, one in monotherapy and one in combination for IL-6 VAMIKIBART in DME, which will help inform future development programs in that area.

Speaker Change: We've got the <unk> EU approval in RVO and the filing approval of the Prefilled syringe in the EU and then the readout of two phase two mono therapy studies.

Speaker Change: Half year sales with an impressive growth of 54% because of buys no market share. It just continues to grow despite the J code for the Eylea high dose being received in April we've now reached 27% and a M. D. That's up from 24% and 19% in <unk> up from 18% and RVO is now at 15% upfront.

Phase two phase two studies, one in mono therapy and one in combination for IL six that Mickey bar in D E, which will help inform future development programs in that area.

Speaker Change: So, now, let's take a closer look at SUSVIMO. So, as I was saying we are in the midst of launching SUSVIMO in AMD in the U.S. with plans to relaunch ex U.S. in 2025 and beyond. SUSVIMO as you know uses our port delivery platform to enable continuous VEGF delivery versus an intraocular implant, which is clearly preferred by patients over IVT. This approach has demonstrated strong efficacy in safety across AMD, DME and diabetic retinopathy. And for AMT, long-term follow-up data shows the benefits are sustained even after 144 weeks.

Speaker Change #104: 8%. This holds true for that dynamic update as seen in other early launch markets in the U K, we see shares of A&D at 29%, France at 19%, Germany at 15%. So the momentum for the business just keeps building and importantly, as Thomas mentioned in utility received FDA approval for the pre sell through.

Speaker Change #100: So as I was saying we are in the midst of launching casino in A&D in the U S with plans to relaunch ex U S. In 2025 and beyond just the BMO as you know uses our port delivery platform to enable continuous veg F delivery versus an intraocular implant, which is clearly preferred by patients over IV T. This approach has demonstrated strong efficacy in <unk>.

Speaker Change: Ranch, which has the potential to easy administration procedure, and we expect to receive that approval in the EU as well just a few days ago. We presented four year ROE next follow up from a bias now Indian me at a S. R S, which confirms devices strong safety and efficacy profile.

Speaker Change #100: Safety across A&D D M <unk> and diabetic retinopathy and for a M. T. A long term follow up data shows the benefits of sustained even after 144 weeks.

Speaker Change #100: On the right side of the slide, you'll see that we've completed filing for two pivotal Phase III studies in the U.S. PAGODA in DME and PAVILLION in diabetic retinopathy and additional clinical trials have either been restarted or initiated. We have the Phase III/b VELODROME study assessing every nine months dosing from SUSVIMO in AMD and then the initiation of Phase I/II BURGUNDY study with our new bispecific inhibitor of VEGF and ANG2 in AMD.

Speaker Change: So as Thomas mentioned, the so simo commercial relaunch in the U S is already commencing I'll talk a little bit more about that in the next slide.

Speaker Change: But in terms of outlook.

Speaker Change: We've got to have a bias now EU approval in RVO and the filing approval of the Prefilled syringe in the EU and then the readout of two phase two mono therapy studies.

Speaker Change #100: Our new bi specific inhibitor of VEGF and <unk> two in AMD.

So, now, switching gears to our emerging assets and obesity, we have reported some early positive Phase I top line data for both the weekly injectable CT-388, and our oral CT-996 with both asset showing a potential best-in-class profile. CT-388 showed a strong placebo adjusted weight loss effect of 18.8% at week, 24, with safety and tolerability consistent with the class. Phase II development, which will now test optimize titration schemes in obese patients will be initiated in Q3.

Speaker Change: Phase two phase two studies, one in mono therapy and one in combination for IL six to Mickey bar in D E, which will help inform future development programs in that area.

Speaker Change: So now let's take a closer look at first you know.

Speaker Change: So as I was saying we are in the midst of launching so simo in A&D in the U S with plans to relaunch ex U S. In 2025 and beyond just the email issue now uses our port delivery platform to enable continuous veg F delivery versus an intraocular implant, which is clearly preferred by patients over IV T. This approach has demonstrated strong efficacy in <unk>.

Speaker Change #100: At week, 24, with safety and Tolerability consistent with the class.

Speaker Change #100: Phase II development, which will now tested optimize titration schemes in obese patients will be initiated in Q3. C. P 996, or one stereo once daily oral showed a strong placebo adjusted weight loss effect of six 1% at week, four again safety and Tolerability aircrafts are consistent with the class and we would expect to start that phase.

As to development, which will now test optimize titration schemes in obese patients will be initiated in Q3

CT-996, our once daily oral showed a strong placebo adjusted weight loss effect of 6.1% at week four. Again, safety and tolerability aircrafts are consistent with the class, and we would expect to start that Phase II in obesity in 2025. Additional data for both assets, as Alan mentioned, our plan to be shared at the EASD and we have the accompanying IR event, there as well.

Tammy: Safety across A&D, Tammy and diabetic retinopathy and for anti long term follow up data shows the benefits of sustained even after 144 weeks.

Tammy: On the right side of the slide you'll see that we've completed filing for two pivotal phase III studies in the U S pagoda in D M in civilian and diabetic retinopathy and additional clinical trials have either been restarted or initiated we have the phase III B velodrome study assessing every nine months dosing for the CMO in A&D and then the initiation of phase one to Burgundy setting.

Speaker Change #100: Two in obesity in 2025 additional data for both assets as Alan mentioned, our plan to be shared at yeah. Yeah at the I E. A S D and we have the accompanying IR event, there as well.

Speaker Change #101: So, before I close out with the usual news flow side, I wanted to highlight our efforts to strengthen the pharma pipeline, you'll have seen this slide from previously quarter from previous quarterly updates. And in Q2, we have again had some turnover on the NME side, we have removed for NMEs three in oncology and one in CVRM due either to new data or NMEs that just simply don't meet our internal bar. And on the other side, three NMEs were added to an oncology and one in immunology.

Speaker Change: Our new bi specific inhibitor of VEGF and <unk> two in AMD.

Speaker Change #102: Don't meet our internal bar and on the other side three enemies were added to an oncology and one in immunology and oncology we added the anti Semite ADC after entering into a collaboration and license agreement with many links therapeutics and in addition, we moved our second allogeneic car T.

Don't meet our internal bar and on the other side three enemies were added to an oncology and one in immunology

In oncology, we added the anti-CMET-ADC after entering into a collaboration and license agreement with MediLink Therapeutics. And in addition, we moved our second allogeneic CAR-T molecule targeting CD-19, CD-20 into the clinic and that is in partnership with the Poseida. Overall, we've now terminated 25% of our total enemies. Since Q2 of 2023, when we announced our R&D Excellence program in order to focus on more high impact programs like many of the ones that we have just covered.

Speaker Change #101: Molecule targeting CD 19, CD 20 into the clinic and that is in partnership with the cider.

Overall, we've now terminated 25% of our total NMEs, since Q2 of 2023, when we announced our R&D excellence program in order to focus on more high impact programs like many of the ones that we have just covered.

Speaker Change #101: Overall, we've now terminated 25% of our total enemies. Since Q2 of 2023, when we announced our R&D Excellence program in order to focus on more high impact programs like many of the ones that we have just covered.

Speaker Change #101: So, to close off this section, let's have a quick look at our 2024 key news flow. There has been a lot of green check marks added since we last presented this slide in Q1, both for regulatory milestones and clinical results. I have covered quite a number of these things on previous slides, but let me mention a few that I haven't.

Speaker Change #101: The Phase III VERONA readout for VENCLEXTA in first-line MDS has moved to 2025. And unfortunately, as Thomas mentioned, I also have to share that the Phase II study of ASO factor B in geographic atrophy missed its primary endpoint. In alignment with our partners, and I honestly have decided to stop this particular trial that ASO factor B does remain in development in IgAN nephropathy with the Phase III IMAGINATION study, which initiated recruitment in Q3 of last year.

Speaker Change: Is that just simply don't meet our internal bar and on the other side three enemies were added to an oncology and one in immunology and oncology we added the anti Semite ADC after entering into a collaboration and license agreement with <unk> Link Therapeutics and in addition, we moved our second Allogeneic car T.

Speaker Change #101: A new property with the phase III imagination study, which initiated recruitment in Q3 of last year.

Speaker Change #103: We do look forward to some very exciting additional clinical milestones in second half, particularly as I mentioned, GAZYVA in lupus nephritis, PRASI in PD, TRONI in AD all of which could be significant therapeutic advances for patients as well as heading our regulatory--our remaining regulatory milestones. We are looking forward to sharing all of these results with you in due course. And now I will let Matt guide you through our Diagnostics. Thanks Theresa.

We do look forward to some very exciting additional clinical milestones in second half, particularly as I mentioned, GAZYVA in lupus nephritis, PRASI in PD, TRONI in AD all of which could be significant therapeutic advances for patients as well as heading our regulatory--our remaining regulatory milestones. We are looking forward to sharing all of these results with you in due course. And now I will let Matt guide you through our Diagnostics.

Speaker Change: Molecule targeting CD 19, CD 20 into the clinic and that is in partnership with the cider.

Speaker Change #103: All of which could be significant therapeutic advances for patients as well as heading our regulatory our remaining regulatory milestones. We are looking forward to sharing all of these results with you in due course and now I will let me guide you through our diagnostics. Thanks Theresa.

Speaker Change: Overall, we've now terminated 25% of our total enemies. Since Q2 of 2023, when we announced our R&D Excellence program in order to focus on more high impact programs like many of the ones that we have just covered.

Speaker Change #104: We are looking forward to sharing all of these results with you in due course and now I will let me guide you through our diagnostics. Thanks Theresa.

And now, I will let Matt guide you through our Diagnostics.

Speaker Change: So to close off this section, let's have a quick look at our 2024 key news flow. There has been a lot of green check marks added since we last presented this slide in Q1, both for regulatory milestones and clinical results I have covered quite a number of these things on previous slides, but let me mention a few that I haven't the phase III Verona read out for <unk>.

Matthew Sause: Thanks Teresa. So good morning, and good afternoon, everyone. It's my pleasure to present the results for Diagnostics for the first half of 2024. As you already heard from from Alan and Thomas, with sales of CHF 7.21 billion the Diagnostics division sales increased by 5% or CHF 0.3 billion at constant exchange rates. Now, this increase is mainly driven by the strong business growth of 9% in our base business, and partially offset by the decline of COVID-19 testing sales, which as you heard are washing out of our numbers going forward.

Speaker Change #105: So good morning, and good afternoon, everyone. It's my pleasure to present the results for diagnostics for the first half of 2024. As you already heard from from Allen and Thomas with sales of 7.21 billion Swiss francs. The diagnostics division sales increased by 5% or <unk> 3 billion Swiss francs at constant exchange rates. Now this increase is mainly driven by the strong business growth of 9% in our base business and partially offset by the decline of COVID-19 testing sales, which as you heard our washing out of our numbers going forward.

Speaker Change #106: As you already heard from from Allen and Thomas with sales of 7.21 billion Swiss francs. The diagnostics division sales increased by 5% or <unk> 3 billion Swiss francs at constant exchange rates. Now this increase is mainly driven by the strong business growth of 9% in our base business and partially offset by the decline of COVID-19 testing sales, which as you heard our washing out of our numbers going forward.

Thomas Unica: First line Mds has moved to 2025 and unfortunately as Thomas mentioned I also have to share that the phase two study of ASO factor B, a geographic atrophy missed its primary endpoint and alignment with our partners and I honest, we have decided to stop this particular trial that ASO factor B does remain in development in Iga nephropathy with the phase III imagination stuff.

Speaker Change #106: Now this increase is mainly driven by the strong business growth of 9% in our base business and partially offset by the decline of COVID-19 testing sales, which as you heard our washing out of our numbers going forward.

Speaker Change #107: 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 this performance of our base business and confirm will be on the higher end of this range. So, if we dig into the different product areas, now I'd like to give you a little bit more color on these results. Sales in our Core Lab business increased by 10% with very strong momentum driven by immunodiagnostics at plus 11%, as well as clinical chemistry at plus 8%.

Speaker Change: Which initiated recruitment in Q3 of last year.

Speaker Change: We do look forward to some very exciting additional clinical milestones clinical milestones in the second half, particularly as I mentioned, because iva and Mr. Freitas Pozzy NPD transient <unk>, all of which could be significant therapeutic advances for patients as well as hitting our regulatory our remaining regulatory milestones.

Speaker Change #107: So if we dig into the different product areas now I'd like to give you a little bit more color on these results sales in our core lab business increased by 10% with very strong momentum driven by immuno diagnostics at plus 11% as well as clinical chemistry at plus 8%.

Speaker Change #107: Our Molecular Lab business increased 3% due to strong growth in our blood screening business plus 13%. Our Virology base business also at plus 13%. And this was offset by the lower COVID-19 PCR lab based testing cells. So, excluding all COVID-19 cells, Molecular Lab is growing strongly at plus 9%. Our new customer area, near patient care, had a decline of negative 14% and this is mainly due to lower sales of COVID-19, rapid antigen testing as well as the decline of our blood glucose monitoring business due to the market shifts to continuous glucose monitoring but would note, that we're very much looking forward to the launch of our first continuous glucose

Our Molecular Lab business increased 3% due to strong growth in our blood screening business plus 13%. Our Virology base business also at plus 13%. And this was offset by the lower COVID-19 PCR lab based testing cells. So, excluding all COVID-19 cells, Molecular Lab is growing strongly at plus 9%.

Our new customer area, near patient care, had a decline of negative 14% and this is mainly due to lower sales of COVID-19, rapid antigen testing as well as the decline of our blood glucose monitoring business due to the market shifts to continuous glucose monitoring but would note, that we're very much looking forward to the launch of our first continuous glucose monitoring system in the next couple of months. Sales in our pathology lab grew strongly at plus 17% and this is mainly driven by advanced staining reagent growth as well as our companion diagnostics business, which grew at 46%. So, let's take a step back and look at the growth across the different regions. And excluding the COVID-19 business, we see strong base business growth across all of our regions. So North America, which grew at 5%, including Covid grew at 11% in the base business and you heard Thomas mentioned, where we just recently got approval for our serology blood screening business. There we've already started to win the first <unk>.

Our new customer area, Near Patient Care, had a decline of negative 14% and this is mainly due to lower sales of COVID-19, rapid antigen testing as well as the decline of our blood glucose monitoring business due to the market shifts to continuous glucose monitoring but would note, that we're very much looking forward to the launch of our first continuous glucose monitoring system in the next couple of months. Sales in our pathology lab grew strongly at plus 17% and this is mainly driven by advanced staining reagent growth as well as our companion Diagnostics business, which grew at 46%.

Speaker Change #107: <unk>. Our new customer area near patient care had a decline of negative 14% and this is mainly due to lower sales of COVID-19, rapid antigen testing as well as the decline of our blood glucose monitoring business due to the market shifts to continuous glucose monitoring but would note. They were very much looking forward to the launch of our first continuous glucose.

Speaker Change #107: Our new customer area near patient care had a decline of negative 14% and this is mainly due to lower sales of COVID-19, rapid antigen testing as well as the decline of our blood glucose monitoring business due to the market shifts to continuous glucose monitoring but would note. They were very much looking forward to the launch of our first continuous glucose.

Speaker Change #107: <unk> system in the next couple of months. Sales in our pathology lab grew strongly at plus 17% and this is mainly driven by advanced staining reagent growth as well as our companion diagnostics business, which grew at 46%. So, let's take a step back and look at the growth across the different regions. And excluding the COVID-19 business, we see strong base business growth across all of our regions. So North America, which grew at 5%, including Covid grew at 11% in the base business and you heard Thomas mentioned, where we just recently got approval for our serology blood screening business. There we've already started to win the first <unk>.

<unk> system in the next couple of months.

Sales in our pathology lab grew strongly at plus 17% and this is mainly driven by advanced staining reagent growth as well as our companion diagnostics business, which grew at 46%. So, let's take a step back and look at the growth across the different regions. And excluding the COVID-19 business, we see strong base business growth across all of our regions. So North America, which grew at 5%, including Covid grew at 11% in the base business and you heard Thomas mentioned, where we just recently got approval for our serology blood screening business. There we've already started to win the first <unk>.

Sales in our pathology lab grew strongly at plus 17% and this is mainly driven by advanced staining reagent growth as well as our companion Diagnostics business, which grew at 46%. So, let's take a step back and look at the growth across the different regions. And excluding the COVID-19 business, we see strong base business growth across all of our regions. So North America, which grew at 5%, including COVID grew at 11% in the base business. And you heard Thomas mentioned, where we just recently got approval for our serology blood screening business there. We've already started to win the first contracts, and we look forward to seeing momentum there in the very short-term.

Sales in our pathology lab grew strongly at plus 17% and this is mainly driven by advanced staining reagent growth as well as our companion Diagnostics business, which grew at 46%.

Speaker Change #107: Sales in our pathology lab grew strongly at plus 17% and this is mainly driven by advanced staining reagent growth as well as our companion diagnostics business, which grew at 46%. So, let's take a step back and look at the growth across the different regions.

So, let's take a step back and look at the growth across the different regions. And excluding the COVID-19 business, we see strong base business growth across all of our regions. So North America, which grew at 5%, including COVID grew at 11% in the base business. And you heard Thomas mentioned, where we just recently got approval for our serology blood screening business there. We've already started to win the first contracts, and we look forward to seeing momentum there in the very short-term.

Speaker Change #107: So, let's take a step back and look at the growth across the different regions.

Speaker Change #108: And excluding the COVID-19 business, we see strong base business growth across all of our regions. So North America, which grew at 5%, including Covid grew at 11% in the base business and you heard Thomas mentioned, where we just recently got approval for our serology blood screening business. There we've already started to win the first <unk>.

Thomas: <unk> and we look forward to seeing momentum there in the very short term.

Speaker Change #109: In EMEA the base business, excluding COVID-19 grew at plus 5%. So, you see a very small difference between the overall growth of plus 4 and plus 5 in the base. Asia Pacific, as you can see grew at plus 3%, excluding COVID-19 grew at plus 6%. And Latin America with growth of plus 16%, grew at plus 18% in the base business.

Speaker Change: Yes.

Matt Sause: Our virology-based business also increased by plus 13%, and this was offset by the lower COVID-19 PCR lab-based testing sales. So excluding all COVID-19 cells, molecular lab is growing strongly at plus 9%. Our new customer area, near patient care, had a decline of negative 14%, and this is mainly due to lower sales of COVID-19 rapid antigen testing, as well as the decline of our blood glucose monitoring business due to the market shift to continuous glucose monitoring. But I would note that we're very much looking forward to the launch of our first continuous glucose monitoring system in the next couple of months. Sales in our pathology lab grew strongly at plus 17% and this was mainly driven by advanced [inaudible] as well as our companion diagnostics business, which grew at 46%. so let's take a step back and look at the growth across the different regions. Excluding the COVID-19 business, we see strong based business growth across all of our regions. So North America, which grew at 5%, including COVID, grew 11% in the base business and you heard Thomas mention we got approval for our serology blood screening business there. We've already started to win the first contract and we look forward to seeing momentum there in the very short term. In EMEA, the base business, excluding COVID-19 grew at 5%. We see a very small difference between the overall growth of plus 4 and plus 5 at the base. Asia-Pacific, as you can see, grew at plus 3%, excluding COVID-19, grew at plus 6%. Latin America with growth of plus 16% grew at plus 18% in the base business. Now, I'd like to walk you through the Diagnostics P&L line by line. Core operating profit on sales of 7.21 billion Swiss franc increased by 22% at constant exchange rate. Our cost of sales declined at minus 1% and this is mainly driven due to product mix due to lower sales of COVID-19 rapid antigen tests. R&D costs increased at 1% with a focus on investment in upcoming late state launches, such as mass spec, continued glucose monitoring and our [inaudible] program.

Speaker Change: Our new customer area near patient care had a decline of negative 14% and this is mainly due to lower sales of COVID-19, rapid antigen testing as well as the decline of our blood glucose monitoring business due to the market shifts to continuous glucose monitoring but would note that we're very much looking forward to the launch of our first continuous glucose.

Speaker Change #109: Asia Pacific as you can see grew up plus 3%, excluding COVID-19 grew at plus 6%.

And Latin America with growth of plus 16% grew at plus 18% in the base business. So now I'd like to walk you through the diagnostics P&L line by line. So core operating profit on sales of 7.21 billion Swiss francs increased by 22% at constant exchange rate. Our cost of sales declined at minus 1% and this is mainly driven due to product mix, particularly the lower sales of COVID-19 rapid antigen tests. R&D costs increase of 1% with a focus on investment in upcoming late stage launches such as mass back continuous glucose monitoring and our nano for sequencing program.

And Latin America with growth of plus 16% grew at plus 18% in the base business.

So, now, I'd like to walk you through the Diagnostics P&L line by line. So, core operating profit on sales of CHF 7.21 billion increased by 22% at constant exchange rate. Our cost of sales declined at minus 1% and this is mainly driven due to product mix, particularly the lower sales of COVID-19 rapid antigen tests. R&D costs increase of 1% with a focus on investment in upcoming late stage launches such as mass back continuous glucose monitoring and our nano for sequencing program.

Speaker Change: Deterring system in the next couple of months.

Speaker Change #109: So now I'd like to walk you through the diagnostics P&L line by line. So core operating profit on sales of 7.21 billion Swiss francs increased by 22% at constant exchange rate. Our cost of sales declined at minus 1% and this is mainly driven due to product mix, particularly the lower sales of COVID-19 rapid antigen tests. R&D costs increase of 1% with a focus on investment in upcoming late stage launches such as mass back continuous glucose monitoring and our nano for sequencing program.

Speaker Change: Sales in our pathology lab grew strongly at plus 17% and this is mainly driven by advanced staining reagent growth as well as our companion diagnostics business, which grew at 46%.

Speaker Change #109: So core operating profit on sales of 7.21 billion Swiss francs increased by 22% at constant exchange rate. Our cost of sales declined at minus 1% and this is mainly driven due to product mix, particularly the lower sales of COVID-19 rapid antigen tests. R&D costs increase of 1% with a focus on investment in upcoming late stage launches such as mass back continuous glucose monitoring and our nano for sequencing program.

Our cost of sales declined at minus 1% and this is mainly driven due to product mix, particularly the lower sales of COVID-19 rapid antigen tests. R&D costs increase of 1% with a focus on investment in upcoming late stage launches such as mass back continuous glucose monitoring and our nano for sequencing program.

Speaker Change: So, let's take a step back and look at the growth across the different regions.

Speaker Change: And excluding the COVID-19 business, we see strong base business growth across all of our regions. So North America, which grew at 5%, including Covid grew at 11% in the base business and you heard Thomas mentioned, where we just recently got approval for our serology blood screening business. There we've already started to win the first.

R&D costs increase of 1% with a focus on investment in upcoming late-stage launches, such as mass spec, continuous glucose monitoring and our nanopore sequencing program. SG&A increase at plus 5% and this was driven by higher distribution costs due to increased sales volume as well as commercial costs. And this resulted in a core operating profit of CHF 1.58 billion with a margin of 22% in reported currency.

Speaker Change #109: R&D costs increase of 1% with a focus on investment in upcoming late stage launches such as mass back continuous glucose monitoring and our nano for sequencing program.

Speaker Change #109: SG&A increase of plus 5% and this was driven by higher distribution costs due to increased sales volume as well as commercial costs. And this resulted in a core operating profit of 1.58 billion Swiss francs with a margin of 22% in reported currency.

Thomas Unica: Contracts and we look forward to seeing momentum there in the very short term.

Speaker Change #109: And this resulted in a core operating profit of 1.58 billion Swiss francs with a margin of 22% in reported currency.

Thomas Unica: In EMEA the base business, excluding COVID-19 grew at plus 5%. So you see a very small difference between the overall growth of plus four and plus five in the base.

Speaker Change #110: Now, you heard a little bit from Thomas earlier about some of the exciting launches we had in the second quarter. And one of the ones that I'm, particularly excited about is our Core Lab, where you saw that strong growth. Our c703 clinical chemistry, as well as our ISE Neo. Now, we know that laboratories around the world are under pressure in terms of staffing constraints. What I would call out as both of these next generation instruments require 56% less calibration and once-per-month regularly scheduled maintenance, but at the same time. They had the same laboratory footprint and deliver twice the throughput of the previous generation. That's 2,000 clinical chemistry results per hour, that's 1,800 ISE results per hour.

Thomas Unica: Asia Pacific as you can see grew at plus 3%, excluding COVID-19 grew at plus 6%.

Speaker Change: And Latin America with growth of plus 16% grew at plus 18% in the base business.

Speaker Change #111: <unk> seven or three clinical chemistry, as well as our ISC Neo now we know that laboratories around the world are under pressure in terms of staffing constraints, what I would call out as both of these next generation instruments require 56% less calibration.

Speaker Change: So now I'd like to walk you through the diagnostics P&L line by line.

Matt Sause: Now, I'd like to walk you through the Diagnostics P&L line by line. Core operating profit on sales of 7.21 billion Swiss franc increased by 22% at constant exchange rate. Our cost of sales declined at minus 1% and this is mainly driven due to product mix due to lower sales of COVID-19 rapid antigen tests. R&D costs increased at 1% with a focus on investment in upcoming late state launches, such as mass spec, continued glucose monitoring and our [inaudible] program.

Speaker Change: So core operating profit on sales of 721 billion Swiss francs increased by 22% at constant exchange rate.

Speaker Change #111: And once per month regularly scheduled maintenance, but at the same time. They had the same laboratory footprint and deliver twice the throughput of the previous generation.

Speaker Change #111: That's 2,000 clinical chemistry results per hour, that's 1,800 ISE results per hour. That is really important as we start to really consolidate the market in the very high throughput and of the laboratory and this is where the opportunity really lies for this instrument it rounds out the full launch of our cobalt pro high throughput configuration. And in summary, this is a system designed with the needs of the modern lab in mind high throughput less hands on time lower regular maintenance. And so now I'd like to talk about another exciting launch in our near patient care portfolio and that is the launch of the EUA authorized liard respiratory mini panel. This includes the four respiratory viruses, most commonly presenting in primary care as well as the physician office.

That's 2,000 clinical chemistry results per hour, that's 1,800 ISE results per hour.

That is really important as we start to really consolidate the market in the very high throughput end of the laboratory, and this is where the opportunity really lies for this instrument. it rounds out the full launch of our cobas pro high-throughput configuration. And in summary, this is a system designed with the needs of the modern lab in mind high throughput less hands on time lower regular maintenance. And so now I'd like to talk about another exciting launch in our near patient care portfolio and that is the launch of the EUA authorized liard respiratory mini panel. This includes the four respiratory viruses, most commonly presenting in primary care as well as the physician office.

Speaker Change #112: That is really important as we start to really consolidate the market in the very high throughput and of the laboratory and this is where the opportunity really lies for this instrument it rounds out the full launch of our cobalt pro high throughput configuration. And in summary, this is a system designed with the needs of the modern lab in mind high throughput less hands on time lower regular maintenance. And so now I'd like to talk about another exciting launch in our near patient care portfolio and that is the launch of the EUA authorized liard respiratory mini panel. This includes the four respiratory viruses, most commonly presenting in primary care as well as the physician office.

Teresa: SG&A increased by plus 5%, and this is driven by higher distribution costs due to increased sales volume as well as commercial costs. This resulted in a core operating profit of 1.58 billion Swiss francs with a margin of 22% of reported currency. Now you heard a little bit from Thomas earlier about some of the exciting launches we had in the second quarter and one of the ones that I'm particularly excited about is in our core lab where you saw that strong growth. Our C7O clinical chemistry is [inaudible]. Now, we know that laboratories around the world are under pressure in terms of staffing constraints. What I would call out is both of these ex-generation instruments require 56% less calibration and once per month regularly scheduled maintenance. But at the same time, they have the same laboratory footprint to deliver twice the throughput of the previous generation at 2000 clinical results per hour and 1800 ICE results per hour. That is really important as we start to really consolidate the market in the very high-throughput end of the laboratory and this is where the opportunity really lies for this instrument. It rounds out the full launch of our COBOS Pro high-throughput configuration. And in summary, this is a system designed with the needs of the modern lab in mind; high throughput, less hands-on time, lower regular maintenance. So now I'd like to talk about another exciting launch in our near patient care portfolio, and that is the launch of the EUA authorized LIAT respiratory mini panel. This includes the four respiratory viruses most commonly presented in primary care, as well as in the physician's office.

SG&A increased by plus 5%, and this is driven by higher distribution costs due to increased sales volume as well as commercial costs. This resulted in a core operating profit of 1.58 billion Swiss francs with a margin of 22% of reported currency. Now you heard a little bit from Thomas earlier about some of the exciting launches we had in the second quarter and one of the ones that I'm particularly excited about is in our core lab where you saw that strong growth. Our C7O clinical chemistry is [inaudible].

Speaker Change #112: And in summary, this is a system designed with the needs of the modern lab in mind high throughput less hands on time lower regular maintenance. And so now I'd like to talk about another exciting launch in our near patient care portfolio and that is the launch of the EUA authorized liard respiratory mini panel. This includes the four respiratory viruses, most commonly presenting in primary care as well as the physician office.

And in summary, this is a system designed with the needs of the modern lab in mind: high-throughput, less hands on time lower regular maintenance. And so now I'd like to talk about another exciting launch in our near patient care portfolio and that is the launch of the EUA authorized liard respiratory mini panel. This includes the four respiratory viruses, most commonly presenting in primary care as well as the physician office.

And in summary, this is a system designed with the needs of the modern lab in mind: high-throughput, less hands on time lower regular maintenance.

Speaker Change #112: And so now I'd like to talk about another exciting launch in our near patient care portfolio and that is the launch of the EUA authorized liard respiratory mini panel. This includes the four respiratory viruses, most commonly presenting in primary care as well as the physician office.

Now you heard a little bit from Thomas earlier about some of the exciting launches we had in the second quarter and one of the ones that I'm particularly excited about is in our core lab where you saw that strong growth. Our C7O clinical chemistry is [inaudible].

And so, now, I'd like to talk about another exciting launch in our Near Patient Care portfolio. And that is the launch of the EUA authorized liat respiratory mini panel. This includes the four respiratory viruses, most commonly presenting in primary care as well as the physician office. That's respiratory syncytial virus, flu A, flu B, and COVID-19.

Now, we know that laboratories around the world are under pressure in terms of staffing constraints. What I would call out is both of these ex-generation instruments require 56% less calibration and once per month regularly scheduled maintenance. But at the same time, they have the same laboratory footprint to deliver twice the throughput of the previous generation at 2000 clinical results per hour and 1800 ICE results per hour. That is really important as we start to really consolidate the market in the very high-throughput end of the laboratory and this is where the opportunity really lies for this instrument. It rounds out the full launch of our COBOS Pro high-throughput configuration. And in summary, this is a system designed with the needs of the modern lab in mind; high throughput, less hands-on time, lower regular maintenance. So now I'd like to talk about another exciting launch in our near patient care portfolio, and that is the launch of the EUA authorized LIAT respiratory mini panel. This includes the four respiratory viruses most commonly presented in primary care, as well as in the physician's office. That's respiratory syncytial virus, flu A, flu B, and COVID-19.

Speaker Change #112: That's respiratory syncytial virus flu, a flu b and COVID-19 and.

Speaker Change #112: And what I would call out is this--our liat system is going to deliver a gold standard PCR result in 20 minutes. That's more than twice as fast as the leading competitor. And I would note, that we have an installed base of 13,000 cobas liat systems, 8,000 of which are in the U.S. And we look forward to introducing this test well in time for the respiratory illness season in the Northern Hemisphere. And I would also note that we are continually going to expand the menu on liat, because we see this as an important driver of our business going forward. Okay, staying with near patient care now.

And what I would call out is this--our liat system is going to deliver a gold standard PCR result in 20 minutes. That's more than twice as fast as the leading competitor. And I would note, that we have an installed base of 13,000 cobas liat systems, 8,000 of which are in the U.S. And we look forward to introducing this test well in time for the respiratory illness season in the Northern Hemisphere. And I would also note that we are continually going to expand the menu on liat, because we see this as an important driver of our business going forward.

Speaker Change #112: And I would note that we have an installed base of 13000 co Basilea systems 8000 of which are in the U S and we look forward to introducing this test well in time for the respiratory illness season in the northern hemisphere. And I would also note that we are continually going to expand the menu on Lee at because we see this as an important driver of our business going forward.

Speaker Change #112: And I would also note that we are continually going to expand the menu on Lee at because we see this as an important driver of our business going forward.

Speaker Change #112: Okay, staying with near patient care now.

Okay. Staying with Near Patient Care, now I'd like to talk a little about our launch of our launch of our Accu-Chek SmartGuide CGM. On July 10th, we received authorization for our first continuous glucose monitoring solution. And just to remind everyone how we are differentiated from other solutions, we are offering the real power of knowledge to people living with diabetes. And we do that by having predictive algorithms embedded in our solution. That's a two-hour glucose prediction algorithm, as well as an overnight glucose prediction algorithm. This is important because it allows people living with diabetes to make important decisions about their health to live better and healthier lives.

Speaker Change #112: Now I'd like to talk a little about our launch of our <unk> Smart Guide CGM on July 10th we received. Authorization for our first continuous glucose monitoring solution. And just to remind everyone. How we are differentiated from other solutions, we are offering the real power of knowledge to people living with diabetes, and we do that by having predictive algorithms embedded in our solution. That's a two hour glucose prediction algorithm as well as an overnight glucose prediction algorithm.

Speaker Change #112: Authorization for our first continuous glucose monitoring solution.

Speaker Change #103: Patient care portfolio and that is the launch of the EUA authorized liard respiratory mini panel. This includes the four respiratory viruses, most commonly presenting in primary care as well as the physician office that respiratory syncytial virus flu a flu b.

Speaker Change #112: And just to remind everyone. How we are differentiated from other solutions, we are offering the real power of knowledge to people living with diabetes, and we do that by having predictive algorithms embedded in our solution. That's a two hour glucose prediction algorithm as well as an overnight glucose prediction algorithm.

Teresa: That's respiratory syncytial virus, flu A, flu B, and COVID-19. And what I would call out is this, our LIAT system is going to deliver a gold standard PCR result in 20 minutes, that's more than twice as fast as the leading competitor. And I would note that we have an install base of 13,000 [inaudible], assistant, 8000 of which are in the U.S and we look forward to introduce and assess well in time the respiratory illness season in the western hemisphere. And I would also note that we are continually going to expand the menu on LIAT as we see this as an important driver of our business going forward. Okay, staying with near patient care. Now I'd like to talk a little about our launch of our AcuCheck SmartGuide CGM.

That's respiratory syncytial virus, flu A, flu B, and COVID-19. And what I would call out is this, our LIAT system is going to deliver a gold standard PCR result in 20 minutes, that's more than twice as fast as the leading competitor. And I would note that we have an install base of 13,000 [inaudible], assistant, 8000 of which are in the U.S and we look forward to introduce and assess well in time the respiratory illness season in the western hemisphere. And I would also note that we are continually going to expand the menu on LIAT as we see this as an important driver of our business going forward.

That's respiratory syncytial virus, flu A, flu B, and COVID-19.

And what I would call out is this, our LIAT system is going to deliver a gold standard PCR result in 20 minutes, that's more than twice as fast as the leading competitor. And I would note that we have an install base of 13,000 [inaudible], assistant, 8000 of which are in the U.S and we look forward to introduce and assess well in time the respiratory illness season in the western hemisphere. And I would also note that we are continually going to expand the menu on LIAT as we see this as an important driver of our business going forward.

Speaker Change: And COVID-19.

Speaker Change: And what I would call out is this our <unk> system is going to deliver a gold standard PCR result in 20 minutes, that's more than twice as fast as the leading competitor.

Speaker Change #112: This is important because it allows people people with living with diabetes to make important decisions about their health to live better and healthier lives. And so now I would like to talk a little bit about some of the key launches we have in diagnostics you heard a little bit from Thomas about how this is a historic year for us for diagnostic launches and what I would call out is of the launches you see on this sheet, we achieved six by the in the first half of the year.

This is important because it allows people people with living with diabetes to make important decisions about their health to live better and healthier lives.

And so, now, I would like to talk a little bit about some of the key launches we have in Diagnostics you heard a little bit from Thomas about how this is a historic year for us for diagnostic launches. And what I would call out is, of the launches you see on this sheet, we achieved six in the first half of the year.

Speaker Change: And I would note that we have an installed base of 13000 Cobalts Leo systems 8000 of which are in the U S and we look forward to introducing this test well in time for the respiratory illness season in the northern hemisphere.

Speaker Change #114: And so now I would like to talk a little bit about some of the key launches we have in diagnostics you heard a little bit from Thomas about how this is a historic year for us for diagnostic launches and what I would call out is of the launches you see on this sheet, we achieved six by the in the first half of the year.

Speaker Change: And I would also note that we are continually going to expand the menu on <unk> because we see this as an important driver of our business going forward.

Okay, staying with near patient care. Now I'd like to talk a little about our launch of our AcuCheck SmartGuide CGM. On July 10th, we received TUS authorization for our first continuous glucose monitoring solution. And just to remind everyone how we are differentiated from other solutions, we are offering the real power of knowledge to people living with diabetes and we do that by having predictive algorithms embedded in our solutions at the two hour prediction algorithm as well as overnight glucose prediction algorithm. This is important because it allows people living with diabetes to make important decisions about their health to live better and healthier lives. And so now I would like to talk a little bit about some of the key launches we have in diagnostics. You heard a little bit from Thomas about how this is a historic year for us for diagnostic launches and what I would call out is also launches you see on this sheet. We achieved six in the first half of the year and as of today, we have received seven, and we look forward to updating you in the coming quarters on the progress here. We're really excited about how these launches are going to drive the business for diagnostics forward into the future and look forward to sharing that with all of you. Thanks and back to you Thomas. Thank you very much to the team and thanks for all the good work, and now we take the questions. So the first question comes from Harry [inaudible] from [inaudible]. I don't know; he dropped out. Then we move on. The next question will come from James [inaudible] from Goldman Sachs. Can you hear me? Yes, we can hear you. Perfect. Thanks guys. First of all, on the [inaudible] development, you mentioned in the press release for CT996 you could consider using the drug as a maintenance post injectables, so how do you expect the market to play out, and how does it inform your thinking of the potential designs of phase III trials for both CT388 and CT996? And the second question on gross margins, particularly in the pharma division, you mentioned that without the provision release gross margin would have gone down year-on-year, or the gross cost of sales would have gone down year-on-year, so how are you achieving these decreases?

Speaker Change #112: And as of today, we have received seven and we look forward to updating you in the coming quarters on our progress here. But really excited about how these launches are going to drive the business for diagnostics forward into the future. And look forward to sharing that with all of you. Thanks, and back to you Thomas.

And as of today, we have received seven and we look forward to updating you in the coming quarters on our progress here. But really excited about how these launches are going to drive the business for diagnostics forward into the future, and look forward to sharing that with all of you.

Speaker Change #112: Today, we have received seven and. And we look forward to updating you in the coming quarters on our progress here, but really excited about how these launches are going to drive the business for diagnostics forward into the future.

Teresa: On July 10th, we received TUS authorization for our first continuous glucose monitoring solution. And just to remind everyone how we are differentiated from other solutions, we are offering the real power of knowledge to people living with diabetes and we do that by having predictive algorithms embedded in our solutions at the two hour prediction algorithm as well as overnight glucose prediction algorithm. This is important because it allows people living with diabetes to make important decisions about their health to live better and healthier lives. And so now I would like to talk a little bit about some of the key launches we have in diagnostics. You heard a little bit from Thomas about how this is a historic year for us for diagnostic launches and what I would call out is also launches you see on this sheet. We achieved six in the first half of the year and as of today, we have received seven, and we look forward to updating you in the coming quarters on the progress here. We're really excited about how these launches are going to drive the business for diagnostics forward into the future and look forward to sharing that with all of you. Thanks and back to you Thomas. Thank you very much to the team and thanks for all the good work, and now we take the questions. So the first question comes from Harry [inaudible] from [inaudible]. I don't know; he dropped out. Then we move on. The next question will come from James [inaudible] from Goldman Sachs. Can you hear me? Yes, we can hear you. Perfect. Thanks guys. First of all, on the [inaudible] development, you mentioned in the press release for CT996 you could consider using the drug as a maintenance post injectables, so how do you expect the market to play out, and how does it inform your thinking of the potential designs of phase III trials for both CT388 and CT996? And the second question on gross margins, particularly in the pharma division, you mentioned that without the provision release gross margin would have gone down year-on-year, or the gross cost of sales would have gone down year-on-year, so how are you achieving these decreases?

Speaker Change: Okay, staying with near patient care now I'd like to talk a little about our launch of our <unk> Smart Guide CGM on July 10th we received authorization.

Speaker Change #112: And we look forward to updating you in the coming quarters on our progress here, but really excited about how these launches are going to drive the business for diagnostics forward into the future.

Speaker Change #112: And look forward to sharing that with all of you thanks and back to you Thomas.

Speaker Change: <unk> for our first continuous glucose monitoring solution.

Thanks, and back to you Thomas.

Speaker Change #113: Thank you very much to the team and thanks for all the good work. And now we take the questions. So the first question comes from Harry <unk> from their book. Yeah. Yep seems I don't know if you dropped out and we move on our next question will come from James Quigley Goldman Sachs.

Thomas Schinecker: Thank you very much to the team and thanks for all the good work. And now we take the questions.

Thomas: The team and thanks. So all the good work and now we take the questions. So the first question comes from Harry <unk> from their book. Yeah. Yep seems I don't know if you dropped out and we move on our next question will come from James Quigley Goldman Sachs.

Speaker Change: And just to remind everyone. How we are differentiated from other solutions.

Speaker Change #115: So all the good work and now we take the questions. So the first question comes from Harry <unk> from their book. Yeah. Yep seems I don't know if you dropped out and we move on our next question will come from James Quigley Goldman Sachs.

Speaker Change: Our offering the real power of knowledge to people living with diabetes, and we do that by having predictive algorithms embedded in our solution. That's a two hour glucose prediction algorithms as well as an overnight glucose prediction algorithm. This is important because it allows people people with living with diabetes to make important decisions about their health.

Bruno Eschli: So, the first question comes from Harry Gillis from Berenberg. I seems--I don't know he dropped out. Then we move on, next question will come from James Quigley, Goldman Sachs.

Speaker Change #116: So the first question comes from Harry <unk> from their book. Yeah. Yep seems I don't know if you dropped out and we move on our next question will come from James Quigley Goldman Sachs.

Speaker Change #113: Yeah. Yep seems I don't know if you dropped out and we move on our next question will come from James Quigley Goldman Sachs.

Speaker Change #117: Yep seems I don't know if you dropped out and we move on our next question will come from James Quigley Goldman Sachs.

James Quigley: Great, Bruno. Can you hear me?

Speaker Change #113: Yeah. Great can you hear me.

James Quigley: Great can you hear me.

Speaker Change: To live better and healthier lives.

Bruno Eschli: Yes, we can hear you.

James Quigley: Perfect. Thanks, guys. So first of all, on obesity market development, you mentioned in the press release for CT-996, that you could consider using the drug as a maintenance post injectables. So, how do you expect the markets play out? And how does it how does this inform your thinking on the potential designs of Phase III trials for both CT-388 and CT-996?

Speaker Change #123: So first of all on obesity market development, you mentioned in the press release for. Excuse me for <unk> 996, you could consider. Using the drug. And then maintenance post injectables. So how do you expect the markets play out and how does it how does it inform your thinking or the potential designs of our phase III trials for both <unk>.

James Quigley: Excuse me for <unk> 996, you could consider. Using the drug. And then maintenance post injectables. So how do you expect the markets play out and how does it how does it inform your thinking or the potential designs of our phase III trials for both <unk>.

Speaker Change #122: Using the drug. And then maintenance post injectables. So how do you expect the markets play out and how does it how does it inform your thinking or the potential designs of our phase III trials for both <unk>.

Speaker Change #121: And then maintenance post injectables. So how do you expect the markets play out and how does it how does it inform your thinking or the potential designs of our phase III trials for both <unk>.

Speaker Change #120: And the second question on gross margins, particularly in the Pharma division. So, you mentioned that without the provision release you would have--the gross margin would have gone down year-on-year. Sorry, how cost of sales would've gone down year-on-year. So, how are you achieving these decreases? Previously, you noted that Vacaville was the last step in the manufacturing optimization program. Are you starting to see some benefits already here? Or could there be more benefits when the deal closes in the second half of the year? Thank you.

Speaker Change #120: And the second question on gross margins. Particularly in the pharma division so. You mentioned that without the provisions and provision release. You would have the gross margin would come down year on year gross. Cost of sales would've been down year on year to. So how are you achieving these decreases previously United <unk> Vacaville was the last step in the manufacturing optimization program are you starting to see some benefits already who or could there be more benefits when the deal closes in the second half of the year. Thank you.

Speaker Change #120: Particularly in the pharma division so. You mentioned that without the provisions and provision release. You would have the gross margin would come down year on year gross. Cost of sales would've been down year on year to. So how are you achieving these decreases previously United <unk> Vacaville was the last step in the manufacturing optimization program are you starting to see some benefits already who or could there be more benefits when the deal closes in the second half of the year. Thank you.

Speaker Change #120: You mentioned that without the provisions and provision release. You would have the gross margin would come down year on year gross. Cost of sales would've been down year on year to. So how are you achieving these decreases previously United <unk> Vacaville was the last step in the manufacturing optimization program are you starting to see some benefits already who or could there be more benefits when the deal closes in the second half of the year. Thank you.

Speaker Change #124: You would have the gross margin would come down year on year gross. Cost of sales would've been down year on year to. So how are you achieving these decreases previously United <unk> Vacaville was the last step in the manufacturing optimization program are you starting to see some benefits already who or could there be more benefits when the deal closes in the second half of the year. Thank you.

Speaker Change #125: Cost of sales would've been down year on year to. So how are you achieving these decreases previously United <unk> Vacaville was the last step in the manufacturing optimization program are you starting to see some benefits already who or could there be more benefits when the deal closes in the second half of the year. Thank you.

So how are you achieving these decreases previously United <unk> Vacaville was the last step in the manufacturing optimization program are you starting to see some benefits already who or could there be more benefits when the deal closes in the second half of the year. Thank you.

Speaker Change #124: So, who wants to take the first question on the margin? Teresa? Yeah sure. So I mean, I think what youre seeing with the reduction in cost of goods is actually the result of work that's been going on for the last several years and sort of culminated with the divestment of Vacaville, we've been really looking at creating what we call. The network of the future now for quite some time, which has led to you Sir.

Thomas Schinecker: So, who wants to take the first question on the margin? Teresa?

Teresa: So who wants to take the first question on the margin Teresa Yeah sure. So I mean, I think what youre seeing with the reduction in cost of goods is actually the result of work that's been going on for the last several years and sort of culminated with the divestment of Vacaville, we've been really looking at creating what we call. The network of the future now for quite some time, which has led to you Sir.

Teresa Graham: Yes, sure. So, I mean, I think what you're seeing with the reduction in cost of goods is actually the result of work that's been going on for the last several years and sort of culminated with the divestment of Vacaville. We've been really looking at creating what we call the network of the future now for quite some time, which has led to sort of dramatic increases in efficiency in our manufacturing footprint. So I think this is a. I think this is one of the things that I think we're really proud of is the amount the way that we've been able to continually update our manufacturing facilities and increase the yield and lower the cost.

Teresa: The dramatic increases in efficiency in our manufacturing footprint. So I think this is a. I think this is one of the things that I think we're really proud of is the amount the way that we've been able to continually update our manufacturing facilities and increase the yield and lower the cost.

The dramatic increases in efficiency in our manufacturing footprint.

So I think this is a. I think this is one of the things that I think we're really proud of is the amount the way that we've been able to continually update our manufacturing facilities and increase the yield and lower the cost.

Teresa Graham: So, I think this is one of the things that I think we're really proud of, is the amount--the way that we've been able to continually update our manufacturing facilities and increase the yield and lower the cost.

Speaker Change #128: I think this is one of the things that I think we're really proud of is the amount the way that we've been able to continually update our manufacturing facilities and increase the yield and lower the cost.

Teresa: Yes, I can--should I take the question? yeah sure Okay. So.

Thomas Schinecker: Yes, I can--should I take the question?

Teresa: Yes, I can so I think the question yeah sure Okay. So.

Yeah, sure. Okay. So.

Teresa Graham: Yeah, sure.

Thomas Schinecker: Okay. So, just to only add on the Vacaville, Vacaville still has not closed. So, we do expect closing somewhere around Q3, end of Q3. That's the current timing. Regarding the question on obesity, I mean, first of all it's going to be a huge market, right? By 2035 about 50% of the world's population will be obese.

Speaker Change #126: Just two on the ads on the Vacaville that Glu has not closed so we do expect closing somewhere around Q3, and a Q3, that's the current timing.

Teresa: Previously, you noted that Vacaville was the last step in the manufacturing optimization program; are you starting to see some benefits already here, or could there be more benefits when the deal closes in the second half of the year? Thank you. So who wants to take the first question on the margin? Teresa? Sure. I mean, I think what you're seeing with the reduction in cost of goods is actually the result of work that's been going on for the last several years and sort of culminated with the development of Vacaville. We've been really looking at creating the network of the future now for quite sometime which has led to dramatic increases in efficiency and in our manufacturing footprint, so I think this is one of the things I think we're really proud of is the way that we've been able to continually update our manufacturing facilities and increase the yield and lower the cost. Yeah, should I take the question? Yeah. Okay, so just to only add on the Vacaville, Vacaville has not closed but we do expect closing somewhere around the end of Q3. That's the current timing. Regarding the question on obesity, first of all, it's going to be a huge market. By 2025, about 50% of the world's population will be obese and we have the privilege to actually have both an injectable and oral. Now depending on which report you look at, you have different assumptions, what is going to be bigger. Some say the injectables because you just inject once a week, the needs are very fine; you don't need to fill the needles but there are people who are concerned about needles. And so we have an oral opportunity here as well. Now as you mentioned, maintenance could be option,

Speaker Change #127: Regarding the question on obesity I mean, it's a.

Speaker Change #127: First of all it's going to be a huge market right by 25 about 50% of the world's population.

Speaker Change #127: It will be obese. And we have the. Exactly have both an injectable and an oral now depending on which report you look at you have different assumptions, which is gonna be bigger. Some say the Injectables because you just inject once a week the needle is a very fine you don't really feel the needle, but there are people that are concerned about needles and so we have an oral opportunity here as well.

It will be obese.

And we have the privilege to actually have both an injectable and an oral. Now, depending on which report you look at, you have different assumptions, which is going to be bigger. Some say the Injectables, because you just inject once a week, the needles are very fine, you don't really feel the needle. But there are people that are concerned about needles. And so, we have an oral opportunity here as well.

Speaker Change #127: And we have the. Exactly have both an injectable and an oral now depending on which report you look at you have different assumptions, which is gonna be bigger.

Exactly have both an injectable and an oral now depending on which report you look at you have different assumptions, which is gonna be bigger.

Speaker Change: Cost of goods is actually the result of work that's been going on for the last several years and sort of culminated with the divestment of Vacaville, we've been really looking at creating what we call. The network of the future now for quite some time, which has led to sort of dramatic increases in efficiency in our manufacturing footprint. So I think this is.

Speaker Change #129: Some say the Injectables because you just inject once a week the needle is a very fine you don't really feel the needle, but there are people that are concerned about needles and so we have an oral opportunity here as well.

Speaker Change #127: Now, as you mentioned maintenance could be one option. So, after you use injectable that you go into using oral treatments for maintenance that could be an option. But some people may go on to oral immediately.

Speaker Change: This is one of the things that I think we're really proud of is the amount the way that we've been able to.

Speaker Change #130: As you mentioned maintenance could be one option. So after you are you know using injectable that you go into using oral treatments for maintenance that could be an option, but some people may go onto an all immediately.

Speaker Change: <unk> update our manufacturing facilities and increase the yield and lower the cost.

Speaker Change: Yes, I can so I think the question yeah sure Okay. So.

Speaker Change #131: Now the CT-996 is another peptides. It's actually a synthetic small molecule. So, what we can actually do, is we can use our manufacturing network, we can scale much faster. And with that, one opportunity of the orals is actually to get much broader patient reach. And that's where we all see an opportunity for the orals.

Speaker Change: Just only as on the back of it has to close so we do expect closing somewhere around Q3 end of Q3, that's the current timing.

Speaker Change #131: One opportunity of the oils is actually to get much broader patient reach and that's where we all see opportunity for the oral <unk>.

Speaker Change #109: Regarding the question on obesity.

Speaker Change: No.

Speaker Change: First of all it's going to be a huge market right, but when you say five about 50% of the world's population will.

Bruno Eschli: James did we answer your questions or you have a follow-up question?

Speaker Change #131: James did we answer your questions or you have a follow on question.

Speaker Change #105: It will be obese.

James Quigley: I do have a follow-on question, if that's okay. I mean, just thinking about your strategy here in obesity. Obviously, the weight loss, you've shown has been pretty fast. Teresa mentioned that the safety profile is in line with the class. So, what is the approach here? You could be the fourth or fifth injectable or oral to market. So, is this a combination play? Do you have all the other mechanisms in your portfolio that you want to combine with? Or how is Roche going to differentiate in the obesity space?

Speaker Change: And we have.

Speaker Change: Privileged actually have both an injectable and oral now depending on which report you look at you have different assumptions, which is gonna be bigger.

Speaker Change #132: Uh huh.

Yoram: Your strategy here and in <unk>.

Speaker Change #134: Obviously, the weight loss, you've shown has been pretty fast.

Teresa: Teresa mentioned that the safety profile and this is in line with the Clos. So what is the what is the approach if you could be the fourth or fifth injectable or oral water market. So is this a combination play do you have all the Oh.

Speaker Change: Some say, it's injectables because you just inject once a week the needle is a very fine you don't really feel the needle, but there are people that are.

Speaker Change: Turns about needles, and so we have an oral opportunity here as well.

Speaker Change #135: The mechanisms in your portfolio that you want to combine with or how is rushing to differentiate in the obesity space. Yeah. So you also saw on one of the slides that Cta six eight which is in the phase two will read out later in the year. So with the comments, we didn't only acquire two different assets, we actually acquired the whole array of assets. So with that we have more.

The mechanisms in your portfolio that you want to combine with or how is rushing to differentiate in the obesity space.

Speaker Change: Now.

Speaker Change #106: As you mentioned maintenance could be one option. So after you.

Speaker Change #106: Using injectable that you go into using oral treatments for maintenance that could be an option, but some people may go onto an all immediately.

Thomas Schinecker: Yes. So, you also saw on one of the slides that CT-868, which is in the Phase II will read out later in the year. So, with the comments, we didn't only acquire two different assets, we actually acquired the whole array of assets. So with that, we have more opportunities on that side. Now, as part of the R&D prioritization. What we can also do, is we can have certain molecules that we go on a fast track. So we have this patrick. Nomination of certain molecules like also a turn turn them up so we go much faster and I think the expectations are on the outside when we would be on the market. We would believe we can be much faster to the market than what's currently being assumed.

Speaker Change #136: Yeah. So you also saw on one of the slides that Cta six eight which is in the phase two will read out later in the year. So with the comments, we didn't only acquire two different assets, we actually acquired the whole array of assets. So with that we have more.

Thomas Schinecker: So after you use an injectable, you go into using oral treatments for maintenance, that could be an option but some people may go onto oral immediately. Now, CT996 is not a peptide; it's actually a synthetic small molecule. So what we can actually do is we can use our manufacturing network; we can scale much faster. And with that, one opportunity for orals is actually to get a much broader patient reach and that's where we also see an opportunity for the orals.

Speaker Change #102: Now the <unk> 906 is another peptides, it's actually a synthetic small molecule so.

Speaker Change: We can actually do is we can use our manufacturing network, we can scale much faster and with that.

Speaker Change #136: More opportunities on that side now as part of the R&D prioritization. What we can also do is we can have certain molecules that we go on a fast track. So we have this patrick. Nomination of certain molecules like also a turn turn them up so we go much faster and I think the expectations are on the outside when we would be on the market. We would believe we can be much faster to the market than what's currently being assumed.

More opportunities on that side now as part of the R&D prioritization. What we can also do is we can have certain molecules that we go on a fast track.

Speaker Change: One opportunity of the oils is actually to get much broader patient reach and that's where we'll see an opportunity for the oral.

Thomas Schinecker: So, we have this fast track nomination of certain molecules like also TRONTINEMAB, so we go much faster. And I think the expectations are on the outside when we would be on the market. We would believe we can be much faster to the market than what's currently being assumed.

So we have this patrick. Nomination of certain molecules like also a turn turn them up so we go much faster and I think the expectations are on the outside when we would be on the market. We would believe we can be much faster to the market than what's currently being assumed.

Thomas Schinecker: James, did we answer your questions, or do you have a follow-on question? I do have a follow-on, if that's okay. I mean, just thinking about your strategy here in obesity, obviously, the weight loss you've shown has been pretty fast. Teresa mentioned that the safety profile is in line with the class so what is the approach here? You could be the fourth or fifth injectable or oral on the market, so is this a combination play?

Speaker Change: James that we answer your questions or you have a follow on question.

Speaker Change #137: Nomination of certain molecules like also a turn turn them up so we go much faster and I think the expectations are on the outside when we would be on the market. We would believe we can be much faster to the market than what's currently being assumed.

James: Do you have a follow on if that's okay. I mean, just thinking about yoram.

James: Uh huh.

James: Your strategy here in <unk>.

James: Obviously, the weight loss, you've shown has been pretty fast.

Thomas Schinecker: So what is the approach here? You could be the fourth or fifth injectable or auto market. So is this a combination play?

Speaker Change #112: You had mentioned that the safety profile is in line with their clause. So what is the what is the approach if you could be the fourth or fifth injectable and oral or water market.

Speaker Change #137: On top of that, if you look at the data we do believe that we have a potential best-in-disease molecules. There is certain differentiation that we have, just to give the example of CT-388, which was assigned to have activity on tier one and GIP receptors, but with minimal to no beta-arresting recruitment on either receptor.

Speaker Change #137: Molecules there is certain differentiation that we have just to give the example of <unk> 388.

Speaker Change #111: Is this a combination play do you have already.

Thomas Schinecker: Do you have all the other mechanisms in your portfolio that you want to combine with or how is Roche going to differentiate in the obesity space? Yeah, so you also saw on one of the slides that CT868, which is in phase two, will read out later in the year. So with Carmot, we didn't only acquire two different assets; we actually acquired a whole array of assets. So with that, we have more opportunities on that side.

Speaker Change #101: The mechanisms in your portfolio that you want to combine with or how is rushing to differentiate in the obesity space.

Speaker Change #137: Which was assigned to have activity on tier one and J P receptors, but with minimal to no bitter arrested recruitment on either receptor.

Speaker Change: Yes. So you also saw on one of the slides that Cta six eight which is in the phase II with Readouts later in the year. So with the comment we didn't only acquire two different assets, we actually acquired a whole array of assets.

Speaker Change #137: Now, this by signaling significantly minimize this receptor internalization and consequently insulin decentralization. So, we have a couple of differences to current molecules, and that's why we believe we have such good data that we have seen. The oral one, as I mentioned is not peptides, it's a small molecule. So, we also have here a certain level of differentiation. So, these molecules are different. And these are next generation molecules. That's one element. The second element is we

Now, this by signaling significantly minimize this receptor internalization and consequently insulin decentralization. So, we have a couple of differences to current molecules, and that's why we believe we have such good data that we have seen. The oral one, as I mentioned is not peptides, it's a small molecule. So, we also have here a certain level of differentiation. So, these molecules are different. And these are next generation molecules. That's one element.

Speaker Change #137: This bias signaling cyclically significantly minimize this receptor internalization and consequently insulin decentralization. So we have a couple of differences to current molecules and that's why we believe we have such good data that we have seen the old one as I mentioned is not. Peptides, it's a small molecule. So we also have here a certain level of differentiation. So these molecules are different and. And these are next generation molecules. That's one element the second element is we.

Thomas Schinecker: Now, as part of the R&D prioritization, what we can also do is we can have certain molecules that we go on a fast track with. So we have this fast track nomination of certain molecules, like TROTINUMAB so we go much faster. And I think the expectations on the outside, when we would be on the market, we would believe we could be much faster to the market than what's currently being assumed. On top of that, if you look at the data, we do believe that we have the potential for the best-in-disease molecules. There is a certain differentiation that we have, just to give the example of CT388, which was designed to have activity on GLP1 and GIP receptors but with minimal to no beta RSN recruitment on either receptor. Now, this biosignaling significantly minimizes receptor internalization and consequently insulin desensitization. So we have a couple of differences to current molecules and that's why we believe we have such good data that we have seen. The old one, as I mentioned, is not a peptide; it's a small molecule, so we also have here a certain level of differentiation.

Speaker Change #100: With that we have.

Speaker Change #100: More opportunities on that side now as part of the R&D prioritization. What we can also do is we can have certain molecules that we go on a fast track. So we have this patrick nomination of certain molecules like also treating them up so we go much faster and I think the XP.

Speaker Change #137: Peptides, it's a small molecule. So we also have here a certain level of differentiation. So these molecules are different and. And these are next generation molecules. That's one element the second element is we.

Speaker Change #137: And these are next generation molecules. That's one element the second element is we.

The second element is we went into this also with the intent to combine with a number of other medicines that we have in our own pipeline in kidney disease, in ophthalmology, and neurology. So, we have a number of opportunities to combined also with our GYM329, which is an anti-latent myostatin, as you know one of the issues is if you lose weight you also lose muscle mass. If you can counter that, you really didn't have more sustainable weight loss, because if you don't have enough muscles basically your calorie burn rate goes down significantly, and you have to counter that. So, there are many opportunities that we believe on how we can firmly differentiate. And so, you know, we believe we can be very fast on this, and be very competitive player in this space.

Thomas Schinecker: And I think the expectations on the outside, when we would be on the market, we would believe we could be much faster to the market than what's currently being assumed. On top of that, if you look at the data, we do believe that we have the potential for the best-in-disease molecules. There is a certain differentiation that we have, just to give the example of CT388, which was designed to have activity on GLP1 and GIP receptors but with minimal to no beta RSN recruitment on either receptor. Now, this biosignaling significantly minimizes receptor internalization and consequently insulin desensitization.

Speaker Change #137: Went into this also with these. Tends to combine with a number of other medicines that we have in our own pipeline in AR. Kidney disease in ophthalmology and neurology. So we have a number of opportunities to combined also with our gyms three to nine which is an anti latent myostatin as you know one of the issues is if you lose weight you also lose muscle mass you can counter that you really didn't have more sustainable weight loss, because if you don't have enough muscles.

Speaker Change #100: Patients.

Speaker Change #100: On the outside when we would be on the market. We would believe we can be much faster to the market than what's currently being assumed.

Speaker Change #137: Tends to combine with a number of other medicines that we have in our own pipeline in AR. Kidney disease in ophthalmology and neurology.

Speaker Change #137: Kidney disease in ophthalmology and neurology.

Speaker Change #100: On top of that if you look at the data we do believe that we have a potentially best in disease.

Speaker Change #137: So we have a number of opportunities to combined also with our gyms three to nine which is an anti latent myostatin as you know one of the issues is if you lose weight you also lose muscle mass you can counter that you really didn't have more sustainable weight loss, because if you don't have enough muscles.

Speaker Change #100: Molecules there is certain differentiation.

Speaker Change #100: That we have just to give the example of <unk> eight.

Speaker Change #100: Which was designed to have activity on <unk>, and <unk> receptors, but with minimal to no beta arrested recruitment on either receptor.

Speaker Change #137: Basically your calorie burn rate goes down significantly and you have to counter that so there are many opportunities that we believe on how we can 70 differentiate and so you know we believe we can be very fast on this and a b. Be a very competitive player in this space.

Speaker Change #100: Sure.

Speaker Change #100: Despite a signaling.

Speaker Change #100: Secondly, minimize this receptor internalization and consequently insulin decentralization. So we have a couple of differences. So current molecules and that's why we believe we have such good data that.

Thomas Schinecker: So we have a couple of differences to current molecules. And that's why we believe we have such good data that we have seen. The old one, as I mentioned, is not a peptide; it's a small molecule, so we also have here a certain level of differentiation. So these molecules are different, right,

So we have a couple of differences to current molecules. And that's why we believe we have such good data that we have seen. The old one, as I mentioned, is not a peptide; it's a small molecule, so we also have here a certain level of differentiation.

Speaker Change #137: Be a very competitive player in this space.

Speaker Change #100: We have seen the one as I mentioned is not a peptide.

Bruno Eschli: James, did we answer your questions?

Speaker Change #100: Peptides, it's a small molecule. So we also have here.

James Quigley: That's perfect. Thank you very much.

Bruno Eschli: Then let's move onto the next and the row would be Sachin Jain from Bank of America. Sachin?

Speaker Change #100: Level of differentiation. So these molecules are different.

So these molecules are different, right, and these are next-generation molecules. That's one element. The second element is that we went into this also with the intent to combine it with a number of other medicines that we have in our own pipeline, in kidney disease, in ophthalmology, in neurology. So we have a number of opportunities to combine. Also with our GYMS329, which is an anti-latent myostatin, as you know, one of the issues is that if you lose weight, you also lose muscle mass. If you encounter that, you really then have more sustainable weight loss because if you don't have enough muscle, basically your calorie burn rate goes down significantly, and you have to counter that.

Thomas Schinecker: and these are next-generation molecules. That's one element. The second element is that we went into this also with the intent to combine it with a number of other medicines that we have in our own pipeline, for kidney disease, for ophthalmology, for neurology. So we have a number of opportunities to combine. Also with our GYMS329, which is an anti-latent myostatin. As you know, one of the issues is that if you lose weight, you also lose muscle mass. If you encounter that, you really then have more sustainable weight loss because if you don't have enough muscle, you know, basically your calorie burn rate goes down significantly, and you have to counter that.

Speaker Change #100: And if a next generation molecules. That's one element the second element is we.

Sachin Jain: Hi, guys. Thanks for taking my questions I had a couple on obesity, and then a clarification for Teresa on XOLAIR. So, on the launch--I was just wondering how much you were pretty vocal on potential further for the obesity deals. I wonder if you could just provide a little bit of color on size of deals you're looking for, what you're looking to complement? And should we be thinking about that as imminent now that you've gotten the first headline data in-house for your assets?

Speaker Change #100: Yeah.

Speaker Change #100: This also with the <unk>.

Speaker Change #100: Tends to combine with a number of other medicines that we have.

Speaker Change #100: And pipeline in.

Speaker Change #100: In kidney disease in ophthalmology and neurology.

Speaker Change #100: So we have a number of opportunities to combined also with our Tim three to nine which is an anti latent myostatin as you know one of the issues is if you lose weight you also lose muscle mass if can counter that you really didn't have more sustainable weight loss, because if you don't have enough muscles.

Speaker Change #140: Imminent now that you've gotten the first headline data in house and if you're in a sense. Second of 996. Introduction, I mean, Johnson progression you talked about mechanistic differences. H and I Wonder if you could do something with a 996 and just call out mechanistic differences versus all food Danny when other rules.

Imminent now that you've gotten the first headline data in house and if you're in a sense.

Speaker Change #141: Second of 996.

Second, on 996, in you're introduction, and in you're answer to the prior question, you talked about mechanistic differences for 388. I Wonder if you could do similar with 996 and just call out mechanistic differences versus [Inaudible] (01:05:36) and other orals because I think there's less visibility there. So, I those are my two questions. Just one clarification for Teresa on solar you quoted teens growth in your introductory commentary was that for the brand, which in total or just the food allergy segment and how do you think that.

Speaker Change #142: Introduction, I mean, Johnson progression you talked about mechanistic differences.

Speaker Change #143: H and I Wonder if you could do something with a 996 and just call out mechanistic differences versus all food Danny when other rules.

Speaker Change #100: Basically your calorie burn rate goes down significantly and you have to counter that so there are many opportunities that we believe on how we can differentiate and.

Speaker Change #143: There's less visibility there. So I just wanted to your question just one clarification for Teresa on solar you quoted teens growth in your introductory commentary was that for the brand, which in total or just the food allergy segment and how do you think that.

Thomas Schinecker: So there are many opportunities that we believe on how we can firmly differentiate. And so we believe we can be very fast on this and be a very competitive player in this space. James, did we answer your question? That's perfect. Thank you very much. Then let's move on. The next row would be Sachin Jain from Bank of America. Sachin? Hi there, thanks for taking my questions. I had a couple on obesity and then clarifications for [inaudible]. So on one hand you were pretty vocal on the potential for obesity, can you just provide a little bit of color on the [inaudible] you're looking for, what you're looking to compliment as you're really thinking about those imminent now that you've got the first line data in house for your assests. Secondly on 996, in your introduction, and from [inaudible] question, you talked about mechanistic differences with the 388. I'm wondering if you could use some of the 996 and just call out mechanistic difference versus [inaudible] and other orals as there is less visibility there. So those are my two questions. Just one clarification for Teresa. On XOLAIR, you quoted team's growth in your introductory commentary, was that sort of brand or in total or just the food allergy segment and how do you think that plays relative to biosimilars next year? Thank you. Great. So maybe I'll start there and then pass it over to Thomas for the obesity question. So that's for the molecule. We have sort of reached peak in asthma. We continue to see growth in XOLAIR in CIU, which is another indication that continues to do quite well for us. And then you add food allergy on top of that, what you see is that the molecule should grow through 2025 in the teens. We expect biosimilar competition for XOLAIR in 2025. That having been said, it's not clear if any biosimilars would include any food allergy label just given when the label same so there might be some residual food allergy business that sticks with us. Maybe just a little bit of context for why we think that growth maybe significant and still continued. It's actually not so easy for patients to get in to see allergists. Allergists often have quite some wait times and for food allergy patients, because there hasn't really been anything for them to take, there's also some activation that needs to happen. So that process of getting patients activated, getting to call their allergists, making appointments and then getting on therapy just takes some time. So we're very pleased with the pick up that we've seen so far and we expect to that continue to accelerate, not only through the end of the year but to maintain it through 2025.

Speaker Change #144: So I just wanted to your question just one clarification for Teresa on solar you quoted teens growth in your introductory commentary was that for the brand, which in total or just the food allergy segment and how do you think that.

Just one clarification for Teresa on solar you quoted teens growth in your introductory commentary was that for the brand, which in total or just the food allergy segment and how do you think that plays relative to biosimilars next year. Thank you.

Speaker Change #100: So.

Speaker Change #100: We believe we can be very fast on this end.

Speaker Change #100: Be a very competitive player in this space.

Speaker Change #145: Relative to Biosimilars next year. Thank you.

Speaker Change #100: James Let me answer your questions.

Teresa Graham: Yeah, great. So, maybe I'll start there and then pass it over to Thomas for the obesity questions. So that's for the molecule. So, we sort of have reached peak in asthma. We continue to see growth in XOLAIR in CIU, which is another indication that continues to do quite well for us. And then you add food allergy on top of that. I think what you see is that the molecule should grow through 2025 in the teens.

James: That's perfect. Thank you very much.

Speaker Change #100: Then let's move onto the next and the ROE would be Sachin Jain from Bank of America.

Sachin Jain: Hi, guys. Thanks for taking my questions I had a couple on <unk> and then a clarification.

Sachin Jain: So on Sola.

Sachin Jain: I am sorry on the wall I was just wondering how much you were pretty vocal on potential further BC deals wonder if you could just.

Thomas: Through 'twenty through 2025 are in the teens.

Speaker Change #110: A little bit of color on size of deals you're looking for.

Thomas: We do expect biosimilar competition for XOLAIR in 2025 that having been said, it's not clear if any biosimilars would include a food allergy label, just given when the label came So, there might be some residual food allergy business that that sticks with us. Maybe just a little bit of context for why we think that growth will be so significant and so continued,

We do expect biosimilar competition for XOLAIR in 2025 that having been said, it's not clear if any biosimilars would include a food allergy label, just given when the label came So, there might be some residual food allergy business that that sticks with us.

Speaker Change #114: Looking to complement and should we be thinking about that is imminent.

Speaker Change #107: You've got the first headline data in house.

Speaker Change #107: Yes.

Speaker Change #107: 996.

Johnson: In your introduction I mean Johnson prior question you talked about mechanistic differences.

Maybe just a little bit of context for why we think that growth will be so significant and so continued. It's actually not so easy for patients to get in to see allergists. Allergists, often have quite some wait time. And for food allergy, patients because there hasn't really been anything for them to take there's also some activation that needs to happen.

Speaker Change #115: Three eight H and I Wonder if you could do something with the $9 six and just call out mechanistic differences versus all food down even though the rules because there's less visibility there.

Speaker Change #147: It's actually not so easy for patients to get in to see allergists allergist, often have quite some wait time and for food allergy patients because there hasn't really been anything for them to take there's also some activation that needs to happen.

Speaker Change #117: I just want to question just one clarification for <unk>.

Speaker Change #118: On solar you quoted teens growth in your introductory commentary was that for the brand or in total or just a food allergy segment and how do you think that plays.

So, that process of getting patients activated, getting them to call their allergists, waiting for the appointment, and then getting on therapy just takes some time. So, we're very pleased with the pickup that we've seen so far. And we would expect to see that not only continue to accelerate through the end of the year, but to maintain into 2025.

Speaker Change #119: Plays relative to Biosimilars next year. Thank you.

Speaker Change #116: Yeah, great. So maybe I'll start there and then pass it over to Thomas for the obesity questions. So thats for the molecule. So we are well we sort of have reached peak in asthma. We continue to see growth in xolair in Cie, which is another indication that continues.

Thomas Schinecker: So, to take your other two questions, first, on deals, we really screen the markets on a constant basis. Per year, we probably look at thousands of companies, and we have to be very diligent in the kind of deals that we do. Now, I hope you understand that I can't comment on anything that we're looking at currently.

Thomas Unica: Quite well for US and then you add food allergy on top of that I think what you'll see is that the molecule should grow through 'twenty 2025 are in the teens.

Speaker Change #148: We really screen the markets on a constant basis per year, we probably look at thousands of companies and we have to be very diligent in and that you've kind of deals that we do now I hope you understand that I can't comment on anything that we're looking at currently.

Thomas Unica: We do expect Biosimilar competition for solar in 2025 that having been said, it's not clear if any biosimilars would include a food allergy label just given when the when the label came so there might be some residual of food allergy business that that sticks with us.

But I can assure you that we constantly look at it, and we want to make sure that the science is there, and also that the financial benefit is there. And in terms of the kind of deals, I think what we did last year could be something that you could imagine also for this year. But again, it always depends on the availability of deals, and the price tag. And I can assure you that we will be extremely disciplined in those deals. Now when it comes to. Some of the differentiation on 60 996, I believe looking at the data we have a very good molecule in hand, and we have not disclosed the structure.

Thomas Unica: Maybe just a little bit of context for why we think that growth will be so significant and so continued it's actually not so easy for patients to get in to see allergists allergist, often have quite some wait time and for food allergy patients because there hasn't really been anything for them to take Theres also some activation that needs to happen so that.

Speaker Change #148: Could be. Something that you could imagine also for this year. But again it always depends on the availability of deals and the price tag and I can assure you that we will be extremely disciplined in those deals. Now when it comes to. Some of the differentiation on 60 996, I believe looking at the data we have a very good molecule in hand, and we have not disclosed the structure.

Speaker Change #148: Something that you could imagine also for this year. But again it always depends on the availability of deals and the price tag and I can assure you that we will be extremely disciplined in those deals. Now when it comes to. Some of the differentiation on 60 996, I believe looking at the data we have a very good molecule in hand, and we have not disclosed the structure.

Speaker Change #148: But again it always depends on the availability of deals and the price tag and I can assure you that we will be extremely disciplined in those deals. Now when it comes to. Some of the differentiation on 60 996, I believe looking at the data we have a very good molecule in hand, and we have not disclosed the structure.

Thomas Unica: That process of getting patients activated getting them to call their allergists waiting for the appointment and then and then getting on therapy. Just takes some time. So we are we're very we're very pleased with the pickup that we've seen so far and we would expect to see that not only continue to accelerate through the end of the year, but to maintain its 2025.

Now when it comes to. Some of the differentiation on 60 996, I believe looking at the data we have a very good molecule in hand, and we have not disclosed the structure.

Now, when it comes to some of the differentiation on CT-996, I believe, looking the data we have a very good molecule in hand. And we have not disclosed the structure externally. But small modifications and differences in these molecules can make a big, big difference for how they work. And so, you know, I don't want to disclose exactly that structure, but I can tell you that there is differentiation to other molecules.

Speaker Change #150: Some of the differentiation on 60 996, I believe looking at the data we have a very good molecule in hand, and we have not disclosed the structure.

Speaker Change #148: Certainly. Small modifications and differences in these molecules can make a big big difference for us. How would it work and so you know I don't want to disclose exactly. Now with that structure, but I can tell you that there is a differentiation to two other molecules.

Speaker Change #148: Small modifications and differences in these molecules can make a big big difference for us.

Thomas Schinecker: So to take your other two questions first on deals, we really screen the markets on a constant basis throughout the year. We probably look at thousands of companies, and we have to be very diligent in the kind of deals that we do. Now, I hope you understand that I can't comment on anything that we are looking at currently, but I can assure you that we constantly look at it, and we want to make sure that the science is there and also that the financial benefits are there.

Speaker Change #120: So to take your other two questions first on deals.

Speaker Change #148: How would it work and so you know I don't want to disclose exactly.

Speaker Change #120: We really screen the markets on a constant basis.

Speaker Change #120: We probably looked at thousands of companies and we have to be very diligent in the kind of deals that we do now I hope you understand that I can't comment on anything that we're looking at currently but.

Speaker Change #148: Now with that structure, but I can tell you that there is a differentiation to two other molecules.

Sachin Jain: Perfect. Thank you very much.

Bruno Eschli: Any follow on questions, Sachin?

Speaker Change #148: Any follow on questions such an ore.

Thomas Unica: Can assure you that we constantly look at it and we want to make sure that the scientists there and also that the financial benefit is there.

Sachin Jain: No. I'm good. Thank you.

Bruno Eschli: Okay. And next one would be Richard Vosser from J.P. Morgan.

Speaker Change #148: And next one would be Richard Vasa from J P. Morgan.

Speaker Change #148: Okay.

Thomas Schinecker: And in terms of the kind of deals, I think what we did last year could be something that you could imagine also for this year, too. But again, it always depends on the availability of deals and the price tag. And I can assure you that we will be extremely disciplined in those deals. Now, when it comes to some of the differentiation on CT996, I believe, looking at the data, we have a very good molecule in hand. We have not disclosed the structure externally, but small modifications and differences in these molecules can make a big, big difference in how they work. And so, I don't wanna disclose exactly that structure, but I can tell you that there is differentiation between these molecules. Perfect. Thank you very much. Any follow on questions Sachin? No, I'm all good. Thank you. The next one would be Richard Foster from J.P Morgan. Thanks very much. A couple of questions from me as well. First one actually on diagnostics. I think obviously very strong growth and margins in the first half, so how do we think about the margins in the second half? I know COVID's gone away but [inaudible] diagnostics. Then a couple of pharma questions, just wanting to dive a little deeper into [inaudible] being called out, strong in demand, but are you taking shares from SPINRAZA, are you already in the taking pool? How should we think about this going forward? I think [inaudible] was also very strong in that space so just thoughts there. And then one more, just to go back on TECENTRIQ, I know you said low single digit growth, but are you seeing on the back of the [inaudible] trial any references from doctors to use the product on the back of that data? Thanks very much. Great. So I'll talk about diagnostics. On the back that, we talked about with cost of sales, that results from the decrease in the rapid antigen sale. So that is going to be a durable increase in the cost of sales but I don't think we break out the margin for the end of the year but I think what you can expect is to see that improvement

Thomas Unica: In terms of the kind of deals I think what we did last year.

Speaker Change #148: Okay.

Richard Vosser: Thanks, Bruno. A couple of questions from me as well, please. First one, actually, on Diagnostics. I think margins, obviously very strong gross margins in the first half. So, how do we think about the margins in the second half? I know COVID has gone away, but can we already be above 20% for the year for the Diagnostics? Then a couple of pharma questions. Just wanted to dive a little deeper onto the EVRYSDI.

Richard Vasa: A couple of questions from me as well please.

Thomas Unica: Could be.

Thomas Unica: It's something that you could imagine also for this year.

Richard Vasa: One actually on diagnostics I think margins, yeah, very obviously very strong gross margins in the first half. So how do we think about the margins in the second half.

Thomas Unica: But again it always depends on the availability of deals and the price tag and I can assure you that we will be extremely disciplined in.

Speaker Change #152: I know private has gone away, but can we already be above 20 for the year. The diagnostics. Then a couple of pharma questions. Just just wanted to dive a little deeper onto the Everest.

Thomas Unica: In those deals.

Thomas Schinecker: And I can assure you that we will be extremely disciplined in those deals. Now, when it comes to some of the differentiation on CT996, I believe, looking at the data, we have a very good molecule in hand. We have not disclosed the structure externally, but small modifications and differences in these molecules can make a big, big difference in how they work. And so, I don't wanna disclose exactly that structure, but I can tell you that there is differentiation between these molecules, and Alan mentioned it.

Thomas Unica: Now when it comes to.

Speaker Change #153: The diagnostics.

Speaker Change #121: Some of the differentiation on <unk> 900, <unk> I believe looking at the data we have.

Then a couple of pharma questions. Just just wanted to dive a little deeper onto the Everest.

Thomas Unica: Have a very good molecule in hand, and we have not disclosed the structure externally, but small modifications and differences in these molecules can make a big big difference.

Speaker Change #154: Teresa, you've called out some demand, but are you taking share from SPINRAZA? Are you broadening the patient pool? How should we think about this going forward? I think ZOLGENSMA was very strong as well in that space. So, just thoughts there. And then one more just to go back on TECENTRIQ. I know you said low single-digit growth. Are you seeing when you--on the back of the SKY-06 trial, any reticence from doctors to use the product on the back of that data? Thanks very much.

Thomas Unica: Sure.

Thomas Unica: How they work and so.

Thomas Unica: I don't want to disclose exactly.

Thomas Unica: That structure, but I can tell you that there is a differentiation to two other molecules.

Speaker Change #155: I know you said low single digit growth. Are you seeing when you are on the back of the Sky States Tal any any reticence from doctors tend to use the product. On the back of that data thanks very much. Okay. So I'll start with diagnostics, so like we talked about with cost of sales that results from the decrease in the rapid antigen sales. So that you know is going to be a durable increase in the cost of sales.

I know you said low single digit growth. Are you seeing when you are on the back of the Sky States Tal any any reticence from doctors tend to use the product. On the back of that data thanks very much.

Speaker Change #126: Perfect. Thank you very much.

Speaker Change #156: Are you seeing when you are on the back of the Sky States Tal any any reticence from doctors tend to use the product.

Speaker Change #141: Any follow on questions touching or.

Speaker Change #122: Thank you.

Thomas Unica: Okay.

On the back of that data thanks very much.

Thomas Unica: And next one would be Richard Vasa from JP Morgan.

thanks very much. Okay. So I'll start with diagnostics, so like we talked about with cost of sales that results from the decrease in the rapid antigen sales. So that you know is going to be a durable increase in the cost of sales.

thanks very much.

Matthew Sause: Great. So, I'll start with Diagnostics, so like we talked about with cost of sales, that results from the decrease in the rapid antigen sales. So, that you know, is going to be a durable increase in the cost of sales. But I don't think we break out the margin for the end of the year. But I think what you can expect us to see that improvement, as rapid antigen is no longer part of our commercial mix going forward. We don't see a meaningful contribution from rapid antigen. And therefore, that cost of sales improvement is going to remain.

Speaker Change #156: Okay. So I'll start with diagnostics, so like we talked about with cost of sales that results from the decrease in the rapid antigen sales. So that you know is going to be a durable increase in the cost of sales.

Thomas Unica: Okay.

Speaker Change #157: So I'll start with diagnostics, so like we talked about with cost of sales that results from the decrease in the rapid antigen sales. So that you know is going to be a durable increase in the cost of sales.

Richard Vosser: Thanks, Matt.

Richard Vosser: A couple of questions from me as well please.

Richard Vosser: First one actually on diagnostics I think margins are very obviously very strong gross margins in the first half. So how do we think about the margins in the second half.

But I don't think we break out the margin for the end of the year. But I think what you can expect us to see that improvement, as rapid antigen is no longer part of our commercial mix going forward. We don't see a meaningful contribution from rapid antigen. And therefore, that cost of sales improvement is going to remain. So let me just add to this. And Alan mentioned it so we had some headwinds on the pharma side, because we had a provision that release our last year of.

Speaker Change #123: I know private has gone away, but can we already be above <unk> 20 for the year.

Thomas Unica: <unk>.

Speaker Change #127: The diagnostics.

Speaker Change #130: Then a couple of pharma questions.

Speaker Change #124: Just just wanted to dive a little deeper onto the everything.

Speaker Change #157: And therefore that cost of sales improvement is going to remain so. So let me just add to this. And Alan mentioned it so we had some headwinds on the pharma side, because we had a provision that release our last year of.

Speaker Change #158: So let me just add to this. And Alan mentioned it so we had some headwinds on the pharma side, because we had a provision that release our last year of.

Tracy: Tracy you called out strong demand, but are you taking share from its been rather are you broadening the patient pool, how should we think about this going forward I think so <unk> was very strong as well in that space. So just thoughts there and then one more just.

Thomas Schinecker: So, let me just add to this, and Alan mentioned it, so we had some headwinds on the Pharma side, because we had a provision that release last year of, I think 260 million? 376, or 276 million and we probably had some wind in our back on our cost of sales on diagnostics. So I think on the group level debt pretty much evens out and so I think the momentum that we see. Overall for the group I think should remain for sure for the end of the year. Okay. So starting with MST. So every city had very a very strong growth in Q2 that was driven by a sort of one time tender purchase in in pharma International and so you're right. We expect to sort of and then we expect to see that growth slow down just because that that one purchase won't reoccur, but where is that growth.

Thomas Schinecker: So, let me just add to this, and Alan mentioned it, so we had some headwinds on the Pharma side, because we had a provision that release last year of, I think 260 million?

Speaker Change #158: And Alan mentioned it so we had some headwinds on the pharma side, because we had a provision that release our last year of.

Speaker Change #159: I think $260 million 376, or 276 million and we probably had some wind in our back on our cost of sales on diagnostics. So I think on the group level debt pretty much evens out and so I think the momentum that we see. Overall for the group I think should remain for sure for the end of the year. Okay. So starting with MST. So every city had very a very strong growth in Q2 that was driven by a sort of one time tender purchase in in pharma International and so you're right. We expect to sort of and then we expect to see that growth slow down just because that that one purchase won't reoccur, but where is that growth.

Thomas Schinecker: 376, or 276 million and we probably had some wind in our back on our cost of sales on diagnostics. So I think on the group level debt pretty much evens out and so I think the momentum that we see. Overall for the group I think should remain for sure for the end of the year. Okay. So starting with MST. So every city had very a very strong growth in Q2 that was driven by a sort of one time tender purchase in in pharma International and so you're right. We expect to sort of and then we expect to see that growth slow down just because that that one purchase won't reoccur, but where is that growth.

Alan Hippe: 276 million.

Thomas Schinecker: 276 million. And we probably had some wind in our back on our cost of sales on Diagnostics. So, I think on the group level debt pretty much evens out. And so, I think the momentum that we see, overall for the group, I think should remain for sure for the end of the year. Okay. So starting with MST. So every city had very a very strong growth in Q2 that was driven by a sort of one time tender purchase in in pharma International and so you're right. We expect to sort of and then we expect to see that growth slow down just because that that one purchase won't reoccur, but where is that growth.

Speaker Change #125: Just to go back on centre centric I know you said low single digit growth.

Speaker Change #133: Are you seeing when you are on the back of the Sky six Tal any any reticence from Delta.

Speaker Change #159: Overall for the group I think should remain for sure for the end of the year. Okay. So starting with MST. So every city had very a very strong growth in Q2 that was driven by a sort of one time tender purchase in in pharma International and so you're right. We expect to sort of and then we expect to see that growth slow down just because that that one purchase won't reoccur, but where is that growth.

Speaker Change #125: To use the product.

Speaker Change #125: <unk>.

Speaker Change #159: Okay. So starting with MST. So every city had very a very strong growth in Q2 that was driven by a sort of one time tender purchase in in pharma International and so you're right. We expect to sort of and then we expect to see that growth slow down just because that that one purchase won't reoccur, but where is that growth.

Thomas Schinecker: Okay. So, starting with EVRYSDI. So, every city had very, very strong growth, in Q2 that was driven by a sort of one-time tender purchase in Pharma International. And so, you're right, we expect to sort of--we expect to see that growth slow down just because that one purchase won't reoccur. But where is that growth coming from? It's coming from multiple places. So, first of all, yes, it is coming from an extension of the patient population. I think we've kind of always noted that the bigger pool of SMA patients are actually adults, who currently are not treated. And so, you know, getting these patients activate it and getting them to come in and to actually pursue treatment is something that the U.S. in particular has been quite focused on.

Teresa Graham: Okay. So, starting with EVRYSDI. So, every city had very, very strong growth, in Q2 that was driven by a sort of one-time tender purchase in Pharma International. And so, you're right, we expect to sort of--we expect to see that growth slow down just because that one purchase won't reoccur. But where is that growth coming from? It's coming from multiple places. So, first of all, yes, it is coming from an extension of the patient population. I think we've kind of always noted that the bigger pool of SMA patients are actually adults, who currently are not treated. And so, you know, getting these patients activate it and getting them to come in and to actually pursue treatment is something that the U.S. in particular has been quite focused on. That's something that we are looking at broadly across all of our geographies and we are starting to see an activation and that older patient pool. And it is also true that we do see switches and we see a small number of Ah of patients who actually takes take every city on top of their gene therapy. So I think theres a number of different places that are driving the growth of ever see but it's pretty exciting to see when you actually I understand what you can be doing for these.

Speaker Change #135: On the back of that data thanks very much.

Speaker Change #160: So starting with MST. So every city had very a very strong growth in Q2 that was driven by a sort of one time tender purchase in in pharma International and so you're right. We expect to sort of and then we expect to see that growth slow down just because that that one purchase won't reoccur, but where is that growth.

Speaker Change #129: Great. So I'll start with diagnostics, so like we talked about with cost of sales that results from the decrease in the rapid antigen sales so that.

Speaker Change #129: Is going to be a durable increase in the cost of sales.

Speaker Change #129: But I don't think we break out the margin for the end of the year, but I think what you can expect us to see that improvement.

Speaker Change #161: From it's coming from multiple places so first of all yes. It is coming from an extension of the patient population I think we've kind of always noted that the bigger pool of SMA patients are actually adults, who currently are not treated and so you know getting these patients activate it and getting them to come in and to actually pursue treatment is something that the U S. In particular has been quite focused on. That's something that we are looking at broadly across all of our geographies and we are starting to see an activation and that older patient pool. And it is also true that we do see switches and we see a small number of Ah of patients who actually takes take every city on top of their gene therapy. So I think theres a number of different places that are driving the growth of ever see but it's pretty exciting to see when you actually I understand what you can be doing for these.

From it's coming from multiple places so first of all yes. It is coming from an extension of the patient population I think we've kind of always noted that the bigger pool of SMA patients are actually adults, who currently are not treated and so you know getting these patients activate it and getting them to come in and to actually pursue treatment is something that the U S. In particular has been quite focused on.

Speaker Change #129: As rapid antigen is no longer part of our commercial mix going forward, we don't see meaningful contribution from rapid antigen and therefore that cost of sales improvement is going to remain.

Teresa Graham: And so, you know, getting these patients activate it and getting them to come in and to actually pursue treatment is something that the U.S. in particular has been quite focused on. That's something that we are looking at broadly across all of our geographies. And we are starting to see an activation and that older patient pool. And it is also true that we do see switches, and we see a small number of patients who actually take EVRYSDI on top of their gene therapy. So, I think there's a number of different places that are driving the growth of EVRYSDI. But it's pretty exciting to see when you actually I understand what you can be doing for these patients in slowing the progression of their disease. I think it's really critically quite important.

Thomas Schinecker: And so, you know, getting these patients activate it and getting them to come in and to actually pursue treatment is something that the U.S. in particular has been quite focused on. That's something that we are looking at broadly across all of our geographies and we are starting to see an activation and that older patient pool. And it is also true that we do see switches and we see a small number of Ah of patients who actually takes take every city on top of their gene therapy. So I think theres a number of different places that are driving the growth of ever see but it's pretty exciting to see when you actually I understand what you can be doing for these.

Speaker Change #134: So let me just add to this.

Thomas Schinecker: So we had some headwinds on the pharma side because we had a provisional release last year of I think 260 million or 276 million. And we probably had some wind in our back on the cost of sales on diagnostics. So I think on the group level, that pretty much evens out. And so I think the momentum that we see overall for the group I think should remain for sure for the end of the year. So starting with EVRYSDI, so EVRYSDI had very, very strong growth in Q2 that was driven by a sort of one-time tender purchase in Pharma International. And so you're right; we expect to see that growth slowdown just because that one purchase won't reoccur. But where is that growth coming from?

So we had some headwinds on the pharma side because we had a provisional release last year of I think 260 million or 276 million. And we probably had some wind in our back on the cost of sales on diagnostics. So I think on the group level, that pretty much evens out. And so I think the momentum that we see overall for the group I think should remain for sure for the end of the year.

Alan: And Alan.

Speaker Change #129: Alan mentioned that so we had some headwinds on the pharma side, because we had a provision that release last year.

Speaker Change #161: That's something that we are looking at broadly across all of our geographies and we are starting to see an activation and that older patient pool. And it is also true that we do see switches and we see a small number of Ah of patients who actually takes take every city on top of their gene therapy. So I think theres a number of different places that are driving the growth of ever see but it's pretty exciting to see when you actually I understand what you can be doing for these.

That's something that we are looking at broadly across all of our geographies and we are starting to see an activation and that older patient pool. And it is also true that we do see switches and we see a small number of Ah of patients who actually takes take every city on top of their gene therapy. So I think theres a number of different places that are driving the growth of ever see but it's pretty exciting to see when you actually I understand what you can be doing for these.

Alan: I think $260 million 276, $276 million and we probably had some wind in our back on the cost of sales on diagnostics. So I think on the group level debt pretty much evens out and so I think the momentum that we see.

Speaker Change #161: And it is also true that we do see switches and we see a small number of Ah of patients who actually takes take every city on top of their gene therapy. So I think theres a number of different places that are driving the growth of ever see but it's pretty exciting to see when you actually I understand what you can be doing for these.

Teresa Graham: So starting with EVRYSDI, so EVRYSDI had very, very strong growth in Q2 that was driven by a sort of one-time tender purchase in Pharma International. And so you're right; we expect to see that growth slowdown just because that one purchase won't reoccur. But where is that growth coming from?

Teresa Graham: So, I think there's a number of different places that are driving the growth of EVRYSDI. But it's pretty exciting to see when you actually I understand what you can be doing for these patients in slowing the progression of their disease. I think it's really critically quite important.

Thomas Schinecker: And so I think the momentum that we see overall for the group should remain for sure for the end of the year, starting with Evrizzi. So Evrizzi had very, very strong growth in Q2 that was driven by a sort of one-time tender purchase of Pharma International. And so you're right; we expect sort of a mid-term slowdown just because that one purchase won't reoccur. But where is that growth coming from?

Speaker Change #129: Overall for the group I think should remain for sure for the end of the year.

Teresa Graham: But where is that growth coming from? It's coming from multiple places. So, first of all, yes, it is coming from an expansion of the patient population. I think we've always kind of noted that the bigger pool of SMA patients are actually adults who are currently not treated. And so, getting these patients activated and getting them to come in and actually pursue treatment is something that the US in particular has been quite focused on, but something that we are looking at broadly across all of our geographies, and we are starting to see an activation in that older patient pool. And it is also true that we do see switches. And we see a small number of patients who actually take EVRYSDI on top of their gene therapy. So I think there are a number of different places that are driving the growth of EVRYSDI but it's pretty exciting to see when you actually understand what you can be doing for these patients and slowing the progression of their disease. I think it's really critically quite important.

Speaker Change #129: Great.

Teresa: It's coming from multiple places. So, first of all, yes, it is coming from an expansion of the patient population. I think we've always kind of noted that the bigger pool of SMA patients are actually adults who are currently not treated. And so, getting these patients activated and getting them to come in and actually pursue treatment is something that the US in particular has been quite focused on, but something that we are looking at broadly across all of our geographies, and we are starting to see an activation in that older patient pool. And it is also true that we do see switches.

Speaker Change #161: Patients in slowing the progression of their C. As I think it's really critically quite important. In terms of to centric I mean, no. It's far even if we were expecting to see impact because of Sky's exit would be far too early to see that impact I think it's really important for us to understand the implication of sky sex. What we learned from Sky sexes about a very particular way of looking at the user centric in combination with something else. And so we should be a little careful in how we cross read them, but now we're not we're not seeing any immediate impact onto centric or any indication that there is hesitancy to use in the places where it's indicated.

Patients in slowing the progression of their C. As I think it's really critically quite important.

Speaker Change #131: Starting with everything so every city had very very strong growth in Q2 that was driven by a sort of one time tender purchase in pharma international and so youre right. We expect to sort of and then we expect to see that growth slow down just because that one purchase won't reoccur, but where is that growth coming from.

Speaker Change #162: In terms of to centric I mean, no. It's far even if we were expecting to see impact because of Sky's exit would be far too early to see that impact I think it's really important for us to understand the implication of sky sex.

In terms of TECENTRIQ, I mean, no, it's far even if we were expecting to see impact, because of SKY-06, it would be far too early to see that impact. I think it's really important for us to understand the implication of SKY-06, what we learned from SKY-06 is about a very particular way of looking at the use of TECENTRIQ in combination with something else. And so we should be a little careful in how we cross read. But no, we're not seeing any immediate impact on TECENTRIQ or any indication that there is hesitancy to use in the places where it's indicated.

Speaker Change #162: What we learned from Sky sexes about a very particular way of looking at the user centric in combination with something else.

Speaker Change #138: It's coming from multiple places so first of all yes. It is coming from an extension of the patient population I think we've kind of always noted that the bigger pool of SMA patients are actually adults, who currently are not treated and so getting these patients to activate it and getting them to come in and to actually pursue treatment is something that the U S. In particular has been quite focused on.

Speaker Change #162: And so we should be a little careful in how we cross read them, but now we're not we're not seeing any immediate impact onto centric or any indication that there is hesitancy to use in the places where it's indicated.

Speaker Change #163: Any additional questions? And Thank you very much Theresa thank you very much.

Bruno Eschli: Any additional questions?

Speaker Change #131: That's something that we are looking at broadly across all of our geographies and we are starting to see an activation and that older patient pool.

Richard Vosser: No, Bruno. Thank you very much Teresa. Thank you very much.

Speaker Change #163: And I. Thank you very much Theresa thank you very much.

Bruno Eschli: And next question would go to Emmanuel Papadakis from Deutsche Bank.

Speaker Change #147: And it is also true that we do see switches and we see a small number of patients who actually takes take every city on top of their gene therapy. So I think theres a number of different places that are driving the growth of ever see but it's pretty exciting to see when you actually I understand what you can be doing for these <unk>.

Amanda: Thank you for taking the questions. Maybe a couple of follow-ups on obesity. If you'll forgive, me and then just on the outlook for the breast franchise. So, obesity based on relatively limited disclosure so far does, certainly led Montgomery platform appears to represent essentially significant strategic opportunity for the complete rebuild in metabolic. So, can you talk a little bit about your device and API preparedness, to what extent are you already investing to develop those capabilities based on the data you've seen so far? And then, you made some interesting comments, Thomas, just then about timelines. Apparently, you're going to get there faster than we believe. Could you essentially put some numbers on that help us think through scenarios there? And then question on a totally separate topic breast franchise. You have some data at ASCO, which suggested that PERTUZUMAB might be redundant in combination within HER2

Emmanuel Papadakis: Thank you for taking the questions. Maybe a couple of follow-ups on obesity. If you'll forgive, me and then just on the outlook for the breast franchise. So, obesity based on relatively limited disclosure so far does, certainly led Montgomery platform appears to represent essentially significant strategic opportunity for the complete rebuild in metabolic. So, can you talk a little bit about your device and API preparedness, to what extent are you already investing to develop those capabilities based on the data you've seen so far?

Amanda: Yes. Yes. Thank you for taking the questions maybe a couple of follow ups on them. If you'll forgive me and then it's. Tony on the breast franchise so. Obesity based on relatively limited disclosure so far does semi led Montgomery platform appears to represent a essentially. Significant strategic opportunity for the complete rebuild and metabolic. So can you talk a little bit about your device and IPR prepared us to what extent are you already investing so that development.

Speaker Change #165: Yes. Thank you for taking the questions maybe a couple of follow ups on them. If you'll forgive me and then it's. Tony on the breast franchise so. Obesity based on relatively limited disclosure so far does semi led Montgomery platform appears to represent a essentially. Significant strategic opportunity for the complete rebuild and metabolic. So can you talk a little bit about your device and IPR prepared us to what extent are you already investing so that development.

Teresa: And we see a small number of patients who actually take EVRYSDI on top of their gene therapy. So I think there are a number of different places that are driving the growth of EVRYSDI but it's pretty exciting to see when you actually understand what you can be doing for these patients and slowing the progression of their disease. I think it's really critically quite important. In terms of TECENTRIQ, I mean, no, it's far, even if we were expecting to see impact because of Sky Six, it would be far too early to see that impact.

And we see a small number of patients who actually take EVRYSDI on top of their gene therapy. So I think there are a number of different places that are driving the growth of EVRYSDI but it's pretty exciting to see when you actually understand what you can be doing for these patients and slowing the progression of their disease. I think it's really critically quite important.

Speaker Change #166: If you'll forgive me and then it's.

Tony: Tony on the breast franchise so.

Speaker Change #168: Obesity based on relatively limited disclosure so far does semi led Montgomery platform appears to represent a essentially.

Speaker Change #137: Slowing the progression of their C. As I think it's really critically quite important in terms of to centric I mean, no. Its FERC, even if we were expecting to see impact because of sky six it would be far too early to see that impact I think it's really important for us to understand the implication of sky sex.

Tony: Significant strategic opportunity for the complete rebuild and metabolic. So can you talk a little bit about your device and IPR prepared us to what extent are you already investing so that development.

In terms of TECENTRIQ, I mean, no, it's far, even if we were expecting to see impact because of Sky Six, it would be far too early to see that impact. I think it's really important for us to understand the implications of Sky Six. What we learned from Sky Six was about a very particular way of looking at the use of TECENTRIQ in combination with something else. And so we should be a little careful in how we cross-read. But no, we're not seeing any immediate impact on TECENTRIQ or any indication that there's hesitancy to use it in the places where it's indicated. Any additional questions?

Speaker Change #169: Those capabilities based on the <unk> call. And then you made some interesting comments, just then about timelines burn that you're going to get that Austin will believes could you. Essentially put some numbers on that help us think through scenarios. There and then question a totally separate topic breast franchise, you have some data at exco, which suggested that <unk> might be redundant in combination with inherited in.

Teresa: I think it's really important for us to understand the implications of Sky Six. What we learned from Sky Six was about a very particular way of looking at the use of TECENTRIQ in combination with something else. And so we should be a little careful in how we cross-read. But no, we're not seeing any immediate impact on TECENTRIQ or any indication that there's hesitancy to use it in the places where it's indicated. Any additional questions?

And then, you made some interesting comments, Thomas, just then about timelines. Apparently, you're going to get there faster than we believe. Could you essentially put some numbers on that help us think through scenarios there? And then question on a totally separate topic breast franchise. You have some data at ASCO, which suggested that PERTUZUMAB might be redundant in combination within HER2 potentially both of metastatic and high risk adjuvant settings. And we have some trials reading out there within the next 12 months or so. So, could you just talk a bit about potential scenarios, where they show the redundancy of PERTUZUMAB, in that setting and your degree of confidence in sustaining growth in PERJETA and PHESGO in the mid-term. Thank you.

Speaker Change #137: What we learned from Sky sexes about a very particular way of looking at the user centric in combination with something else.

Speaker Change #170: And then you made some interesting comments, just then about timelines burn that you're going to get that Austin will believes could you.

Speaker Change #171: Essentially put some numbers on that help us think through scenarios. There and then question a totally separate topic breast franchise, you have some data at exco, which suggested that <unk> might be redundant in combination with inherited in.

Speaker Change #136: We should be a little careful in how we cross read.

And then question on a totally separate topic breast franchise. You have some data at ASCO, which suggested that PERTUZUMAB might be redundant in combination within HER2 potentially both of metastatic and high risk adjuvant settings. And we have some trials reading out there within the next 12 months or so. So, could you just talk a bit about potential scenarios, where they show the redundancy of PERTUZUMAB, in that setting and your degree of confidence in sustaining growth in PERJETA and PHESGO in the mid-term. Thank you.

Speaker Change #136: But now we're not we're not seeing any immediate impact onto centric or any indication that there is hesitancy to use in the places where it is indicated.

Speaker Change #136: Any additional questions.

Teresa: No Bruno, thank you very much, Teresa. Thank you very much [inaudible]. And the next question will go to Emmanuel Papadakis from Deutsche Bank. Thanks for taking the questions. Maybe a couple follow ups on obesity [inaudible]. So obesity, based on represent significant strategic opportunity for the company to rebuild in metabolic. So can you talk a little bit about your device and API preparedness?

Speaker Change #172: Essentially both of metastatic and high risk adjuvant settings, and we have some trials reading out there within the next 12 months or so so could you just. Talk a bit about central scenarios, where they chose. The redundancy of budgets, even have enough sense of your degree of confidence in sustaining growth suggestion sounds good momentum. Thank you.

Speaker Change #136: Thank you very much Theresa thank you very much.

Speaker Change #136: Sure.

Speaker Change #136: Okay.

Speaker Change #139: And next questions would go to the amount of a couple of dockets from Deutsche Bank.

Speaker Change #173: Talk a bit about central scenarios, where they chose. The redundancy of budgets, even have enough sense of your degree of confidence in sustaining growth suggestion sounds good momentum. Thank you.

Speaker Change #136: Yes.

Speaker Change #174: The redundancy of budgets, even have enough sense of your degree of confidence in sustaining growth suggestion sounds good momentum. Thank you.

Speaker Change #136: Yes.

Speaker Change #140: Yes. Thank you for taking the questions maybe a couple of follow ups on this.

Speaker Change #142: If you'll forgive me and then a.

Speaker Change #152: Let's turn now to the breast franchise so.

Speaker Change #175: You want to take those questions also on obesity, on the manufacturing et cetera? So I would need me just quickly to repeat the manufacturing question. On devices and we accelerated some of the house, Yes, absolutely said devices is one of the places that we are actually focusing on with a lot more emphasis going forward just to be perfectly Frank devices is not a place where we have historically been strong and we recognize as we go into obesity as we go further into immunology.

Thomas Schinecker: You want to take those questions also on obesity, on the manufacturing et cetera?

Speaker Change #140: Obesity.

Speaker Change #149: Just on productivity limited disclosure, so far does semi common platform.

Speaker Change #174: So I would need me just quickly to repeat the manufacturing question. On devices and we accelerated some of the house, Yes, absolutely said devices is one of the places that we are actually focusing on with a lot more emphasis going forward just to be perfectly Frank devices is not a place where we have historically been strong and we recognize as we go into obesity as we go further into immunology.

So I would need me just quickly to repeat the manufacturing question. On devices and we accelerated some of the house, Yes, absolutely said devices is one of the places that we are actually focusing on with a lot more emphasis going forward just to be perfectly Frank devices is not a place where we have historically been strong and we recognize as we go into obesity as we go further into immunology.

Teresa Graham: So, I would need just quickly to repeat the manufacturing question.

Speaker Change #176: So I would need me just quickly to repeat the manufacturing question.

Speaker Change #143: <unk> represented essentially.

On devices and we accelerated some of the house, Yes, absolutely said devices is one of the places that we are actually focusing on with a lot more emphasis going forward just to be perfectly Frank devices is not a place where we have historically been strong and we recognize as we go into obesity as we go further into immunology.

Thomas Schinecker: On devices, and we accelerated some of those?

Speaker Change #150: Significant strategic opportunities for the complete rebuild and metabolic. So can you talk a little bit about your device and IPR prepared is to what extent are you already investing to that.

Speaker Change #177: On devices and we accelerated some of the house, Yes, absolutely said devices is one of the places that we are actually focusing on with a lot more emphasis going forward just to be perfectly Frank devices is not a place where we have historically been strong and we recognize as we go into obesity as we go further into immunology.

Teresa Graham: Yes, absolutely. So, devices is one of the places that we are actually focusing on, with a lot more emphasis going forward. Just to be perfectly frank, devices is not a place where we have historically been strong. And we recognize as we go into obesity as we go further into immunology and just frankly, as the site of care shifts in health care in general move more away from the clinic, and into the home, we must get much better as devices. And so, you'll hear a lot more about this at Pharma Day, but it is absolutely a place where we are doubling down and putting a lot more effort and attention going forward.

Teresa: To what extent are you already investing to develop those capabilities based on the data you've seen so far? And then you made some interesting comments just then about timelines The discontinuity of Pertuzuma has been upsetting your degree of confidence in sustaining growth for Gester and Sesgo in the midterm. Thank you.

Paul: Those capabilities based on the ITC side Paul.

Speaker Change #156: And then you made some interesting comments, just then about timelines burn that you're going to get that first and then we'll believes could you.

Speaker Change #177: And just frankly as the site of care shifts in health care in general is more away from away from the clinic and into the home, we must get much better as devices and so you'll hear a lot more about this at pharma day, but it is absolutely a place where we are doubling down and putting a lot more effort and attention going forward.

Speaker Change #151: Essentially you put some numbers on the help us think through the scenarios there.

Speaker Change #144: And then question totally separate topic.

Speaker Change #144: Franchise, we had some data in Africa, which suggested that.

Speaker Change #144: And that might be redundant.

Speaker Change #140: The combination with inherited.

Speaker Change #140: Essentially both the metastatic and high risk adjuvant settings, and we have some trials reading out there within the next 12 months or so so could you just.

Speaker Change #177: And then, do you want me to go straight into breast? Okay, and so going straight into the breast question. So, I think these are trials that we've been waiting for quite some time. And the reality is, it could go either way, we'll have to see the clinical data. Regardless, we believe that as we have sort of been saying over the years, we believe that there is a pretty sustainable about a 40% tail for the HER2-positive breast franchise. And that comes down to just the stickiness of the therapy, as it comes down to how patients will be sequenced. So we're just not expecting to see a dramatic clip, we think treatment patterns will be much more a softer decline and that we will we will be it will be ultimately maintaining just a lot more of those patients then than people are thinking.

And then, do you want me to go straight into breast? Okay, and so going straight into the breast question. So, I think these are trials that we've been waiting for quite some time. And the reality is, it could go either way, we'll have to see the clinical data. Regardless, we believe that as we have sort of been saying over the years, we believe that there is a pretty sustainable about a 40% tail for the HER2-positive breast franchise. And that comes down to just the stickiness of the therapy, as it comes down to how patients will be sequenced.

Speaker Change #145: Talk a bit about the potential scenarios where that shows.

Speaker Change #148: The redundancy of purchasing not necessarily your degree of confidence in sustaining growth suggestion sounds good momentum. Thank you.

Speaker Change #155: You want to take those questions also on the music on the manufacturing et cetera.

Speaker Change #178: <unk> been saying over the years, we believe that there is a pretty sustainable about a 40% tail for their her to for the hurricane positive breast franchise and that comes down to just the stickiness of the therapy as it comes down to how patients will be sequenced. So we're just not expecting to see a dramatic clip, we think treatment patterns will be much more a softer decline and that we will we will be it will be ultimately maintaining just a lot more of those patients then than people are thinking.

Speaker Change #154: So I would need me just quickly to repeat the manufacturing question.

Speaker Change #153: On devices, and we accelerated some of that yes, absolutely. So devices is one of the places that we are actually focusing on with a lot more emphasis going forward just to be perfectly Frank devices is not a place where we have historically been strong and we recognize as we go into obesity as we go further into <unk>.

So, we're just not expecting to see a dramatic clip, we think treatment patterns will be much more a softer decline and that we will be ultimately maintaining just a lot more of those patients than people are thinking. And again here, we're very much focused on the conversion into PHESGO, which provides a lot of stickiness. And that we would fully expect PHESGO conversion to be above 50% in many markets. So, I think that the dynamics in the HER2 space are frankly, just going to play out a little bit differently than people might be thinking. And let me just comment on the other questions around obesity, just one more time on manufacturing.

Speaker Change #177: So we're just not expecting to see a dramatic clip, we think treatment patterns will be much more a softer decline and that we will we will be it will be ultimately maintaining just a lot more of those patients then than people are thinking.

Speaker Change #148: <unk> and just frankly as the site of care shifts in health care in general move more away from away from the clinic and into the home we must get much better at devices and so you'll hear a lot more about this at pharma day, but it is absolutely a place where we are doubling down and putting a lot more effort and attention going forward.

Speaker Change #177: And again here, we're very much focused on the conversion into FESCO, which provides a lot of stickiness. And that we would fully expect FESCO conversion to be above 50% and in many markets. So I think that the dynamics in the her two space or frankly, just going to play out a little bit differently than people might be thinking. And let me just comment on the other questions around obesity, just one more time on manufacturing.

Speaker Change #177: And that we would fully expect FESCO conversion to be above 50% and in many markets. So I think that the dynamics in the her two space or frankly, just going to play out a little bit differently than people might be thinking.

Speaker Change #159: And then you want me to go straight into breast, okay, and so going straight into the breast question. So I think.

And let me just comment on the other questions around obesity, just one more time on manufacturing. If you look at the CT-996, which is a synthetic small molecule. We can use our existing manufacturing network that we can reach patients much faster. We're also investing in manufacturing for peptides as well. So, you'll see us accelerating that. We have discussions with partners on devices et cetera. So, one of the things that I mentioned before is by doing what we've done in terms of portfolio prioritization, we can really move for certain programs and fast-track. And Manu, who is heading this area and joined us from Carmot.

Thomas Schinecker: And let me just comment on the other questions around obesity, just one more time on manufacturing. If you look at the CT-996, which is a synthetic small molecule. We can use our existing manufacturing network that we can reach patients much faster. We're also investing in manufacturing for peptides as well. So, you'll see us accelerating that. We have discussions with partners on devices et cetera.

Speaker Change #177: And let me just comment on the other questions around obesity, just one more time on manufacturing.

Speaker Change #158: This is these are trials that we've been waiting for quite some time.

Speaker Change #177: If you look at the 50 906, which is a synthetic small molecule. We can use our existing manufacturing network that we can reach patients much faster. We're also investing in <unk>. Manufacturing for peptides as well so you'll see us accelerating that we have discussions with partners on on devices et cetera. <unk>. So what one of the things that I mentioned before is. By doing what we've done in terms of portfolio prioritization, we can really move for certain programs and fast track and monitor who is heading this area and are joined us from comment.

Speaker Change #148: And the reality is it could go it could go either way, we'll have to see the clinical data.

Speaker Change #160: <unk>, we believe that you know as we have sort of been saying over the years. We believe that there is a pretty sustainable about a 40% tail for their her too for the her two positive breast franchise and that comes down to just the stickiness of the therapy as it comes down to how patients will be sequenced.

Speaker Change #177: Manufacturing for peptides as well so you'll see us accelerating that we have discussions with partners on on devices et cetera.

So, one of the things that I mentioned before is by doing what we've done in terms of portfolio prioritization, we can really move for certain programs and fast-track. And Manu, who is heading this area and joined us from Carmot, he gets what he needs to really move this in the fast-track lend. And so we tend to be on the market much earlier than the current assumptions that are out there, but maybe we'll disclose it at the Pharma Day. Maybe that's one of the surprises in the Pharma Day.

<unk>. So what one of the things that I mentioned before is. By doing what we've done in terms of portfolio prioritization, we can really move for certain programs and fast track and monitor who is heading this area and are joined us from comment.

Speaker Change #177: So what one of the things that I mentioned before is. By doing what we've done in terms of portfolio prioritization, we can really move for certain programs and fast track and monitor who is heading this area and are joined us from comment.

Speaker Change #177: By doing what we've done in terms of portfolio prioritization, we can really move for certain programs and fast track and monitor who is heading this area and are joined us from comment.

Speaker Change #160: We're just not expecting to see a dramatic cliff, we think treatment patterns will be much more a softer decline and that we will we will be will be ultimately maintaining just a lot more of those patients then than people are thinking.

Speaker Change #179: he gets what he needs to really move this in the fast-track lend. And so we tend to be on the market much earlier than the current assumptions that are out there, but maybe we'll disclose it at the Pharma Day.

Speaker Change #148: And again.

Speaker Change #179: And so we tend to be on the market. Much earlier than the current assumptions are that are out there, but maybe we'll just go to that pharma day yet.

Speaker Change #148: Very much focused on the conversion into FESCO, which provides a lot of stickiness.

Speaker Change #179: Much earlier than the current assumptions are that are out there, but maybe we'll just go to that pharma day yet.

Speaker Change #148: And that we would fully expect VESCO conversion to be above 50% and in many markets. So I think that the dynamics in the her two space or frankly, just going to play out a little bit differently than people might be thinking.

Speaker Change #179: Maybe that's one of the surprises in the form of it.

Bruno Eschli: Emmanuel, any additional questions?

Speaker Change #179: [laughter]. Any additional questions.

Speaker Change #179: Any additional questions.

Speaker Change #179: I'll hold on September. Yeah, if you go to one surprise already out. But again if there are no further questions from your side, then we would move them. Next one would be Mark Purcell marketplace.

Emmanuel Papadakis: I'll hold on September.

Speaker Change #148: And let me just comment on the other questions around obesity, just one more time on manufacturing.

Bruno Eschli: Yeah, if you go to one surprise already out. But again if there are no further questions from your side, then we would move on. Next one would be Mark Purcell. Mark, please?

Speaker Change #181: Yeah, if you go to one surprise already out. But again if there are no further questions from your side, then we would move them.

Speaker Change #180: But again if there are no further questions from your side, then we would move them.

Speaker Change #148: If you look at the <unk> 906, which is a synthetic small molecule. We can use our existing manufacturing network that we can reach patients much faster. We're also investing in <unk>.

Speaker Change #180: Next one would be Mark Purcell marketplace.

Speaker Change #182: Yes, thank you very much, Bruno. First question on PRASINEZUMAB on the PADOVA study, could you help us and remind us of the trial design here? What level of benefit you would need to follow the Phase II data and go for an accelerated approval? And then sort of in the marketplace what percentage of patients are biomarker positive? So, that's the first question. And then a second question two.

Mark Purcell: Yes, thank you very much, Bruno. First question on PRASINEZUMAB on the PADOVA study, could you help us and remind us of the trial design here? What level of benefit you would need to follow the Phase II data and go for an accelerated approval? And then sort of in the marketplace what percentage of patients are biomarker positive? So, that's the first question.

Speaker Change #185: First question on fasteners them up in the Davis study could you help us and remind us of the trial design. Well what level of benefit you would need to follow the phase two data and go for an accelerated approval. And then sort of in the marketplace what percentage of patients who are biomarker positive. So that's the first question and then a second question two.

Speaker Change #148: Manufacturing for peptides as well so you will see us accelerating that discussions with partners on.

Well what level of benefit you would need to follow the phase two data and go for an accelerated approval.

Speaker Change #148: Devices et cetera.

Speaker Change #148: So one of the things that I mentioned before is.

Speaker Change #183: And then sort of in the marketplace what percentage of patients who are biomarker positive. So that's the first question and then a second question two.

Speaker Change #148: By doing what we've done in terms of the full your prioritization, we can really move for certain programs and best track.

And then a second question, two parts on obesity. Could you sort of help us understand how representative the Phase I data, that you've shown on your two assets are ultimately going to be? So, obviously, there's quite a force titration regimen, particularly, on the CT-996 in Phase I. And you're talking about an optimize titration regimen, presumably for both assets in Phase II. And then in Phase II, the patient baseline characteristics might be different in terms of baseline on BMIs and percentage of males and things like that, which are being quite selective in terms of some of the early data from Carmot. So, how representative is 18.8% for example at 24 weeks when you actually get your Phase IIs?

Speaker Change #148: And Martin who is heading this area and are joined us from comment.

Speaker Change #184: Two parks with DCT could you so help us understand how. How representative the phase one data that you've shown on your two assets are ultimately going to be so obviously, there's quite a force titration regimen, particularly on the <unk> nine six in phase one and you were talking about and optimize titration regimen, presumably for both assets in phase II and then phase two the patient baseline characteristics might be different in terms of.

Speaker Change #186: How representative the phase one data that you've shown on your two assets are ultimately going to be so obviously, there's quite a force titration regimen, particularly on the <unk> nine six in phase one and you were talking about and optimize titration regimen, presumably for both assets in phase II and then phase two the patient baseline characteristics might be different in terms of.

Martin: He gets what you need to really move this fast track.

Speaker Change #148: <unk>.

Speaker Change #148: So we tend to be on the markets.

Speaker Change #148: Much earlier than the current assumptions that are out there, but maybe this goes into the pharma day.

Speaker Change #148: Maybe thats one of the surprises spend in front of it.

Speaker Change #148: Yes.

Speaker Change #148: [laughter].

Speaker Change #187: Based on PMI as a percentage of miles and things like that which are being quite selective in terms of some of the early data from Commvault say how representative is 18.87 for example at 24 weeks when you actually get your phase III. The second part was just in terms of theoretical differentiation. So obviously the common approach with both assets. It's been a focus purely on soccer can pay for that condition, a limited impact on pizza restaurant, so theoretically that could improve whitelaw spirit that could also lead to less impactful in inflammation, which could be very important in kidney.

Based on PMI as a percentage of miles and things like that which are being quite selective in terms of some of the early data from Commvault say how representative is 18.87 for example at 24 weeks when you actually get your phase III.

Speaker Change #161: Any additional questions.

Speaker Change #157: I'll hold on September.

Speaker Change #157: Yeah, if you go to one surprise already yes.

Speaker Change #157: Alright good.

Speaker Change #164: If there are questions from your side, then we would move them.

Speaker Change #188: The second part was just in terms of theoretical differentiation. So obviously the common approach with both assets. It's been a focus purely on soccer can pay for that condition, a limited impact on pizza restaurant, so theoretically that could improve whitelaw spirit that could also lead to less impactful in inflammation, which could be very important in kidney.

And then the second part was just in terms of theoretical differentiation. So, obviously the Carmot approach with both assets has been focused purely on cyclic AMP for agonism, and limited impact on beta-arrestin. So, theoretically, that could improve weight lost, but that could also lead to less impactful inflammation, which could be very important in kidney disease and heart failure we've seen with SEMAGLUTIDE, where you see limited weight loss, providing very strong benefits. So, could you help us understand what you might lose out on in terms of a reduction in the amount of information you can see with those two assets? Thank you. You want to go ahead on PRASI? sure so.

Speaker Change #164: Next one would be Mark Purcell market.

Speaker Change #157: Yeah.

Mark Purcell: Yes, thank you very much printer.

Speaker Change #163: First question on partners.

Davis: Davis study could you help us and remind us of the trial design.

Speaker Change #178: Well what level of benefit you would need to follow the phase II data and go for an accelerated approval.

Speaker Change #189: He's in Hawk financing I assume with Semiclad side, while you see limited weight loss, providing very strong benefits Sir could you help us understand what you might lose out on some sort of reduction in the amount of information you can see what those two assets. Thank you. When you go ahead on <unk> sure so.

Speaker Change #163: And then sort of in the.

Speaker Change #162: A marketplace what percentage of patients that biomarker positive. So that's the first question.

Teresa: And then a second question, two parts on obesity. Can you still help us understand how representative the phase one data that you've shown on your two assets is ultimately going to be? So obviously, there's quite a forced titration regimen, particularly on CT-996 in phase one, and you're talking about an optimized titration regimen, presumably for both assets, in phase two. And then in phase two, the patient baseline characteristics might be different in terms of baseline BMIs and percentage of males and things like that, which have been quite selective in terms of some of the early data from CARMOT.

Speaker Change #162: Then the second question.

Speaker Change #169: So with DCT could you so help us understand.

Speaker Change #190: When you go ahead on <unk> sure so.

Speaker Change #177: How representative the phase one data that you've shown on your two assets are ultimately going to be so obviously, there's quite a fourth titration regimen, particularly on the <unk> nine six in phase one on you were talking about and optimize titration regimen, presumably for both assets in phase II, and then phase II the patient baseline characteristics might be different in terms of.

You want to go ahead on PRASI? sure so.

Thomas Schinecker: You want to go ahead on PRASI?

Teresa Graham: Sure. So, in terms of the PADOVA study, so, this is a Phase II/b that is evaluating the efficacy and safety of PRASI in patients with early stage Parkinson's on stable symptomatic PD, Parkinson's medication. And so, the actual trial design. I'm not sure if someone has that handy, but we can certainly follow-up with you on that. And then in addition, I'm so sorry, I don't have the biomarker positivity at my fingertips. I don't know if anyone has that handy. So, it does have a-- it's a study with a functional end point scale as improvement. And it has time to meaningful change on a MDS on one of the scales in the part III. So, I think we just may need to get back to you with a little bit more detail on that.

Speaker Change #191: In terms of the Potomac study. So this is a phase two b that is evaluating the efficacy and safety of <unk> in patients with early stage Parkinson's. Parkinson's on stable symptomatic P D Parkinson's medication. And so. The actual trial design I'm not sure if someone has that handy, but we can certainly follow up with you on that and then in addition, I'm. So sorry, I don't have the biomarker positivity at my Fingertips I don't know if anyone has that.

Speaker Change #191: Parkinson's on stable symptomatic P D Parkinson's medication. And so.

Speaker Change #192: And so.

Speaker Change #193: The actual trial design I'm not sure if someone has that handy, but we can certainly follow up with you on that and then in addition, I'm. So sorry, I don't have the biomarker positivity at my Fingertips I don't know if anyone has that.

Speaker Change #166: <unk> as a percentage of miles and things like that which have been quite selective in terms of some of the early data from commvault.

Teresa: So how representative is 18.8%, for example, at 24 weeks when you actually get your phase twos? Could you help us understand what you might lose out on in terms of a reduction in the amount of inflammation you see with those two assets? Thank you.

Speaker Change #171: How representative is 18.87 for example at 24 weeks when you actually you got your phase III.

Speaker Change #181: And then the second part was just in terms of theoretical differentiation. So after the common approach with both assets. It's been a focus purely on Fox, who can pay for that.

Speaker Change #192: So, it does have a function, it's a study with a functional end point scale as improvement. And it has time to meaningful change on a MDS on one of the scales in the part III. So, I think we just may need to get back to you with a little bit more detail on that. naphtha study was designed in a way that.

So, it does have a function, it's a study with a functional end point scale as improvement. And it has time to meaningful change on a MDS on one of the scales in the part III. So, I think we just may need to get back to you with a little bit more detail on that.

Speaker Change #194: I'm sorry. It does have a function. It's a study with a functional end point scale as improvement and it is time to meaningful change on a N D. S. I don't wanted the scales and the part three so I think we just may need to get back to you with a little bit more detail on that naphtha study was designed in a way that.

Speaker Change #195: It does have a function. It's a study with a functional end point scale as improvement and it is time to meaningful change on a N D. S. I don't wanted the scales and the part three so I think we just may need to get back to you with a little bit more detail on that naphtha study was designed in a way that.

Speaker Change #173: Unlimited impact from Pizza arrested.

Speaker Change #172: Theoretically that could improve weight loss, but that could also lead to less impactful and information, which can be very important in kidney disease and heart financing I assume with Semigloss side, while you see limited weight loss, providing very strong benefits.

Yes, I think that study was designed in a way that it took the previous signal into account, which we had seen in the first Phase II. But the difference is, I think this time that the treatment is on top of the standard therapy. So, either, MAO inhibitors or LEVODOPA, is also a bit longer it's going 18 months. And this is only the first look, which we will have that will be, of course, then I think follow-on for another two years. As this is a progressive disease, and you might see the effect becoming more pronounced over time. I think the standard composite endpoint is here as a secondary endpoint. And I think as Teresa mentioned before, the MDS-UPDRS Part III is the primary endpoint for the study.

Thomas Schinecker: Yes, I think that study was designed in a way that it took the previous signal into account, which we had seen in the first Phase II. But the difference is, I think this time that the treatment is on top of the standard therapy. So, either, MAO inhibitors or LEVODOPA, is also a bit longer it's going 18 months.

Speaker Change #196: It was it took the previous. Signal into account, which we had seen in the in the first phase II and the difference is I think this time that the treatment is on top of the standard therapy. So either you know MLA inhibitors or levodopa is also a bit longer it's going 18 months and this is only the first look which we will have that will be of course, then I think follow on for <unk>.

Speaker Change #197: Signal into account, which we had seen in the in the first phase II and the difference is I think this time that the treatment is on top of the standard therapy. So either you know MLA inhibitors or levodopa is also a bit longer it's going 18 months and this is only the first look which we will have that will be of course, then I think follow on for <unk>.

Speaker Change #174: Help us understand what you might lose out on some sort of reduction in the amount of information you see where those two assets. Thank you.

Speaker Change #175: Well go ahead on <unk> sure so.

Speaker Change #168: In terms of the <unk> study. So this is the phase <unk> that is evaluating the efficacy and safety of <unk> in patients with early stage <unk>.

And this is only the first look, which we will have that will be, of course, then I think follow-on for another two years. As this is a progressive disease, and you might see the effect becoming more pronounced over time. I think the standard composite endpoint is here as a secondary endpoint. And I think as Teresa mentioned before, the MDS-UPDRS Part III is the primary endpoint for the study.

Speaker Change #196: Another two years. As this is a. Progressive disease, and you might see the humor. I see the effect, becoming more pronounced over time. Thank the the standard a composite endpoint is here as a secondary endpoint and I think as to as I mentioned before the Mds. P D. R S part free as the as the primary endpoint for the study.

Speaker Change #196: As this is a. Progressive disease, and you might see the humor. I see the effect, becoming more pronounced over time. Thank the the standard a composite endpoint is here as a secondary endpoint and I think as to as I mentioned before the Mds. P D. R S part free as the as the primary endpoint for the study.

Speaker Change #166: Parkinson's on stable symptomatic PD Parkinson's medication.

Speaker Change #196: Progressive disease, and you might see the humor. I see the effect, becoming more pronounced over time. Thank the the standard a composite endpoint is here as a secondary endpoint and I think as to as I mentioned before the Mds.

Speaker Change #196: I see the effect, becoming more pronounced over time. Thank the the standard a composite endpoint is here as a secondary endpoint and I think as to as I mentioned before the Mds.

Speaker Change #170: So the actual trial design I'm not sure if someone has that handy, but we can certainly follow up with you on that and then in addition, I'm. So sorry, I don't have the biomarker positivity at my Fingertips I don't know if anyone has that.

Speaker Change #198: Thank the the standard a composite endpoint is here as a secondary endpoint and I think as to as I mentioned before the Mds.

Speaker Change #198: P D. R S part free as the as the primary endpoint for the study.

Teresa Graham: Yes. And I think the other thing just to kind of keep in mind is while accelerated approval is a possibility, it is certainly not our base case. And so, I think Thomas has mentioned a couple of times that this is--would be a very high-risk, high reward program. And so, I think we should--while it would be exciting if it were positive we should control our expectations, because this is a very tough space.

Speaker Change #166: Candy.

Teresa: Candy, um so it it does have a function it's a study with a functional endpoint scale as improvement and uh it has time to meaningful change on uh mdf on one of the scales in part three so i think we just may need to get back to you with a little bit more detail on that yeah i think the study was designed in a way um you know that it was it took the previous um signal into account which we had seen in the um in the first phase too but the difference is i think this time um that uh the treatment is on top of the um standard therapy so either you know moa inhibitors or levodopa it's also a bit longer it's going 18 months and this is only the first look which we will have there will be of course then i think follow on for another two years um as this is a you know um progressive disease and you might see you might see the effect becoming more pronounced over time um i think the the standard uh composite endpoint is uh is here as a secondary endpoint and i think um as theresa mentioned before the mds updrs part three is the is the primary endpoint for this study, And I think the other thing just to kind of keep in mind is while accelerated approval is a possibility, it is certainly not our base case, program. And so I think we should we should, while it would be exciting if it were positive, we should control our expectations. Because this is a very tough, there's a very tough space.

Speaker Change #166: Hum.

Speaker Change #176: It does have a function. It's a study with a functional end point scale as improvement and it is time to meaningful change on Mds I don't wanted to scale as the part three.

Speaker Change #176: So I think we just may need to get back to you with a little bit more detail on that.

Thomas: Program and so I think we should we should well it would be exciting if it were positive we should control our expectations. Because this is a very tough there. So this is a very tough space.

Speaker Change #176: The study was designed in a way that it.

Speaker Change #176: Was it took the pvs.

Speaker Change #176: Signal into account, which we had seen in the first.

Speaker Change #176: The first phase II.

Thomas Schinecker: Yes, you asked the question on CT-996 and CT-388, how representative is that. I mean, if you look at the statistical significance of the data, it looks very promising. And if you look at the mechanism of action of these GLP-1s, GIPs you see a certain decrease in weight loss. And then depending on the molecule, it was stabilized at a certain level. And the titration scheme will then help you also to make sure that people get into the highest dose.

Speaker Change #176: As I think this time.

Thomas: Ask the question on Cte 99, six in cities 388, how representative is that meaningful. You look at the statistical significance of the data it looks very promising.

Speaker Change #176: The treatment is on top of the standard therapy, so either MLA inhibitors or levodopa is also a bit longer it's going 18 months and this is only the first look which we will have that will be of cost and I think follow on for another two years.

Speaker Change #199: You look at the statistical significance of the data it looks very promising.

Speaker Change #200: And if you look at the mechanism of action northeast you'll go on Cip's They will.

Speaker Change #166: <unk>.

Speaker Change #166: Progressive disease, and you might see.

Speaker Change #201: You see a sudden decrease in weight loss and then depending on the molecule. It was stabilized at a certain a.

Speaker Change #182: <unk> CV affect becoming more pronounced over time.

Speaker Change #166: I think the standard composite endpoint is here as a.

Speaker Change #166: Secondary endpoints and I think as to as I mentioned before the Mds Drs.

Speaker Change #201: Certain level. And the titration scheme will then help you also to make sure that. People get into the highest dose now if you look at both 60 960 <unk> C. T 388 actually all of the people continue to the study so the yen. So there was no one actually that was dropping off here. So we believe this is a very representative and that you can get to. Significantly. A lower level in terms of weight loss, but on top of that we have a couple of other molecules in our pipeline, which we can now combine these with it. So we also believe that there is. <unk>. Some differentiation here as well now your question on the binding to the <unk> or minimal to no binding the beta or arresting recruitment on either receptor. We actually believe that this will give a prolonged pharmacological.

Certain level.

And the titration scheme will then help you also to make sure that. People get into the highest dose now if you look at both 60 960 <unk> C. T 388 actually all of the people continue to the study so the yen. So there was no one actually that was dropping off here. So we believe this is a very representative and that you can get to. Significantly. A lower level in terms of weight loss, but on top of that we have a couple of other molecules in our pipeline, which we can now combine these with it. So we also believe that there is. <unk>. Some differentiation here as well now your question on the binding to the <unk> or minimal to no binding the beta or arresting recruitment on either receptor. We actually believe that this will give a prolonged pharmacological.

And the titration scheme will then help you also to make sure that. People get into the highest dose

Speaker Change #201: And the titration scheme will then help you also to make sure that. People get into the highest dose now if you look at both 60 960 <unk> C. T 388 actually all of the people continue to the study so the yen. So there was no one actually that was dropping off here. So we believe this is a very representative and that you can get to.

Speaker Change #166: S part free as the primary endpoint for this study.

Speaker Change #201: People get into the highest dose now if you look at both 60 960 <unk> C. T 388 actually all of the people continue to the study so the yen. So there was no one actually that was dropping off here. So we believe this is a very representative and that you can get to.

Now, if you look at both the CT-996 and CT-388, actually all of the people continue to the study until the end. So, there was no one actually that was dropping off here. So, we believe this is a very representative and that you can get significantly a lower level in terms of weight loss. But on top of that, we have a couple of other molecules in our pipeline, which we can now combine these with it. So, we also believe that there is some differentiation here as well. Now, your question on the binding or minimal to no binding the beta-arrestin recruitment on either receptor. We actually believe that this will give a prolonged pharmacological

Thomas Unica: And I think the other thing just to kind of keep in mind is while accelerated approval is a possibility. It is certainly not our base case and so I think Thomas as mentioned has mentioned a couple of times that this is would be a very high risk high reward.

Speaker Change #201: Significantly.

Thomas Unica: The program and so I think we should we should it would be exciting if it were positive we should control our expectations. Because this is a very tough.

Speaker Change #201: A lower level in terms of weight loss, but on top of that we have a couple of other molecules in our pipeline, which we can now combine these with it. So we also believe that there is.

But on top of that, we have a couple of other molecules in our pipeline, which we can now combine these with it. So, we also believe that there is some differentiation here as well. Now, your question on the binding or minimal to no binding the beta-arrestin recruitment on either receptor. We actually believe that this will give a prolonged pharmacological activity. And with that, we can actually get to these weight losses. So, we do believe that this is a positive differentiation compared to some of the other molecules that are on the market today.

But on top of that, we have a couple of other molecules in our pipeline, which we can now combine these with it. So, we also believe that there is some differentiation here as well.

Speaker Change #166: This is a very tough space.

Teresa: Yeah, you asked the question about CT996 and CT388, how representative is that? I mean, if you look at the statistical significance of the data, it looks very promising. And if you look at the mechanism of action of these GLD1s and GIPs, they will, you know, you see a certain decrease in weight loss, and then, depending on the molecule, it will stabilize at a certain level.

Speaker Change #183: Yes, you asked the question on Cte 99, six and <unk> 38, eight how representative is that if you look at the statistical significance of the data.

Speaker Change #201: <unk>. Some differentiation here as well now your question on the binding to the <unk> or minimal to no binding the beta or arresting recruitment on either receptor. We actually believe that this will give a prolonged pharmacological.

Speaker Change #202: Some differentiation here as well now your question on the binding to the <unk> or minimal to no binding the beta or arresting recruitment on either receptor. We actually believe that this will give a prolonged pharmacological.

Now, your question on the binding or minimal to no binding the beta-arrestin recruitment on either receptor. We actually believe that this will give a prolonged pharmacological activity. And with that, we can actually get to these weight losses. So, we do believe that this is a positive differentiation compared to some of the other molecules that are on the market today.

Speaker Change #184: It looks very promising and if you look at the mechanism of action of <unk> go on Cip's They will.

Speaker Change #180: You see a certain decrease in weight loss and then depending on the molecule. It was stabilized at a certain.

Speaker Change #201: Activity. And with that we can actually get to these weight losses. So we do believe that this is a positive differentiation compared to some of the other molecules that are on the market today, Yeah, and I think your point about the reduction of inflammation with the increase in class I think is a really important one when you start thinking about what the.

Activity. And with that we can actually get to these weight losses. So we do believe that this is a positive differentiation compared to some of the other molecules that are on the market today,

Speaker Change #203: And with that we can actually get to these weight losses. So we do believe that this is a positive differentiation compared to some of the other molecules that are on the market today, Yeah, and I think your point about the reduction of inflammation with the increase in class I think is a really important one when you start thinking about what the.

Speaker Change #180: Certain level.

Teresa: And the titration scheme will also help you to make sure that people get into the highest dose. Now, if you look at both the CT996 and CT388, actually, all of the people continued the study to the end. So there was no one actually dropping off here.

Speaker Change #180: And the titration scheme will then help you also to make sure that.

Teresa Graham: Yeah, and I think your point about the reduction of inflammation with the incretin class, I think is a really important one when you start thinking about what the implications of the use of these molecules could be in areas outside of obesity. And I think this was one of the things that are sort of kept us very interested in this space. When you look at things like Alzheimer's or even Parkinson's for example, places where systemic inflammation could potentially be mitigated here, in those combinations therapies. I mean, I think this is one of the more interesting scientific questions that will be seeking to answer over time. And as you also saw, CT-868, which is in Phase II specifically designed for diabetes patients. So, this is also, I would say a molecule that's differentiated because it's very much focuse

Speaker Change #180: People get into the highest dose now if you look at both.

Speaker Change #180: The <unk> 960 <unk>.

Speaker Change #203: <unk> of what. What the implications of the use of these molecules could be in areas outside of obesity and I think this was one of the things that are sort of kept us very interested in this space. When you look at things like our alzheimers or even Parkinson's for example, places where systemic inflammation could could potentially be could potentially be mitigated here in in those combo.

388 actually all of the people continue to study.

Speaker Change #203: What the implications of the use of these molecules could be in areas outside of obesity and I think this was one of the things that are sort of kept us very interested in this space. When you look at things like our alzheimers or even Parkinson's for example, places where systemic inflammation could could potentially be could potentially be mitigated here in in those combo.

Speaker Change #180: So there was no one actually.

Speaker Change #180: What's dropping off here. So we believe this is a very representative and that you can get to a significantly.

Teresa: So we believe this is very representative and that you can get to a significantly lower level in terms of weight loss. But on top of that, we have a couple of other molecules in our pipeline, which we can also combine with. So we also believe that there is some differentiation here as well. Now, your question on binding to or minimal to no binding of beta arrestin recruitment on either receptor; we actually believe that this will give prolonged pharmacological activity.

Speaker Change #180: A lower level in terms of.

Last but on top of that we have a couple of other molecules in our pipeline, which we can now combine these with it. So we also believe that there is.

Nation therapies I mean, I think this is one of the more interesting scientific questions that will be seeking to answer over time and as you also saw a cta six eight which is in phase two specifically designed for diabetes patients. So this is also I would say a molecule that's differentiated because it's very much focused.

I mean, I think this is one of the more interesting scientific questions that will be seeking to answer over time and as you also saw a cta six eight which is in phase two specifically designed for diabetes patients. So this is also I would say a molecule that's differentiated because it's very much focused.

Thomas Schinecker: And as you also saw, CT-868, which is in Phase II specifically designed for diabetes patients. So, this is also, I would say a molecule that's differentiated because it's very much focused here. So in addition, with Carmot, we didn't only acquired these three assets. There are a number of also other assets that are targeting other or looking at other targets in obesity. So, we believe with these combinations we have good opportunity, but at the same time, we're screening the market for potential other molecules that we can combine these with.

Some differentiation here as well now your question on the binding to the.

Or minimal to no binding the beta or arresting recruitment on either receptor, we actually believe that this.

Speaker Change #203: Here. So in addition, with Karma, we didn't only. Acquired these three assets there are a number of also other assets that are targeting other.

Speaker Change #204: So in addition, with Karma, we didn't only. Acquired these three assets there are a number of also other assets that are targeting other.

Teresa: And with that, we can actually get to these weight losses. So we do believe that this is a positive differentiation compared to some of the other molecules that are on the market today. Yeah, and I think your point about the reduction of inflammation with the creatine class is a really important one when you start thinking about what the implications of the use of these molecules could be in areas outside of obesity.

Speaker Change #180: We will give a prolonged pharmacological act.

Speaker Change #204: Acquired these three assets there are a number of also other assets that are targeting other.

Activity.

And with that we can actually get to these weight losses. So we do believe that this is a positive differentiation compared to some of the other molecules that are on the market today and I think your point about the reduction of inflammation with the increase in class I think is a really important one when you start thinking about what the.

Or looking at other targets.

Speaker Change #204: In obesity. So we believe with these combinations we have good opportunity, but at the same time, we're screening the market for potential other molecules that we combine can combine these with.

Bruno Eschli: Mark, did we answer all your questions or was there something left over?

Speaker Change #204: Leftover and that was great. Thank you Vernon.

Leftover

<unk> of what.

Mark Purcell: That was great. Thank you, Bruno.

Speaker Change #185: What the implications of the use of these molecules could be in areas outside of obesity and I think this is one of the things that are sort of kept us very interested in this space. When you look at things like Alzheimers or even Parkinson's for example, places where systemic inflammation.

Bruno Eschli: And we will move on, next one would be Richard Parkes. Richard, please?

And we will move on.

Teresa: And I think this is one of the things that has sort of kept us very interested in this space, when you look at things like Alzheimer's or even Parkinson's, for example, places where systemic inflammation could potentially be mitigated here in those combination therapies. I mean, I think this is one of the more interesting scientific questions that we'll be seeking to answer over time. And as you also saw, CT868, which is in phase two, specifically designed for diabetes patients. So this is also, I would say, a molecule that's differentiated because it's very much focused here.

Speaker Change #204: Next one would be Richard Parkes. Richard Please. Yeah. Thanks for taking my questions Brenna, it's Richard Parkes from BNP power more exotic few questions. Firstly on to roll them up I think this is the first trial you've been up against K Treasurer. With regard to go up so I'm just wondering if your analysis suggests a reason for the worse outcomes during a fashion issue is adding. Adding to ever growing amounts of chemo or whether there's any risk that this just reflects to centric. So weak background backbone I'm. Just wondering if we can be confident that data. When it's presented went on demand centric in its existing indications.

Next one would be Richard Parkes. Richard Please.

Richard Vasa: Richard Please. Yeah. Thanks for taking my questions Brenna, it's Richard Parkes from BNP power more exotic few questions. Firstly on to roll them up I think this is the first trial you've been up against K Treasurer. With regard to go up so I'm just wondering if your analysis suggests a reason for the worse outcomes during a fashion issue is adding. Adding to ever growing amounts of chemo or whether there's any risk that this just reflects to centric. So weak background backbone I'm. Just wondering if we can be confident that data. When it's presented went on demand centric in its existing indications.

Richard Parkes: Thanks for taking my questions, Bruno. It's Richard Parkes from BNP Paribas Exane. I've got a few questions. Firstly, on TIRAGOLUMAB, I think this is the first trial you've been up against KEYTRUDA with TIRAGOLUMAB. So, I'm just wondering if your analysis suggests a reason for the worse outcomes. I'm wondering if that's an issue with adding TIRAGOLUMAB to chemo or whether there's any risk that this just reflects TECENTRIQ's weaker background--backbone. I'm just wondering if we can be confident that, that data when it's presented won't undermine TECENTRIQ in its existing indications.

Richard Vasa: Yeah. Thanks for taking my questions Brenna, it's Richard Parkes from BNP power more exotic few questions. Firstly on to roll them up I think this is the first trial you've been up against K Treasurer. With regard to go up so I'm just wondering if your analysis suggests a reason for the worse outcomes during a fashion issue is adding. Adding to ever growing amounts of chemo or whether there's any risk that this just reflects to centric. So weak background backbone I'm. Just wondering if we can be confident that data. When it's presented went on demand centric in its existing indications.

Richard Parkes: Thanks for taking my questions Brenna, it's Richard Parkes from BNP power more exotic few questions. Firstly on to roll them up I think this is the first trial you've been up against K Treasurer. With regard to go up so I'm just wondering if your analysis suggests a reason for the worse outcomes during a fashion issue is adding. Adding to ever growing amounts of chemo or whether there's any risk that this just reflects to centric. So weak background backbone I'm. Just wondering if we can be confident that data. When it's presented went on demand centric in its existing indications.

Could could potentially be could potentially be mitigated here in in those combination therapies. I mean I think this is one of the more interesting scientific questions that will be seeking to answer over time and as you also saw Cta six eight which is in phase II specifically designed for diabetes patients. So this is also I would say a molecule that's differentiated.

Richard Parkes: With regard to go up so I'm just wondering if your analysis suggests a reason for the worse outcomes during a fashion issue is adding. Adding to ever growing amounts of chemo or whether there's any risk that this just reflects to centric. So weak background backbone I'm. Just wondering if we can be confident that data. When it's presented went on demand centric in its existing indications.

Richard Parkes: Adding to ever growing amounts of chemo or whether there's any risk that this just reflects to centric. So weak background backbone I'm. Just wondering if we can be confident that data. When it's presented went on demand centric in its existing indications.

Teresa: So in addition, with CARMOD, we didn't only acquire these three assets; there are a number of other assets that are targeting other, or looking at other targets in obesity. So we believe with these combinations, we have a good opportunity. But at the same time, we're screening the market for potential other molecules that we can combine these with. Mark, did we answer all your questions, or was there something left over? No, that's great. Thank you, Bruno. And we will move on. The next one would be Richard Parkes.

Because it's very much focused.

Here.

So in addition, with Karma do we didn't only.

Speaker Change #206: Then secondly, on the oral GLP-1s, just to ask the question more directly, are you--do you think you can achieve better weight loss than the other oral GLP-1s that we've seen to date, which has been sort of broadly in line with with WEGOVY? Do you think you can add to that. And then final question just on TRONTINEMAB, I'm just wondering what you're waiting for, in terms of additional data to make that Phase III decision. I think you said you'll make that by Q1 next year. I'm just--in what scenario would you decide not to progress TRONTINEMAB? And can you also remind us what you've seen in terms of infusion reactions so far with the drug? Thank you.

Acquired these three assets there are a number of also other assets targeting other.

Speaker Change #208: Just to ask the question more directly are you do you think you can achieve better weight loss and the other oral great ones that we've seen to date, which has been. So broadly in line with with with Ov do you think you can add to that and then final question just on Trump cinema I'm, just wondering what youre waiting for in terms of additional data to.

Or looking at other targets.

<unk>. So we believe with these combinations we have good opportunity, but at the same time, we're screening the market for potential other molecules that we combined can combine these with.

So broadly in line with with with Ov do you think you can add to that and then final question just on Trump cinema I'm, just wondering what youre waiting for in terms of additional data to.

Mark did we answer all your questions or something.

Speaker Change #207: To make that phase III decision I thought you said you might not by Q1 next year I'm just in what scenario would you decide not to progress trumped him up.

That's great. Thank you for your time.

Okay.

And we will move on.

One would be Richard Parkes.

Teresa: Richard, please. Thanks for taking my questions, Bruno. It's Richard Parkes from BNP Paribas Exam. I've got a few questions. Firstly, on Tirogolumab. I think this is the first trial you've been up against, Kay Trudeau, on Tirogolumab. So I'm just wondering if your analysis suggests a reason for the worse outcomes. I'm wondering if that's an issue with adding Tirogolumab to chemo, or whether there's any risk that this just reflects a weaker backbone.

Richard Please.

Speaker Change #209: And can you also remind us what you've seen in terms of infusion reactions. So far with the drug. Thank you. Yeah sure. So Thomas I'll I'll start so 20, I mean, I think the profile of traffic. Thus far has has really held very well very sort of minimum infusion reactions safety looks good efficacy looks good I mean really the point at the moment is just to make sure we get the right dose and said what are we waiting for I think we're just waiting to make sure that we've got enough information.

And can you also remind us what you've seen in terms of infusion reactions. So far with the drug. Thank you.

Thanks for taking my questions Richard Parkes from BNP power of our example few questions. Firstly on <unk> I think this is the first trial <unk> been up against K Treasurer.

Teresa Graham: Yeah, sure. So, Thomas, I'll start. So, TRONTI, I mean, I think the profile of TRONTI thus far has has really held very well, very sort of minimum infusion reactions, safety looks good, efficacy looks good. I mean, really the point at the moment is just to make sure we get the right dose. And so, what are we waiting for? I think we're just waiting to make sure that we've got enough information that we are achieving the most effective dose, and that's the dose that we would take forward.

Speaker Change #210: Yeah sure. So Thomas I'll I'll start so 20, I mean, I think the profile of traffic. Thus far has has really held very well very sort of minimum infusion reactions safety looks good efficacy looks good I mean really the point at the moment is just to make sure we get the right dose and said what are we waiting for I think we're just waiting to make sure that we've got enough information.

With regard to go up so I'm just wondering if your analysis suggests the reason for the worse outcomes during a thought from the issue with.

Adding typically going up to chemo or whether there is any risk that this just reflects to centric so weak background backbone and I'm. Just wondering if we can be confident that data. When it's presented went on demand centric in its existing indications.

Speaker Change #211: <unk> that we are we are achieving the most effective dose and that's the dose that we would we would take forward in.

Teresa: I'm just wondering if we can be confident that that data, when it's presented, won't undermine centrix and its existing indication. Then, secondly, on oral GLIP-1, just to ask the question more directly, do you think you can achieve better weight loss than the other oral GLIP-1s that we've seen to date, which has been so broadly in line with Wigovi? Do you think you can better that?

Speaker Change #211: In terms of TIRAGOLUMAB, I mean, I think this is--again, there's always dangers, particularly with cancer immunotherapy. We have seen time and again that different molecules and different settings perform differently. And so, I don't think that we should do too much of a cross-trial read on SKY-06, which is in a very particular setting with TECENTRIQ in its approved indications. I think we continue to have confidence that in the indications where TECENTRIQ is approved, that they are providing quite a bit of benefit to patients.

Secondly on the oral clip one.

Just to ask the question more directly are you do you think you can achieve better weight loss and the other one real quick ones that we've seen to date, which has been.

So broadly in line with where do you think you can add to that.

Teresa: And then my final question is just on Trontinimab. I'm just wondering what you're waiting for in terms of additional data to make that phase three decision. I think you said you'd make that by Q1 next year.

And then final question just on from 10 am up I'm, just wondering what youre waiting for in terms of additional data.

Speaker Change #211: <unk> six which is in a very particular setting with the centric in its approved indications I think we continue to have confidence that in the indications where to centric is approved that they are providing quite a bit of a benefit to patients.

To make that phase III decision I thought you said you might not by Q1 next year I'm just in what scenario would you decide not.

Teresa: In what scenarios would you decide not to progress Trontinimab? And can you also remind us what you've seen in terms of infusion reactions so far with the drug? Thank you. Sure. So, Thomas, I'll start.

To progress trumped him up and can you also remind us what you've seen in terms of infusion reactions. So far with the drug. Thank you.

Speaker Change #211: We're certainly still in the midst of analyzing this data. It's relatively new having it in-house, but there isn't anything that we've seen to date that would lead us to believe that we need to question TIRAGOLUMAB effect--I'm sorry, that we needed to question TECENTRIQ effectiveness in the indications that we are currently on the market for.

Teresa: So Tranti, I mean, I think the profile of Tranti thus far has really held very well, very sort of minimum infusion reaction, safety looks good, and efficacy looks good. I mean, really, the point at the moment is just to make sure we get the right dose. And so what are we waiting for?

Sure. So Thomas I'll start so chandni I mean, I think the profile of content. Thus far has has really held very well very sort of minimum infusion reactions safety looks good efficacy looks good I mean really the point at the moment is just to make sure we get the right dose and so what are we waiting for I think we're just waiting to make sure that we've got enough information.

Thomas Schinecker: Good, then the question to the oral GLP-1, I mean, based on the data that we've seen, we do believe it has the best-in-disease potential and that's why we're accelerating that program.

Speaker Change #211: Good then the question to the oral shield, one and based on the data that we see and we do believe it has the best in disease potential and that's why we're accelerating that program.

<unk> that we are we are achieving that.

Most effective dose and that's the dose that we would we would take forward.

Bruno Eschli: Okay. Then we move on, next one would be Simon Baker from Redburn. Simon?

In terms of your volume up I mean, I think this is again, there's always dangerous, particularly with cancer immunotherapy, we have seen time and again that different molecules and different settings perform differently and so I don't think that we should.

Speaker Change #212: Thank you. Okay.

Speaker Change #211: Okay.

Speaker Change #211: Okay, then we move on. Next one would be Simon Baker from restaurant Sun.

Speaker Change #211: Next one would be Simon Baker from restaurant Sun.

Simon Baker: Thanks, very much for taking my questions. Two if I may, please. Firstly, Teresa, you mentioned TECENTRIQ subcutaneous, the strong reception that we received in the U.K. The other strongly received subcutaneous formulation in the U.K. recently has been OCREVUS. According to the median, there have been suggestion that there's some very considerable demand for OCREVUS subcut. So, I was just wondering, if you could give us an idea of how generalizable that U.K. experience is. And I know U.K. has a particular passion for subcuts formulations. And what does this mean for OCREVUS subcutaneous beyond the U.K. across the world? And do you see maybe the U.S., ex U.S. sales split balancing up between--now that we get to a subcut formulation.

Simon Baker: Firstly on <unk>. You mentioned on centric subcutaneous the strong reception that we received in the U K.

We should do too much of a cross trial read on Sky, six which is in a very particular setting with the centric in its approved indications I think we continue to have confidence that in the indications where it centric is approved that they are providing quite a bit of benefit to patients.

Speaker Change #214: You mentioned on centric subcutaneous the strong reception that we received in the U K.

Speaker Change #215: The Alpha strongly received subcutaneous formulation in the U K recently has been awkwardness according to the.

Simon Baker: According to the median, there have been suggestion that there's some very considerable demand for OCREVUS subcut. So, I was just wondering, if you could give us an idea of how generalizable that U.K. experience is. And I know U.K. has a particular passion for subcuts formulations. And what does this mean for OCREVUS subcutaneous beyond the U.K. across the world? And do you see maybe the U.S., ex U.S. sales split balancing up between--now that we get to a subcut formulation.

Speaker Change #217: The median there have been suggestions. Very considerable demand for that.

Speaker Change #216: Very considerable demand for that.

We're certainly still in the midst of analyzing this data it's relatively new having it in house.

Speaker Change #215: This outcome. Wondering if you could give us an idea of how generalizable that U K experian season, either UK has a particular passion for sub count formulations.

Speaker Change #219: Wondering if you could give us an idea of how generalizable that U K experian season, either UK has a particular passion for sub count formulations.

But there isn't anything that we've seen to date that would lead us to believe that we need to question <unk> effect I'm, sorry that we need to question to centrex effectiveness and the indications that we are currently on the market for.

Teresa: I think we're just waiting to make sure that we've got enough information that we are achieving the most effective dose, and that's the dose that we would take forward. In terms of Tirogolumab, I mean, I think this is, again, there are always dangers, particularly with cancer immunotherapy. We have seen time and again that different molecules in different settings perform differently.

Teresa: And so I don't think that we should do too much of a cross trial read on Sky 6, which is in a very particular setting with Tocentric in its approved indications. I think we continue to have confidence that in the indications where Tocentric is approved, it is providing quite a bit of benefit to patients. We are certainly still in the midst of analyzing this data. It's relatively new to have it in house, but there isn't anything that we've seen to date that would lead us to believe that we need to question Tirugaliabab's effect, I'm sorry, that we need to question Tocentric's effectiveness and the indications that we are currently on the market for. Thanks very much Bruno for taking my questions. Two, if I may please.

Speaker Change #220: What does this mean for octopus subcutaneous beyond the U K across the World and do you see maybe the U S. Ex U S sales split balancing out. Between now that we get to Osaka.

Good then.

The question to the oral <unk>, one and based on the data that we see and we do believe it has the best in disease potential and that's why we're accelerating that program.

Speaker Change #221: Between now that we get to Osaka.

Speaker Change #215: And then the second question is a slightly bigger picture one. We've seen a very strong performance by the marketing portfolio. We've seen a more of a commercial edge it seems, to the R&D process. It's kind of this hasn't been achieved by simply throwing money at the problem because cost containment has been very strong. So, I'm just wondering if you could give us some tangible evidence of what's changed? Feels like the commercial ethos and approach of Roche has changed for the better. Any examples how that's manifesting itself, would be really appreciate it.

Speaker Change #218: And then the second question is a slightly bigger picture one we've. We've seen a very strong performance by the marketing portfolio. We've seen a more of a commercial edge it seems to the R&D process. It's kind of this hasn't been achieved by simply throwing money at the problem because cost containment has been very strong. So I'm. Just wondering if you could give us some tangible evidence of what's changed feels like the the commercial E House and approachable has changed for the better.

Speaker Change #218: We've seen a very strong performance by the marketing portfolio. We've seen a more of a commercial edge it seems to the R&D process. It's kind of this hasn't been achieved by simply throwing money at the problem because cost containment has been very strong. So I'm. Just wondering if you could give us some tangible evidence of what's changed feels like the the commercial E House and approachable has changed for the better.

Thank you.

Okay.

Okay, then we move on.

Speaker Change #218: We've seen a more of a commercial edge it seems to the R&D process. It's kind of this hasn't been achieved by simply throwing money at the problem because cost containment has been very strong. So I'm. Just wondering if you could give us some tangible evidence of what's changed feels like the the commercial E House and approachable has changed for the better.

One would be Simon Baker from restaurant.

Teresa: Firstly, Teresa, you mentioned centric subcutaneous the strong reception that it has received in the UK. The other strongly received subcutaneous formulation in the UK recently has been ocribus. According to the media, there have been suggestions that there is very considerable demand for ocribus subcut. So just wondering if you could give us an idea of how generalisable that UK experience is. I know the UK has a particular passion for subcut formulations. And what does this mean for ocribus subcutaneous across the UK and the world?

Thanks, very much for taking my questions two if I may please.

Speaker Change #226: It's kind of this hasn't been achieved by simply throwing money at the problem because cost containment has been very strong. So I'm. Just wondering if you could give us some tangible evidence of what's changed feels like the the commercial E House and approachable has changed for the better.

Lastly, im.

You mentioned on to centric subcutaneous the strong reception that we received in the UK.

The Alpha strongly received subcutaneous formulation in the UK recently awkwardness according to the.

Speaker Change #222: Any examples how that's manifesting itself, we really appreciate it. Sure maybe maybe I can answer the last question very directly. The sales reports every day so they know exactly how the sales are developing every single day.

Any examples how that's manifesting itself, we really appreciate it.

The median there have been suggestions.

Thomas Schinecker: Maybe I can answer the last question very directly. I get the sales reports every day, so I know exactly how the sales are developing every single day. Yeah. That's one example. But there is a clear focus on performance.

Speaker Change #223: Sure maybe maybe I can answer the last question very directly. The sales reports every day so they know exactly how the sales are developing every single day.

Very considerable demand for that.

Okay.

So I was just wondering if you could give us an idea of how generalizable UK experiences in the UK has a particular passion for sub count formulations.

Speaker Change #224: The sales reports every day so they know exactly how the sales are developing every single day.

Speaker Change #224: Yeah. That's one example. But there is a clear focus on performance.

Speaker Change #224: That's one example. But there is a clear focus on performance. Yeah absolutely. And when we look at this is a great question on onto Centrex that pet. So I think that in terms of the U K experiencing a result, great uptake with Pascal we've seen strong uptake with with centric SAB cut I think that is quite generalizable for the UK market I think anything that removes patients from having to go.

That's one example. But there is a clear focus on performance.

Speaker Change #225: But there is a clear focus on performance. Yeah absolutely.

Teresa Graham: Yes, absolutely. And when we look at--so it's a great question on TECENTRIQ subcut. So, I think that in terms of the U.K. experiencing, we saw great uptake with PHESGO. We've seen strong uptake with TECENTRIQ subcut. I think that is quite generalizable for the U.K. market. I think anything that removes patients from having to go into the system and allows them to go home or to get a faster infusion or a faster injection that actually frees up chair time and frees up office time, those are going to be very attractive to the U.K. system and frankly, attractive to any system that's under financial pressure, which is most global health care systems around the world. So, I think this is why we are again, really doubling down on devices going forward.

What does this meaningful octopus subcutaneous beyond the UK across the world and do you see.

Speaker Change #225: Yeah absolutely.

Teresa: And do you see maybe the US x US sales split balancing out now that we get to a subcut formulation? And then the second question is a slightly bigger picture one. And we've seen a very strong performance by the marketing portfolio. We've seen more of a commercial edge, it seems, in the R&D process.

And when we look at this is a great question on onto Centrex that pet. So I think that in terms of the U K experiencing a result, great uptake with Pascal we've seen strong uptake with with centric SAB cut I think that is quite generalizable for the UK market I think anything that removes patients from having to go.

Maybe the U S ex U S sales split balancing up.

Between now that we get to us.

Formulation.

And then the second question is a slightly bigger picture one.

We've seen very strong performance by the marketing portfolio.

Speaker Change #225: And to the system and allows them to their home or to get a faster. To get a faster infusion or a faster injection that actually frees up chair time and frees up office time, those are going to be very attractive to the UK system and frankly attractive to any system. That's under financial pressure, which is most global health care systems around the world. So you know I think this is why we are again really doubling down on devices.

And to the system and allows them to their home or to get a faster. To get a faster infusion or a faster injection that actually frees up chair time and frees up office time, those are going to be very attractive to the UK system and frankly attractive to any system.

We've seen a more of a commercial seems to the R&D process.

Speaker Change #225: To get a faster infusion or a faster injection that actually frees up chair time and frees up office time, those are going to be very attractive to the UK system and frankly attractive to any system. That's under financial pressure, which is most global health care systems around the world. So you know I think this is why we are again really doubling down on devices.

It's kind of this hasn't been achieved by simply throwing money at the problem because cost containment has been very strong. So I'm. Just wondering if you could give us some tangible evidence of what's changed it feels like the commercial Ehealth and approachable has changed for the better.

That's under financial pressure, which is most global health care systems around the world. So you know I think this is why we are again really doubling down on devices. Going forward

Speaker Change #227: Going forward in terms of okra as sub cut them I do believe that bringing the sub cut formulation to Europe and to the rest of the world will provide additional opportunities for <unk> to reach patients. The initial out of the gate orders for <unk> in those countries that have the ability to move quite quickly. After approval are already quite strong again, you'll start to see the sales for OCA risk play out.

Going forward

In terms of OCREVUS subcut, I do believe that bringing the sub cut formulation to Europe and to the rest of the world will provide additional opportunities for OCREVUS to reach patients. The initial out of the gate orders for OCREVUS in those countries that have the ability to move quite quickly after approval are already quite strong. Again, you'll start to see the sales for OCREVUS risk play out in the coming quarters. But I think this could be something that does equalize that U.S., EU rest of world balance as we start getting reimbursement for OCREVUS subcut around the world.

Any examples how that's manifesting itself, we really appreciate it.

Sure maybe maybe I can answer the last question very directly.

The sales reports every day so they know exactly how the sales are developing every single day.

Speaker Change #227: The initial out of the gate orders for <unk> in those countries that have the ability to move quite quickly. After approval are already quite strong again, you'll start to see the sales for OCA risk play out.

Yeah.

That's one example.

Thomas Schinecker: But there is a clear focus on performance. Yeah, absolutely. Let me just comment on the other part where you mentioned how we are changing and how we work on R&D but also on the sales side. You know, I'm a very strong believer that if you get the basics right, if you're very focused, you will do much better than most organizations, because many people get very fancy.

But there is a clear focus on performance.

Yeah absolutely.

And when we look at this is a great question on onto Centrex that pet. So I think that in terms of the UK experience without great uptake with Pascal, we see strong uptake with <unk> with.

In our in the coming quarters, but I think this could be something that does equalize that U S. EU rest of world balance as we start getting reimbursement for for OCA or a sub cut around the world again, we think that in and of itself. It's a 2 billion dollar opportunity and so that's 2 billion on top of what we've already gotten. From the IV space. So this isn't just going to be about cannibalizing. Our IV business. This is going to be about both in the U S and outside the U S expanding to new patient pools.

In our in the coming quarters, but I think this could be something that does equalize that U S. EU rest of world balance as we start getting reimbursement for for OCA or a sub cut around the

but I think this could be something that does equalize that U S. EU rest of world balance as we start getting reimbursement for for OCA or a sub cut around the world again, we think that in and of itself. It's a 2 billion dollar opportunity and so that's 2 billion on top of what we've already gotten. From the IV space. So this isn't just going to be about cannibalizing. Our IV business. This is going to be about both in the U S and outside the U S expanding to new patient pools.

but I think this could be something that does equalize that U S. EU rest of world balance as we start getting reimbursement for for OCA or a sub cut around the

With <unk> I think that is quite generalizable for the UK market I think anything that removes patients from having to go in to the system and allows them to go home or to get a faster.

Again, we think that, in and of itself, it's a $2 billion opportunity. And so that's 2 billion on top of what we've already gotten from the IV space. So, this isn't just going to be about cannibalizing our IV business. This is going to be about both in the U.S. and outside the U.S. expanding to new patient pools.

Speaker Change #227: From the IV space. So this isn't just going to be about cannibalizing. Our IV business. This is going to be about both in the U S and outside the U S expanding to new patient pools.

Get a faster infusion or a faster injection that actually frees up chair time and frees up office time, those are going to be very attractive to the UK system and frankly attractive to any system. That's under financial pressure, which is most global health care systems around the world. So I think this is why we are again really doubling down on devices.

So, it's very attractive on the OCREVUS side. Just to control expectations, a little bit on the TECENTRIQ side, I know I mentioned it in my presentation, but we think with TECENTRIQ, it's largely going to be a conversion strategy. And so, that's probably about an incremental $200 million upside for TECENTRIQ, while the opportunity for OCREVUS we believe is much, much larger. Yeah, and let me just come into to the other part where you mentioned you know. How we're changing how we work in R&D, but also on the sales side. I'm, a very strong believer that if you get the basics right. If you're very focused you will do much better than most organizations because many people get very fancy.

Forward in terms of OCA of a sub cut them.

I do believe that bringing the sub cut formulation to Europe and to the rest of the world will provide additional opportunities for <unk> to reach patients.

Speaker Change #227: While the opportunity for OCA best we believe is much much larger. Yeah, and let me just come into to the other part where you mentioned you know. How we're changing how we work in R&D, but also on the sales side. I'm, a very strong believer that if you get the basics right. If you're very focused you will do much better than most organizations because many people get very fancy.

Speaker Change #228: Yeah, and let me just come into to the other part where you mentioned you know. How we're changing how we work in R&D, but also on the sales side. I'm, a very strong believer that if you get the basics right. If you're very focused you will do much better than most organizations because many people get very fancy.

Thomas Schinecker: Yeah, and let me just comment to the other part where you mentioned you know how we're changing, and how we work in R&D, but also on the sales side. I'm a very strong believer that if you get the basics right, if you're very focused you will do much better than most organizations because many people get very fancy. And we have to cut it out and make sure that we move towards goal with the fastest possible way. And I think there's a lot of opportunity for us still to get even more efficient and better. And so, we're very much working on that.

The initial out of the gate orders for <unk> in those countries that have the ability to move quite quickly. After approval are already quite strong again, you'll start to see the sales for <unk> play out.

Speaker Change #229: How we're changing how we work in R&D, but also on the sales side. I'm, a very strong believer that if you get the basics right. If you're very focused you will do much better than most organizations because many people get very fancy.

Speaker Change #230: I'm, a very strong believer that if you get the basics right. If you're very focused you will do much better than most organizations because many people get very fancy.

And in the coming quarters, but I think this could be something that does equalize that U S. EU rest of world balance as we start getting reimbursement for for OCA vis sub cut around the world again, we think that in and of itself. It's a $2 billion opportunity and so that's 2 billion on top of what we've already gotten from.

And. We have to cut it out and make sure that we move towards school with the fastest possible way. And I think there's a lot of opportunity for us still to get even more efficient and better and so we're very much working on that. Some people on the team I think some of them know that I'm, a big soccer fan. Sometimes you have these players that do a lot of periods and data dance a little bit on the on the soccer field, but at the end what counts at the score go and no. One will remember how fast it was years ago and score the goal and that's a big focus on getting the basics right.

Speaker Change #230: We have to cut it out and make sure that we move towards school with the fastest possible way.

Speaker Change #230: And I think there's a lot of opportunity for us still to get even more efficient and better and so we're very much working on that.

The IV space. So this isn't just going to be about cannibalizing. Our IV business. This is going to be about both in the U S and outside the U S expanding to new patient pools.

For some people on this team, I think some of them know that I'm a big soccer fan. Sometimes you have these players that do a lot of pirouettes and they dance a little bit on the soccer field. But at the end what counts is you score goal. And no one will remember how fancy it was, you have to score the goal. And that's a big focus on getting the basics right.

Speaker Change #230: Some people on the team I think some of them know that I'm, a big soccer fan.

So it's a it's a very it's very attractive on the OCA. Besides just the control expectations a little bit on the to centric side I know I mentioned it in my presentation, but we think with centric, it's largely going to be a conversion strategy and so that's probably about an incremental $200 million upside for to centric while.

Speaker Change #231: Sometimes you have these players that do a lot of periods and data dance a little bit on the on the soccer field, but at the end what counts at the score go and no. One will remember how fast it was years ago and score the goal and that's a big focus on getting the basics right.

Speaker Change #230: Simon, did we answer your questions? Any follow-on questions. Yeah that was that was really really helpful. Just one very quick follow on. Paramount to aka the subcutaneous I mean, if you just remind us what the IP situations. It looks like its patent protected to September 2030, but any any additional color might be really helpful. Yeah. So I think clearly <unk> is sort of ended the decade, but. But we shouldn't make any broad sweeping. Statements about where we think that might go with new formulations and new doses.

Bruno Eschli: Simon, did we answer your questions? Any follow-on questions?

Speaker Change #230: Okay. Seven. Answer your questions any follow on questions. Yeah that was that was really really helpful. Just one very quick follow on. Paramount to aka the subcutaneous I mean, if you just remind us what the IP situations. It looks like its patent protected to September 2030, but any any additional color might be really helpful. Yeah. So I think clearly <unk> is sort of ended the decade, but. But we shouldn't make any broad sweeping. Statements about where we think that might go with new formulations and new doses.

Speaker Change #230: Seven. Answer your questions any follow on questions. Yeah that was that was really really helpful. Just one very quick follow on. Paramount to aka the subcutaneous I mean, if you just remind us what the IP situations. It looks like its patent protected to September 2030, but any any additional color might be really helpful. Yeah. So I think clearly <unk> is sort of ended the decade, but. But we shouldn't make any broad sweeping. Statements about where we think that might go with new formulations and new doses.

The opportunity for OCA best we believe is much much larger.

Yeah that was really, really helpful. Just one very quick follow-on, going back to OCREVUS subcutaneous. I wonder if you could just remind us what the IP situations is that. It looks like it's patent-protected to September 2030. But any additional color might be really helpful. Yeah. So I think clearly <unk> is sort of ended the decade, but. But we shouldn't make any broad sweeping. Statements about where we think that might go with new formulations and new doses.

Simon Baker: Yeah that was really, really helpful. Just one very quick follow-on, going back to OCREVUS subcutaneous. I wonder if you could just remind us what the IP situations is that. It looks like it's patent-protected to September 2030. But any additional color might be really helpful.

Speaker Change #232: Answer your questions any follow on questions. Yeah that was that was really really helpful. Just one very quick follow on. Paramount to aka the subcutaneous I mean, if you just remind us what the IP situations. It looks like its patent protected to September 2030, but any any additional color might be really helpful. Yeah. So I think clearly <unk> is sort of ended the decade, but. But we shouldn't make any broad sweeping. Statements about where we think that might go with new formulations and new doses.

Yeah, and let me just comment to the other part where you mentioned you know.

Speaker Change #233: Paramount to aka the subcutaneous I mean, if you just remind us what the IP situations. It looks like its patent protected to September 2030, but any any additional color might be really helpful.

How we're changing how we work in R&D, but also on the sales side.

I'm, a very strong believer that if you get the basics right if you're very focused.

Speaker Change #234: Yeah. So I think clearly <unk> is sort of ended the decade, but.

Teresa Graham: Yes. So, I think clearly, OCREVUS is sort of ended the decade. But we shouldn't make any broad, sweeping statements about where we think that might go with new formulations and new doses.

We will do much better than most organizations because many people get very fancy.

Speaker Change #235: But we shouldn't make any broad sweeping. Statements about where we think that might go with new formulations and new doses.

Thomas Schinecker: And, you know, we have to cut that out and make sure that we move towards our goal in the fastest possible way. And I think there's a lot of opportunity for us still to get even more efficient and better. And so we're very much working on that for some people on the team. I think some of them know that I'm a big soccer fan. You know, sometimes you have these players that do a lot of pirouettes, and they dance a little bit on the soccer field. But in the end, what counts is you score a goal, and no one will remember how fancy it was.

<unk>.

Speaker Change #236: Statements about where we think that might go with new formulations and new doses.

We have to cut it out and make sure that we move towards school with the fastest possible way and I think theres a lot of opportunity for us still to get even more efficient and better and so we're very much working on that for some people on the team I think some of them know that I'm a big.

Simon Baker: Okay. Thanks, so much.

Bruno Eschli: Okay. Then we go on. Next one is Emily Field from Barclays.

Okay. Then we go on. Next one is Emily field from Barclays.

Speaker Change #237: Then we go on.

Emily Field: Next one is Emily field from Barclays.

Emily Field: All right. Thanks for taking my questions. And surprise; another obesity one. But just--as you're taking all of these assets forward they're going to need large studies and also, particularly, the cardiovascular outcomes trials require thousands of patients. So, are you expecting any dampening effect on the Pharma margin in the coming years as these assets both advance? And then a quick one just on ELEVIDYS. Now, that you've completed the filing in Europe. Are you expecting any sort of accelerated review process? Or when do you expect that you would be able to launch in Europe? Thanks.

Soccer fan.

Sometimes you have these players that do a lot of purity and data dance a little bit on the on the soccer field, but at the end what counts at the score goal and no one will remember how fans. It once it gets going toward the goal and that's a big focus on getting the basics right.

Speaker Change #239: But just as you're taking all of these assets forward theyre going to need large studies and also you know, particularly the cardiovascular outcomes trials.

Thomas Schinecker: You have to go and score the goal. And that's a big focus on getting the basics right. Salmon, did we answer your questions? Any follow-on questions? Yeah, that was really, really helpful. Just one very quick follow-on. Going back to Oktober Subcutaneous, could you just remind us what the IP situation is. It looks like it's... Then we go on. Next one is Emily Fields from Barclays.

Speaker Change #240: Thousands of patients. So are you expecting any dampening effect on the pharma margin in the coming years as these assets both advance. And then a quick one just on elevated. Now that you've completed the. Filing in Europe. Are you expecting any sort of accelerated review process or when do you expect that you would be able to launch in Europe.

Yeah.

And then a quick one just on ELEVIDYS. Now, that you've completed the filing in Europe. Are you expecting any sort of accelerated review process? Or when do you expect that you would be able to launch in Europe? Thanks.

Speaker Change #241: And then a quick one just on elevated. Now that you've completed the.

Simon.

We answer your questions any follow up questions. Yeah that was that was really really helpful. Just one very quick follow on.

Speaker Change #241: Now that you've completed the.

Filing in Europe.

Speaker Change #242: Are you expecting any sort of accelerated review process or when do you expect that you would be able to launch in Europe.

Turning back to the subcutaneous I Wonder if you could just remind us what the RFP situations. It looks like its patent protected to September 2013, but any any additional color might be really helpful.

Thomas Schinecker: So, let me take the first question on the margin. As I mentioned before, we will definitely defend the margin, if we can do better that's great. But there will be no margin erosion. If I look into the system, we have opportunity to be more efficient and to make sure that the money really is effectively used. And that's what we're very much focused on and that gives us the room to also invest in these things.

Speaker Change #243: So let me take the first question on the on the margin as I mentioned before. We will definitely defend the margin if we can do better that's great, but there will be no margin erosion. If I look into the system, we have opportunity to be more efficient and to make sure that the money really is.

Yeah. So I think clearly <unk> is sort of ended the decade.

Speaker Change #244: We will definitely defend the margin if we can do better that's great, but there will be no margin erosion. If I look into the system, we have opportunity to be more efficient and to make sure that the money really is.

But we shouldn't make any broad sweeping.

Statements about where we think that might go with new formulations and new doses.

Okay. Thanks, so much.

Yeah.

Speaker Change #244: It fully used and that's what we're very much focused on and that gives us the room to also invest in these things.

Okay.

Then we go on.

Next one is Emily field from Barclays.

Teresa Graham: And from an ELEVIDYS perspective, we're working very closely with the regulators to review this data as quickly as possible, because we do believe that this is very important for these boys and their families. And we are expecting approval next year.

Speaker Change #245: And from an elevated perspective, we're working very closely with the regulators to review this data as quickly as possible because we do believe that this is very important for these boys and their families and we are expecting a C. H M at were expecting approval next year.

Alright, thanks for taking my questions surprise another obesity one.

But just you know as Youre, taking all of these assets forward theyre going to need large studies and also particularly the cardiovascular outcomes trials.

Thousands of patients. So are you expecting any dampening effect on the pharma margin in the coming years as these assets both advance.

Speaker Change #244: Emily, any additional questions? That's great. Thank you.

Bruno Eschli: Emily, any additional questions?

Speaker Change #244: Hum. Any additional questions that's great. Thank you.

Speaker Change #244: Any additional questions that's great. Thank you.

Emily Field: That's great. Thank you.

And then a quick one just on elevated.

Bruno Eschli: Okay. Next question would go to Peter Welford from Jefferies.

Speaker Change #244: Next question would go to Peter Welford from Jefferies.

Now that you've completed the.

Filing in Europe.

Are you expecting any sort of accelerated review process. When do you expect that you would be able to launch in Europe.

Peter Welford: Hi, Thanks for taking my question. Sorry to start with obesity, yet again. But I think you're onboard with it. So, first of all, if we just get to 996 just to understand that the Phase III starting in 2025. Is that because during the second half of this year, there's still work to be done in terms of safety database, in terms of find the [Inaudible] (01:36:02) or is it that related to some manufacturing? Or what is it perhaps, giving your commentaries to move quickly, what is it perhaps that's dictating that 2025? And I guess you talked about your appetite to go broader in obesity quite extensively. But I guess, given you now have this all what about as well your appetite, do you think, to need to have other cardiovascular oral medicines in addition? Because I think that's something obviously, some of the competitors are talking about, obviously, something that your pipeline lacks with regards to potentially having a one-pill-for-all, I guess strategy, which could be important for the future.

Speaker Change #247: With obesity, yet again, but I think getting a hold of it. First of all if we just get to 99 six b just to understand that the phase III starting in 2025.

Yes.

Speaker Change #248: First of all if we just get to 99 six b just to understand that the phase III starting in 2025.

So let me take the first question on the on the margin as I mentioned before.

We will definitely defend the margin if we can do better that's great, but there will be no margin erosion. If I look into the system, we have opportunity to be more efficient and to make sure that the money really is.

Speaker Change #249: Is that because during the second half of this year, there's still work to be done in terms of safety database.

Speaker Change #251: You can find the general what was that related to some manufacturing what is it perhaps giving you comment did you move quickly what does it take that 2025 and I guess you talked about your appetite to go broader in obesity quite extensively, but I guess given you now have this all what about as well as your appetite to do need to have.

Actively used and that's what we're very much focused on and that gives us the room to also invest in these things.

Peter Welford: And I guess you talked about your appetite to go broader in obesity quite extensively. But I guess, given you now have this all what about as well your appetite, do you think, to need to have other cardiovascular oral medicines in addition? Because I think that's something obviously, some of the competitors are talking about, obviously, something that your pipeline lacks with regards to potentially having a one-pill-for-all, I guess strategy, which could be important for the future.

Yes.

Thomas Schinecker: And from an LLVD perspective, we're working very closely with the regulators to review this data as quickly as possible because we do believe that this is very important for these boys and their families. And we are expecting CHM, we're expecting approval next year. Emily, any additional questions?

And from an elevated perspective, we're working very closely with the regulators to review this data as quickly as possible because we do believe that this is very important for these boys and their families and we are expecting a C. H M. We're expecting approval next year.

Speaker Change #250: The cardiovascular medicines. In addition, because I think that's something obviously some of the competitors talk him out of something that Youll pipeline lax with regards to potentially having a a woodland hills rule, I guess strategy, which could be important for the future.

The cardiovascular medicines. In addition,

Because I think that's something obviously some of the competitors talk him out of something that Youll pipeline lax with regards to potentially having a a woodland hills rule, I guess strategy, which could be important for the future.

Yes.

Hi, Bonnie.

Speaker Change #252: And then secondly, if we could just talk, I guess, more broadly about the overall business. Clearly, you talked about the growth of some of the key sort of franchises like OCREVUS, HEMLIBRA, whereby I think Teresa has sort of given mid-single-digit sort of outward growth for the longer-term. And I guess, with that in mind, can you just talk to what is the aspiration for the Pharma business? Do you think I mean.

And then secondly, if we could just talk, I guess, more broadly about the overall business. Clearly, you talked about the growth of some of the key sort of franchises like OCREVUS, HEMLIBRA, whereby I think Teresa has sort of given mid-single-digit sort of outward growth for the longer-term. And I guess, with that in mind, can you just talk to what is the aspiration for the Pharma business? Do you think--I mean, we've heard on Diagnostics mid-to high single-digit is the ambition and perhaps the higher end of that. For Pharma, I mean should we be thinking mid-single-digit over the next few years, given some of the things Teresa outlined some of the headwinds you face? Or do you think is not too conservative potentially, when we consider some of the pipeline readouts that you talked about that could come during '24-'25? Thank you.

Just one question that's great. Thank you.

Okay.

Next question would go to Peter Welford from Jefferies.

Speaker Change #252: Clearly you talked about the growth of some of the key sort of franchises like.

Hi, Thanks for taking my questions sorry, I just.

Speaker Change #253: <unk> and Libra, whereby I think two pieces to the given mid single digit growth for the quarter.

Starting with the BCG yet again.

All of it.

First of all if we just get to 99 six.

Speaker Change #254: For the longer term and I guess with that in mind can you just talk to what is the aspiration for the pharma business do you think I mean.

Just to understand that the phase III starting in 2025.

Do you think--I mean, we've heard on Diagnostics mid-to high single-digit is the ambition and perhaps the higher end of that. For Pharma, I mean should we be thinking mid-single-digit over the next few years, given some of the things Teresa outlined some of the headwinds you face? Or do you think is not too conservative potentially, when we consider some of the pipeline readouts that you talked about that could come during '24-'25? Thank you.

Is that because during the second half of this year, there's still work to be done in terms of safety database.

Do you think I mean.

Speaker Change #257: Diagnostics mid to high single digit is the ambition and perhaps the higher end of that for pharma I mean should we be thinking mid single digit over the next few days given some of the things to reasons outlined some of the headwinds you face or.

Slide in the deck what was that related.

Two manufacturing what is it perhaps that given you probably should move quickly what does it take that 2025 and I guess, you've talked about your appetite to go broader in obesity quite extensively I guess, giving you now have this or what about as well as your appetite.

Speaker Change #255: You did not is not too conservative potentially. When you consider some of the pipeline you talked about the government doing two equal to the volume. Thank you.

Speaker Change #256: When you consider some of the pipeline you talked about the government doing two equal to the volume. Thank you.

You need to have other cardio vascular bed.

Speaker Change #258: Well I can start with that one because it's pretty easy, but you don't actually give forward looking guidance. But we are reconfirming, our growth outlook in that sort of mid single digit for this year. Yes, So let me just add to that.

Teresa Graham: Well, I can start with that one because it's pretty easy. We don't actually give forward-looking guidance. But we are reconfirming, our growth outlook in that sort of mid-single-digit for this year.

In addition, because I think that's something obviously some of the competitors are talking about something that youll pipeline lax with regards to potentially having a more than paying for all I guess strategy, which could be important for the future.

Speaker Change #259: But we are reconfirming, our growth outlook in that sort of mid single digit for this year.

Speaker Change #261: Yes, So let me just add to that.

Thomas Schinecker: Yes. So, let me just add to that. The momentum that we have is a very good momentum, and obviously that will help us also carry into next year. Now, if you look at the Diagnostics business, it's much easier to give a long-term guidance, because some of the development is de-risked in much earlier years, right? On the Pharma side, we always plan with scenarios. So, they're a blue sky scenarios et cetera. There are scenarios, in case some of the trials fail. And our job is to make sure that we are prepared for all scenarios and then we make sure that our pipeline delivers the best possible outcome. And that's why we don't give a longer range outlook here.

Speaker Change #261: The momentum that we have is a very good momentum and obviously that will help us also carry into into next year. Now if you look at the diagnostics business, it's much easier to give a long term guidance.

And then secondly, if we could just.

I guess more broadly about the casual business.

Clearly you talked about the growth of some of the key sort of franchises like all of us.

And libre, whereby increases sort of given mid single digits.

Speaker Change #260: Because you know.

Speaker Change #262: Some of the development is derisked in much earlier years right on the on the pharma side, we always time with scenarios. So they're a blue sky scenarios et cetera. There are scenarios you know in case some of the trials fails and our job is to make sure that we are prepared for all scenarios and then we make sure that our pipeline delivers the best. <unk> outcome.

Growth for the.

For the longer term.

I guess with that in mind can you just talk to.

What is the expiration for the pharma business do you think I mean.

Heard of diagnostics mid to high single digit is the ambition and perhaps the higher end of that for pharma I mean should we be thinking mid single digit over the next few years given some of the things to reasons outlined some of the headwinds you faced.

Speaker Change #260: <unk> outcome.

Speaker Change #260: And that's why we don't give a longer reach our outlook here. Then your question was on 50 996. And here, we still have a second part of the trial are ongoing which is in in type two diabetes, but we will try to accelerate. All of our activities here as well so. Let's see how things go. On the other cardiovascular medicines, we've had actually very good phase II readout answer bathroom ESI RNA in in hypertension, there will be a second one that will come.

And that's why we don't give a longer reach our outlook here.

Is that too conservative potentially.

Then your question was on CT-996. And here, we still have a second part of the trial are ongoing, which is in in Type 2 diabetes. But we will try to accelerate all of our activities here as well, so, let's see how things go. On the other cardiovascular medicines, we've had actually very good Phase II readout on ZILEBESIRAN, the siRNA in hypertension. There will be a second one that will come this year as well, and that will inform the Phase III.

Speaker Change #263: Then your question was on 50 996. And here, we still have a second part of the trial are ongoing which is in in type two diabetes, but we will try to accelerate. All of our activities here as well so. Let's see how things go. On the other cardiovascular medicines, we've had actually very good phase II readout answer bathroom ESI RNA in in hypertension, there will be a second one that will come.

When you consider some of the pipeline you talked about that could come through in two equal 25. Thank you.

Speaker Change #263: And here, we still have a second part of the trial are ongoing which is in in type two diabetes, but we will try to accelerate. All of our activities here as well so. Let's see how things go. On the other cardiovascular medicines, we've had actually very good phase II readout answer bathroom ESI RNA in in hypertension, there will be a second one that will come.

I can start with that one because it's pretty easy, but you don't actually give forward looking guidance.

Teresa: We don't actually give forward-looking guidance, but we are reconfirming our growth outlook in that sort of mid single-digit range for this year and next year as well, and that will inform phase three, so we are looking at building that portfolio out, but again, as I mentioned earlier, we have to make sure that, you know, we do the right due diligence and we bring in the right assets, because, at the end, there are probably more opportunities out there Yeah, so on the hypertension side with orals, there are orals available, but obviously, they're not working well enough because you have 1.2 billion people in the world that have hypertension. And it's one of the biggest risk factors for earlier death. So obviously, that's not working.

Speaker Change #263: All of our activities here as well so.

We are reconfirming, our growth outlook in that sort of mid single digit for this year.

Speaker Change #264: Let's see how things go. On the other cardiovascular medicines, we've had actually very good phase II readout answer bathroom ESI RNA in in hypertension, there will be a second one that will come.

Speaker Change #263: On the other cardiovascular medicines, we've had actually very good phase II readout answer bathroom ESI RNA in in hypertension, there will be a second one that will come.

Yes, So let me just add to that.

I mean, the momentum that we have is a very good momentum and obviously that will help us also carrying through into next year now if you look at the diagnostics business.

Much easier to give long term guidance.

Speaker Change #263: This year as well and that will inform the phase III. So we are looking at building that portfolio out, but again as I mentioned earlier, we have to make sure that. You know, we do the right due diligence that we bringing the right assets. Because at the end they are probably more opportunities out there than we have money until we need to make sure that we could at the best possible use exactly. Okay. Yeah. Peter any additional questions. Just a follow on to that there was somebody that I guess with regards to woo side, because I guess. We do as a warm pellet price increases and the best we can bring to cardiovascular franchise.

This year as well and that will inform the phase III.

Because.

Some of the development is derisked in much earlier years right.

So, we are looking at building that portfolio out. But again, as I mentioned earlier, we have to make sure that we do the right due diligence that we bringing the right assets. Because at the end they are probably more opportunities out there than we have money. And so, we need to make sure that we put it to best possible use. Exactly. Okay. Yeah. Peter any additional questions. Just a follow on to that there was somebody that I guess with regards to woo side, because I guess. We do as a warm pellet price increases and the best we can bring to cardiovascular franchise.

Pharma side, we always Stein with scenarios, so they're a blue sky scenario is et cetera, there are scenarios.

Speaker Change #263: You know, we do the right due diligence that we bringing the right assets. Because at the end they are probably more opportunities out there than we have money until we need to make sure that we could at the best possible use exactly.

In case some of the trailer sales and our job is to make sure that we are prepared for all scenarios and then we make sure that our pipeline deliver the best possible outcome.

Because at the end they are probably more opportunities out there than we have money until we need to make sure that we could at the best possible use exactly.

Exactly. Okay. Yeah. Peter any additional questions. Just a follow on to that there was somebody that I guess with regards to woo side, because I guess. We do as a warm pellet price increases and the best we can bring to cardiovascular franchise.

Teresa Graham: Exactly.

Speaker Change #263: Okay. Yeah. Peter any additional questions. Just a follow on to that there was somebody that I guess with regards to woo side, because I guess. We do as a warm pellet price increases and the best we can bring to cardiovascular franchise.

Peter, any additional questions? Just a follow on to that there was somebody that I guess with regards to woo side, because I guess. We do as a warm pellet price increases and the best we can bring to cardiovascular franchise.

Bruno Eschli: Peter, any additional questions?

And that's why we don't give longer rage outlook here.

Speaker Change #263: Yeah. Peter any additional questions. Just a follow on to that there was somebody that I guess with regards to woo side, because I guess. We do as a warm pellet price increases and the best we can bring to cardiovascular franchise.

Peter Welford: Just a follow on to that, sorry, I guess, with regards to orals side, because I guess, with regards to one-pill price increases and the best we can bring to cardiovascular franchise. But with the orals, obviously becomes a much bigger opportunity potentially, because it goes against companies that could well be looking at one-pill combinations potentially for other sorts of diseases too.

Peter Welford: Peter any additional questions. Just a follow on to that there was somebody that I guess with regards to woo side, because I guess. We do as a warm pellet price increases and the best we can bring to cardiovascular franchise.

Peter Welford: Just a follow on to that there was somebody that I guess with regards to woo side, because I guess. We do as a warm pellet price increases and the best we can bring to cardiovascular franchise.

Then your question was on <unk> 996.

Speaker Change #265: We do as a warm pellet price increases and the best we can bring to cardiovascular franchise.

And here, we still have a second part of that.

The trial ongoing which is in in type two diabetes.

Speaker Change #266: With the world's obviously becomes a much bigger opportunity potentially because it goes against companies that could well be looking at one he'll combinations potentially for other sorts of diseases too. Like like what type of diseases. I guess I'm thinking anything from cholesterol to potential kidney disease. This is Elizabeth. I presented as well as changes I guess. Since you're locking in all that sort of. Co Morbidities and obesity.

With the world's obviously becomes a much bigger opportunity potentially because it goes against companies that could well be looking at one he'll combinations potentially for other sorts of diseases too.

We will try to accelerate.

All of our activities here as well so.

Let's see how things go.

Speaker Change #267: Like like what type of diseases. I guess I'm thinking anything from cholesterol to potential kidney disease. This is Elizabeth. I presented as well as changes I guess. Since you're locking in all that sort of. Co Morbidities and obesity.

Like like what type of diseases. I guess I'm thinking anything from cholesterol to potential kidney disease. This is Elizabeth. I presented as well as changes I guess. Since you're locking in all that sort of. Co Morbidities and obesity.

Thomas Schinecker: Like like what type of diseases?

On the other cardiovascular medicines, we've had actually very good phase II Readouts answer bathroom DSI RNA in hypertension, there will be a second one that will come.

Speaker Change #268: I guess I'm thinking anything from cholesterol to potential kidney disease. This is Elizabeth. I presented as well as changes I guess. Since you're locking in all that sort of. Co Morbidities and obesity.

Peter Welford: I guess, I'm thinking anything from cholesterol to potential kidney disease, to just sort of the whole-- I mean, even hypertension as well, potentially, I guess, potentially locking in all that sort of co-morbidities of obesity.

Elizabeth: This is Elizabeth. I presented as well as changes I guess. Since you're locking in all that sort of. Co Morbidities and obesity.

Speaker Change #270: I presented as well as changes I guess. Since you're locking in all that sort of. Co Morbidities and obesity.

Speaker Change #271: Since you're locking in all that sort of. Co Morbidities and obesity.

Speaker Change #272: Co Morbidities and obesity.

This year as well and that will inform the phase III. So we are looking at building that portfolio out, but again as I mentioned earlier, you have to make sure that.

Yes. So, on the hypertension side with the orals, there are orals available, but obviously, they're not working well enough, because you have 1.2 billion people in the world that have hypertension. And it's one of the biggest risk factors for earlier death. So, obviously, that's not working. And with the siRNA, you have the ability to dose a once every 6 months. And you can really control then, potentially, your hypertension. I mean, the data so far looks really excellent. So, I think, there is definitely a better opportunity for these siRNAs. On top of that,

Thomas Schinecker: Yes. So, on the hypertension side with the orals, there are orals available, but obviously, they're not working well enough, because you have 1.2 billion people in the world that have hypertension. And it's one of the biggest risk factors for earlier death. So, obviously, that's not working. And with the siRNA, you have the ability to dose a once every 6 months. And you can really control then, potentially, your hypertension. I mean, the data so far looks really excellent. So, I think, there is definitely a better opportunity for these siRNAs.

Speaker Change #273: Our orally available, but obviously, they're not working well enough because you have $1 2 billion people in the world. Hypertension, and it's one of the biggest risk factors for earlier. This so obviously that's not working. With ESI RNA, you would have the ability to dose a once every six months and you can really control then potentially your you'll have attention I mean, the data so far looks really excellent. So I think. There is definitely a better opportunity for these <unk> on top of that.

Speaker Change #273: Hypertension, and it's one of the biggest risk factors for earlier. This so obviously that's not working. With ESI RNA, you would have the ability to dose a once every six months and you can really control then potentially your you'll have attention I mean, the data so far looks really excellent. So I think. There is definitely a better opportunity for these <unk> on top of that.

We do the right due diligence, we bringing the right assets.

Because at the end they are probably more opportunities out there than we have money until we need to make sure that we could at the best possible use correctly.

Speaker Change #273: With ESI RNA, you would have the ability to dose a once every six months and you can really control then potentially your you'll have attention I mean, the data so far looks really excellent. So I think. There is definitely a better opportunity for these <unk> on top of that.

Yeah.

Any additional questions.

Just a follow on to that there was something there.

With regards to slide because I guess.

Speaker Change #273: There is definitely a better opportunity for these <unk> on top of that.

It won't pellet price equity to do the best we can bring to cardiovascular franchise, but with the orders obviously comes a much bigger opportunity potentially because it goes against companies that could well be looking at one pill combinations potentially for other sorts of diseases.

On top of that, in terms of combining the pill with other things, I would say it's probably for obesity much more interesting to combine it with things that reduce the muscle wasting. So, it really depends on the strategy that you take. And here, we do believe that the muscle piece is much more important piece. Why to combine it with a tablet for lipids? I don't really know, because I don't think its very--first of all you would want to take the best obesity medicine. You don't want them be bound to something that's not as a differentiator in the lipid side. So, and if it means that you would have to take two pills that I don't know if that's really a problem for the patient. So, I don't really understand the idea of putting everything in one pill. I think the key question is how differentiated it is. Alright, great. Thank you.

Speaker Change #273: In terms of combining. The pillar with other things. I would say. It's probably for obesity are much more interesting to combine it with things that reduce the muscle wasting. So it really depends on the strategy that you take and in here. We do believe that the muscle piece is much more important piece.

Speaker Change #273: The pillar with other things. I would say. It's probably for obesity are much more interesting to combine it with things that reduce the muscle wasting. So it really depends on the strategy that you take and in here. We do believe that the muscle piece is much more important piece.

Speaker Change #273: I would say. It's probably for obesity are much more interesting to combine it with things that reduce the muscle wasting. So it really depends on the strategy that you take and in here. We do believe that the muscle piece is much more important piece.

Speaker Change #274: It's probably for obesity are much more interesting to combine it with things that reduce the muscle wasting. So it really depends on the strategy that you take and in here. We do believe that the muscle piece is much more important piece.

Like like what type of diseases.

And here, we do believe that the muscle piece is much more important piece. Why to combine it with a tablet for lipids? I don't really know, because I don't think its very--first of all you would want to take the best obesity medicine. You don't want them be bound to something that's not as a differentiator in the lipid side. So, and if it means that you would have to take two pills that I don't know if that's really a problem for the patient. So, I don't really understand the idea of putting everything in one pill. I think the key question is how differentiated it is.

I guess I'm thinking anything from cholesterol to potential <unk>.

These two gives us.

Speaker Change #275: Why to combine it with a tablet for lipids I don't really know because I don't think its very. First of all you would want to take the best obesity Medicine, you won't don't want them be bound to something that's not as a differentiator in the lipid side. So and if it means that you would have to take to build that I don't know if that's really a problem. Problem for the patient. So I don't really understand the idea of putting everything in one pill I think the key question is how differentiated it is. Alright, great. Thank you.

Even though I presented as well.

As you're looking in August.

Okay Morbidities of obesity.

Speaker Change #276: First of all you would want to take the best obesity Medicine, you won't don't want them be bound to something that's not as a differentiator in the lipid side.

Thomas Schinecker: And with the siRNA, you have the ability to dose once every six months, and you can really control, then potentially, your hypertension. I mean, the data so far looks really excellent. So I think, you know, there is definitely a better opportunity for these siRNAs. On top of that, in terms of combining the pill with other things, I would say it's probably, for obesity, much more interesting to combine it with things that reduce muscle wasting.

Yes, so on the hypertension side with the OS.

Our orally available, but obviously, they're not working well enough because you have $1 2 billion people in the world.

So, and if it means that you would have to take two pills that I don't know if that's really a problem for the patient. So, I don't really understand the idea of putting everything in one pill. I think the key question is how differentiated it is.

So and if it means that you would have to take to build that I don't know if that's really a problem. Problem for the patient. So I don't really understand the idea of putting everything in one pill I think the key question is how differentiated it is. Alright, great. Thank you.

Hypertension, and it's one of the biggest risk factors for earlier debt. So obviously, that's not working.

Speaker Change #276: Problem for the patient. So I don't really understand the idea of putting everything in one pill I think the key question is how differentiated it is.

Speaker Change #276: So I don't really understand the idea of putting everything in one pill I think the key question is how differentiated it is.

With ESI RNA, you would have the ability to dose.

Once every six months and you can really control then potentially your you'll have attention I mean, the data so far looks really excellent. So I think.

Speaker Change #276: Alright, great. Thank you.

Peter Welford: All right, great. Thank you.

Bruno Eschli: I think with that, we move on to Matthew Weston. Matthew from UBS.

Okay. Matthew from UBS.

There is definitely a better opportunity for these <unk> on top of that.

Matthew Weston: Matthew from UBS.

Matthew Weston: Thank you, Bruno. Can you hear me? So, two questions for me. I'm going to start with the obligatory obesity one. Thomas you, you've said moving fast. Everybody's touched on how you could move fast. The one thing that strikes me is the control arm is going to make a huge difference to your ability and speed to operate, because either you're going to have to run very, very big studies, if you're including current GLP-1 therapy in your control arm or you're going to have to take studies that run for a much longer time than we're used to. So, can you confirm that you are assuming you aren't going to have to use SEMAGLUTIDE as a control arm going forward? Or if you are going to, then the study is going to have to be really big.

In terms of combining.

Matthew Weston: Yes. So two questions for me I'm going to start with the obligatory obesity one. Mr. Thomas you, you've said moving fast everybody's touched on how you could move fast. The one thing that strikes me is the control arm is going to make a huge difference to your ability and speed to operate because either you're going to have to run very very big studies, if you're including current G. L. P. One therapy in your control arm or youre going to have to take some.

The pillar with other things.

Matthew Weston: So two questions for me I'm going to start with the obligatory obesity one. Mr. Thomas you, you've said moving fast everybody's touched on how you could move fast. The one thing that strikes me is the control arm is going to make a huge difference to your ability and speed to operate because either you're going to have to run very very big studies, if you're including current G. L. P. One therapy in your control arm or youre going to have to take some.

I would say.

It's probably for obesity much more interesting to combine it with things that reduce the muscle wasting. So it really depends on the strategy that you take and here. We do believe that the muscle piece is much more important piece.

Mr. Thomas: Mr. Thomas you, you've said moving fast everybody's touched on how you could move fast. The one thing that strikes me is the control arm is going to make a huge difference to your ability and speed to operate because either you're going to have to run very very big studies, if you're including current G. L. P. One therapy in your control arm or youre going to have to take some.

Thomas Schinecker: So it really depends on the strategy that you take. And here we do believe that the muscle piece is a much more important piece. Why combine it with a tablet for lipids? I don't really know, because I don't think it's very, first of all, you would want to take the best obesity medicine; you don't want to be bound to something that's not so differentiated on the lipid side.

Why two combined with a tablet for lipids I don't really know because I don't think its very.

Speaker Change #279: Is that run for a much longer time than we're used to so can you confirm that you are assuming you aren't going to have to use the macro side as a control arm going forward or if you are going to then the study is going to have to be really big. And then secondly, one for Teresa on to centric small cell I think it is a very important category fifth centric. It's an area I think where youre currently the market leader. Now that your main competitor has the unique Adriatic indication about to come on the label is there a risk that clinicians moved to a single small cell regimen and that that puts very significant pressure on your centric small cell revenue from 2025.

Is that run for a much longer time than we're used to so can you confirm that you are assuming you aren't going to have to use the macro side as a control arm going forward or if you are going to then the study is going to have to be really big.

First of all you would want to take the best.

Obesity medicine, you won't don't want to be balanced to something thats not as a differentiator in the lipid side.

Thomas Schinecker: So, and if it means that you would have to take tubules, I don't know if that's really a problem for the patient. But so, I don't really understand the idea of putting everything in one pill. I think the key question is how differentiated it is. So, two questions from me. I'm going to start with the obligatory obesity one. Thomas, you said, "moving fast." Everybody's touched on how you could move fast.

So and if it means that you would have to take to build that I don't know if thats really a.

Speaker Change #279: And then secondly, one for Teresa on to centric small cell I think it is a very important category fifth centric. It's an area I think where youre currently the market leader. Now that your main competitor has the unique Adriatic indication about to come on the label is there a risk that clinicians moved to a single small cell regimen and that that puts very significant pressure on your centric small cell revenue from 2025.

And then secondly, one for Teresa on TECENTRIQ. Small cell, I think it is a very important category for TECENTRIQ. It's an area I think where you're currently the market leader. Now, that your main competitor has the unique ADRIATIC indication about to come on the label, is there a risk that clinicians moved to a single small cell regimen and that, that puts very significant pressure on your TECENTRIQ small cell revenue from 2025?

Problem for the patient.

So I don't really understand the idea of putting everything in one pill I think the key question is how differentiated it is.

Speaker Change #280: It's an area I think where youre currently the market leader. Now that your main competitor has the unique Adriatic indication about to come on the label is there a risk that clinicians moved to a single small cell regimen and that that puts very significant pressure on your centric small cell revenue from 2025.

Speaker Change #281: Now that your main competitor has the unique Adriatic indication about to come on the label is there a risk that clinicians moved to a single small cell regimen and that that puts very significant pressure on your centric small cell revenue from 2025.

Alright, great. Thank you.

I think with that we move on to Matthew Weston.

Yeah.

Matthew from UBS.

Teresa Graham: Yes. So, maybe I'll just jump in and start there. So, I think we are likely to see some competitive impact in small cell. I don't think people will move to just one regimen. We have many, many years, of very entrenched experience with TECENTRIQ and small cell. I think our data in this indication are quite good. And so, well, while I do expect we will see some competitive impact, I don't foresee a wholesale switch.

Thank you Brito can you hear me yes.

Yes.

So two questions from me I'm going to start with the obligatory obesity one.

Mr. Thomas you, you've said moving fast everybody has touched on how you could move fast.

Speaker Change #282: We have many many years, a very entrenched experience with to centric and small cell I think our data in this indication are quite good and so well while I do expect we will see some competitive impact I don't foresee a wholesale switch. Yeah. Yeah, and let me just comment on your obesity question. Yeah. So based on discussions that we have had with regulators we have confidence that we can run the trials that are placebo controlled. Yeah. Many thanks. Number now. Yeah, Okay, I think if there are no further questions. Then we are coming to the end of the Q&A session. Then I will hand back to Thomas for a final remark.

We have many many years, a very entrenched experience with to centric and small cell I think our data in this indication are quite good and so well while I do expect we will see some competitive impact I don't foresee a wholesale switch. Yeah. Yeah, and let me just comment on your obesity question. Yeah.

Thomas Schinecker: The one thing that strikes me is the control arm is going to make a huge difference to your ability and speed to operate because either you're going to have to run very, very big studies if you're including current GLP-1 therapy in your control arm, or you're going to have to take studies that run for a much longer time than we're used to. So can you confirm that you are assuming you aren't going to have to use senaglutide as a control arm going forward, or if you are going to, then the studies are going to have to be really big?

One thing that strikes me is the control arm is going to make a huge difference to your ability and speed to operate because either you're going to have to run very very big studies, if you're including current GOP one therapy in your control or Youre going to have to take studies that run for a much longer time than we're used to so can you confirm that you are assuming you aren't going to.

Speaker Change #282: Yeah. Yeah, and let me just comment on your obesity question. Yeah. So based on discussions that we have had with regulators we have confidence that we can run the trials that are placebo controlled. Yeah. Many thanks. Number now. Yeah, Okay, I think if there are no further questions. Then we are coming to the end of the Q&A session. Then I will hand back to Thomas for a final remark.

Speaker Change #282: Yeah, and let me just comment on your obesity question. Yeah. So based on discussions that we have had with regulators we have confidence that we can run the trials that are placebo controlled. Yeah. Many thanks. Number now. Yeah, Okay, I think if there are no further questions. Then we are coming to the end of the Q&A session. Then I will hand back to Thomas for a final remark.

Thomas Schinecker: Yes. And let me just comment on your obesity question. Yeah. So, based on discussions that we have had with regulators, we have confidence that we can run the trials that are placebo-controlled.

Speaker Change #282: Yeah. So based on discussions that we have had with regulators we have confidence that we can run the trials that are placebo controlled. Yeah. Many thanks. Number now. Yeah, Okay, I think if there are no further questions. Then we are coming to the end of the Q&A session. Then I will hand back to Thomas for a final remark.

Speaker Change #283: Yeah. So based on discussions that we have had with regulators we have confidence that we can run the trials that are placebo controlled. Yeah. Many thanks. Number now. Yeah, Okay, I think if there are no further questions. Then we are coming to the end of the Q&A session. Then I will hand back to Thomas for a final remark.

So based on discussions that we have had with regulators we have confidence that we can run the trials that are placebo controlled. Yeah. Many thanks. Number now. Yeah, Okay, I think if there are no further questions. Then we are coming to the end of the Q&A session. Then I will hand back to Thomas for a final remark.

So based on discussions that we have had with regulators we have confidence that we can run the trials that are placebo controlled.

You have to use the macro tied as a control arm going forward or if you are going to then the studies are going to have to be really big.

Speaker Change #283: Yeah. Many thanks. Number now. Yeah, Okay, I think if there are no further questions. Then we are coming to the end of the Q&A session. Then I will hand back to Thomas for a final remark.

Speaker Change #283: Many thanks. Number now. Yeah, Okay, I think if there are no further questions. Then we are coming to the end of the Q&A session. Then I will hand back to Thomas for a final remark.

And then secondly, one for Teresa on to centric small cell I think is a very important category for centric.

Yeah. Many thanks. Number now. Yeah, Okay, I think if there are no further questions. Then we are coming to the end of the Q&A session. Then I will hand back to Thomas for a final remark.

Matthew Weston: Many thanks.

Bruno Eschli: Okay, I think if there are no further questions. Then we are coming to the end of the Q&A session. Okay, then I will hand back to Thomas for a final remark.

Number now. Yeah, Okay, I think if there are no further questions. Then we are coming to the end of the Q&A session. Then I will hand back to Thomas for a final remark.

Speaker Change #283: Yeah, Okay, I think if there are no further questions. Then we are coming to the end of the Q&A session. Then I will hand back to Thomas for a final remark.

Speaker Change #284: Then we are coming to the end of the Q&A session. Then I will hand back to Thomas for a final remark.

It's an area I think where youre currently the market leader.

Now that your main competitor has the unique Adriatic indication about to come on the label is there a risk that clinicians move to a single small cell regimen and that that puts very significant pressure on your centric small cell revenue from 2025.

Speaker Change #284: Then I will hand back to Thomas for a final remark.

Thomas Schinecker: Yes. Thank you very much, Bruno. Thank you to the team, and thank you for everyone attending today. You can be assured that we'll continue to remain focused and diligent in our resource allocations in the company, and that we'll continue to drive forward our sales as we did in the first half year and also on the profit side. And we'll continue to work on innovation to continue also to deliver growth--good growth for the years to come. Thank you very much.

Thomas: You can be assured that we'll continue to remain focused and diligent in our resource allocations in the company.

Yeah, So maybe I'll just jump in and start there. So I think we are likely to see some competitive impact in small cell I don't think people will move to just one regimen.

Thomas Schinecker: So maybe I'll just jump in and start there. So I think we are likely to see some competitive impact in small cell. But I don't think people will move to just one regimen. We have many, many years of very entrenched experience with dyscentric in small cell.

Thomas: And then we'll continue to drive forward our sales as we did in the first half year and also on the profit side. And they will continue to work on innovation to continue also to deliver growth good growth for the years to come. Thank you very much. Yes.

We have many many years, a very entrenched experience with centric and small cell I think our data in this indication are quite good and so while I do expect we will see some competitive impact I don't foresee a wholesale switch.

Thomas: And they will continue to work on innovation to continue also to deliver growth good growth for the years to come. Thank you very much.

Teresa: I think our data in this indication are quite good, and so while I do expect we would see some competitive impact, I don't foresee a wholesale switch. Yeah, and let me just comment on your obesity question. Yeah, so based on discussions that we have had with regulators, we're confident that we can run trials that are placebo-controlled. Many thanks. Yeah, okay.

Thomas: Yes.

Yes, and let me just comment on your obesity question.

Yes, so based on discussions that we have had with regulators we have confidence that we can run the trials.

People control it.

Yes.

Many thanks.

I'm Dan Brennan.

Operator: I think if there are no further questions, then we are coming to the end of the Q&A session. Okay, then I will hand it back to Thomas for a final comment. Thank you very much, Bruno. Thank you to the team. And thank you to everyone attending today. You can be assured that we'll continue to remain focused and diligent in our resource allocations in the company. And that we'll continue to drive forward our sales as we did in the first half year and also on the profit side. And that we'll continue to work on innovation to continue to deliver growth, good growth for the years to come. Thank you very much.

Yes, Okay I think if there are no further questions.

Then we are coming to the end of the Q&A session.

Then I will hand back to Thomas for a final remark.

Yeah. Thank you very much for another thank you to the team and thank you for everyone attending today.

You can be assured that we will continue to remain focused and diligent in our resource allocations in the company.

And then we'll continue to drive forward our sales as we did in the <unk>.

First half year and also on the profit side.

And they will continue to work on innovation to continue also to deliver growth good growth for the years to come. Thank you very much.

Okay.

Yes.

Goodbye.

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