Q2 2024 AstraZeneca PLC Earnings Call

Good morning to those joining from the UK and the US. Good afternoon to those in Central Europe and good evening to those listening in Asia. Welcome to AstraZeneca's half-year and Q2 results 2024 webinar for investors and analysts.

Operator: And good evening to those listening in Asia.

Operator: Welcome to AstraZeneca's half-year and Q2 results 2024 webinar for investors and analysts.

Operator: Welcome to AstraZeneca's half-year and Q2 results 2024 webinar for investors and analysts. Before I hand over to AstraZeneca, I'd like to read the Safe Harbour Statement. The company intends to utilize the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995.

Operator: Before I hand over to AstraZeneca, I'd like to read the Safe Harbour statement. The company intends to utilize the Safe Harbour provisions of the United States' Private Securities Litigation Reform Act of 1995. Participants on this call may make forward-looking statements with respect to the operations and financial performance of AstraZeneca. Although we believe our expectations are based on reasonable assumptions, by their very nature, forward-looking statements involve risks and uncertainties and may be influenced by factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Any forward-looking statements made on this call reflect the knowledge and information available at the time of this call.

Operator: Participants on this call may make forward-looking statements with respect to the operations and financial performance of AstraZeneca. Although we believe our expectations are based on reasonable assumptions, by their very nature, forward-looking statements involve risks and uncertainties, and may be influenced by factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Any forward-looking statements made on this call reflect the knowledge and information available at the time of this call. The company undertakes no obligation to update such forward-looking statements.

Speaker Change: Before I hand over to AstraZeneca, I'd like to read the Safe Harbor Statement. The company intends to utilize the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995.

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

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

Speaker Change: Any forward-looking statements made on this call reflect the knowledge and information available at the time of this call. The company undertakes no obligation to update forward-looking statements. Please also carefully review the forward-looking statements disclaimer in the slide deck that accompanies this presentation.

Operator: The company undertakes no obligation to update forward-looking statements. Please also carefully review the forward-looking statements disclaimer in the slide deck that accompanies this presentation.

Operator: Please also carefully review the forward-looking statements disclaimer in the slide deck that accompanies this presentation. There will be an opportunity to ask questions after today's presentations. Please use the raise your hand feature to indicate you wish to ask a question at any time during the call.

Operator: There will be an opportunity to ask questions after today's presentations. Please use the Raise a Hand feature to indicate you wish to ask a question at any time during the call.

Speaker Change: There will be an opportunity to ask questions after today's presentations. Please use the raise a hand feature to indicate you wish to ask a question at any time during the call. And with that, I would now like to hand the conference over to the company.

Operator: With that, I would now like to add the conference over to the company.

Andy Barnett: And with that, I would now like to turn the conference over to the company. A warm welcome to AstraZeneca's half year and second quarter 2024 presentation, conference call, and webcast for investors and analysts. I'm Andy Barnett, Head of Investor Relations.

Operator: A warm welcome to AstraZeneca's half-year and second call to 2024 presentation, conference call, and webcast for investors and analysts.

Andy Barnett: And before I hand over to Pascal and other members of our executive team, I would like to cover some important housekeeping points. Firstly, all the materials presented today and additional resources, including updated epidemiology tables and our recent Investor Day materials, are available on our Investor Relations website. This slide contains our Safe Harbor Statement, which I'd encourage you to take time to read. We will be making comments on our performance using constant exchange rates, or CER, core financial numbers, and other non-GAAP measures.

Andy Barnett: A warm welcome to AstraZeneca's half-year and second quarter 2024 presentation, conference call and webcast for investors and analysts. I'm Andy Barnett, Head of Investor Relations, and before I hand over to Pascal and other members of our executive team, I would like to cover some important housekeeping points.

Andy Barnett: I'm Andy Barnett, Head of Investor Relations, and before I hand over to Pascal and other members of our other executive team, I would like to cover some important housekeeping points. Firstly, all of the materials presented today as additional and additional resources, including updated epidemiology tables, and our recent investor-day materials, are available on our investor relations website.

Andy Barnett: Firstly, all the materials presented today and additional resources, including updated epidemiology tables and our recent Investor Day materials are available on our Investor Relations website.

Andy Barnett: This slide contains our safe harbor statement, which I'd encourage you to take time to read. We will be making comments on our performance using constant exchange rates, or CER, core financial numbers, and other non-GAAP measures. A non-gap-to-gap reconciliation is contained within the results announcement, and all members quoted are in millions of US dollars and less; otherwise, stasis.

Speaker Change: This slide contains our Safe Harbour Statement which I'd encourage you to take time to read. We will be making comments on our performance using Constant Exchange Rates, or CER, core financial numbers and other non-GAAP measures.

Speaker Change: A non-gap-to-gap reconciliation is contained within the results announcement and all numbers quoted are in millions of US dollars unless otherwise stated.

Andrew P. Barnett: This slide shows the agenda for today's call, and following our prepared remarks, will open the line for questions. We will try and address as many questions as we can during the allotted time, although I don't ask the participants to limit the number of questions you ask to allow others a fair chance to participate in the Q&A.

Pascal Soriot: A non-gap-to-gap reconciliation is contained within the results announcement, and all numbers quoted are in millions of US dollars unless otherwise stated. This slide shows the agenda for today's call. And following our prepared remarks, we'll open the line for questions. We will try and address as many questions as we can during the allotted time, although I'd ask the participants to limit the number of questions they ask to allow others a fair chance to participate in the Q&A. And with that, Pascal, I'll hand the floor over to you.

Speaker Change: This slide shows the agenda for today's call and following our prepared remarks we'll open the line for questions. We will try and address as many questions as we can during the allotted time, although I'd ask the participants to limit the number of questions you ask to allow others a fair chance to participate in the Q&A.

Andy Barnett: And with that, Pascal, I'll hand the floor over to you.

Pascal Soriot: Thank you very much, Andy.

Pascal Soriot: Thank you very much, Andy. Good morning. Good afternoon. Good evening, everybody.

Pascal Soriot: Good morning. Good afternoon. Good evening, everybody. In the first half of the year, total revenue grew by 18%, driven predominantly by strong underlying demand for our medicines across key therapy areas and geographies. We recorded a record, the second quarter, with almost $13 billion of revenue. Co-operating profit increased to $8.4 billion, while core EPS increased 5% to $4.3. On both measures, it is important to recall that in the first half of 2023, the company benefited from one-time co-operating income to $31.1 billion. Adjusting further operating income, growth in co-operating profit, and core EPS in the first half would have been higher.

Speaker Change: And with that, Pascal, I'll hand the floor over to you. Thank you very much, Andy. Good morning. Good afternoon. Good evening, everybody.

Pascal Soriot: In the first half of the year, total revenue grew by 18%, driven predominantly by strong underlying demand for our medicines across key therapy areas and geographies. We recorded a record second quarter with almost $13 billion of revenue. Co-operating profit increased to $8.4 billion, while co-EPS increased 5% to $4.03. On both measures, it is important to recall that in the first half of 2023, the company benefited from one-time co-operating income totaling $1.1 billion. Adjusting for other operating income, growth in co-operating profit and co-EPS in the first half would have been higher.

Pascal: In the first half of the year, total revenue grew by 18%, driven predominantly by strong underlying demand for our medicines across key therapy areas and geographies.

Speaker Change: We recorded a record second quarter with almost 13 billion dollars of revenue.

Speaker Change: Co-operating profit increased to $8.4 billion, while co-EPS increased 5% to $4.03.

Speaker Change: On both measures, it is important to recall that in the first half of 2023, the company benefited from one-time overall co-operating income totaling $1.1 billion.

Speaker Change: Adjusting for other operating income, growth in co-operating profit and co-EPS in the first half would have been higher.

Pascal Soriot: And this shows that we continue to work on leverage with faster operating margin growth and revenue. On the strength of our underlying business, I'm pleased to announce we've upgraded our full-year guidance. We now expect both total revenue and core EPS to increase by mid-teens percentages. It is a strong upgrade that relies on the underlying strength of our business. Collaborative revenues, as you've probably noted, are not growing. Aradhana will provide you with additional details shortly in our prepared remark. Please move to the next slide.

Pascal Soriot: And this shows that we continue to work on leverage with faster operating margin growth and revenue. With the strengths of our underlying business, I'm pleased to announce we've upgraded our fuller guidance. We now expect both total revenue and core EPS to increase by mid-teens percentages. It is a strong upgrade that rely on our underlying strengths of our business. Collaborative revenue, as you've probably noted, is not growing.

Speaker Change: And this shows that we continue to work on leverage with faster operating margin growth and revenue.

Speaker Change: With the strength of our underlying business, I'm pleased to announce we've upgraded our full year guidance. We now expect both total revenue and core EPS to increase by mid-teens percentages.

Speaker Change: It is a strong upgrade that relies on the underlying strengths of our business. Collaborative revenues, as you've probably noted, are not growing.

Aradhana Sarin: 13. Aradhana will provide you with additional details shortly in our prepare remark.

Pascal Soriot: Taking a closer look at our total revenue performance in the first half, we continue to benefit from our diverse, broad-based business. We deliver double-digit growth in the US, in Europe, in emerging markets, ex-China, and in China, we deliver growth of 15%, nearly 30% ex-China. Oncology, biopharmaceuticals, and rare diseases all delivered double-digit growth in the first half of the year, supported by increasing demand for our leading medicine. Please move to the next slide.

Pascal Soriot: Please move to the next slide. Taking a closer look at our total revenue performance in the first half, we continued to benefit from our diverse, broad-based business. We delivered double digit gross in the US, in Europe, in the emerging markets, ex-China, and in China, we delivered the gross of 15%, nearly 30% ex-China. Oncology bio-pharmacetic cause and rare disease, all delivered double-digit gross in the first half of the year, supported by increasing demand for leading medicines.

Speaker Change: Aradhana will provide you with additional details shortly in our prepared remarks.

Aradhana: Please move to the next slide.

Aradhana: Taking a closer look at our total revenue performance in the first half,

Aradhana: We continue to benefit from our diverse, broad-based business.

Aradhana: We deliver double-digit growth in the U.S., in Europe , in the emerging markets.

Aradhana: X-China, and in China we deliver the growth of 15%, nearly 30% X-China. Oncology, biopharmaceuticals, and rare disease all delivered double digit growth in the first half of the year, supported by increasing demand for our leading medicines.

Pascal Soriot: Please move to the next slide. We saw continued pipeline momentum in the first half of the year, delivering several potentially transformative Phase Three trials, read out a new approvals across our therapy areas. Since our investor in May, we reported positive results for the phase three Niagara trial of infancy, which marks an important step towards building our presence in better cancer. We received FDA approval for infancy in endometrial cancer based on the DOE trial, and we received breakthrough designation for Adriatic in limited stage cell lung cancer, small cell lung cancer. Additionally, breakthrough designations were granted for test bio and COPD, following the encouraging results from the phase 2B cost trial, and enable paratide in high-propagacy-oysed design, with phase three results expected in the first half of the next year.

Pascal Soriot: We saw continued pipeline momentum in the first half of the year, delivering several potentially transformative phase three trial readouts and new approvals across our therapy areas. Since our investor day in May, we reported positive results for the Phase III NIGAR trial of Infinzi, which marks an important step towards building our presence in bladder cancer. We received FDA approval for MFINZE in endometrial cancer based on the DOE trial, and we received breakthrough designation for Adriatic in limited stage, cell lung cancer, and small cell lung cancer.

Aradhana: Please move to the next slide.

Aradhana: We saw continued pipeline momentum in the first half of the year, delivering several potentially transformative phase 3 trials readout and new approvals across our therapy areas.

Aradhana: Since our investor day in May, we have reported positive results for the Phase 3 Niagara trial of Infinzi, which marks an important step towards building our presence in bladder cancer.

Aradhana: We received FDA approval for IMFINZE in endometrial cancer based on the DOE trial and we received breakthrough designation for Adriatic in limited stage cell lung cancer, small cell lung cancer.

Aradhana Sarin: Additionally, breakthrough designations were granted for TESPIRE and COPD, following the encouraging results from the Phase IIb course trial, and Enneboparatide in hypoparathyroidism, with Phase III results expected in the first half of next year. Taken together, the collection of phase three readouts and annual launches listed on this slide will support underlying momentum in the future growth potential of our business. With that, please advance to the next slide, and I will hand over to Aradhana, who will take you through our financial... Thank you, Pascal. And hello everyone.

Aradhana: Additionally, breakthrough designations were granted for Tespio and COPD, following the encouraging results from the Phase IIb course trial.

Aradhana: and Ennebo Paratide in Hypoparathy Oesidism with first three results expected in the first half of next year.

Pascal Soriot: Taken together, the collection of phase three readouts in end new launches listed on this slide will support underlying momentum in the future of all potential of our business.

Aradhana: Taken together, the collection of phase 3 readouts and new launches listed on this slide will support underlying momentum and the future growth potential of our business.

Aradhana Sarin: With that, please advance to the next slide, and I will hand over to Arrad now. We'll take you through our financials.

Aradhana: With that, please advance to the next slide and I will hand over to Aradhana who will take you through our financials.

Aradhana Sarin: Thank you, Pascal, and hello everyone. Next slide, please. As usual, I will start with our reported P&L. As Pascal just highlighted, we have had a very strong start to the year with total revenue increasing 18%. This was driven largely by substantial product sales growth across the portfolio. Alliance revenue also increased by 50% in the first half, mainly driven by increase in hurdle sales, in regions where Daichi Sankyo records revenue.

Aradhana Sarin: Next slide, please. As Pascal just highlighted, we had a very strong start to the year with total revenue increasing 18%. This was driven largely by substantial product sales growth across the portfolio. Alliance revenue also increased by 50% in the first half, mainly driven by an increase in HIRTU sales in regions where Daiichi Sankyo records revenue.

Aradhana: Thank you, Pascal, and hello, everyone. Next slide, please.

Aradhana: As usual, I will start with our reported P&L. As Pascal just highlighted, we have had a very strong start to the year, with total revenue increasing 18%.

Aradhana: This was driven largely by substantial product sales growth across the portfolio.

Aradhana: Alliance revenue also increased by 50% in the first half mainly driven by an increase in HIRTU sales in regions where Daiichi Sankyo records revenue.

Aradhana Sarin: Please turn to the next slide. This is our core PNL. In the first half, total revenue grew 18% as I just mentioned, and our core product sales growth margin was 82.4%.

Aradhana Sarin: Please turn to the next slide. This is our core P&L. In the first half, total revenue grew 18%, as I just mentioned, and our core product sales growth margin was 82.4%. We've previously said that we anticipate a slightly lower core product sales growth margin for the full year versus 2023, and we expect downward pressure in the second half driven by the usual seasonal impact of medicines such as flumus, as well as increased before-test supply, which comes at a lower growth margin. In the first half, both SG&A and R&D costs increased by 15 percent.

Aradhana: Please turn to the next slide.

Aradhana: This is our core P&L.

Aradhana: In the first half, total revenue grew 18%, as I just mentioned, and our core product sales growth margin was 82.4%.

Aradhana Sarin: We've previously said that we anticipate a slightly lower core product sales growth margin for the full year versus 2023, and we expect downward pressure in the second half, driven by the usual seasonal impact of medicines such as plumage, as well as increased the fortest supply, which comes at a lower growth margin. In the first half, both S-GNA and R&D costs increased 15%. We expect R&D expense for the full year to be towards the upper end of our indicated low 20% range, due to accelerated trials and the inclusion of expenses, following closure of various business development transactions, including Gracell, Fusion, and AMOLED.

Speaker Change: We have previously said that we anticipate a slightly lower core product sales growth margin for the full year versus 2023, and we expect downward pressure in the second half driven by the usual seasonal impact of medicines such as FluMist, as well as increased before-test supply which comes at a lower growth margin.

Aradhana: In the first half, both SG&A and R&D costs increased 15%. We expect R&D expense for the full year to be towards the upper end of our indicated low 20s percentage range.

Aradhana Sarin: We expect R&D expense for the full year to be towards the upper end of our indicated low 20s percentage range due to accelerated trials and the inclusion of expenses following the closure of various business development transactions, including GrayCell, Fusion, and Amilus. Co-operating profit in the first half increased by 7% despite a significant decline in other operating income.

Aradhana: Due to accelerated trials and the inclusion of expenses following closure of various business development transactions

Aradhana Sarin: Robert, Paul operating profit, and the first half increased by 7% despite a significant decline in other operating income.

Speaker Change: including GrayCell, Fusion, and Amulet.

Speaker Change: Co-operating profit in the first half increased by 7% despite a significant decline in other operating income.

Aradhana Sarin: We call that in the first half of 2023, other operating income was $1.1 billion, related to the gain by the disposal of the U.S. rights of Paul McCall, like the Taylor, and the amended the Fortes Agreement. Reflecting the aforementioned substantial decline in other operating income, poor APS grew five percent at CER to $4.03.

Aradhana Sarin: Recall that in the first half of 2023, other operating income was $1.1 billion related to the gains from the disposal of the U.S. rights of Palmer Corp. like Taylor and the amended Befortus Agreement. Reflecting the aforementioned substantial decline in other operating income, Core EPS grew 5% at CER to $4.03. Please turn to the next slide. In the first half, net cash inflow from operations grew by around 15% to $700 million. Net debt increased by $3.8 billion to $26.3 billion, driven by recent acquisitions, which created a total cash outflow of over $5 billion.

Speaker Change: Recall that in the first half of 2023, other operating income was $1.1 billion related to the gains by the disposal of the U.S. rights of Palmacor Flexhaler and the amended Before Disagreement.

Speaker Change: Reflecting the aforementioned substantial decline in other operating income, Core EPS grew 5% at CER to $4.03.

Aradhana Sarin: Please turn to the next slide. In the first half, net cash inflow from operations grew by around 15% to 700 million. Net debt increased by $3.8 billion to $26.3 billion, driven by the recent acquisitions, which created a total cash outflow of over $5 billion.

Speaker Change: Please turn to the next slide.

Speaker Change: In the first half, net cash inflow from operations grew by around 15% to $700 million.

Speaker Change: Net debt increased by $3.8 billion to $26.3 billion, driven by the recent acquisitions which created a total cash outflow of over $5 billion.

Aradhana Sarin: We also made the final payment to the former shareholders of the CERTA and paid the second interim dividend in the first quarter. We continue to expect a roughly 50% increase in tangible capex in 2024 as we invest in both increased capacity and new capabilities. Tangible capex of $799 million in the first half included maintenance capex, as well as investments in our new API facility in Ireland, a new inhaled manufacturing site in Qingdao, China, and our new self-therapy manufacturing site in Rockwell, Maryland.

Aradhana Sarin: We also made the final payment to the former shareholders of Asserta and paid the second interim dividend in the first quarter. We continue to expect a roughly 50% increase in tangible capex in 2024 as we invest in both increased capacity and new capability. Tangible CapEx of $799 million in the first half included maintenance CapEx, as well as investments in our new API facility in Ireland, a new inhaled manufacturing site in Qingdao, China, and our new cell therapy manufacturing site in Rockville, Maryland.

Speaker Change: We also made the final payment to the former shareholders of the SIRTA and paid the second interim dividend in the first quarter.

Speaker Change: We continue to expect a roughly 50% increase in tangible capex in 2024 as we invest in both increased capacity and new capabilities.

Speaker Change: Tangible CapEx of $799 million in the first half included maintenance CapEx

Speaker Change: as well as investments in our new API facility in Ireland, a new inhaled manufacturing site in Qingdao, China, and our new cell therapy manufacturing site in Rockville, Maryland.

Aradhana Sarin: In May, we announced plans to build a new end-to-end ADC manufacturing site in Singapore. As previously communicated, we anticipate deal payments related to past transactions to be in the same range as last year or at around $2 billion. Finally, our current net debt to adjusted EBITDA ratio is now at 1.8 times.

Aradhana Sarin: In May, we announced plans to build a new end-to-end ADC manufacturing site in Singapore. As previously communicated, we anticipate deal payments related to past transactions to be in the same range as last year or at around two billion dollars. Finally, our current net debt to adjusted EBITDA ratio is now at 1.8 times.

Speaker Change: In May, we announced plans to build a new end-to-end ADC manufacturing site in Singapore.

Speaker Change: As previously communicated, we anticipate deal payments related to past transactions

Speaker Change: to be in the same range as last year or at around $2 billion.

Speaker Change: Finally, our current net debt-to-adjusted EBITDA ratio is now at 1.8 times. Please move to the next slide.

Aradhana Sarin: Please move to the next slide. As you can see on the slide, strong performance of our leading medicines across key therapy areas supports our full year guidance upgrade. In the first half, eight of our medicines delivered total revenue above $1 billion. Next slide. We now anticipate total revenue and core EPS to increase by a mid-teens percentage at constant exchange rates, up from our previous guidance of a low double digit to low teens percent. Importantly, this upgrade does not include any increase in collaboration revenue.

Aradhana Sarin: Please move to the next slide. As you can see on the slides, strong performance of our leading medicines across key therapy areas supports our full-year guidance upgrade. In the first half, eight of our medicines delivered total revenue above 1 billion.

Speaker Change: As you can see on the slide, strong performance of our leading medicines across key therapy areas supports our full year guidance upgrade.

Speaker Change: In the first half, eight of our medicines delivered total revenue above $1 billion.

Aradhana Sarin: Next slide, please. We now anticipate total revenue and core APS to increase by a mid-teens percentage at constant exchange rates, up from our previous guidance of a low double digit to low-teens percentage.

Speaker Change: Next slide, please.

Speaker Change: We now anticipate total revenue and core EPS to increase by a mid-teens percentage at constant exchange rates.

Aradhana Sarin: Importantly, this upgrade does not include any increase in collaboration revenue. Last year, we booked $594 million in collaboration revenue, which reinforces this upgrade is entirely driven by an improvement in underlying performance from our product sales and alliance revenues. Based on average June FX rates, we continue to anticipate a low single-digit adverse effects impact on total revenue and a mid single-digit adverse impact or core APS.

Speaker Change: Up from our previous guidance of a low double-digit to low teens percentage.

Speaker Change: Importantly, this upgrade does not include any increase in collaboration revenue.

David Fredrickson: Last year, we booked $594 million in collaboration revenue, which reinforces this upgrade is entirely driven by an improvement in underlying performance from our product sales and alliance revenue. Based on average June FX rates, we continue to anticipate a low single-digit adverse FX impact on total revenue and a mid-single-digit adverse impact on core EPS. With that, please advance to the next slide, and I will hand over to Dave, who will take you through our oncology. Thank you, Aradhana.

Speaker Change: Last year we booked $594 million in collaboration revenue, which reinforces this upgrade is entirely driven by an improvement in underlying performance from our product sales and alliance revenues.

Speaker Change: Based on average June FX rates, we continue to anticipate a low single-digit adverse FX impact on total revenue and a mid-single-digit adverse impact on core EPS.

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

David Fredrickson: Next slide, please. Oncology total revenues grew 22% to $10.4 billion in the first half, driven by strong demand for our key medicines and building on momentum gained from the first quarter. Togriso global revenues grew 12% in the quarter, reflecting further global demand for Adora, initial launch uptake for Flora II in some of our markets, and continued expansion of treatment duration in the frontline setting. CalQuint's total revenues increased 22% in the second quarter, with sequential growth of 10%, driven by sustained BTK inhibitor leadership in frontline CLL and continued international expansion. Infinzi's total revenues grew 18%. As expected, growth was impacted by the 25% price reduction in Japan.

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

Dave Fredrickson: Thank you, Rodna. Next slide, please. On college total revenues grew 22% to $10.4 billion in the first half, driven by strong demand for our key medicines and building on momentum gained from the first quarter. To Grisso, global revenues grew 12% in the quarter, reflecting further global demand for Adora, initial launch uptake for Florida too, and some of our markets, and continued expansion of treatment duration in the front line setting. CalQuence total revenues increased 22% in the second quarter with sequential growth of 10% driven by sustained BTK inhibitor leadership in frontline CLL and continued international expansion.

Dave: Thank you, Aradhana. Next slide, please. Oncology total revenues grew 22% to $10.4 billion in the first half, driven by strong demand for our key medicines and building on momentum gained from the first quarter.

Dave: Togriso global revenues grew 12% in the quarter, reflecting further global demand for Adora, initial launch uptake for Flora II, and some of our markets, and continued expansion of treatment duration in the frontline setting.

Dave: CalQuint's total revenues increased 22% in the second quarter, with sequential growth of 10%, driven by sustained BTK inhibitor leadership and frontline CLL and continued international expansion.

Dave Fredrickson: In Finsey, total revenues grew 18% as expected. Growth was impacted by the 25% price reduction in Japan, and we anticipate a second mandatory price reduction of 11% in Japan, which reflects the shift from weight-based to fixed dosing to take effect from August. We continue to see strong demand for Mjudo in combination with in Finsey in both liver and non-small cell lung cancers, demonstrating total revenue growth of 19% in the quarter. Limparsa remains the leading part inhibitor globally across all tumor types, delivering sales growth of 7%. On in HER2, total revenues increased 49% in the second quarter with sustained market share leadership in second line HER2 positive breast cancer.

David Fredrickson: And we anticipate a second mandatory price reduction of 11% in Japan, which reflects the shift from weight-based to fixed dosing to take effect in August. We continue to see strong demand for Imjudo in combination with Infinzi in both liver and non-small cell lung cancers, demonstrating total revenue growth of 19% in the quarter. Limparza remains the leading PARP inhibitor globally across all tumor types, delivering sales growth of 7%. In HER2, total revenues increased 49% in the second quarter with sustained market share leadership and second line HER2 positive breast cancer.

Dave: In Finzi, total revenues grew 18%. As expected, growth was impacted by the 25% price reduction in Japan, and we anticipate a second mandatory price reduction of 11% in Japan, which reflects the shift from weight-based to fixed dosing to take effect from August .

Dave: We continue to see strong demand for Imjudo in combination with Infinzi in both liver and non small cell lung cancers demonstrating total revenue growth of 19% in the quarter

Dave: Lymparza remains the leading PARP inhibitor globally across all tumor types, delivering sales growth of 7%.

Dave: On in HER2, total revenues increased 49% in the second quarter with sustained market share leadership in second line HER2-positive breast cancer.

Dave Fredrickson: We also received positive feedback from the medical community following the presentation of Destiny Bresto's 6th data last month, which we believe supports continued expansion in HER2 low. Following in HER2's tumor-agnostic approval in April, we saw encouragingly early launch signals in the quarter with 13 NCCN guidelines updated and a rapid increase in physician awareness. Taken together, we expect to see a return to sequential growth into the third quarter for in HER2. Finally, our recently launched novel AKT inhibitor trim cap delivered $92 million in the second quarter for total revenues reflecting strong adoption in the biomarker altered population.

David Fredrickson: We also received positive feedback from the medical community following the presentation of Destiny Breast Dose 6 data last month, which we believe support continued expansion in HER2 low. Following INHERTU's tumor agnostic approval in April, we saw encouragingly early launch signals in the quarter, with 13 NCCN guidelines updated and a rapid increase in physician awareness. Taken together, we expect to see a return to sequential growth into the third quarter for INHERTU. Finally, our recently launched novel AKT inhibitor TrueCap delivered $92 million in the second quarter for total revenues, reflecting strong adoption in the biomarker altered population.

Dave: We also received positive feedback from the medical community following the presentation of Destiny Breast Dose 6 data last month, which we believe support continued expansion in HER2-Low.

Dave: Following INHERTU's tumor agnostic approval in April , we saw encouragingly early launch signals in the quarter, with 13 NCCN guidelines updated and a rapid increase in physician awareness. Taken together, we expect to see a return to sequential growth into the third quarter for INHERTU.

Dave: Finally, our recently launched novel AKT inhibitor, TrueCap, delivered $92 million in the second quarter for total revenues, reflecting strong adoption in the biomarker-altered population.

Dave Fredrickson: Looking ahead, we're pleased with the US approval of DOE expanding in Finsey into the endometrial setting. Additionally, we look forward to bringing the benefit of 4 or 2 to more patients globally following approvals in Europe, Japan, and China. And further cementing to Grisso as a backbone standard of care in EGFR mutated non-small cell lung cancer. And finally, the recent approval of Capitol 291 in Europe will help to build additional launch momentum for true cap.

David Fredrickson: Looking ahead, we're pleased with the U.S. approval of DOE, expanding Infinzi into the endometrial setting. Additionally, we look forward to bringing the benefit of Flora 2 to more patients globally following approvals in Europe, Japan, and China, and further cementing Tegrisso as a backbone standard of care in EGFR-mutated non-small cell lung cancer.

Dave: Looking ahead, we're pleased with the U.S. approval of DOE expanding in Finzi into the endometrial setting. Additionally, we look forward to bringing the benefit of FLORA II to more patients globally following approvals in Europe .

Dave: Japan, and China, and further cementing Tegrisso as a backbone standard of care in EGFR-mutated non-small cell lung cancer.

Susan Mary Galbraith: And finally, the recent approval of Capitello 291 in Europe will help to build additional launch momentum for Truecap. With that, please advance to the next slide, and I'll hand over to Susan to cover key R&D highlights from the quarter. Thank you, Dave.

Dave: And finally, the recent approval of Capitello 291 in Europe will help to build additional launch momentum for Truecap. With that, please advance to the next slide, and I'll hand over to Susan to cover key R&D highlights from the quarter.

Susan Galbraith: With that, please advance to the next slide, and I'll hand over to Susan to cover key R&D highlights from the quarter. Thank you, Dave. Over the past quarter, we've presented several practice-changing data sets. At ASCO, we had two back-to-back plenary sessions for Laura and Adriatic, demonstrating our leadership in early stage lung cancer. The strength of these data were reinforced by the inclusion of Laura as a category one recommendation in the NCCN guidelines within 12 days of data presentation and its acceptance for priority review in the United States. We also presented the data for Destiny Breast 06 in a special oral session at ASCO.

Susan Mary Galbraith: Over the past quarter, we've presented several practice-changing data. At ASCO, we had two back-to-back plenary sessions for Laura and Adrianna, demonstrating our leadership in early stage lung cancer. The strength of these data was reinforced by the inclusion of LORA as a Category 1 recommendation in the NCCN guidelines within 12 days of data presentation and its acceptance for priority review in the United States. We also presented the data for Destiny Breast 06 in a special oral session at ASCO.

Susan: Thank you, Dave. Over the past quarter, we've presented several practice-changing datasets.

Susan: At ASCO we had two back-to-back plenary sessions for Laura and Adriatic, demonstrating our leadership in early-stage lung cancer.

Susan: The strength of these data were reinforced by the inclusion of LORA as a Category 1 recommendation in the NCCN guidelines within 12 days of data presentation and its acceptance for priority review in the United States.

Susan: We also presented the data for Destiny Breast 06 in a special oral session at ASCO.

Susan Mary Galbraith: Destiny Breast 06 is the first phase three trial of a HER2-directed therapy or an antibody-drug conjugate to show benefit across both the HER2 low and HER2 ultra low breast cancer population.

Susan Mary Galbraith: Destiny Breast 06 is the first phase 3 trial of a HER2-directed therapy or an antibody drug conjugate to show benefit across both a HER2-low and a HER2-ultra-low breast cancer population. This dataset represents the opportunity both for more patients to receive NHSN and for them to receive it earlier than with chemotherapy. Finally, at IHAR, we shared the results from ECHO, extending the reach of Kalkwins earlier into mantle cell lymphoma. These data show that CalQuint, in addition to standard of care chemotherapy, improves regression-free survival and had an early trend for improved overall survival.

Susan: Destiny Breast 06 is the first phase 3 trial of a HER2-directed therapy or an antibody drug conjugate to show benefit across both a HER2-low and a HER2-ultra-low breast cancer population.

Susan Mary Galbraith: As data set represents the opposite of both for more patients to receive them and for them to receive it earlier, fucking the therapy. Finally, at IHAR, we shared the results from ECHO, extending the reach of CalQuence earlier into mantle cell lymphoma. These data show that CalQuence, in addition to standard of care, chemo immunotherapy, improves the question-free survival, and at an early trend for improved overall survival, the first BTK inhibitor to show an overall survival trend in this setting. The positive high level results from Niagara are trial for infimsy plus chemotherapy, followed by infimsy maintenance in the muscle invasive bladder cancer setting; signals are potential expansion into bladder cancers.

Susan: And this dataset represents the opportunity both for more patients to receive NIHRD2 and for them to receive it earlier, prior to chemotherapy.

Susan: Finally, at IHAR, we shared the results from ECHO, extending the reach of calquins earlier into mantle cell lymphoma.

Speaker Change: These data show that CalQuint, in addition to standard of care chemoimmunotherapy, improves progression-free survival and had an early trend for improved overall survival, the first BTK inhibitor to show an overall survival trend in this setting.

Susan Mary Galbraith: The first BTK inhibitor to show an overall survival trend in this set. The positive high-level results from Niagara, our trial for infimsy plus chemotherapy, followed by infimsy maintenance in the muscle-invasive bladder cancer setting, signal our potential expansion into bladder cancer. There are approximately 120,000 patients with muscle-invasive bladder cancer globally, and even after a cystectomy, patients still experience high rates of recurrence and a poor prognos

Speaker Change: The positive high-level results from Niagara, our trial for infimsy plus chemotherapy, followed by infimsy maintenance in the muscle-invasive bladder cancer setting, signals our potential expansion into bladder cancers.

Susan Galbraith: There are approximately 120 tales in patients with muscle invasive bladder cancer globally, and even after suspecting me, patients still experience high rates of recurrence and a poor prognosis. This makes the positive event-free survival and overall survival results from Niagara incredibly important, and we look forward to sharing these data at an upcoming congress. Beyond Niagara, our broader program targets all stages of bladder cancer as we look to redefine the outcomes of patients with this challenging disease.

Speaker Change: There are approximately 120,000 patients with muscle invasive bladder cancer globally and even after a cystectomy, patients still experience high rates of recurrence and a poor prognosis.

Ruud Dobber: This makes the positive event-free survival and overall survival results from Niagara incredibly important. We look forward to sharing these data at an upcoming Congress. Beyond Niagara, our broader program targets all stages of bladder cancer as we look to redefine the outcomes for patients with this challenging disease. And with that, please advance to the next slide, and I'll pass over to Ruud to cover biopharmaceutical performance. Thank you so much, Susan.

Speaker Change: This makes the positive, event-free survival and overall survival results from Niagara incredibly important, and we look forward to sharing these data at an upcoming Congress.

Ruud Dobber: And with that, please advance to the next slide, and I'll pass over to Rudge to cover bio-pharmaceuticals performance.

Speaker Change: Beyond Niagara, our broader program targets all stages of bladder cancer as we look to redefine the outcomes for patients with this challenging disease.

Ruud Dobber: Thank you so much, Susan. Next slide, please. Our bio-pharmaceuticals medicines deliver total revenue of $10.4 billion in the first half of 2024, representing growth of 17%. Total revenue growth for both CVRM and R&I was 22%. And we were very pleased to see FASIGA add a billion dollars of revenue versus the first half of 2023. Further strengthening our franchise and cardioreanal diseases. In the second quarter, FASIGA delivered 49% growth in Europe and 38% growth in the emerging markets. We saw 60% growth in the US compared to prior year, though sequential growth was impacted by inventory movements following the launch of an all-fight generic in the first quarter.

Ruud Dobber: Next slide, please. Our biopharmaceutical medicines delivered total revenue of $10.4 billion in the first half of 2024, representing growth of 17%. Total revenue growth for both CVRM and RNI was 22%, and we were very pleased to see Farsiga add a billion dollars of revenue versus the first half of 2023, further strengthening our franchise in cardiorenal diseases. In the second quarter, Faseka delivered 49% growth in Europe and 38% growth in emerging markets.

Ruud: And with that, please advance to the next slide, and I'll pass over to Ruud to cover Biopharmaceuticals performance. Thank you so much, Susan. Next slide, please.

Ruud: Our biopharmaceuticals medicines deliver a total revenue of $10.4 billion in the first half of 2024, representing growth of 17%.

Ruud: Total revenue growth for both CVRM and RNI was 22% and we were very pleased to see Farsiga add a billion dollars of revenue versus the first half of 2023, further strengthening our franchise in cardiorenal diseases.

Ruud Dobber: We saw 60% growth in the U.S. compared to the prior year, though sequential growth was impacted by inventory movements following the launch of North by Generic in the first quarter. Following Wynua's approval for ATTR Polyneuropathy at the end of 2023, we have seen encouraging launch uptake for this ultra-rare disease, which can be fatal if left untreated. New starts include a mix of patients who are new to treatment, some who have switched from other medicines, and some who are using Waynua as an add-on to their existing medication.

Ruud: In the second quarter, Faseka delivered 49% growth in Europe and 38% growth in the emerging markets.

Ruud: We saw 16% growth in the U.S. compared to prior year, though sequential growth was impacted by inventory movements following the launch of North by Generic in the first quarter.

Ruud Dobber: Followings we knew as approval in ATTR for the neuropathy at the end of 2023. We have seen encouraging launch update for this ultra-rare disease, which can be fatal if left and treat us. New starts include a mix of patients who are new to treatment, some who have switched from other medicines, and some who are using Way newer as an add-on to their existing medication. In the second quarter, R&I was our FASIGA growing therapy area, up 26%. We saw strong growth across the portfolio with global sales from the despy alliance, on track to achieve blockbuster status this year.

Ruud: Followings Wynua's approval in ATTR Polyneuropathy at the end of 2023, we have seen encouraging launch uptake for this ultra-rare disease, which can be fatal if left untreated.

Ruud: New starts include a mix of patients who are new to treatment, some who have switched from other medicines, and some who are using Waynua as an add-on to their existing medication.

Ruud Dobber: In the second quarter, RNI was our fastest growing therapy area, up 26%. We saw strong growth across the portfolio, with global sales from the Tespaia Alliance on track to achieve blockbuster status this year. Similarly, Raspberry saw strong growth of 51% in the first six months and, like their spire, is on track to achieve blockbuster status.

Ruud: In the second quarter, RNI was our fastest-growing therapy area, up 26%.

Ruud Dobber: Equally, grocery saw strong growth of 51% in the first six months and like Despy, is on track to achieve blockbuster status. Finally, it has been another strong quarter for Symbicord in the United States and emerging markets. And as Supra continues to see strong volume update following its launch at the start of the year, with revenues reflecting introductory discounts as access builds.

Ruud: We saw strong growth across the portfolio, with global sales from the Tespire Alliance on track to achieve blockbuster status this year. Equally, Restoree saw strong growth of 51% in the first six months and, like Tespire, is on track to achieve blockbuster status.

Sharon Barr: Finally, it has been another strong quarter for Symbicort in the United States and emerging markets, and Asupra continues to see strong volume uptake following its launch at the start of the year, with revenues reflecting introductory discounts as excess bills. Next slide, please. I will now hand over to Sharon to discuss the latest developments in the biopharmaceuticals pipeline. Thank you, Ruud.

Ruud: Finally, it has been another strong quarter for Symbicort in the United States and emerging markets.

Ruud: and Asupra continues to see strong volume uptake following its launch at the start of the year, with revenues reflecting introductory discounts as excess bills.

Operator: Next slide, please.

Sharon Barr: We have had several exciting data presentations in the first half across our biopharmaceuticals R&D portfolio. In the second quarter, we presented two key data sets from our CVRM portfolio that support our confidence in their multi-blockbuster potential. At EAS, we presented the Phase 1 data for AZD0780, our oral PCSK9 inhibitor for hyperlipidemia. In this trial, ACD0780 delivered a statistically significant LDL-C reduction of 52% on top of standard-of-care statins, resulting in a 78% reduction from baseline. This efficacy, combined with the excellent bioavailability of the compound, means that we can dose once daily with no food effect or need for fasting.

Sharon Barr: I will now hand over to Sharon to discuss the latest developments from the biopharmaceuticals pipeline. Thank you, Rude. We have had several exciting data presentations in the first half across our Biopharmaceuticals R&D portfolio. In the second quarter, we presented two key data sets from our CVRM portfolio that support our confidence in their multi-blockbuster potential.

Ruud: Next slide, please. I will now hand over to Sharon to discuss the latest developments from the biopharmaceuticals pipeline. Thank you, Ruud.

Sharon: We have had several exciting data presentations in the first half across our Biopharmaceuticals R&D portfolio. In the second quarter, we presented two key data sets from our CDRM portfolio that support our confidence in their multi-blockbuster potential.

Sharon Barr: Medical. At EAS, we presented the phase one data for AZDO 780, our oral PCS K9 inhibitor for hyperlipidemia. In this trial, AZDO 780 delivered a statistically significant LDLC reduction of 52% on top of standard of care statin, resulting in a 78% reduction from baseline. This efficacy, combined with the excellent bioavailability of the compound, means that we can dose once daily with no food effect or need for fat. Nearly 70% of patients with cardiovascular disease are not meeting their guideline-directed LDLC target, despite high-intensity statin use. This potential best-in-class profile may offer patients a convenient option to achieve LDLC targets.

Speaker Change: At EAS, we presented the Phase 1 data for AZD0780, our oral PCSK9 inhibitor for hyperlipidemia.

Speaker Change: In this trial, ACD0780 delivered a statistically significant LDL-C reduction of 52% on top of standard-of-care statins, resulting in a 78% reduction from baseline.

Sharon Barr: Nearly 70% of patients with cardiovascular disease are not meeting their guideline-directed LDL-C target despite high-intensity statin use. This potential best-in-class profile may offer patients a convenient option to achieve their LDL-C targets. We are now moving at pace with AVD0780 into the next stage of development, with a Phase IIb trial ongoing and data expected in the first half of 2025. In May, we presented data from a Phase IIb miracle trial of belcine rinone with dapagliflozin for heart failure and CKD.

Speaker Change: This efficacy, combined with the excellent bioavailability of the compound, means that we can dose once daily with no food effect or need for fasting.

Speaker Change: Nearly 70% of patients with cardiovascular disease are not meeting their guideline-directed LDL-C target, despite high-intensity statin use. This potential best-in-class profile may offer patients a convenient option to achieve LDL-C targets.

Sharon Barr: We are now moving at pace with AZDO 780 into the next stage of development, with the phase 2B trial ongoing and data expected in the first half of 2025. In May, we presented data from the phase 2B Miracle trial of Belsenranone with Dapyglyphlosen for heart failure and CKD. This is one of three novel combinations we are developing that leverage Dapyglyphlosen as a foundational treatment. The combination offers the benefit of SGL-T2 therapy and leverages the unique mechanism of action and selectivity profile of Belsenranone, an MR modulator that has been shown to retain the organ protective effects of MR antagonists.

Speaker Change: We are now moving at pace with AVD0780 into the next stage of development, with a Phase 2b trial ongoing and data expected in the first half of 2025.

Sharon Barr: This is one of three novel combinations we are developing that leverage dapagliflozin as a foundational treatment. The combination offers the benefit of SGLT2 therapy and leverages the unique mechanism of action and selectivity profile of Falsinrinone, an MR modulator that has been shown to retain the organ protective effects of MR antagonists without increasing hyperkalemia. The MIRACLE trial showed this combination resulted in a numerical decrease in UACR compared to dapagliflozin alone and, importantly, did not increase hyperkalemia at the doses selected for phase three. These data inform the ongoing BALANCE-HF Phase 3 trial in heart failure patients with kidney disease.

Speaker Change: In May, we presented data from the Phase IIb miracle trial of Belsenrinone with Dapagliflozin for heart failure and CKD. This is one of three novel combinations we are developing that leverage Dapagliflozin as a foundational treatment.

Speaker Change: The combination offers the benefit of SGLT-2 therapy and leverages the unique mechanism of action and selectivity profile of balsinrinone, an MR modulator that has been shown to retain the organ protective effects of MR antagonists without increasing hyperkalemia.

Sharon Barr: Without increasing hypercalemia. The Miracle trial showed this combination resulted in a numerical decrease in UACR compared to Dapyglyphlosen alone and, importantly, did not increase hypercalemia at the doses selected for phase 3. These data informed the ongoing balance HF phase 3 trial in heart failure patients with kidney disease. Currently, only 25% of patients with heart failure and CKD stage 3B are an MR antagonist as standard of care due to the risk of hyperkalemia. By combining Belsenranone and Dapyglyphlosen, we aim to deliver an innovative mechanism to treat a broader population with heart failure and CKD.

Speaker Change: The MIRACLE trial showed this combination resulted in a numerical decrease in UACR compared to dapagliflozin alone, and importantly, did not increase hyperkalemia at the doses selected for Phase III.

Mark T. Esser: Currently, only 25% of patients with heart failure and CKD stage 3b are taking an MR antagonist as standard of care due to the risk of hyperkalemia. By combining balsinrinone and dapagliflozin, we aim to deliver an innovative mechanism to treat a broader population with heart failure and CKD. Let's move to the next slide, and I will now hand over to Mark, who will discuss our rare disease portfolio. Thank you, Sharon. Can we go to the next slide, please?

Speaker Change: These data inform the ongoing BALANCE-HF Phase 3 trial in heart failure patients with kidney disease.

Speaker Change: Currently, only 25% of patients with heart failure and CKD stage 3b are an MR antagonist as standard of care due to the risk of hyperkalemia.

Speaker Change: By combining Balsinrinone and Dapagliflozin, we aim to deliver an innovative mechanism to treat a broader population with heart failure and CKD.

Mark Purcell: Let's move to the next slide, and I will now hand over to Mark, who will cover our rare disease portfolio.

Mark T. Esser: rare disease grew 15% to $4.2 billion in the first half driven by growth in neurology indications, increased patient demand, and continued global expansion. As per the previous quarter, the growth rate at CER includes a small benefit from countries with high inflation. In the second quarter, Ultramiris revenue grew 36% with the vast majority of growth coming from neurology indications, generalized myasthenia gravis, and NMOSD. In P&H, we achieved over 80% conversion to ultramarines across major markets, and the recent launch of VoidAI's Progressing Well, providing benefits For the PNH patient, we experienced clinically significant extravascular immolation.

Mark Purcell: Thank you, Sharon.

Mark Purcell: Can we go to the next slide, please? Rare disease grew 15% to 4.2 billion dollars in the first half, driven by growth in neurology indications, increased patient demand, and continued global expansion. As per the previous quarter, the growth rate at CR includes a small benefit from countries with high inflation. In the second quarter, Ultramiris revenue grew 36% with the vast majority of growth coming from neurology indications, generalized mercenagravice, and NMOSD. In PNH, we achieved over 80% conversion to Ultramiris across major markets, and the recent launch of our data is progressing well, providing benefits for the PNH patient with experience significantly significant extravascular immolices.

Speaker Change: Let's move to the next slide and I will now hand over to Mark who will cover our rare disease portfolio.

Marc: Thank you, Sharon. Can we go to the next slide, please?

Marc: Rare disease grew 15% to $4.2 billion in the first half, driven by growth in neurology indications, increased patient demand, and continued global expansion.

Speaker Change: As per the previous quarter, the growth rate at CER includes a small benefit from countries with high inflation.

Speaker Change: In the second quarter, Ultramiris revenue grew 36%, with a vast majority of growth coming from neurology indications, generalized myasthenia gravis, and NMOSD.

Speaker Change: In PNH, we achieved over 80% conversion to ultramiris across major markets and the recent launch of VOID-AI is progressing well, providing benefits for the PNH patients who experience clinically significant extravascular hemolysis.

Mark Purcell: Beyond complement, Strensik and Kossiligo grew 14% and 45%, respectively, driven by continued patient demand and new launch.

Mark T. Esser: Beyond complement, stransic and cosiligo grew 14 and 45%, respectively, driven by continued patient demand and new launches. Please advance to the next page. In July, we closed our acquisition of Amulet Pharma, which expanded our rare endocrinology portfolio with the addition of Enable Parata, currently in phase three for patients with hypoparathy. Hippoparatoidism is characterized by a deficiency in paratoid hormone production, which results in a significant distribution of calcium and phosphine. This can lead to life-altering symptoms and potentially chronic kidney disease. Hippoparathy most commonly occurs post neck surgery, often related to the thyroid.

Speaker Change: Beyond complement, Stransic and Cosiligo grew 14 and 45 percent respectively, driven by continued patient demand and new launches.

Mark Purcell: Francis, please advance to the next slide. In July, we close our acquisition of Amulet Farma, which expands our rare endocrineal report folio with the addition of enable apartheid, currently in phase three for patient with epoparatrodism. Epoparatrodism is characterized by deficiency in paraturied hormone production, which results in significant disregulation of calcium and phosphates. This can lead to life-altering symptoms and potentially chronic kidney disease. Epoparatrodism most commonly occurs post-next surgery, often related to thyroid disease. Many of these patients are women, and over half of the patients with epoparatrodism are peri-opposed menopausal women, who are at greater risk of osteoporosis.

Speaker Change: Please advance to the next slide.

Speaker Change: In July , we close our acquisition of Amulet Pharma, which expands our rare endocrinology portfolio with the addition of Enable Paratide.

Speaker Change: Currently in phase 3 for patients with hypoparathyredism.

Speaker Change: Hippoparatoidism is characterized by deficiency in paratoid hormone production, which results in significant dysregulation of calcium and phosphate.

Speaker Change: This can lead to life-altering symptoms and potentially chronic kidney disease.

Mark T. Esser: Many of these patients are women, and over half of the patients with hypoparotidism are peri or postmenopausal women who are at greater risk of osteoporosis. It is one of the largest known rare diseases with over 250,000 patients across the US, EU, and Japan. Clinical priorities for hippopotamism include normalization of serum and urine calcium levels.

Speaker Change: Hippoparatoidism most commonly occurs post neck surgery, often related to thyroid disease.

Speaker Change: Many of these patients are women and over half of the patients with hypoparotidism are peri or postmenopausal women who are at a greater risk of osteoporosis.

Mark Purcell: It is one of the largest known rare diseases with over 250,000 patients across the US, EU, and Japan. Clinical parities for epoparatrodism include the normalization of serum and urine calcium level, reduction of dependence on delicacy and vitamin D supplements, as well as storing normal bontenova and preserving bone mineral density. In May 2024, Enable Apartheid received fast drug designation from the FDA, reflecting the seriousness of the disease and the potential for Enable Apartheid to address the urgent unmet need. We anticipate data from the phase three Calypso trial in the first half of 2025. And as a reminder, we expect enable apartheid to be a bloodbuster opportunity.

Speaker Change: It is one of the largest known rare diseases with over 250,000 patients across the US, EU, and Japan.

Mark T. Esser: Reduction of dependence on daily calcium and vitamin D supplements, as well as restoring normal bone turnover and preserving bone mineral density. In May 2024, Enable Paratide received fast-track designation from the FDA, reflecting the seriousness of the disease and the potential for Enable Paratide to address the urgent unmet need. We anticipate data from the Phase III Calypso trial in the first half of 2025, and as a reminder, we expect Enable Paratide to be a blockbuster opportunity. With that, please advance to the next slide.

Speaker Change: Clinical priorities for hippopotamism include a normalization of serum and urine calcium level, reduction of dependence on daily calcium and vitamin D supplements, as well as restoring normal bone turnover and preserving bone mineral density.

Speaker Change: In May 2024, Enable Paratide received fast-track designation from the FDA, reflecting the seriousness of the disease and the potential for Enable Paratide to address the urgent unmet need.

Speaker Change: We anticipate data from the Phase III Calypso trial in the first half of 2025.

Pascal Soriot: With that, please advance to the next slide, and I will hand back to Pascal for closing remarks.

Pascal Soriot: And I will hand back to Pascal for his closing remarks. Thank you, Marc. Next slide, please.

Speaker Change: And as a reminder, we expect Enable Paratide to be a blockbuster opportunity.

Pascal Soriot: At our recent Investor Day, we outlined a new ambition for our company to deliver $80 billion in total revenue by 2030. While this target is ambitious, it is risk-adjusted, meaning we did not assume all of our programs would be successful. Importantly, this ambition doesn't assume future eminence.

Pascal Soriot: Thank you, Mark. Next slide, please. At our recent investor, we outlined a new ambition for our company to deliver 80 billion dollars in total revenue by 2030. While this target is ambitious, it is risk adjusted, meaning we did not assume all of our programs would be successful. Importantly, this ambition doesn't assume future emanate. We also reaffirmed our ambition to achieve a mid-30s percentage cooperating margin by 2026, and we are on track to achieve this. Beyond 2026, we will target at least a mid-30s percentage cooperating margin. Further progression there will depend on our pipeline and our portfolio evolution.

Speaker Change: With that, please advance to the next slide and I will hand back to Pascal for closing remarks. Thank you, Marc. Next slide, please. At our recent Investor Day, we outlined a new ambition for our company to deliver $80 billion in total revenue by 2030.

Pascal: While this target is ambitious, it is risk-adjusted, meaning we did not assume all of our programs would be successful. Importantly, this ambition doesn't assume future M&A.

Pascal Soriot: We also reaffirmed our ambition to achieve a mid-30s percentage cooperating margin by 2026, and we are on track to achieve this. Beyond 2026, we will target at least a mid-30s percentage cooperating margin. Further progression there will depend on our pipeline and our portfolio evolution. Finally, given our ongoing pipeline momentum, we have upgraded our previous ambition, and we now expect to launch at least 20 enemies by the end of the decade and are already well on our way.

Pascal: We also reaffirmed our ambition to achieve a mid-30s percentage co-operating margin by 2026, and we are on track to achieve this.

Pascal: Beyond 2026, we will target at least a mid-30s percentage cooperating margin, further progression there will depend on our pipeline and our portfolio evolution.

Pascal Soriot: Finally, given our ongoing pipeline momentum, we upgraded our previous ambition, and we now expect to launch at least 20 enemies by the end of the decade and are already well on our way.

Pascal: Finally, given our ongoing pipeline momentum, we upgraded our previous ambition and we now expect to launch at least 20 enemies by the end of the decade and are already well on our way. Next slide, please.

Pascal Soriot: Next slide, please. Illustrated on this slide are the medicines, compounds, and areas that we believe have peculiar revenue potential greater than $5 billion. Importantly, a large number of these are already on the market, and the majority of those still in development are in registration or trials.

Pascal Soriot: Illustrated on this slide are the medicines, compounds, and areas that we believe have PQR revenue potential greater than $5 billion. Importantly, a large number of these are already on the market, and the majority of those still in development are in registration or trials. In addition, we believe that by 2030, we will have over 25 medicines delivering at least $1 billion in annual revenue, almost double the number of blockbusters today. Turn to the next slide, please.

Pascal: Illustrated on this slide are the medicines, compounds, and areas that we believe have PQR revenue potential greater than $5 billion.

Pascal Soriot: In addition, we believe that by 2030, we will have over 25 medicines delivering at least $1 billion in annual revenue, almost doubled the number of blockbusters today. Drone to next slide, please. In the first half of the year, we delivered five positive Phase 3 trials and several important new approvals and launches. Looking ahead to anticipate radiads from over 40 phase 3 trials before the end of 2025. Many fire sets that we believe have greater than 5 billion dollar peak revenue potential.

Pascal: Importantly, a large number of these are already on the market, and the majority of those still in development are in registration or trials.

Pascal: In addition, we believe that by 2030, we will have over 25 medicines delivering at least $1 billion in annual revenue, almost double the number of blockbusters today.

Pascal Soriot: In the first half of the year, we delivered five positive phase three trials and several important new approvals and launches. Looking ahead, we anticipate readouts from over 40 phase three trials before the end of 2020-2025, mainly for assets that we believe have greater than $5 billion peak revenue potential. Importantly, we will be sharing data later this year from multiple early stage trials that support investment in potentially high value disruptive technology. This includes data for our bispecific antibodies and in-house antibody drug conjugates as we seek to extend our lead in these important innovative areas of oncology.

Pascal: In the first half of the year, we delivered five positive phase 3 trials and several important new approvals and launches.

Pascal: Looking ahead, we anticipate readouts from over 40 phase 3 trials before the end of 2020-2025, mainly for assets that we believe have greater than $5 billion peak revenue potential.

Pascal Soriot: Importantly, we will be sharing data later this year from multiple early stage trials that support investment in potentially high value disruptive technologies. This includes data for our by specific antibodies and in our antibody drug congregates, as we seek to extend our lead in this important innovative areas of oncology. As well as emerging data for a portfolio of medicines to address weight management, and we look forward to sharing data from our overall GRIP ONE, GRIP ONE, gel pigletagricagon and low acting amelind phase 1 trials.

Pascal: Importantly, we will be sharing data later this year from multiple early-stage trials that support investment in potentially high-value disruptive technologies.

Pascal: This includes data for our bispecific antibodies and in-house antibody drug conjugates as we seek to extend our lead in this important, innovative areas of oncology.

Pascal Soriot: As well as emerging data for our portfolio of medicines to address weight management, and we look forward to sharing data from our oral GRIP1, GLP-GLUTEGALCAGARN, and long-reacting amylin phase 1 trials. These are just a few of the important investments that will fuel growth to 2030 and beyond.

Pascal: As well as emerging data for our portfolio of medicines to address weight management, and we look forward to sharing data from our oral GLP-1, GLP-1, GLP-1 glutegocagon, and long-reacting amylin phase 1 trials.

Pascal Soriot: And as I've said before, by the end of 2025, it will be clear to investors that we are on track for the 2030 goal we set ourselves, and, of course, that relies on the assumption that many of those trials, not necessarily all of them, but many will succeed. With that, please advance to the next slide, and we will go to the Q&A. As Emily mentioned at the start of the call, please limit the number of questions you ask to allow others a fair chance to participate.

Pascal Soriot: These are a few of the important investments that we feel grossed in 2030 and beyond. And as I've said before, by the end of 2025, it would be clear to investors that we are on track for the 2030 goal we set ourselves in. And of course, they're realized on the assumption many of those trials, not necessarily all of them, but many will succeed.

Pascal: These are a few of the important investments that will fuel growth to 2030 and beyond. And as I've said before, by the end of 2025,

Pascal: It will be clear to investors

Pascal: that we are on track for the 2030 goal we set ourselves and and of course that relies on the assumption many of those trials not necessarily all of them but many will succeed.

Operator: With that, please advance to the next slide, and we will go to the Q&A.

Operator: As Emily mentioned at the start of the call, please leave me the number of questions you asked to allow others a fair chance to participate. For those online, please use the raise your hand function on Zoom, and we start.

Pascal: With that, please advance to the next slide and we will go to the Q&A.

Pascal Soriot: For those online, please use the raise your hand function on zoom, and with that, let's move to the first question, which is from Mark Purcell at Morgan Stanley. Over to you, Mark. Yeah, thank you very much, Pascal. Good morning. Good afternoon, everyone.

Speaker Change: As Andy mentioned at the start of the call, please limit the number of questions you ask to allow others a fair chance to participate. For those online, please use the raise your hand function on Zoom. And with that, let's move to the first question, which is from Mark Purcell at Morgan Stanley . Over to you, Mark.

Mark Wilson: Let's move to the first question, which is from Mark Wilson at Morgan Stanley. Over to you.

Mark Wilson: Thank you very much, Pascal.

Mark Purcell: Two questions. Could you help us understand what you perceive the sustainability of growth in the legacy products that did incredibly well in the second quarter? So I guess I'm talking about Simbicor, Colmacor, Presto, Brilliant, Zolidex, and Farsiga. So there's a sort of mix of different drivers there.

Mark Wilson: Good afternoon, everyone. Two questions. Could you help us understand what you perceive the sustainability is of growth in the legacy products that did incredibly well in the second quarter. So, I guess I'm talking symbolical, comical, crest, open, exotic, and fossil ghosts. And it's a sort of mix of different drivers there, but emerging market revenue growth was strong in all of these. And so, hope you could help us gain some perspective there.

Mark Purcell: Yeah, thank you very much, Pascal. Good morning. Good afternoon, everyone.

Mark Purcell: Two questions. Could you help us understand

Mark Purcell: what you perceive the sustainability is of growth in the legacy products that did incredibly well in the second quarter so I guess I'm talking Simbicor, Colmacor

Mark Purcell: Crestal Brilliance, Zolotex and Fossego. So there's a sort of mix of different drivers there but emerging market revenue growth was strong in all of these and so hopefully you can help us gain some perspective there.

Susan Galbraith: And then secondly, a question for Susan, for him, Cindy, and Blader Cancer, obviously all weighed in our great data. I hope it's understand the opportunity in the two other trials that are going to read out in the next 12 months to focus on an NIPC, but also the non-Muslim-Vacive Advocance and 12 Potemac, which is very interesting. Thank you.

Mark Purcell: But emerging market revenue growth was strong in all of these, and so hopefully, you can help us gain some perspective there. And then secondly, a question for Susan, on Infinsi and Bladder Cancer, obviously, we'll weigh the Niagara data, but can you help us understand the opportunity in the two other trials that are going to read out in the next 12 months, the Volga study and NIBC, but also the non-muscle invasive bladder cancer trial, POTAMAC, which looks very interesting. Thank you. Thank you, Mark. Two great questions. And I'll ask you then to answer the second one.

Speaker Change: And then secondly a question for Susan. For Infinezian bladder cancer, obviously we'll weigh the Niagara data, but can you help us understand the opportunity in the two other trials that I can read out in the next 12 months, the Volga study and NIPC, but also the non-muscle invasive bladder cancer trial, POTAMAC, which looks very interesting. Thank you.

Pascal Soriot: Maybe I'll try to address the first one, which really allows me to make maybe a broader comment on our upgraded guidance. You've seen our upgraded guidance for the whole year. I think it's important to keep in mind that in this upgraded guidance, we expect continued strength and the same momentum of growth in our core strategic products. Many of our older products, we also expect to continue growing. There's an area of uncertainty around two products, Symbicote and Farsiga. Farsiga, in particular, in China, because we are not yet sure of the timing of the VBP process.

Pascal Soriot: Thank you, Mark. Two great questions, and I'll ask you then to answer the second one. Maybe let me try to address the first one, which really allows me to make maybe a water comment on our great guidance. You've seen our great guidance for the whole year. I think it's important to keep in mind that in this great guidance we expect, in the second half, we expect continued strengths and the same momentum of growth in our course strategic products. Many of our older products; we also expect to continue growing. There's an array of uncertainty around two products.

Speaker Change: Thank you, Mark. Two great questions, and I'll ask you then to answer the second one. Maybe let me try to address the first one, which really allows me to make maybe a broader comment on our upgraded guidance. You've seen our upgraded guidance for the whole year.

Speaker Change: I think it's important to keep in mind that in this upgraded guidance we expect

Speaker Change: In the second half, we expect continued strength and the same momentum of growth in our core strategic products.

Pascal Soriot: Simbicort and Fassiga, Fassiga in particular in China, we are not yet sure of the timing of the VBP process. And Simbicort would could comment on this a little later, if necessary, but in the US and particular, there's someone certainly around the durability of the ongoing activity. So the positive in which case we would think they have an upside versus what we expect today, but this important to keep in mind that the course, Raju products are very much on track in the second half, good train. And the array of uncertainty, which we've reflected in our guidance for the year, mostly relates to those two products in Bicort and Fassiga.

Speaker Change: Many of our older products we also expect to continue growing. There is an area of uncertainty around two products, Symbicote and Farsiga. Farsiga in particular in China because we

Pascal Soriot: And Simbicort, Ruud could comment on this a little later if necessary. But in the US, in particular, there's some uncertainty around the durability of the ongoing to be positive, in which case we would have an upside versus what we expect today. But it is important to keep in mind that the core strategic products are very much on track in the second half, a good trend. And the area of uncertainty, which we've reflected in our guidance for the year, mostly relates to those two products, Simbicort and Farsiga. With this, Susan?

Speaker Change: I'm not yet sure of the timing of...

Ruud: The VBP process and Simby Court, Ruud could comment on this a little later if necessary But in the US in particular, there's some uncertainty around the durability of the ongoing for the ongoing trend

Speaker Change: Those uncertain to the positive, in which case we would definitely have an upside versus what we expect today.

Speaker Change: But it's important to keep in mind that the core strategic products are very much on track in the second half. Good trend.

Susan Galbraith: Yeah, thank you.

Susan Mary Galbraith: Yeah, thank you. So I appreciate the question, Mark. The opportunity for IO in bladder cancer, I think, is actually significant, and we've obviously seen other trials that are positive.

Suzanne: And the area of uncertainty, which we've reflected in our guidance for the year, mostly relates to those two products, Imbicort and Farsigar. With this, Susan?

Susan Mary Galbraith: So appreciate the question mark. The opportunity for Iowa and bladder cancer, I think, is actually significant, and we obviously seen other trials that are positive. But I'm excited by the now good data, not just because we've hit on EFS, but OS. And I think this both well for the vulgar study. Obviously, you know, EV in front of the dotan has shown that he has monitored a bit of also exciting data in combination with with home in the first line of bother cancer, and I think the opportunity for that combination with Devalima van with Durva Plani in the vulgar study in the periopter setting is really exciting.

Susan: Yeah, thank you. So I appreciate the question, Mark.

Speaker Change: The opportunity for I.O. in bladder cancer I think is actually significant and we've obviously seen other trials that are positive but I'm excited by the Niagara data not just because we've hit on EFS but OS and I think this bodes well for the Volga study obviously

Susan Mary Galbraith: But I'm excited by the Niagara data, not just because we've hit on EFS but OAS as well. And I think this bodes well for the Volga study. Obviously, you know, EV, infoderma verdotin, has shown that people with monotherapy are also exciting data in combination with PEM in the first line of bladder cancer. And I think the opportunity for that combination with Duvalier-Marban, with Dervo plus me in the Volga study in the perioperative setting is really exciting. Non-muscle invasive bladder cancer is also a really important indication.

Speaker Change: You know, Evie

Speaker Change: and Fatima Verdotin has shown activity both as monotherapy but also exciting data in combination with PEMBRO in the first line of viral cancer and I think the opportunity for that combination with Divali-Marban with DERVA plus TREMI in the Volga study in the perioperative setting is really exciting.

Susan Mary Galbraith: The non-muscle invasive bladder cancer is also really important indication. You know, again, given our good data, I think that has to increase the, you know, probability of the certainty they're also through in terms of so excited about, you know, all of this in totality, coming together and seeing what the opportunity is to further improve on the outcomes of patients with bladder cancer, all stages of the disease.

Speaker Change: The non-muscle invasive bladder cancer is also a really important indication you know and again given an aggregator, I think that has to increase the you know, probability that there's a good opportunity there also for infirmity. So excited about you know all of this in totality coming together and seeing what the opportunity is to further improve on the outcomes of patients with bladder cancer at all stages of the disease.

Susan Mary Galbraith: You know, and again, given the Niagara data, I think that has to increase the probability that there's an opportunity there also for infirmity. So excited about all of this in totality, coming together, and seeing what the opportunity is to further improve the outcomes of patients with bladder cancer at all stages of the disease. Thanks, Suzanne.

Dave Fredrickson: Thanks for that, and maybe Dave, you could add some further insights on this indication, and then Ruud, if you want to comment on Symbicot and Pablo Cura, I think Fassiga has covered it, but if there is anything you want to add on Symbicot, for the two of you there. Thanks, so just Mark building off Susan's commentary on the studies and the unmet need and the opportunity. If we take a look at bladder cancer in aggregate, so Niagara, Volga together with Atomic, I think, and obviously we need to see positive study results, but this is a blockbuster plus opportunity in aggregate from these. And I think that Niagara, as Susan says, gives good reason to believe in, in Finsey, within this bladder cancer setting.

David Fredrickson: Maybe, Dave, you could add some further insights on this indication. And then, Ruud, if you want to comment on Symbicort in particular, I think Farsiga has covered it. But if there is anything you want to add to Symbicort, over to you, Dave. Thanks. So just, Marc, building off Susan's commentary on the studies and the unmet need and the opportunity, if we take a look at bladder cancer in aggregate, so Niagara, Volga, together with Potomac, I think, and obviously, we need to see positive study results. But this is a blockbuster plus opportunity in aggregate from these.

Speaker Change: Thanks, Suzanne. Maybe, Dave, you could add some further insights on this indication and...

Dave: And then Ruud, if you want to comment on Symbicort in particular, I think Fasiga has covered it, but if there is anything you want to add on Symbicort, over to you, Dave. Thanks. So just, Marc, building off Susan's commentary on the studies and the unmet need and the opportunity, if we take a look at bladder cancer in aggregate, so Niagara, Volga, together with Potomac, I think, and obviously we need to see positive study results, but this is a blockbuster plus.

David Fredrickson: And I think that Niagara, as Susan says, gives good reason to believe in Finzi within this bladder cancer setting. I'd also say that, importantly, these are catalysts that are coming within the 24--25 period in terms of the news flow. So we don't have to wait a long time to understand whether those opportunities will materialize or not. Ruud?

Dave Fredrickson: I'd also say that, importantly, these are catalysts that are coming within the 24-25 period in terms of the news flow, so we don't have to wait a long time to understand whether those opportunities well materialized or not.

Marc: Opportunity in aggregate from these and I think that Niagara as Susan says

Gibbs: Gibbs, good reason to believe in in Finzi within this bladder cancer setting. I'd also say that importantly, these are catalysts that are coming within the 24-25 period in terms of the news flow. So we don't have to wait a long time to understand whether those opportunities will materialize or not.

David Fredrickson: Thank you, Dave.

Ruud Dobber: So three remarks regarding the Symbicot performance. So, first of all, the brands remains doing very well, not only in the United States, as you have seen, but also in the emerging markets. Clearly emerging markets, there's no reason to believe that that will slow down any time soon. There's a lot of loyalty across the markets and the brands. The United States is slightly more complex. We saw the generic competition entering in the market in 2023. We have launched our own offline generic some years ago and agreed, and I think that's an important event. We have reduced our list price in the beginning of this year, and we, as a result of all those three factors.

Speaker Change: Thank you Dave. So three remarks regarding the SymbiCorp performance. So first of all,

Speaker Change: The brand remains doing very well, not only in the United States, as you have seen, but also in the emerging markets. Clearly, emerging markets, there's no reason to believe that that will slow down anytime soon. There's a lot of loyalty.

Speaker Change: across the across the markets and the brands.

Speaker Change: The United States is slightly more complex, we saw generic competition

Ruud Dobber: We have seen a very substantial increase of the volumes, but also regarding our price. Whether that is sustainable, time will tell, but at least in the short term, we still hope that Symbicot will remain a very strong brand in the United States.

Speaker Change: entering in the market in 2023.

Speaker Change: We have launched our own offline generic.

Speaker Change: Some years ago, and equally, and I think that's an important event, we have reduced our list price in the beginning of this year, and as a result of all those three factors, we have seen a very substantial increase

Ruud Dobber: Whether that is sustainable, time will tell. But at least in the short term, we still hope that Symbicort will remain a very strong brand in the United States. Thank you, Ruud. So, as you can see, there is, of course, uncertainty about Farsiga and Symbicort. As I said before, if those uncertainties resolve positively over the next few months, then there is certainly upside. But for now, that's how we see the trend. James Gordon, JPN.

Pascal Soriot: Thank you, Roads. So, as you can see, there is of course uncertainty on Fasiga and the Symbicot. As I said before, those uncertainties result positively over the next few months. Then there is suddenly upside, but for now that's how we see the trend.

Speaker Change: of the volumes, but also regarding our price, whether that is sustainable, time will tell. But at least in the in the in the short term, we still hope that Simbicoid will remain a very strong brand in the United States.

James Daniel Gordon: James Gordon, JPM, James Favreau. Hello, James Gordon, Jason Morgan. Thanks for taking the questions.

Speaker Change: Thank you, Ruud. So, as you can see, there is, of course, uncertainty on Farsiga and Symbicort. As I said before, if those uncertainties resolve positively over the next few months, then there is certainly upside. But for now, that's how we see the trend. James Gordon, JPM. James, over to you.

James Daniel Gordon: James, over to you. Hello, James Gordon, JP Morgan, thanks for taking the questions. I'll ask a question about collaboration revenues because I noticed within the guidance that it's no longer expected to increase, and I can see two elements that it looks like might have changed. So firstly, for part one in a potential partnership, it looks like the previous guidance may be allowed for a contribution to that. But you've now started phase three for prostate and breast cancer, and you're doing that solo.

James Daniel Gordon: A question about collaboration revenues, because I noticed in the guidance that's no longer expected to increase this year. And I can see two elements that it looks that might have changed. So firstly, for part one in a potential partnership, it looked like the previous kinds may be allowed for a contribution for that. But you've now started phase three for prostate and breast, and you're doing that so low. So is that fair that you're now assuming that you are going to end up doing this product by itself? And how should we read that? Is that a lack of interest from external partners?

James Daniel Gordon: Hello, James Gordon, JP Morgan, thanks for taking the questions. I'll ask a question about collaboration revenues because I noticed within the guidance that's no longer expected to increase this year.

James Daniel Gordon: So is that fair that you're now assuming that you are going to end up doing this product by yourself? And how should we read that? Is that a lack of interest from external partners? Does that mean the effort doesn't look as exciting?

James Daniel Gordon: And I can see two elements that it looks like might have changed. So, firstly, for part one in a potential partnership, it looked like the previous guidance may be allowed for a contribution for that. But you've now started phase three for prostate and breast, and you're doing that solo.

James Daniel Gordon: Does that mean the effort doesn't that is exciting? Or are you so as excited about part one that is a product, even if it's just you doing by yourself?

James Daniel Gordon: Or are you still as excited about Part One as a product, even if it's just you doing it by yourself? And the other element I think could be that you could have got a milestone for Merck on their PASA path to a sales threshold. So is that right that that could be Limpasa getting just pushed out a year for hitting three billion? Or could it be that Limpasa is not topping out?

James Gordon: And the other element, I think, could be that you could have got a milestone from work or an imparza pass into a sales threshold. So is that right that that could be the Imparza getting just pushed out a year for hitting three billion? Or could it be that the imparza is not talking out? Because I don't think you gave a peak sales for the Imparza at the investor day. Is that because there's some other things to be wary of? Like, for instance, the pattern might go in China at the end of this year. What do you think is just you get there, but just a year later to get that past?

Speaker Change: So is that fair that you're now assuming that you are going to end up doing this product by itself? And how should we read that? Is that a lack of interest from external partners? Does that mean the effort doesn't look as exciting? Or are you still as excited about Part One as a product, even if it's just you doing it by yourself?

James Daniel Gordon: Because I don't think you gave a peak sales for Limpasa at Investor Day. Is that because there's some other things to be wary of? Like, for instance, the pattern might go into China at the end of this year?

Speaker Change: and the other element I think could be that you could have got a milestone for Merck on their PASA passing through a sales threshold.

Speaker Change: So is that right that that could be Limpasa getting just pushed out a year for hitting three billion? Or could it be that Limpasa is not topping out? Because I don't think you gave a peak sales for Limpasa at the Investor Day. Is that because there's some other things to be wary of, like for instance the pattern might go in China at the end of this year? Or do you think it's just you get there, but just a year later to get that milestone? Thanks.

Aradhana Sarin: Thanks.

Pascal Soriot: Or do you think it's just you get there, but just a year later to reach that milestone? Thanks. A couple of very quick comments, actually, James, great questions. But quick comments before I hand over to Susan on terms of our confidence in the PAP one, which is very strong, no question about it. And maybe, Dave, in terms of the Limpasa trend. Very quickly, Limpasa, you know, in China, you really get impacted when you go VBP, not necessarily when you lose patent protection, as you know very well. So I don't think that's really a factor.

Speaker Change: A couple of very quick comments actually, James, great questions, but quick comments before I close.

Speaker Change: I hand over to Susan in terms of our confidence in the PAP I, which is very strong, no question about it, and maybe Dave in terms of Limpasa, a trend. Very quickly, Limpasa

Pascal Soriot: General comment on collaboration revenue. It's not visible from the outside, of course, but I can tell you any deal we do, whether it's a licensing or partnership deal. Typically, we work for one year, sometimes two years on those deals before we conclude them.

Speaker Change: You know, in China, you really get impacted when you go VBP, not necessarily when when you lose patent protection, as you know, very well. So I don't think that's really a factor. General comment on collaboration revenue.

Speaker Change: It's not visible from the outside, of course, but I can tell you any deal we do, whether it's a licensing in or a partnership deal.

Speaker Change: Typically, we work one year, sometimes two years on those deals before we conclude them.

Pascal Soriot: And the reason is, basically, we want to make sure that we set up a partnership that is both strategically valuable and also creates value for our shareholders. But also, it's structured in a way that enables the partnership to be successful. We don't really want to get into a partnership when we cannot operate successfully together with our partners.

Speaker Change: And the reason is, basically, we want to make sure that we set up a partnership that is

Speaker Change: Strategically valuable and also creates value for our shareholders, but also it's structured in a way that enables the partnership to be successful.

Speaker Change: We don't want really to get into a partnership when we...

Speaker Change: I cannot operate successfully together with our partners and all our partnerships, quite frankly, are extremely successful. We have great relationships with our partners.

Pascal Soriot: And all our partnerships, quite frankly, are extremely successful. We have great relationships with our partners, whether it's Merck, whether it's Amgen, Daiichi Senkyou. And each time we really make a special effort to make sure that the whole thing is operationally structured. So this is going to be successful. So the consequence of this is the timing of these partnerships is a little bit unpredictable. And so we don't guide specifically on the contents of the collaboration revenue lines like we don't guide specifically on the individual products, um but at this point in our guidance we uh concluded the best is to assume um relatively stable collaboration revenue overall and you know things can always change uh of course as we as we go through the year but that we thought was the best reflection of where we are at this point now do you want to cover the Limpasa specific or specific question and then Susan you could talk about the confidence we have in the Southwind?

Speaker Change: Whether it's Merck, whether it's Amgen, Daiichi Senkyou, and each time we really make a special effort to make sure that the whole thing is operationally structured so this is going to be successful.

Speaker Change: So the consequence of this is the timing of these partnerships is a little bit unpredictable. And so we don't guide specifically on the contents of the collaboration revenue line, just like we don't guide specifically on the individual product sales.

Speaker Change: But at this point in our guidance...

Speaker Change: We concluded the best is to assume

Speaker Change: Relatively stable collaboration revenue overall.

Pascal Soriot: Sure um so I was pleased in the second quarter with Limpasa to see that sequentially um we saw seven percent growth in Q2 versus Q1 and I think that um what's important to note there is we know that in the US in particular we've seen uh some real negative class pressure particularly as second line um label modifications were made just in terms of all of the class going through those elements and so I think that in the US Q1 marks the bottom of where we were and that you see sequential US growth coming into the quarter and and and I think that's coming from a strength that we're seeing on driving within breast cancer continued strength in the areas of frontline ovarian cancer um and and and I'm optimistic that we'll continue to see sequential growth in the US moving forward uh as we take a look at Europe and Japan we also saw sequential growth in those regions and I think that that's uh really really important as well on Limpasa um international uh for the quarter there there's some stocking dynamics in both Brazil and um uh within Russia those happen to be our two largest international markets uh as we kind of take a look at Limpasa performance but I'm optimistic that Limpasa has a good solid second half sequentially uh in front of us and we continue to focus on our areas and I look forward to driving Duo E and the opportunities that we have to do that and I think that uh that's my outlook for the, Yeah, thank you. And just to add, I'm, you know, really, very pleased with the development of Siroparib. First of all, because in terms of the discovery, it's come from our understanding of how we can improve on the great medicine that Lymparza is.

Dev: And, you know, things can always change, of course, as we as we go through the year, but that we thought was the best reflection of where we are at this point. Dev, do you want to cover the Limpasa specific question, and then, Suzanne, you could talk about the confidence we have in the Parfois? Sure.

Dev: So.

Dev: I was pleased in the second quarter with Limparza to see that sequentially we saw 7% growth in Q2 versus Q1 and I think that

Dev: What's important to note there is we know that in the U.S. in particular, we've seen some real negative class pressure, particularly as second line

Dev: label modifications were made just in terms of all of the class going through those elements. And so I think that in the US, Q1 marks the bottom

Dev: of where we were and that you see sequential U.S. growth coming into the quarter and I think that's coming from a strength that we're seeing on driving within breast cancer, continued strength in the areas of frontline ovarian cancer.

Dev: and I'm optimistic that we'll continue to see sequential growth in the US moving forward.

Dev: As we take a look at Europe and Japan, we also saw sequential growth in those regions, and I think that that's really, really important as well.

Dev: on Lamparza. International for the quarter, there's some stocking dynamics in both Brazil

Dev: And within Russia, those happen to be our two largest international markets as we kind of take a look at Limparza performance, but I'm optimistic that Limparza has a good

Aradhana Sarin: Aradhana. Yeah, thank you. And just to our time, you know, really, very pleased with the development of Sirapurab, first of all, because in terms of the discovery, it's come from our understanding of how we can improve on the great medicine that Limparcel is. And secondly, as the data mature in both our patch and paternal trials, we've presented, you know, most recent updates earlier this year. You know, there's a data mature about the efficacy and safety data, look really very encouraging to deliver on what we're hoping for from this medicine. And we do have a broad clinical development plan.

Susan Mary Galbraith: And secondly, as the data mature in both our PETRA and PETRANA trials, we've presented the most recent updates earlier this year, both the efficacy and safety data look really very encouraging to deliver on what we're hoping for from this medicine. And we do have a broad clinical development plan. You've got two trials that are already published, the Evaparprostate-01 and the initial breast cancer study, but there are multiple other opportunities that are being developed. And I think there's going to be a great opportunity for this to be a very important medicine moving forward. Thank you, Suzanne.

Dev: solid second half sequentially in front of us. And we continue to focus on our areas and look forward to driving Duo E and the opportunities that we have to do that. And I think that that's my outlook for the medicine.

Speaker Change: Yeah, thank you.

Speaker Change: And just to add, I'm, you know, really very pleased with the development of Seroparib. First of all, because in terms of the discovery, it's come from our understanding of how we can improve on the great medicine that Lymparza is. And secondly, as the data mature in both our PETRA and PETRANA trials, we've presented, you know, most recent updates earlier this year.

Aradhana Sarin: You've got two trials that are already posted: the Eva Parpreste, 01 and the initial breast cancer and study, but there's multiple other opportunities that are being developed. And I think there's going to be a great opportunity for us to be a very important medicine and moving forward. Thank you, Sirapurab.

Speaker Change: As the data mature, both the efficacy and safety data look really very encouraging to deliver on what we're hoping for from this medicine.

Speaker Change: We do have a broad clinical development plan. You've got two trials that are already posted, the Evaparprostate-01 and the Initial Breast Cancer Study, but there's multiple other opportunities that are being developed.

Susan Mary Galbraith: So, you know, I think the key message here at the end is that it's very good to see that we're actually able to substantially upgrade the guidance, whilst considering collaboration revenue will remain stable. So that really reflects a strong momentum in our core business, in particular, our core strategic products, but also our more traditional products in emerging markets. And as I said, uncertainty around Symbicort and Farsiga may resolve positively, but we'll have to see over the next two to three months.

Pascal Soriot: So, you know, I think the key message here in the end is it's very good to see that we're actually able to upgrade substantially the guidance, whilst considering our coverage on revenue will remain stable. So, that really reflects a strong momentum in our core business, in particular our course project products, but also our more traditional products in the emerging market. And as I said, uncertainty around seem to be curled and fa siga; those may result positively. We'll have to see over the next two to three months. And the collaboration with the new, of course, as always, like for products, there's always movements and noise in this total forecast, but could also, you know, vary around what we have forecasting today.

Speaker Change: and I think there's going to be a great opportunity for this to be a very important medicine moving forward. Thank you Suzanne. So you know I think the key message here in the end is it's very good to see that we're actually able to upgrade substantially the guidance.

Speaker Change: So that really reflects a strong momentum in our core business, in particular our core strategic products, but also our more traditional products in the emerging market.

Susan Mary Galbraith: And the collaboration revenue, of course, as always, like for products, there's always movements and noise in this total forecast but could also, you know, vary around what we are forecasting today. Let's move to the next one, which is a question from Gonzalo Arciac at Danske. Gonzalo, over to you. Hi, good afternoon. Can you hear me?

Speaker Change: And as I said, uncertainty around Symbicort and Farsiga, those may resolve positively. We'll have to see over the next two to three months.

Gonzalo Archaeak: Let's move to the next one, which is a question from Gonzalo Archaeak at Danske.

Speaker Change: And the collaboration revenue, of course, as always, like for products, there's always movements and noise in this total forecast, but could also, you know, vary around what we are forecasting today.

Gonzalo Artiach Castan: Gonzalo, over to you. Hi, we have to hear me. Yep. Okay, great, great. Hi, Gonzalo Archaeak from Danske Bank. Thank you for taking my questions. And I have a couple, the first one on that of the XT. Is there any details you could provide as in terms of interactions with the idea ahead of the have you had any sign of potential outcome meeting? Any details here would be appreciated?

Gonzalo Artiach Castan: Yep. Hi, Gonzalo Arteag from Danske Bank. Thank you for taking my questions. I have a couple.

Speaker Change: Let's move to the next one, which is a question from Gonzalo Arciac at Danske. Gonzalo, over to you.

Gonzalo Artiach Castan: Hi, good afternoon, can you hear me?

Gonzalo Artiach Castan: Yep.

Gonzalo Artiach Castan: Okay, great, great. Hi, Gonzalo Arteag from Danske Bank. Thank you for taking my questions. I have a couple. The first one on that ODXP. Is there any detail you could provide us in terms of interactions with the FDA ahead of the PDUFA meeting on Tropionango-1 potential approval? Have you had any sign of potential outcome meeting?

Gonzalo Archaeak: And a second one on true cup, the lounge seems that it's going very good. And I was wondering if you have any hypotheses for each failing also in the supermarket population in the triple negative resistance cancer study, and if you have any pullbacks from your failed study, here to the approval of the education. Thank you very much. Thank you, Gonzalo.

Gonzalo Artiach Castan: Any details here would be appreciated. And a second one, on Trucap, the launch seems that it's going very good. And I was wondering if you have any hypotheses for it failing also in the biomarker population in the triple negative breast cancer study, and if you have any pullbacks from your failed study here.

Susan Galbraith: Can I suggest, then you covered that, but also true cup from a sort of scientific viewpoint, and that you could serve your words about the trend we see in the market? Thank you. So the copy and longer one filing, mainly under review, discussions will be FDA are ongoing.

Gonzalo Artiach Castan: The first one on that ODXT. Is there any detail you could provide us in terms of interactions with the FDA ahead of the PDUFA meeting on Tropionango 1 potential approval? Have you had any sign of a potential outcome meeting? Any detail here would be appreciated.

Speaker Change: to the Apple of the indication. Thank you very much. Thank you, Gonzalo. Can I suggest, Susan, you covered that too, but also to recap from a sort of a scientific viewpoint, and if you could say a few words about the trend we see in the market?

Susan Mary Galbraith: I don't have any new updates to share with you on this filing at the moment. The, you know, what I would say in terms of the second half of this year is that, you know, Congress is later this year. We already announced the TLO1 OS high-level results, but we'll share those data at an upcoming congress. And, you know, just to, as a note, we're also finalizing and making progress on the biomarker work for TLO1. And again, I think we mentioned this before, but we'll also share updated data on the biomarker as a congress later this year.

Speaker Change: Thank you.

Speaker Change: Thank you. So the Tropian Longo 1 filing remains under review. Discussions with the FDA are ongoing. I don't have any new updates to share with you on this filing at the moment.

Speaker Change: The, you know, what I would say in terms of the second half of this year is that, you know, in Congresses later this year, we will, we've already announced the TLO 1 OS high level results, but we'll share those data at an upcoming Congress.

Speaker Change: And, you know, just as a note, we're also finalizing and making progress on the biomarker work for TLO1. And again, I think we mentioned this before, but we'll also share updated data on the biomarker at the Congress later this year.

Susan Galbraith: In terms of true cap, first of all, yes, it was disappointing that we didn't meet the primary endpoint for the data in the triple negative breast cancer setting. But I think the data that we've already got with a cap of TLO2, nine one and what we're looking forward to for the cap of TLO2, eight one trial and prostate cancer is looking at the interaction of AKT and endocrine signaling both in breast cancer and prostate cancer. So, in both settings, there's a kind of a typical relationship between the endocrine signaling. So, as ER is inhibited, you know, you're signaling through the AKT pathway goes up and vice versa.

Gonzalo Artiach Castan: And the second one, on Trucap, the launch seems that it's going very well. And I was wondering if you have any hypothesis for it failing also in the biomarker population in the triple negative breast cancer study and if you have any pullbacks from your failed study here to the approved indication. Thank you very much. Thank you, Gonzalo.

Susan Mary Galbraith: Can I suggest, Suzanne, you covered that too, but also Trucap from a sort of scientific viewpoint, and if you could say a few words about the trend we see in the market? So the TOKYO LONGO 1 filing remains under review. Discussions with the FDA are ongoing, but I don't have any new updates to share with you on this filing at the moment. The, you know, what I would say in terms of the second half of this year is that, you know, in Congress later this year, we will, we've already announced the TLO1 OS high-level results, but we'll share those data at an upcoming Congress.

Susan Mary Galbraith: And, you know, just to make a note, we're also finalizing and making progress on the biomarker work for TLO1. And again, I think we mentioned this before, but we'll also share updated data on the biomarker at Congress later this year. In terms of TrueCAP, first of all, yes, it was disappointing that we didn't meet the primary endpoint for the data in the triple negative breast cancer setting. But I think the data that we've already got with Capitello 291 and what we're looking forward to for the Capitello 281 trial in prostate cancer are looking at the interaction of AKT and endocrine and signaling both in breast cancer and prostate cancer. So in both settings, there's a kind of reciprocal relationship between endocrine signaling. So as ER is inhibited, your signaling through the AKT pathway goes up, and vice versa.

Speaker Change: In terms of TrueCap, first of all, yes, it was disappointing that we didn't meet the primary endpoint for the data in the triple negative breast cancer setting.

Speaker Change: But I think the data that we've already got with Capitello 291 and what we're looking forward to for the Capitello

Speaker Change: 281 Trial in Prostate Cancer

Speaker Change: is looking at the interaction of AKT and endocrine signalling both in breast cancer and prostate cancer. So in both settings...

Susan Mary Galbraith: And the same with the hydrogen receptor and AKT. So, I think one of the things that gives us confidence in the cap of TLO2, eight one indication, which is very significant, is the data that we've seen from the cap of TLO2, nine one setting in the endocrine sensitive breast cancer setting. And again, what we also know is that in the Peter Null group of prostate cancer, that's a group that has particularly poor prognosis. And that's a group that will focus on for cap of TLO2, nine one. So, overall, I think we're very encouraged by the uptake that you've seen with the two cap launch following the two, nine one results.

Susan Mary Galbraith: And the same with the androgen receptor and AKT. So I think one of the things that gives us confidence in the Capitello 281 indication, which is very significant, is the data that we've seen from the Capitello 291 setting in the endocrine sensitive breast cancer setting. And again, what we also know is that in the P10 null group of prostate cancer, that's a group that has a particularly poor prognosis, and that's the group that we're focused on for Capitello 291.

Speaker Change: There's a kind of reciprocal relationship between...

Speaker Change: the endocrine signaling so as er is inhibited you know you're signaling through the akt pathway goes up and vice versa and the same with the androgen receptor and akt so i think

Speaker Change: One of the things that gives us confidence in the Capitello 281 indication, which is very significant, is the data that we've seen from the Capitello 291 setting in the endocrine sensitive breast cancer setting.

Susan Mary Galbraith: So overall, I think we're very encouraged by the uptake that you've seen with the TrueCAP launch following the 291 results, and we look forward to seeing the full potential for this medicine as the other trials read out.

Speaker Change: And again, what we also know is that in the P10 Null group of prostate cancer, that's a group that has particularly poor prognosis, and that's the group that we're focused on for Capitello 291.

Susan Galbraith: And we look forward to seeing the full potential for this medicine as the other child's read out. So just coming on to the performance, I mean, in short summary, the uptake's been strong, the adoption of biomarker testing has been also impressive, and I think that the tolerability profile for the medicine has been really well received. The uptake was very rapid in the prevalent population, which you see, oftentimes with a late-line approval, second-line plus, like the one that we had. But very importantly, we see that the incident population new starts is also strong, and that's going to be what allows us to continue to grow, moving forward into half. Just to reiterate on what Susan said.

Susan Mary Galbraith: I mean, in short summary, the uptake's been strong. The adoption of biomarker testing has also been impressive. And I think that the tolerability profile for the medicine has been really well received. The uptake was very rapid in the prevalent population, which you see oftentimes with a late-line approval, second-line plus, like the one that we had.

Speaker Change: So overall I think we're very encouraged by the uptake that you've seen with the 2CAP launch following the 291 results and we look forward to seeing the full potential for this medicine as the other trials read out.

Speaker Change: So, just coming on to the performance, I mean, in short summary, the uptake's been strong.

Speaker Change: The adoption of biomarker testing has been also impressive, and I think that the tolerability profile for the medicine has been really well received.

Susan Mary Galbraith: But very importantly, we see that the incident population new starts is also strong, and that's gonna be what allows us to continue to grow moving forward into the half. And just to reiterate what Susan said, certainly as a near-term news flow, we look forward to the 281 data for Capitello 281, an opportunity to, if positive, expand into prostate cancer, which is an important opportunity for this medicine. Thanks, Suzanne.

Speaker Change: The uptake was very rapid in the prevalent population, which you see oftentimes with late line approval, second line plus, like the one that we had, but very importantly, we see that the incident population, new starts is also strong. And that's going to be what allows us to continue to grow moving forward into the half. And just to reiterate on what Susan said, certainly as a near term news flow, we look forward to the 281

Operator: A certainly is a near-term news flow with a force to 8-1 data for Capitella 2-8-1, opportunity to, if positive, expand in the prostate cancer, which is an important opportunity for this mention. Thanks, Susan, and let me just add that, you know, those antibody drug conjugates are often called a smart team, or a smart team, a smart had to be targeted. And targeted means that you need a biomarker, and it's really good to see the progress we're making with the test that Susan was describing, because that could really be a substantial value for that tool. And the use of its agents in length and so in particular, if we could put in place targeted treatment for the strategy.

Susan Mary Galbraith: And let me just add that, you know, those antibody drug conjugates are often called smart chemo, but the smart chemo has to be targeted. And targeted means you need a biomarker, and it's really good to see the progress we're making with the QTS test that Susan was describing, because that could really have a substantial value for Dato and the use of its agents in lung cancer, in particular, if we could put in place a targeted treatment strategy. Next question is from Rajan Sharma at Goldman Sachs. Rajan, it's over to you. She's definitely going for it.

Susan: Data for Capitello 281, opportunity to, if positive, expand the metrostate cancer, which is an important opportunity for this medicine.

Speaker Change: Thanks, Suzanne, and let me just add that, you know, those antibody drug conjugates are often called smart chemo, but the smart chemo is not, has to be targeted.

Speaker Change: and Targeted means you need a biomarker and it's...

Speaker Change: It's really good to see the progress we're making with the QTS test that Susan was describing because that could really be a central value for Datto.

Rajan Sharma: Next question is Rajan Sharma, do you have a question for you? I hope you can hear me. Thanks for taking my question. So, firstly, could you just maybe discuss potential implications to weigh new as cardiac transform trial in ATTRCM, following some compared to the data that we saw last month? As NG does that positive data for VTRIP, increase your confidence in cardiac transform, and can you just remind us on timelines for that trial?

Speaker Change: and the use of its agents in lung cancer, in particular, if we could put in place targeted treatment, targeted strategy. Next question is Rajan Sharma at Goldman Sachs. Rajan, over to you.

Rajan Sharma: I hope you can hear me. Thanks for taking my question. So firstly, could you just maybe discuss potential implications for Waynewa's Cardiotransform trial in ATTR-CM following some competitor data that we saw last month? Essentially, does that positive data for Vutra increase your confidence in Cardiotransform? And can you just remind us of the timelines for that trial?

Rajan Sharma: Thank you very much.

Rajan Sharma: Hi, hopefully you can hear me. Thanks for taking my question. So firstly, could you just maybe discuss potential implications to Waynewa's Cardiac Transform trial in ATTR-CM, following some competitor data that we saw last month?

Rajan Sharma: I think your partner talked about potentially seeing data in 2025. It'd be good to get your perspectives on that. And then secondly, just on Altomiris, could you maybe just talk about the dynamics that you're seeing in Myasthenia Gravis? There have been a couple of your competitors who've also reported strong market growth in the setting this morning. So some color on the source of patience for Ultomeris and how you see this evolving on the forward will be helpful.

Rajan Sharma: I think you're part in a bit talked about potentially seeing data in 2025. That'd be good to get your perspectives on that.

Sharon Barr: And then, secondly, just on Automeris, could you maybe just talk to the dynamics that you're seeing in My senior gravis? There's been a couple of your competitors who've also reported strong market growth in the setting this morning. So, some color on source of patience for Automeris and how you see this evolving on the forward will be helpful. Thank you very much, Rajan. Sean, do you want to cover this first question? Sure, and thank you for the question. It's a nice opportunity to draw attention to a planter sin, which is currently in an ongoing study Cardio-Transform to evaluate the efficacy of a planter sin in ATTRCM.

Rajan Sharma: So essentially does that positive data for Amvutra increase your confidence in cardiotransform? And can you just remind us on timelines for that trial? I think your partner talked about potentially seeing data in 2025. That would be good to get your perspectives on that. And then secondly, just on Altomeris, could you maybe just talk to the dynamics that you're seeing in Myasthenia gravis?

Rajan Sharma: Thank you. Thank you very much, Rajan. Sharon, do you want to cover the first question?

Sharon Barr: Sure, and thank you for the question. It's a nice opportunity to draw attention to aplantracin, which is currently in an ongoing study, CardioTransform, to evaluate the efficacy of aplantracin in ATTR cardiomyopathy. As you mentioned, the HELIOS-B trial read out earlier this year, which we view as validation of the silencing mechanism to address ATTR amyloidosis. And we are continuing to progress our own CardioTransform study together with our collaborators, IONIS. This is the largest ever study run for ATTR cardiomyopathy and is powered to be able to evaluate a number of subsets within the study. We want to be sure to give aplantracin the greatest chance to demonstrate its potential for these patients.

Rajan Sharma: There's been a couple of your competitors who've also reported strong market growth in the setting this morning. So some colour on source of patience for Ultomeris and how you see this evolving on the forward will be helpful. Thank you.

Rajan Sharma: Thank you very much, Hajan. Sharon, do you want to cover the first question?

Sharon Barr: As you mentioned, the Helios B trial read out earlier this year, which we view as validation of the silencing mechanism to address ATTRM, and we are continuing to progress our own Cardio-Transform study together with our collaborators, Ionis. This is the largest ever study run for ATTRCM. It's powered to be able to evaluate a number of subsets within the study. We want to be sure to give a planter sin the greatest chance to demonstrate its potential for these patients. And so, with regards to the timing of trial read out, we are currently tracking towards our previously anticipated timelines and interactively a discussion with our collaborators.

Sharon: Thank you for the question. It's a nice opportunity to draw attention to aplantacin, which is currently in an ongoing study, cardio-transformed, to evaluate the efficacy of aplantacin in ATTR cardiomyopathy. As you mentioned, the HELIOS-B trial read out earlier this year, which we view as validation of the silencing mechanism to address ATTR amyloidosis.

Rajan Sharma: and we are continuing to progress our own cardio transform study together with our collaborators Ionis.

Sharon Barr: And so, with regard to the timing of trial readout, we are currently tracking towards our previously anticipated timelines and interactively discussing with our collaborators as we evaluate the data emerging from HELIOS-B at the upcoming ESC conference. I would also remind you that we have additional reasons for optimism. In our polyneuropathy study, in a planned subset analysis, we looked at readouts of cardiac structure and function for aplantracin and demonstrated a positive benefit within that planned subset analysis. So we look forward to the full readout of CardioTransform. Thank you, Sean, Mark, or Tomeris.

Speaker Change: This is the largest ever study run for ATPR cardiomyopathy and is powered to be able to evaluate a number of subsets within the study.

Sharon Barr: As we evaluate the data emerging from Helios B at the upcoming ESC conference, I would also remind you that we have additional reasons for optimism. In our Polyenerapathy study in a plan sub-set analysis, we looked at three doubts of cardiac structure and functions for a planter sin, and demonstrated a positive benefit within that plan subset analysis. So we look forward to the full readout of Cardio-Transform.

Speaker Change: We want to be sure to give a Plundersen the greatest chance to demonstrate its potential for these patients. And so with regards to the timing of trial readout, we are currently tracking towards our previously anticipated timelines and interactively a discussion with our collaborators.

Speaker Change: As we evaluate the data emerging from Helios B at the upcoming ESC conference.

Speaker Change: I would also remind you that we have additional reasons for optimism. In our polyneuropathy study, in a planned subset analysis, we looked at readouts of cardiac structure and function for aplondricin and demonstrated a positive benefit within that planned subset analysis. So we look forward to the full readout of CardioTransform.

Sharon Barr: Plan.

Mark Purcell: Thank you, Sharon Mark, for your time. The beginning of 2023, the course of the branded marketing, Mr. Nagravis, in the United States, but also around the world, has been very dynamic. And this is accelerating with the arrival of new clinical options for patients. So, we have mentioned in my prepared remark that the course of ultramuris for the second quarter was 36%, and I also said that predominantly, this gross came from Niesten Agravis and the launch in NMO in the United States. So we are continuing to have a very sustained growth on theology indication, both of them and, obviously, that of Niesten Agravis together.

Mark T. Esser: At the beginning of 2023, the growth of the branded market for Miastena Gravis in the United States but also around the world will be very dynamic, and this is accelerating with the arrival of new clinical options for patients. So, we have mentioned in my prepared remark that the growth of Ultramiris for the second quarter was 36%, and I also said that, predominantly, this growth came from myasthena gravis and the launch of NMO in the United States.

Speaker Change: Thank you Sean, Mark, or Tomeris?

Speaker Change: There's one, two, three.

Speaker Change: [inaudible]

Speaker Change: The growth of the branded market in Miastena Gravis in the United States but also around the world has been very dynamic and this is accelerating with the arrival of new clinical options for patients. So we have mentioned in my prepared remark that the growth of Ultramiris for the second quarter was

Mark T. Esser: So we are continuing to have very sustained growth in neurology indications, both of them and, obviously, that of myasthenia gravis together. We anticipate the growth rate of branded medicine in myasthenia gravis to remain very solid and robust in the months and years to come with the arrival of many clinical options.

Speaker Change: 36% and I also said that predominantly the growth came from myasthena gravis and the launch in NMO in the United States. So we are continuing to have a very sustained growth on neurology indication, both of them, and obviously that of myasthena gravis together.

Mark Purcell: We anticipate the gross weight of branded medicine in the Niesten Agravis to remain very solid and robust in the months and years to come, with the arrival of many clinical options.

Mark T. Esser: Thank you very much, Mark. The next question is from Sachin Jain at Bank of America. Sachin, over to you.

Mark Purcell: Thank you very much, Mark.

Speaker Change: We anticipate the growth rate of branded medicine in the myasthenia gravis to remain very solid and robust in the months and years to come with the arrival of many clinical options.

Sachin Jain: Next question is from Sachin Jane at Bank of America. Sachin, over to you. Thanks, Sachin. Question questions questions. Just a couple are not coming pipeline days or so, one for Sharon and then one for Susan. So firstly, for Sharon and BCC, given the moves of the sectors, obviously, a lot of focus ahead of you presenting day to day to day. So whenever you could just comment first on Echo gene and remind us why you think it's best in class. And how we should think about day to relative to the same weight loss we saw from Ross.

Sachin Jain: Thanks for those questions. Just a couple on upcoming pipeline data. So one for Sharon and then one for Susan.

Mark Purcell: Thank you very much, Mark. Next question is from Sachin Jain at Bank of America. Sachin, over to you.

Sachin Jain: Thanks for taking questions. Just a couple on upcoming pipeline data, so one for Sharon and then one for Susan. So firstly for Sharon on obesity, given the moves in the sector, there's obviously a lot of focus ahead of you presenting data late in the year. So one of you could just comment firstly on ecogene and remind us why you think it's best in class.

Sachin Jain: And then on AMOLED, I want you to just touch on the commentary on mechanism around calcium tone and potentially better safety relative to the Zeland data, which looks very tolerable. And then for Susan, just to follow on on TLO1, as we look today for a guess at WorldLone, I want you to comment on the importance of the non-screens subset being normally significant. And where the FDA is focused there at all in your recent interactions. Thank you.

Sachin Jain: and how we should think about data relative to the 60% weight loss we saw from Roche. And then on amylin, I wonder if you could just touch on the commentary on mechanism around calcitonin and potentially better safety relative to the Zeelin data, which looked very tolerable.

Sachin Jain: So firstly, for Sharon on obesity, given the move in the sector, there's obviously a lot of focus ahead of you presenting data late in the year. So I wonder if you could just comment first on ecogene and remind us why you think it's best in class and how we should think about data relative to the 6% weight loss we saw from Roche. And then on amylin, I wonder if you could just touch on the commentary on the mechanism around calcitonin and potentially better safety relative to the Zeeland data, which looked very tolerable.

Susan: And then for Susan, just to follow on on TLA-1, as we look today for a guess at world lung, I wonder if you could comment on the importance of the non-SQUAMES subset being normally significant, and where the FDA is focused there at all in your recent interactions. Thank you.

Susan Galbraith: Sachin, should we start with the TLO1, Susan? So, you know, obviously the FDA, I'm interested in seeing the OS data and following the readout that we shared the OS data with the FDA. And, as I've said, we will share the OS data as an upcoming congress in the second half.

Speaker Change: Thank you, Sachin. Should we start with Dato and Tier 1, Susan?

Susan: So, you know, obviously the FDA are interested in seeing the OS data and following the readout that we have shared the OS data with the with the FDA and as I've said, we will

Susan Galbraith: So I think, you know, we can answer the questions, you know, once we shared the data, really, on that point. Thank you, Susan.

Sachin Jain: And then for Susan, just to follow on from TLO1, as we look today for a guess at world lung cancer, I wonder if you could comment on the importance of the non-SQUAMES subset being nominally significant and where the FDA is focused there at all in your recent interactions. Thank you. Thank you, Sachin.

Susan Mary Galbraith: Should we start with Dato and Tier 1, Susan? And, obviously, the FDA is interested in seeing the OS data and following the readout that we have shared the OS data with the FDA, and as I've said, we will share the OS data at an upcoming Congress in the second half. So I think, you know, we can answer the questions once we share the data really on that. Thank you, Susan. Sharon Obesity, two sub-questions, Sachin likes the sub-questions, so one is, is Kojin best in class, and the second is Amirin, and the safety profile, and particularly the calcitonin dimension to this.

Sharon Barr: Sean, obesity.

Sharon Barr: Two questions, two sub questions, such in the next, the sub questions. So, one is Ecology investing class. And the second is, I mean, and the safety profile and particular diversity tone in dimension for this. Yes, thank you, Sachin, for the questions. And thank you for the focus on our weight management portfolio. So, your first question was about AZD504. The molecule that we in-license from Ecogine and together bringing forward our collaborators at Ecogine. So I'll remind everyone that this isn't poorly bio-available to LP1 receptor agonist; this suitable for once daily dosing. And has demonstrated a very positive PKP profile.

Speaker Change: Share the OS data at an upcoming congress in the second half, so I think we can answer the questions once we share the data really on that point.

Suzanne: Thank you, Suzanne.

Sharon Barr: Yes, thank you, Sachin, for the questions. And thank you for focusing on our weight management portfolio. So your first question was about AZD5004, the molecule that we in-licensed from Ecogene and together are bringing forward with our collaborators at Ecogene. So I'll remind everyone that this is an orally bioavailable GLP-1 receptor agonist that is suitable for once-daily dosing and has demonstrated a very positive PK-PD profile. We move forward into a Phase I study, which read out earlier this year, that was a highly controlled inpatient four-week study in monotherapy, and we look forward to sharing the full results of that study at a major medical conference later this year.

Sharon: Sharon Obesity, two sub-questions, Sachin likes the sub-questions, so one is ECOG best in class, and the second is amylin and the safety profile and parathyroidal calcitonin dimension to this.

Speaker Change: Yes, thank you, Sachin, for the questions.

Speaker Change: and thank you for the focus on our weight management portfolio. So your first question was about ACD5004.

Speaker Change: The molecule that we in-licensed from Ecogene and together are bringing forward with our collaborators at Ecogene.

Sharon Barr: We move forward into a phase one study, which right out earlier this year, that was a highly controlled inpatient or weak study in monotherapy. And we look forward to sharing the full results of that study at a major medical conference later this year. That study, like all Phase One, was designed to demonstrate safety and target engagement. We saw no red flags in that study, and we are encouraged to move forward with two phase two these studies, launching later this year. One in type two diabetes and one in obesity.

Sharon Barr: That study, like all Phase I's, was designed to demonstrate safety and target engagement. We saw no red flags in that study, and we are encouraged to move forward with two Phase IIB studies, launching later this year, one in type 2 diabetes and one in obesity. I'd note that AZD5004 is not our only focus in weight management and that we are exploring both incretin and non-incretin pathways. And you referred to this when you asked about our amylin molecule.

Speaker Change: So I'll remind everyone that this is an orally bioavailable GLP-1 receptor agonist that is suitable for once daily dosing and has demonstrated a very positive PK-PB profile.

Speaker Change: We moved forward into a Phase I study which read out earlier this year that was a highly controlled inpatient four-week study in monotherapy. And we look forward to sharing the full results of that study at a major medical conference later this year.

Sharon Barr: I would note that 504 is not our only focus in weight management. And that we are exploring both incretin and non-incretin pathways, and you refer to this when you asked about our Amaline molecule, so ACD-6634 is a long-acting Amaline agonist, and we, like others in the field, are aware that balancing selectivity between Amaline and calcitonin is a really important feature for these molecules. We know that Amaline itself promotes satiety and protects lean muscle mass, and we think that selectivity for Amaline over Calfsatonin offers a better tolerability approach. Now, as a field, we're trying to understand how exactly to dial in that selectivity, but to date, the profile that we have generated with ACD-6634 looks very positive, and we will be sharing updates on phase one progress for ACD-6634, as well as ACD-955-0, which is our dual GLP-1 Lukason agonist and an upcoming meeting.

Speaker Change: That study, like all Phase I's, was designed to demonstrate safety and target engagement. We saw no red flags in that study, and we are encouraged to move forward with two Phase IIb studies, launching later this year, one in Type II diabetes and one in obesity.

Sharon Barr: So ACD6234 is a long-acting amylin agonist. And we, like others in the field, are aware that balancing selectivity between amylin and calcitonin is a really important feature for these molecules. We know that amylin itself promotes satiety and protects lean muscle mass.

Speaker Change: I would note that 5004 is not our only focus in weight management.

Speaker Change: And that we are exploring both incretin and non-incretin pathways. And you referred to this when you asked about our amylin molecule. So AVD6234 is a long-acting amylin agonist. And we, like others in the field, are aware that balancing selectivity between amylin and calcitonin is a really important feature for these molecules.

Sharon Barr: And we think that selectivity for amylin over calcitonin offers a better tolerability profile. Now, as a field, we're trying to understand how exactly to dial in that selectivity. But to date, the profile that we have generated with AZD6234 looks very positive, and we will be sharing updates on phase one progress for AZD6234, as well as AZD9550, which is our dual GLP-1 glucagon agonist, at an upcoming meeting. Thank you. Thank you, Sharon. The next question is from Tim Anderson at Wolf. Tim, over to you.

Speaker Change: We know that amylin itself promotes satiety and protects lean muscle mass.

Speaker Change: and we think that selectivity for amylin over calcitonin offers a better tolerability profile.

Speaker Change: Now, as a field, we're trying to understand how exactly to dial in that selectivity, but to date, the profile that we have generated with AZD6234 looks very positive.

Sharon Barr: Thank you.

Operator: Thank you, Sean.

Speaker Change: and we will be sharing updates on Phase 1 progress for AZD6234 as well as AZD9550 which is our dual GLP-1 glucagon agonist at an upcoming meeting.

Timothy Minton Anderson: Next question is from Tim Anderson at Wolf. Do you move up to you? Thank you.

Timothy Minton Anderson: Thank you. A couple of questions. On Datto, you have phase three trochanin breast O2 frontline triple negative data coming out this year, and it's on a similar timeline as Gilead's Phase 3 Ascent 03 trial, which are fairly similar in design.

Timothy Minton Anderson: A couple of questions on data. You have phase three, token, breast, O2, frontline triple negative data coming out this year. And it's on a similar timeline as Gilead, phase three, a cent, O3 trial. These are fairly similar in design, so that means we should be able to do a reasonably light-for-light. Some person of your drug to trade LV, which would help test whether your drug is better as asked for off and claims it is. So can you just frame out what you think will see in whether inside by side comparison are we likely to conclude that your drug is better.

Timothy Minton Anderson: So that means we should be able to do a reasonably like for like comparison of your drug to Tredelvi, which will help test whether your drug is better, as Astra often claims it is. So can you just frame out what you think we'll see and whether, in a side-by-side comparison, are we likely to conclude that your drug is better? And then the second question on emerging markets, notable because, in aggregate, they are higher in sales than your European sales are, and the growth is high. My question is on margins in emerging markets. You had at one point given some metrics on operating margins. How do those compare today?

Speaker Change: Thank you. Thank you, Sharon. Next question is from Tim Anderson at WoWF. Tim, over to you.

Timothy Minton Anderson: Thank you. A couple of questions. On Datto, you have a phase 3 trochanin breast O2,

Speaker Change: Frontline triple negative data coming out this year and it's on a similar timeline as Gilead's Phase 3 Ascent 03 trial.

Timothy Minton Anderson: These are fairly similar in design, so that means we should be able to do a reasonably light-for-light comparison of your drug to Tredelvi.

Tim Anderson: And then second question on emerging markets, notable because in aggregate, they are higher in sales than what your European sales are in the growth of high. My question is on margins and emerging markets. You're at one point given some metrics on operating margins. How do those compare today, how margin delude of are they going forward. Thank you. Thank you, Tim. Maybe you're a quick comment on the first one we said before that the emerging markets, you know, they're not uniform; varies by subregion to subregion. But if you look at them in aggregate, you don't get there the level of operating margin you typically get in the US, of course, as we can understand, as we can expect.

Speaker Change: which will help test whether your drug is better as Astra often claims it is. So can you just frame out what you think we'll see?

Speaker Change: And whether in side-by-side comparison, are we likely to conclude that your drug is better?

Pascal Soriot: How margin dilutive are they going forward? Thank you. Thank you, team.

Speaker Change: And then second question on emerging markets. Notable because in aggregate, they are higher in sales than what your European sales are. And the growth is high. My question is on margins in emerging markets.

Pascal Soriot: Maybe a quick comment on the first one. We've said before that the emerging markets, you know, they're not uniform; it varies by subregion to subregion. But if you look at them in aggregate, you don't get the level of operating margin you typically get in the U.S., of course, as we can expect. But we get operating margins that are certainly viable and supportive of continuing to invest in this region. It's probably closer to a European set up than the U.S. set up.

Speaker Change: You at one point given some metrics on operating margins, how do those compare today? How margin dilutive are they going forward? Thank you.

Speaker Change: Thank you, team. Maybe a quick comment on the first one. We've said before that the emerging markets, you know, they're not uniform. It varies by subregion to subregion.

Pascal Soriot: But we get operating margins that are suddenly viable and supportive of continuing to invest in this region is probably closer to European setup and the US setup. But definitely driving a lot of gross and a lot of profit and cash flow, you know, good place to be especially. Especially when you consider products like cardiovascular products or basic products that you can deliver in your normal form. And then you're not talking about rising the needs of patients in the US primarily and a little bit in Europe. But you cannot rise the needs of patients around the world, and then the volume upside is an almost, as you can see every day with a fast gig on its development or even a simple call or despair.

Speaker Change: But if you look at them in aggregate...

Speaker Change: You don't get there the level of operating margin you typically get in the US, of course, as we can understand, we can expect, but we get operating margins that are suddenly

Pascal Soriot: But definitely driving a lot of growth and a lot of profit and cash flow, ultimately. So, you know, a good place to be, especially. Especially when you consider products like cardiovascular products, obesity products that you can deliver in a normal form, and then you're not talking about addressing the needs of patients in the U.S. primarily and a little bit in Europe, but you can address the needs of patients around the world, and then the volume upside is enormous, as you can see every day with Fast Cigar and its development, or even Symbicote or Tespaia.

Speaker Change: Viable and supportive of continuing to invest in this region is probably closer to European setup than the US setup.

Speaker Change: especially when you consider products like cardiovascular products, obesity products that you can deliver in an oral form.

Speaker Change: And then you're not talking about addressing the needs of patients in the U.S. primarily and a little bit in Europe , but you can address the needs of patients around the world. And then the volume upside is enormous, as you can see every day with Farsiga and its development.

Pascal Soriot: So overall, I think we are very happy to be in the emerging market. It drives our growth, and the margin aspect is included in our outlook anyway. Susan, did I give you enough time for the data question? Go ahead.

Pascal Soriot: So overall I think it's we are very happy to be in the emerging markets that drives our gross and the margin aspect is included in our in our in our clue can you wait.

Susan Galbraith: So, Susan, did I give you enough time for the data question? Go ahead. Thank you, Oscar. And thank you for the question.

Speaker Change: or even a Symbicort or Tespire. So overall, I think it's, we are very happy to be in the emerging markets. It drives our growth and the margin aspect is included in our outlook anyway.

Susan Mary Galbraith: Thank you, Pascal, and thank you for the question. So, first of all, just as a reminder, the things that are different about DATA-DXD versus some of the other TROP2 ADCs are that because we've got a stable linker, stable in the peripheral circulation, cleavable in the microenvironment, that means that you've got a longer half-life with this drug. And it also means that, you know, as the drug is delivered to the cancer cells that express TROP2, internalization is an important factor in activity.

Susan Galbraith: So, Bethel, or just as a reminder, the things that are different about Saturday, Steven, is some of the other tropes to ADCs, is that because we've got a stable link, a stable in the peripheral circulation, cleavable in the micro environment, that means that you've got a longer half-life with this, with this drug. And it also means that, you know, as the drug is delivered to the cancer cells that express troped to, that the internalization is an important factor in the activity. What that reflexes is lower, freed, free payload in the peripheral circulation, and that leads to lower bone marrow toxicity events.

Susan: So, Susan, did I give you enough time for the data question? Go ahead. Thank you, Pascal, and thank you for the question. So, first of all, just as a reminder, the things that are different about DataDXD versus some of the other TROP2 ADCs is that because we've got

Speaker Change: a stable linker stable in the peripheral circulation cleavable in the micro environment that means that you've got a longer half-life with this uh with this drug

Susan Mary Galbraith: What that reflects is this lower free payload in the peripheral circulation, and that leads to lower bone marrow toxicity events, and we've already shown that in multiple trials that you can do in the cross-trial comparison. So, you've got lower discontinuation rates, lower bone marrow-related adverse events, and that, I think, will also translate through in terms of durability on treatment. Now, we have seen that we know, and we know that the levels of sensitivity to TROP2-based ADCs are high in the breast cancer setting, particularly in the triple-negative breast cancer setting.

Speaker Change: And it also means that, you know, as the drug is delivered to the cancer cells that express TROP2, that the internalization is an important factor in the activity.

Susan Galbraith: We've already shown that in multiple trials that you can do in the cross-cell comparison. So you've got lower discontinuation rates, lower bone marrow-related adverse events. And that I think will also translate through to, in terms of the durability on treatment.

Speaker Change: What that reflects is this lower free payload in the peripheral circulation and that leads to lower bone marrow toxicity events. We've already shown that in multiple trials that you can do in the cross trial comparison.

Susan Galbraith: Now, we have seen already that we know, and we know that the levels of sensitivity to troped to based ADCs is high in the breast cancer setting, particularly in a triple negative breast cancer setting. So we are optimistic about the results of the champion breast of two data. And I hope that this will confirm that you know, we have what is a best-in-class trip to ADC in that setting and in other settings as well. Remember that, of course, in lung cancer, one of the advantages of that lower bone marrow toxicity profile is also that you can combine it with chemotherapy, which I think some of the other trips to ADCs struggle to do.

Speaker Change: So you've got lower discontinuation rates

Speaker Change: Lower bone marrow related adverse events and that I think will also translate through to in terms of the durability on on treatment

Susan Mary Galbraith: So, we are optimistic about the results of the TROP2 data, and I hope that this will confirm that we have what is a best-in-class TROP2 ADC in that setting and in other settings as well. Reminder that, of course, in lung cancer, one of the advantages of that lower bone marrow toxicity profile is also that you can combine it with chemotherapy, which I think some of the other TROP2 ADCs struggle to do

Speaker Change: Now we have seen already that we know, and we know, that the levels of sensitivity to trope 2 based ADCs is high in the breast cancer setting, particularly in the triple negative breast cancer setting. So we are optimistic about the results of the Tropium breast O2 data.

Speaker Change: and I hope that this will confirm that we have what is a best-in-class trip to ADC in that setting and in other settings as well.

Susan Galbraith: So overall, you know, very confident about the profile that we have with this drug and the opportunity for it in multiple settings, not just in lung and breast cancer, but other settings as well. And I do think that the biomarker work that we've done in lung cancer is something that will also help us differentiate this molecule across a range of other different indications.

Susan Mary Galbraith: So, overall, very confident about the profile that we have with this drug and the opportunity for it in multiple settings, not just in lung and breast cancer but in other settings as well. And I do think that the biomarker work that we've done in lung cancer is something that will also help us differentiate this molecule across a range of other different indications. Thank you, Suzanne.

Speaker Change: Reminder that, of course, in lung cancer, one of the advantages of that lower bone marrow toxicity profile is also that you can combine it with chemotherapy, which I think some of the other type 2 ADCs struggle to do.

Speaker Change: So overall, you know, very confident about the profile that we have with this with this drug and the opportunity for it in multiple settings, not just in lung and breast cancer, but other settings as well.

Susan Galbraith: And just then, or also a good opportunity to remind everybody that that is also on the review for the breast cancer indication. And that's included in our look for the next few months.

Pascal Soriot: Also, a good opportunity to remind everybody that DATO is also under review for the breast cancer indication, and that's included in Outlook for the next few months. The next question is from Emmanuel Papadakis at Deutsche Bank.

Speaker Change: and I do think that the biomarker work that we've done in lung cancer is something that will also help us differentiate this molecule across a range of other different indications.

Operator: The next question is the manual of ADC is at Deutsche Bank. Thank you, thank you in the question.

Speaker Change: Thank you, Suzanne. Also a good opportunity to remind everybody that DATO is also under review for the breast cancer indication, and that's included in Outlook for the next few months. The next question is Emmanuel Papadakis at Deutsche Bank.

Emmanuel Papadakis: Thanks for taking the question. Maybe a question on Finzi in light of the advisory committee taking place this week. Just your anticipation of the decision we might see today in light of the Agency briefing document and my particular interest in understanding your company's decision to, effectively, no or long-standing agency advice on that perioperative trial design and what it might imply in terms of the outlook for the asset in early lung cancer in light of the BL31 mess.

Emmanuel Papadakis: Maybe question room, Lindsay, and a lot of the advisory committee taking place this week. Just your anticipation on the decision we might see today in light of those agency briefing documents. And in particular, I understand that your company's decision to effectively ignore or long-standing the agency advice on that parry or protest trial design. And what it might imply in terms of the outlook for the outset in early lung cancer and light of the BI 31 mess. So give us some thoughts in terms of midterm growth implications where we see a negative decision on the approval of the GN.

Emmanuel Papadakis: Thanks for taking the question. Maybe a question on Finzi in light of the advisory committee taking place this week, just your anticipation on the decision we might see today in light of those

Emmanuel Papadakis: Agency Briefing Document, and in particular interested to understand your, the company's decision to effectively ignore long-standing agency advice on that perioperative trial design.

Emmanuel Papadakis: So give us some thoughts in terms of mid-term growth implications where we'd see a negative decision on the approval of the GIN. And then, quick follow-on, Foxegia, just your latest expectations on the potential timing and magnitude in terms of the range of potential price reduction we could be looking at under VPP inclusion. Thank you. Thank you. Susan, do you want to cover the first one? Ruud, will you take the second one? Oh, Leon, if we are sure we have Leon on the line, because I can't see him.

Leon Wang: And then quick call on a fox. Foxy. Just your latest expectations on the potential timing and the magnitude in terms of range of potential price reduction we could be looking at under the BP inclusion. Thank you.

Speaker Change: and what it might imply in terms of the outlook for the asset in early lung cancer in light of the BL31 mess so give us some thoughts in terms of midterm growth implications where we see a negative decision

Susan Galbraith: Susan, do you want to cover the first one? Well, would you take a second one? Or Leon, if we sure we have Leon on the line, because I can't see him, right? Is he okay? Okay. So maybe she's on your start, and Leon, you'll cover the second question. Yes, sure. Thank you. So, as you've noted, Emmanuel, the O-DAC, on college of advisory committee, for, you know, discussing parry up to child design this happening light of the day. So it's probably best not to make too many comments apart from the fact that, you know, a GN has met its primary end point, both pathologic complete response.

Speaker Change: on the approval of the GIN. And then quick follow-on for Oxija, just your latest expectations on the potential timing and magnitude in terms of range of potential price reduction we could be looking at under VPP inclusion. Thank you.

Susan Mary Galbraith: Right, he's here. OK, cool. OK, so Susan, you start and Leon, you'll cover the second question. Yeah, sure. Thank you. So, as you've noted, Emmanuel, the ODAC, the Oncology Drug Advisory Committee, for discussing peri-operative trial design, is happening later today. So it's probably best not to make too many comments apart from the fact that, you know, a gene has met its primary endpoint in both pathologic complete response and a statistically significant and clinically meaningful improvement in event-free survival, which is also recognized in the briefing document.

Speaker Change: Thank you. Susan, do you want to cover the first one? Ruud, will you take the second one?

Speaker Change: or Leon if we are sure we have Leon on the line because I can't see him right he's here okay cool okay so maybe Susan you start and Leon you'll cover the second question

Susan: Yes, sure, thank you. So, as you've noted, Emmanuel, the ODAC, Oncology Drug Advisory Committee, for, you know, discussing perioperative trial designs is happening later today, so it's probably best not to make too many comments, apart from the fact that, you know, a gene has met its primary endpoint in both pathologic complete response and a statistically significant and clinically meaningful improvement in event-free survival, which is also recognized in the briefing document.

Susan Galbraith: And the difficulty and clinically meaningful improvement in the events we survival, which is also recognized in the briefing document. I do think there's a discussion that the FDA wants to have about the future design of parry up to child design, you know, in general. As you have the opportunity for an add-on designs and potentially an increase in paratologic complete response rate, then there's a debate about the relative contribution of continuing, you know, combination treatments into the adjuvant setting. You know, the earlier, I would say, is, of course, we've got a very well-established safety profile for in terms of the, in the treatment of early stage lung cancer built off the specific data that we've had.

Susan Mary Galbraith: I do think there's a discussion that the FDA wants to have about the future design of peri-operative trial design, you know, in general, as you have the opportunity for add-on designs and potentially an increase in pathologic complete response rate. Then there's a debate about the relative contribution of continuing combination treatments into the adjuvant setting. You know, the only other note I would say is, of course, we've got a very well-established safety profile for infimsy in the treatment of early stage lung cancer built off the specific data that we have.

Speaker Change: I do think there's a discussion that the FDA wants to have about the future design of perioperative trial designs in general as you have the opportunity for add-on designs and potentially an increase in pathologic complete response rate.

Speaker Change: Then there's a debate about the relative contribution of continuing combination treatments into the adjuvant setting.

Susan Mary Galbraith: And so, you know, I think that the profile for infimsy is well-established in that setting. We look forward to the discussion, and I think that will help inform future trial designs. Very good. Leon, if you're still on the line, could you take the second question for SIGAR? Yeah, yeah, I think there's still uncertainty about when SIGAR will have VVP. But if it does come, it should be later this year.

And so, you know, I think that the profile for in terms of is well-established in that setting, and we look forward to the discussion, and I think that will help inform future child designs.

Speaker Change: and you know the only other note I would say is of course we've got a very well established safety profile for infimsy in the treatments of early-stage lung cancer built off the specific data that we that we've had.

Leon Wang: So I think there usually will be some price cuts, but there's no exact number, it will be different product by product, usually less than 30%, but different product by product. All right. Thank you, Leon. Thank you. Next question is Peter Welford at Jeffrey's. Hi, yes, thanks for taking my questions.

Speaker Change: And so, you know, I think that the profile for Infimsy is well-established in that setting and we look forward to the discussion and I think that will help inform future trial designs.

Leon: Very good. Leon, if...

Leon: If you are still on the line, can you cover the second question for SIGAR? Yeah, I think there's still uncertainty about when for SIGAR will have VVP. But if it does come, it should be later this year.

Speaker Change: So, I think there usually will be some price cut, but there's no exact, it will be different product by product, usually less than 30%, but a different product by product.

Peter Welford: Two, first of all, just for Aradhana, if I could, just on the costs, I wonder if you could just talk a little bit about how we should think about the phasing and, perhaps, not asking for specifics, but any specific things in terms of how we should think about the relative weighting of the costs that you think about this year for both SG&A and R&D in the first versus the second half. You gave some helpful commentary on the gross margin to us.

Speaker Change: All right. Thank you, Leon. Thank you. The next question is Peter Welford at Jefferies.

Peter Welford: Hi, thanks for taking my questions. Two, first of all, just for, Aradhana, if I can, just on the costs, I wonder if you could just talk a little bit about how we should think about the phasing and perhaps, you know, not asking for specifics, but any specific things in terms of how we should think about the relative weighting of the costs that you think about this year for both SG&A and R&D in the first versus the second half. You gave some helpful commentary on the gross margin for us.

Peter Welford: And then secondly, just going back to DATO, I wonder if we can press Susan, has the ADA definitively said yet that there will not be an ADCOM for TLO1, or is that question still open? And I'm wondering if you could just set the scene for us for Avanzar, please, going into next year.

Susan: And then secondly, just going back to DATO, I wonder if we can press Susan, has the FDA definitively said yet there will not be an adcom for TLO1, or is that question still open?

Speaker Change: and I'm wondering if you could just a little bit set the scene for us for Avanzar please going into next year obviously potentially a you know an important study for the future of this of this molecule you talked a bit about the biomarker work I guess when you've looked at that biomarker work how that sort of impacts your thinking now for the Avanzar analysis was nothing really changed there

Peter Welford: Obviously, potentially, you know, an important study for the future of this molecule. You talked a bit about the biomarker work. I guess when you've looked at that biomarker work, how that sort of impacts your thinking now for the Avanzar analysis, there's nothing really changed there. Thank you. Suzanne, do you want to start and then Aradhana?

Susan Mary Galbraith: So I think uh you know obviously you're aware of the producer date for data dxd and you know our experience with the announcement of advisory committees is that that can happen at any point during the review period. So, as I said, I don't have any updates to share with you today on the data dxd filing for TLO1. In terms of AVANZAR, I do think this is an important study.

Speaker Change: Thank you. Suzanne, do you want to start and then Aradhana?

Suzanne: Yeah, sure.

Speaker Change: So I think, you know, obviously you're aware of the PDUFA date for data DxD and, you know, our experience with the, you know, the announcement of advisory committees is that that can happen at any point during the review period.

Susan Mary Galbraith: And I do think that we will be sharing as a congress later this year some of the data from our NEOCOAST2 trial, which is in the neoadjuvant setting of non-small cell lung cancer in the combination of DATA-DXD and infimsy. And again, you'll be aware that we've previously shared the data from the Begonia study in triple negative breast cancer.

Speaker Change: So, as I said, I don't have any updates to share with you today on the data DXD filing for TLO1.

Speaker Change: In terms of Avanzar, I do think this is an important study and I do think that we will be sharing as a congress later this year.

Susan Mary Galbraith: And that combination, in that setting, had an unprecedented 79% response rate and very durable responses. So those data, together with the TLO2 and the TLO4 data, give us encouragement about, first of all, the safety and combinability, not just with infimsyy alone but also with platinum-based chemotherapy. I think that's important because that can enhance the response rate in that setting. But I also think that the biomarker work is important for AVANZAR because, you know, it can potentially give us an opportunity to focus on the optimal benefit-risk profile within both the AVANZAR study and the tropion lung 10 studies, which obviously look at the combination with rilvigostimic or PD-1 tigit molecule.

Speaker Change: Some of the data from our NEOCOAST-2 trial, which is in the neoadjuvant setting of non-small cell lung cancer, including the combination of DATA-DXD and infimsy, and again, you'll be aware that we've previously shared the data from the Begonia study in triple negative breast cancer, and that combination in that setting had an unprecedented 79% response rate and very durable responses.

Speaker Change: So those data together with the TLO-2 and the TLO-4 data give us encouragement about first of all the safety and combinability not just with Pimsley alone, but also with a platinum-based chemotherapy. I think that's important because that can enhance the response rate in that setting.

Speaker Change: But I also think that the biomarker work is important for AVANZAR because it can potentially give us an opportunity to focus on the optimal benefit-risk profile within both the AVANZAR study and the Tropion Lung 10 studies, which obviously looks at the combination with rilvigostimic RPD1 TIGIT molecule.

Susan Mary Galbraith: So, you know, I am optimistic about the potential for the combination of DATO plus IO in the frontline setting. I'm optimistic about the potential for the optimization of benefit-risk using biomarker data. And I look forward to the MEARCOS2 data that you're sharing some of that optimism as we move this combination into the earlier lines. So then I would just add that what Susan said in terms of the better or improved benefit risk profile with this biomarker, it certainly would be a great help also in countries where access is more challenging, especially in Europe, where you can show higher value for your medicine. So lots of reasons to expect to need this Avanzar data in the long run for that to end reimbursement. Aradhana, cross-phasing?

Speaker Change: So, you know, I am optimistic about the potential for the combination of GATO plus IO in the front line setting.

Speaker Change: I'm optimistic about the potential for the optimisation of the benefit-risk using the biomarker data and I look forward to the, you know, the Near Coast 2 data, you know, sharing some of that optimism as we move this combination into the earlier lines.

Speaker Change: Thank you, Susan. And I would just add that what Susan said in terms of the

Speaker Change: It would be great if we could get a better, or improve the benefit-risk profile with this biomarker, it would be a great help also in countries where access is more challenging, especially in Europe , where you can show higher value for your medicine. So, lots of reasons to try.

Aradhana Sarin: Sure. Thanks for the question. So just to give you a little more color, I talked a little bit about growth margins. And as you know, there are a couple of products that are more seasonal and that have some impact on growth margins. In terms of R&D, we likely will be on the higher end of the low 20s that we've always signaled. And that is also because we're accelerating a number of our studies, which you've seen in the clinical trial appendix, but also because we've added a number of projects with the closing of the Amulet transaction, Fusion, Grayscale, et cetera. And so all of those are accelerating. But again, well within the range that we've always signaled will be included. I think you can get there.

Aradhana: to expect to need this Avanzar data in the long run for that to end the reimbursement. Aradhana, cost phasing? Sure. Thanks for the question. So just to give you a little more color, I talked a little bit about growth margins. And as you know, there are a couple of products that are more seasonal and that have some impact on growth margins.

Speaker Change: In terms of R&D,

Speaker Change: We likely will be on the higher end of the, you know, the low 20s that we've always signaled, and it's also because we're adding, we're accelerating a number of our studies, which you've seen in the clinical trial appendix, but also because we've added

Aradhana Sarin: In terms of SG&A, again, we, you know, in terms of the second half, will be sort of in lockstep with how the revenue growth is driven. We continue to invest in many of the brands we've launched with Air Supra and Renewa. We'll also move into new areas, like with bladder cancer in Niagara, and so there'll be some Market Shaping Investments. In addition, the companies we have acquired that I just mentioned, we're also operating them a little bit independently and keeping those capabilities. So there's some SG&A that comes with that. Thank you.

Speaker Change: A number of projects with the closing of the Amulet Transaction, Fusion, Grayscale, etc., and so all of those are accelerating, but again, well within the range that we've always signaled will be included.

Speaker Change: I think you can get there. In terms of SG&A...

Speaker Change: Again, we, you know, in terms of the second half, we'll be sort of lockstep with how the revenue growth is driven.

Speaker Change: We continue to invest behind many of the brands we've launched with AirSupra and Renewa. We'll also move into new areas like with bladder cancer in Niagara and so there will be some...

Seamus Fernandez: Now, maybe just a last quick comment is that, you know, if you remember last quarter, we had a sort of a bump in expenses that came as a surprise to some of you, and we don't expect this year to have the same pattern in Q4. The other thing that I would like to add maybe is building on what Radna said in terms of study moving well is in the last couple of years, the teams have done a lot of work to increase the speed and also look at cost of the way we conduct clinical trials, and that the result of it is that both in oncology and outside of oncology and biopharm we're also moving very fast with many of our clinical trials that are quite ahead.

Speaker Change: market shaping investments. In addition, the companies we have acquired that I just mentioned, we're also, you know, operating them a little bit independently and keeping those capabilities. So there's some SG&A that comes with that.

Speaker Change: Thank you. Now maybe just a last quick comment is that, you know, if you remember last quarter we had a sort of a bump in expenses that came as a surprise to some of you and we don't expect this year to have the same pattern in Q4.

Speaker Change: The other thing that I would like to add maybe is building on what Aradhana said in terms of study moving well is in the last couple of years the teams have done a lot of work to increase the speed and also look at cost.

Seamus Fernandez: Now the upside of this is we will launch our medicines earlier if the studies are positive, but of course, it means the costs are more upfront than we might have expected. Overall, I think we should all read this as a positive. Our studies are moving very well and, in many cases, much faster than we had expected. The next question is: Simas Fernandez, please go ahead.

Speaker Change: of the way we conduct clinical trials.

Speaker Change: and that the result of it is that both in oncology and outside of oncology in biopharm we're also moving very fast with many of our clinical trials that are quite ahead now the upside of this is we will launch our medicines earlier if the studies are positive

Speaker Change: But of course, it means the costs are more upfront than we might have expected. Overall, I think we should all read this as a positive. Our studies are moving very well, and in many cases, much faster than we had expected.

Seamus Fernandez: Thanks very much for the question. So just one on Inhertu, and then a second on obesity and the CVMAT portfolio. On Inhertu, Dave, I was hoping you could comment on, you know, the growth of Inhertu. I think there was some impact in China that you mentioned in the quarter.

Speaker Change: The next question is Simas Fernandez. Simas, go ahead.

Seamus Fernandez: Thanks very much for the question. So just one on HER2 and then a second on obesity.

Seamus Fernandez: and the CVMET portfolio. On Inhertu, Dave, I was hoping you could comment on, you know, the growth of Inhertu. I think there was some impact in China that you mentioned in the quarter, but, you know, historically, I think expectations were for this to be growing to a 10 to $15 billion product.

Speaker Change: potentially as additional indications come through. We've seen a number of those indications certainly come through and succeed. But the question I think that we're getting from investors

Seamus Fernandez: But, you know, historically, I think expectations were for this to be growing to a 10 to $15 billion product, which is really just more strategic. You know, and this is for Pascal, as much as anything, how are you thinking about the overall obesity space? They are quickly moving very aggressively forward, jumping, Uh, you know, perhaps before really defining the clinical profile of the asset, others are pushing dosing very aggressively in phase one to try to achieve more weight loss.

Speaker Change: is why the growth isn't stronger.

Speaker Change: I think there's just a little confusion as to where we are in the life cycle of Inhertu and kind of the next drivers that we see going forward. And then the question on obesity is really just more strategic.

Speaker Change: You know, and this is for Pascal, as much as anything, how are you thinking about the overall obesity space?

Seamus Fernandez: What do you see, uh, as perhaps the problems with some of these development decisions, uh, but separately, how do you think about the broader opportunity for AstraZeneca in this space with your oral programs and your injectables? Thanks so much.

Speaker Change: Moving very aggressively forward, jumping.

Pascal: You know, perhaps before really defining the clinical profile of the asset, others are pushing dosing very aggressively in phase one to try to achieve more weight loss.

Seamus Fernandez: Thank you. Great questions. Dave, do you want to cover the first one? Seamus, I have.

Speaker Change #100: What do you see as perhaps the problems with some of these development decisions, but separately, how do you think about the broader opportunity for AstraZeneca in this space with your oral programs and your injectables? Thanks so much.

David Fredrickson: Outlook, and I can go into why on that in terms of where we're in the life cycle. I think we're in the early years, and so I'll go into more on that as well. For the quarter itself, sequentially, we see that we had underlying growth and sequential demand growth. I think that some of the effects that you see sequentially within the quarter, and you alluded to this, come to that we had quite a bit of destocking happening in China following a stock increase in Q1.

Speaker Change: Thank you, Seamus. Two great questions. Dave, do you want to cover the first one?

Dave: Seamus, I have

Speaker Change #101: I'm going to write to you why on that in terms of the...

Speaker Change #102: Where we are in the life cycle, I think we're in the early innings, and so I'll go into more on that as well.

Speaker Change #103: For the quarter itself, sequentially, we see that you had underlying growth and sequential demand growth. I think that some of the...

David Fredrickson: We talked about that last quarter. We saw that come through. I expect all of China, Europe, and the U.S. to be growing as we move into the second half.

Speaker Change #104: effects that you see sequentially within the quarter, and you alluded to this, come to that we had quite a bit of destocking happening in China following a stock up in Q1, we talked about that last quarter, we saw that come through.

David Fredrickson: Now, in order to get that growth, I think a couple of things come into play. We know that we need to continue to move into some of the harder yards with Db03. We've seen nice progression. We're now probably between 55 and 60 percent share with Db03 and need to continue even further into a clear standard of care zone. With HER2 low, really nice progression within Europe. Again, I think that we need to continue to work on changing some of the inertia and embedded behaviors that have existed in the past to get to the share gains that we have. DVO6 has not yet been included in the NCCN guidelines.

Speaker Change #105: I expect all of China, Europe , and U.S. to be growing as we move into the second half. Now, in order to get that growth, I think a couple of things...

Speaker Change #105: I'll come into play. We know that we need to continue to move into some of the harder yards.

Speaker Change #106: with DB03.

Speaker Change #106: We've seen nice progression. We're now probably between 55 and 60 percent share with Db03 and need to continue even further and to clear standard of care zone. With HER2 low, really nice progression within Europe . Again, I think that we need to continue to work on

David Fredrickson: We expect that when the committee meets, that that's something that will happen. I think that it'll be a catalyst. I mean, obviously, as we take a look at the road ahead, and Susan alluded to this before, in 2025, we have an opportunity for early metastatic and adjuvant readouts with Destiny Breast 09 and Destiny Breast 11. We're also in the early innings with outside of breast cancer, with the progress that I mentioned on good early awareness on tumor agnostic.

Speaker Change #106: changing some of the inertia and embedded behaviors that have existed in the past to get to the share gains that we have. DBO 6 has not yet been included in the NCCN guidelines. We expect that when the committee meets

Speaker Change #106: that that's something that will happen. I think that that'll be a catalyst.

Susan: And then obviously, as we take a look at, you know, the road ahead, and Susan alluded to this before, in 2025, we have an opportunity for early metastatic and adjuvant readouts with Destiny Breast 09, Destiny Breast 11. We're also in the early innings with outside of breast cancer with the progress that I mentioned on good early awareness on tumor agnostic, and I think that we'll continue to see nice growth there.

David Fredrickson: And I think that we'll continue to see nice growth there as well, and HER2 remains an area where we expect this to be a very important medicine, both for us and also for oncology. Thanks, Deb. So, let me try with your second question. Actually, it's a great question, and then maybe, if you want to add,

Pascal Soriot: So, let me just make two points. First of all, we look at this beyond obesity. We actually look at it in the context of what has recently been called CKM, cardiac.

Speaker Change #107: As well. So in her to remains an area where we expect this to be a very important medicine, both for us and also for oncology. Thanks, Deb. So the let me try with your second question. Actually, it's a great question. And then maybe.

Pascal Soriot: You really have to look at the patients holistically. And that is what we have been working on for years. The pipeline we have today, not only for weight management obesity, but also for hypertension, for kidney disease, et cetera, is actually a pipeline that we've been working on for quite some time. Of course, also oral PCSK9, which we think has enormous potential. So that's the first comment.

Speaker Change #108: So let me just make two overall points. First of all, first of all, we look at this beyond obesity. We actually look at it in the context of what has been recently called CKM, cardiac

Speaker Change #108: We really have to look at the patients holistically.

Speaker Change #108: And that is what we have been working on for years. The pipeline we have today, not only for weight management and obesity, but also for hypertension.

Pascal Soriot: The second is we have a plan. We have a plan for weight management, and obesity, and I'm really excited because we already have the plan for phase two, phase three. We've approved this plan.

Speaker Change #108: for kidney disease, etc. is actually a pipeline that we've been working on for quite some time. Of course, also the oral PCSK9, which we think has enormous potential.

Pascal Soriot: Of course, we will unlock phase three at the appropriate time when we see our phase two results, but we're very confident we have a plan. I'm also very excited because the person in charge of that plan is the person who built Cresta historically to develop a fantastic clinical plan and the person who led the team who actually developed Farsiga in renal disease, in heart disease, and built it to, essentially from a clinical viewpoint, of course, build it to what we have today. And now she's gonna do, together with the team in charge, doing the same, I'm sure, with this franchise.

Speaker Change #108: So that's the first comment. The second is, we have a plan.

Speaker Change #108: We have a plan for weight management, obesity, and I'm really excited because we have already the plan for phase two, phase three. We've approved this plan. Of course, we will unlock phase three at the appropriate time when we see our phase two results, but we're very confident we have a plan.

Speaker Change #109: I'm also very excited because the person in charge of that plan is the person who built Crestor.

Speaker Change #109: Historically to develop a fantastic clinical plan and some person who led the team who

Pascal Soriot: So going into more details, the way we look at it is that there are really two markets, in our view, and in my view. One is what I would call weight management. Weight management is for people who have a BMI below 28, 30. That's actually many of us above maybe the age of 45 or 50. And we need to lose a few kilos, and maybe people have additional risk factors. It could be hypertension, it could be diabetes, or it could be dyslipidemia.

Speaker Change #109: actually developed Farsiga in renal disease, in heart disease and built it to, essentially from a clinical viewpoint, of course, built it to what we have today. And now she's gonna do with, together with the team in charge, doing the same, I'm sure with.

Speaker Change #109: with this franchise.

Speaker Change #109: So, going into more details, the way we look at it is that there are really two markets, in our view, in my view. One is what I would call the weight management. Weight management is people who have a BMI below 28, 30.

Pascal Soriot: And these people really need a simple regimen, an oral regimen with a simple dose, and then combine this with a number of medicines we have in development, whether it's Baxrostat, DAPA, and a number of others, of course. So that's one part. The other market is what people call obesity, and everybody calls this whole group of patients obese. Obesity is clearly defined. It's people who have a higher BMI.

Speaker Change #109: That's actually many of us above maybe the age of 45-50 and we need to lose a few kilos and maybe people have additional risk factors. It could be hypertension, it could be a diabetes, could be dyslipidemia

Speaker Change #109: And these people, they really need a simple regimen, oral regimen with a simple dose, and then combine this with a number of medicines we have in development, whether it's Baxrostat, DAPA, and a number of others, of course.

Pascal Soriot: And in that group, you need to titrate up. You need higher doses of GLIP1. You need combinations because you need to improve the quality of the weight loss, more fat loss, and less weight loss.

Pascal Soriot: And in that context, we need combinations, and that's what Sharon was talking about. We're looking forward to presenting new data, additional data for some of our other products in this franchise. So, really, two separate parts.

Speaker Change #109: So that's one part. The other market is what people call obesity, and everybody calls this whole group of patients obesity. Obesity is

Speaker Change #109: Clearly defined, it's people who have a higher BMI.

Speaker Change #109: And in that group you need a titration up, you need higher doses of GLIP1.

Pascal Soriot: And then the last part is, of course, diabetes, traditional diabetes for GLIP1. So we have a plan for all those segments. We're ready to go.

Speaker Change #109: You need combinations because you need to improve the quality of the weight loss.

Speaker Change #110: More fat loss, less weight loss.

Pascal Soriot: phase two will start very soon, and then as soon as we have the results, of course, we unlock phase three. And our team has proven in the past that they are really excellent at delivering cardiovascular studies. We've done it with DAPA many times. We've done it before in the old days with Crestor and other medicines.

Speaker Change #110: and in that context we need combinations and that's what Sharon was talking about.

Speaker Change #111: We're looking forward to presenting new data, additional data for some of our other products in this franchise. So really two separate parts. And then the last part is, of course, diabetes, traditional diabetes for GLEP-1. So we have a plan for all those segments.

Pascal Soriot: And we are really, you have a great team to run this. So that's really how we see it, and sort of, you know we have optionality around the pipeline, but really what we're trying to do is what we presented to you at Investor Day is leverage the strengths of the pipeline. Some people say you have a broad pipeline, well, it's on purpose because we want, in cardiovascular disease, to treat patients holistically, not only help them lose weight, but also treat the other risk factors the same as we do in oncology.

Pascal Soriot: Anything you guys would like to add? No, the only piece is, and it's obvious, but if you look at the percentage of diagnosed patients with a comorbidity, and more than 60 percent of the diagnosed obese, overweight patients have one or more comorbidities, and I think we are somewhat in a unique position with our pipeline with an oral PCSK9, clearly, with Depakliflozin there's more and more scientific evidence that the two mechanisms of action Thank you. And maybe one last point is that some people I have seen have speculated because we talk about risk factors, we are not confident in our GLIP-1. I mean, nothing could be further from the truth.

Pascal Soriot: We're very confident in GLIP-1. What we want to tell everybody is that we need a simple regimen for GLIP-1 in the weight management segment, people with low BMI who still need to lose weight. And then, and then here, you need a simple regimen in combination with other drugs. In the higher BMI group, you need to titrate up. You need to combine with other weight loss agents.

Pascal Soriot: So those are really two separate segments, and we are addressing both with a very ambitious plan. So moving to the next question, perhaps Matt Weston at UBS. Thank you, Pascal. Two questions, please.

Matthew Weston: The first is a follow-up to Aradhana on James's question about collaboration income. I understand there may be a degree of uncertainty, but given that we had a lump sum in our model, is that something we should think about now falling into 2025? Or is it something we should just stop considering full stop?

Speaker Change #111: Higher BMI globe, you need to titrate up you need to combine with all the weight loss agents. So those are really two separate segments and we are addressing both with very ambitious plan.

Speaker Change #111: So moving to the next question, maybe Matt Weston at UBS.

Matthew Weston: Thank you Pascal two questions. Please the first is a follow up too wrapped up on.

Matthew Weston: And then secondly, either for Dave or Pascal, there continues to be a lot of investor debate on the secondary consequences of Medicare Part D reform, as insurers take on 60% of catastrophic risk. Companies that have commented seem to have very different views, ranging from no impact to a meaningful increase in rebates. Where does Astra stand based on your current interactions with insurers and PDMs ahead of the January 1st date? Thank you.

Matthew Weston: On James's question about collaboration income.

Matthew Weston: I understand there may be a degree of uncertainty, but given that we had a lump sum in our model is that something we should think about now falling into 2025 or something we should just stop considering full stop.

Speaker Change #113: And then secondly, either for Dave or Pascal that continues to be a lot of investor debate on the secondary consequences of Medicare part D reform as insurers take on 60% of catastrophic risk.

David Fredrickson: So Dave, maybe you could cover the second part. I mean, I think maybe a quick comment on this Part B piece actually, Matt, is that I think you're going to hear different responses from different company based on the type of products portfolio they have, because it affects more some products than others and we see this in our own company different products are affected differently so you're going to have you know low impact to high impact to medium impact so it really really depends on the overall portfolio we have in our case we have a portfolio that is no covers primary care all the way to more expensive specialty care products so we are kind of a mix of things so maybe Dave you want to cover this in more details and then will you cover the CR question?

Speaker Change #114: Companies that have commented seem to have very different views ranging from no impact to a meaningful increase in rebates are where does Astra stemmed based on your current interactions with insurers and Pbms how does the January the first stage. Thank you.

Speaker Change #114: Dave maybe you could cover the second part I mean, I think maybe a quick comment on the.

Dave: As Bob Bp's actually matters that I think youre going to hear different responses from different company based on the type of product portfolio. They have.

Speaker Change #115: Because it affects more some products than others.

Dave: And we see this in our own company of different products are affected differently, so youre going to have.

Speaker Change #116: Low impact to a high impact to <unk>. So it really really depends on the.

David Fredrickson: Matt, on your primary question around how Part D contracting is going, we're still in the midst of finalizing Part D contracting for 2025. I think that within that context, as ever, the importance of a differentiated product profile is the most important element as we enter into those discussions.

Dave: In our case, we have a portfolio that covers primary care all the way to more expensive specialty care products. So we are kind of.

Dave: Our mix of saying.

Dave: So maybe Dave if you want to cover this in more detail and then I had met with you cover the Christian Cardioversion on revenue.

Dave: On your primary question around how part D. Contracting is going we're still in the midst of finalizing part D contracting for 2025.

David Fredrickson: Certainly, we've seen more focus on the payers on how they think about clinical differentiation and competition. But again, these are the same discussions that we've always been having with payers and where it's incumbent upon us to make sure that we're differentiating our medicines and showing the clinical value that they can provide. And I think that our oncology portfolio in particular is well suited for that. While not necessarily part of your question, I think it's also worth noting on Part D that we are seeing the improvements in patient affordability or the reduction in patient out of pocket to be translating into more patients being able to have access to medicines within what I would call kind of your normal distribution channels. So outside of free programs.

Dave: I think that within that context as ever.

Dave: The importance on a differentiated product profile is the most important element as we enter into those discussions certainly.

Dave: We've seen.

Dave: More focus on the payers on.

Dave: How they think about clinical differentiation and competition.

But again these are the same discussions that we've always been having with payors and where it's incumbent upon us to make sure that we are differentiating our medicines and showing the clinical value that they can provide and I think that our oncology portfolio in particular is well suited for that while not necessarily part of your question I think it's also worth noting on part D that we are.

David Fredrickson: We're also seeing signs of improvements within abandonment, so I think that these are positive aspects that have come out of IRA. And so while, in aggregate, I think that IRA represents a couple of headwinds that we've spoken through, I think that they're manageable, and I think we've got a portfolio that allows us to grow through them. Additional points, if I may, are that next year, we'll see additional improvements to the changes that Dave was talking about in terms of access.

Dave: Seeing the improvements in patient affordability or the reduction in patient.

Dave: Out of pocket to be translating into more patients being able to have access to medicines within what I would call kind of your normal distribution channels. So outside of free programs. We're also seeing signs of improvements within abandonment. So I think that these are positive aspects that come out of.

David Fredrickson: One is the total annual co-pay will drop to $2,000 from $3,600, I believe, this year or $3,500. So it will drop. The second one, which is really meaningful, is you'll have the smoothing. So the $2,000 will be divided by $12,000, whereas this year, people are still hit by the $3,500 up front.

Dave: And so while in aggregate I think that IRI represents a couple of headwinds that we've spoken through I think that they are manageable and I think we've got a portfolio that allows us to grow through it.

Dave: Additional quantified is that next year, we'll see additional improvements to the changes that Dave was talking about some access one is the total co pay on your copay will drop to $2000 from 3600 ability to shareholders with 400 500, so would drop the sick.

Pascal Soriot: So those changes should further improve access to our medicines. I would hope, and that's why we believe, as Dave said, that it's manageable. Radhanak, on collaboration revenue, again, we're obviously not going to give guidance for 2025. But the upgrade that we did to our guidance is, again, based on the strength of our underlying business and the performance of both product sales and alliance revenue. The collaboration revenue generally includes things like sales-based milestones or potential transactions.

Speaker Change #117: One which is I think really meaningful is you'll have the smoothing. So the 2000 will be divided by 12. This year people are still hit by the 3500 upfront. So those really changes should further improve access to our medicines I would hope and that's why we.

Aradhana Sarin: And again, they remain uncertain. Our updated guidance is based on the assumption that there is no increase in CR versus last year. But again, we've considered various scenarios, including a decline. And we've based our revised guidance on our current best guess. Thank you, Anna. The next question is from Mattias Hggblom at Anders Banken. Mattias, over to you.

Speaker Change #118: We believe as I've said that's manageable.

Speaker Change #118: Ill cover revenue yeah on the collaboration revenue again, where we're obviously not going to give guidance for 2025.

Speaker Change #118: But the.

Speaker Change #118: Upgrade that we did on our guidance is again based on the strength of our underlying business and the performance in both product sales and alliance revenue.

Speaker Change #118: The collaboration revenue generally includes things like sales based milestones or potential.

Potential transactions and again they remain uncertain.

Speaker Change #118: Our guidance is updated guidance is based on the assumption that there is no increase in CR versus last year, but again, we have considered various scenarios, including a decline.

Mattias Hggblom: Thanks so much for taking the question which is related to IRA and any early effects in terms of development decisions affecting your pipeline. A leading CRO recently called out that there had been cancellations of large planned clinical trials within big pharma in response to IRA. I'm curious if AstraZeneca has already at this stage made similar decisions to sacrifice certain small molecule assets, perhaps at the benefit of a biological or more complex molecule due to IRA. If so, maybe you could share any concrete examples with us.

Speaker Change #118: And we based our revised guidance based on our current best estimate.

<unk> Rama: Thank you next question is from <unk> Rama.

Speaker Change #120: And that was a banker much us over to you.

<unk> Rama: Thanks, so much for taking the question, which is related to our NII.

<unk> affects in terms of the development decisions affecting your pipeline.

Speaker Change #121: <unk> recently called out there have been cancellations of large plants in the trials within big pharma in response to <unk> I'm curious if astrazeneca wanted at this stage has made similar decisions to sacrifice certain small molecule assets.

Pascal Soriot: But in addition, perhaps talk about how IRA has changed the way you think about business development as well as resource allocation internally. So maybe let me try this one: is that suddenly a challenge for small molecules? There is no question. And, but as you can see from our pipeline and our investments, what we've communicated, as we move forward, we're investing in specifics, cell therapy, ADCs, and all of those agents are, of course, I'm stating the obvious, non-small; they're not small molecules.

Speaker Change #122: Perhaps at the benefit of a biological or more complex molecules do Tara.

Speaker Change #123: So maybe you could share any concrete examples with us but in a decent perhaps talk about how <unk> has changed the way you think about.

Speaker Change #124: Development, that's what us resource.

Pascal Soriot: So, you know, in a way, we are shifting a little bit away from small molecules. But it doesn't mean we're not going to be in small molecules; we will be. Now, what IRA will mean for us is, and that's really unfortunate, actually, but it will mean we will develop those indicators. If you think of a product that has a small indication to start with, we'll develop these smaller indications. We will launch them around the world, but in the U.S., we will have to wait before we file because we can't start the clock for a small indication where we would record low cells for So that's one issue. The other issue is on the back end of it if a product is.

Speaker Change #125: And pardon me.

Speaker Change #126: So maybe let me try this one.

Speaker Change #126: And is that.

Speaker Change #127: Southern China and for small molecules. There is no question, but as you can see from our pipeline and our investments what we've communicated as we move forward we're investing in.

Speaker Change #127: <unk> <unk>.

Speaker Change #127: Andrew Conjugates and all of those say John saw.

Speaker Change #127: Of course, I'm, stating the obvious non small small molecules so the.

Speaker Change #127: And the way we are shifting a little bit away from small money occurs it doesn't mean, we're not going to be in small molecules we would be.

Speaker Change #127: Now what <unk> means for us is and Australia unfortunate actually but in women's we will do all of those indicate if you. If you think of a product that has this more indications to start with whichever of the smaller indications, we will launch them around the world, but in the U S where we'd have to wait before we filed because we can't start.

Pascal Soriot: Acivon, Stanton Orphan Medicine, and a new indication will change that status when we consider not launching it in the US. So those are some of the implications of the IRA. And they are quite, quite unfortunate.

Speaker Change #127: The clock for a smaller indication that where we would record low sales for a couple of years Australia's <unk> would have been a good example of this.

Speaker Change #127: So that's one.

Speaker Change #127: Issue. The other issue is on the backend of it.

Pascal Soriot: But, you know, this is what it is, and we're working now to try to advocate for change for six to the IRA that would address this issue of what we call orphan indications or orphan diseases. Anything any of you want to add? No?

Our product is.

Speaker Change #128: A single instance on orphan medicines.

Speaker Change #128: And a new indication will change that status, we may consider not they're not launching it in the U S.

Speaker Change #128: So those are some of the implications of the Iia and those off but quite unfortunate but.

Pascal Soriot: Good. Peter Verduld at CT. Peter? Yeah, sorry.

Speaker Change #128: This is what it is and we're working now to <unk>.

Peter Verdult: Hoping from one conference call to another. Pete Biddle here from Citi. Thanks for taking my questions. Just two, I think I just want to round out some of the points that you've been making throughout the day. Just first for Dave, I know it's barely seven weeks since ASCO and you've not yet got any CCN updates for Impresto 6, but are there any early KPI changes you can point to for Tegrisso and Fimzi and her to post those planetary data drops?

<unk> four challenged for fix to the IRI that would address this issue of what we call all find indications orphan diseases.

Speaker Change #128: Anything you any of you want to add.

Speaker Change #128: Good.

Peter Welford: Peter <unk> Peter.

Peter Welford: Yes, sorry, I'm, hoping from one conference calls when other people don't hear from Citi. Thanks for taking my questions.

Speaker Change #129: Just to I think ultimately too.

Speaker Change #129: Now some of the points that you would be making.

Peter Verdult: And then lastly, for Radner, I know you've talked about some of these points, but just so everyone's absolutely clear, am I right to assume you've achieved flat collaboration revenue, but risks are probably to the upside for this year? You haven't assumed these growth to net dynamics are continuing, even though they might. And you have assumed that Fasego is getting hit by VVP this year. I know you probably don't want to go through every assumption ad nauseum, but just any help on those three points would be gratefully received.

Speaker Change #130: Through the date just cost per day on a 37 weeks since Moscow and you've not vehicle CCN updates for that.

Speaker Change #131: The pressler six but are there any early kpis changes you can point to <unk>.

Speaker Change #132: And how to punish those preliminary data drops and then lastly for routing or just I know you've talked to some of these points, but just sort of is absolutely clear.

Speaker Change #133: I'm honored to assume you've assumed flat collaboration revenue risks to the upside for this year.

Peter Verdult: And thank you. Thank you, Peter. Maybe unless you understood the second question, I was not clear about the growth tonight or what you actually meant by that.

Speaker Change #134: Having a machine these gross to net.

Speaker Change #135: Favorable dynamics are continuing even though they might do.

Peter Verdult: The favorable adjustment, I think there's some favorable growth to net dynamics on SimbaCorp in the US. I know you want to cover that. As I mentioned, we've assumed that we have flat collaboration revenue.

Speaker Change #136: <unk> have assumed a policy here is getting hit my VP. This year I know you didn't want to probably go through every assumption.

Speaker Change #137: Nauseum, but just any help on those three points would be would be gratefully received.

Thank you Peter maybe unless you understood that.

Aradhana Sarin: As Leon mentioned, there is still some risk to the Farsiga WBP that we have assumed in our plan. And I think we've again assumed some risk in terms of uncertainty from the Simbacourt pricing dynamics as well in our latest guidance. Thank you, Dave.

Speaker Change #138: The second question I was not clear about the gross to net to what you actually meant by this.

Speaker Change #139: The favorable adjusted I think there's some favorable gross to net dynamics on symbicort in the U S. Oh I see okay. Now you want to cover that.

Speaker Change #140: As I mentioned, we've assumed.

Speaker Change #141: We have flat collaboration revenue.

Speaker Change #141: As Leon mentioned, there is still some risks to the FERC go EVP that we've assumed.

David Fredrickson: So I think that the first point to highlight is that Laura resulted in guideline changes within 12 days. So I think that's a very early clear indicator of a good response and outstanding response to one of the key presentations that we had at ASCO. Adriatic, we've heard good interest from our medical interactions, but obviously, we're not approved yet for Adriatic.

David Fredrickson: And so there's good enthusiasm there. I would also say that within the DBO 6 setting, based on the DBO 4 results, we had already seen utilization happening spontaneously in that setting from others. In fact, it could be as much as, you know, one in four, one in five that we're seeing. Thank you. Next question. Maybe we'll take the last one with Luisa Hector at Bernberg. Luisa, over to you. Okay, thanks for taking my question. Maybe just a couple are left.

Leon: In our plan.

Speaker Change #142: And I.

Leon: I think the we've again assume some risks in terms of uncertainty from the Symbicort pricing dynamics as well.

Leon: In our latest guidance.

David: Sure David.

David: So I think that the.

Speaker Change #144: First point to highlight is that Lora.

Speaker Change #145: Resulted in guideline changes within 12 days, so I think thats, a very first clear indicator of a good response, an outstanding response to one of the key presentations that we had at <unk> <unk>.

Speaker Change #145: <unk>, we've heard good interest from our medical interactions, obviously were not approved yet for Adriatic and so there is good.

Speaker Change #145: There's good enthusiasm there Phil.

Speaker Change #145: Looking forward to the manuscript to be published for that similarly on <unk> I mentioned before we are waiting for guidelines to change there I think that those guideline changes will be important elements is seeing a change from an interest and awareness and excitement translating then into kpis that.

Speaker Change #151: Suggest utilization I would also say that within the DBO six setting we know that based on the <unk> four results, we had already seen utilization happening.

Luisa Hector: So you had some phase two start in oncology where I was curious to just understand the hypothesis for the fusion asset in prostate cancer and also the antifolate ADC in ovarian and, I think, lung. Happy to hear what you hope to show with those trials. Thank you. Suzanne?

Spontaneously in that setting from others in fact, it could be as much as one in Florida, one in five that we're seeing there.

Speaker Change #146: Thank you next question will be will take the last one with extra beyond Burger to resolve it to you.

Speaker Change #147: Okay. Thanks for taking my question.

Susan Mary Galbraith: Thanks, Luisa. So the folate receptor alpha product is one of the ADCs that we have come up with out of our own proprietary in-house portfolio of linker and topoisomerase 1 payload. So we have a B7H4 and the folate receptor alpha and the EGFR met by specific plus a CD123 AML in hematologic malignancies. So we're actually seeing encouraging data across all of these projects. We look forward to sharing some of those data at the upcoming Congress later this year. Folate receptor alpha is already a validated target in ovarian cancer.

Speaker Change #148: Just a couple left do you have.

Speaker Change #150: To start in oncology to just understand the hypothesis.

Speaker Change #149: The fusion assets.

Speaker Change #149: Prostate cancer.

Speaker Change #152: The anti folate ADC in ovarian and I think long <unk>.

Speaker Change #149: Yeah.

Speaker Change #149: To show this trial. Thank you.

Suzanne: Suzanne Thanks Luisa.

Suzanne: So the folate receptor alpha.

Suzanne: <unk> is one of the Ah <unk>.

Suzanne: <unk> that we have come out of our own proprietary in house.

Suzanne: Portfolio.

Speaker Change #154: Linker and type I summarize one payload.

Suzanne: So we have a b 784.

Suzanne: Photo receptor alpha on the Egfr map by specific pluses CD 123 for AML.

Susan Mary Galbraith: And, you know, we've previously shared some preclinical data that suggests that we have activity at lower levels of folate receptor alpha expression than the current approved medicine, levofloximab, in that setting. So, preclinically, this looks differentiated, and we look forward to sharing the clinical data as we're excited about the profile that we've seen. For the lead asset from the Fusion portfolio, which is FPI-2265, this is an alpha-emitting actinium-225 radioconjugate with a PSMA target.

Suzanne: The hematologic malignancies.

Suzanne: No.

Speaker Change #153: We're actually seeing encouraging data across all of these projects, we look forward to sharing some of those data at upcoming Congress later this year.

Charles: Charles was already a validated target and of having Kevin.

Speaker Change #153: And we shared previously some preclinical data suggests that we have activity at lower levels of folate receptor alpha expression than the current approved.

Susan Mary Galbraith: And again, PSMA is already a validated target in prostate cancer, highly expressed in prostate tissue, with the, you know, obviously, the approval of Plovicto in that setting. We presented some data, the TAT-Sys data, our Fusion colleagues presented data from the TAT-Sys data earlier this year, which showed activity in patients that have higher Plovicto levels, as well as patients that were naive. And, you know, I think this reinforces the confidence that alpha-emitting particles can actually be differentiated in beta.

Speaker Change #153: Approved.

Speaker Change #153: And that took some time in that setting so.

Speaker Change #153: Pre clinically this looks differentiated and we look forward to show the clinical data too excited about the profile that we've seen.

Speaker Change #153: For the.

Speaker Change #153: <unk> lead asset from the fusion portfolio, which is F. P. ITT six five this is an alpha emitting actinium 225 radio conjugate with PMI target and again pay semi is already a validated target in prostate cancer highly expressed in <unk>.

Speaker Change #153: In prostate tissue with it.

Speaker Change #153: Obviously with the approval of predictor in that setting we presented some data the task.

Susan Mary Galbraith: The reason for that I described a little bit at investor day, but as a reminder, alpha particles are much heavier, they don't travel as far, and they give up their energy over a very short distance, which means they don't treat as much normal tissue, and they give a lot of the dose to the cancer cells.

Speaker Change #157: Thanks Joseph.

Speaker Change #153: Now all fusion colleagues presented data from the touch this data.

Speaker Change #153: Earlier, this year, which showed activity in patients.

Great.

Speaker Change #156: Just wanted to patients.

Speaker Change #153: Nate.

And I think this reinforces the confidence that alpha emitting particles come actually be differentiation data. The reason for that I described a little bit at the Investor day, but this is a reminder of political the much heavier they don't travel as Paul I'll give up the energy of a very short distance, which mean, they don't treat as much normal tissue and to give a lot of the dose.

Susan Mary Galbraith: So, we have the opportunity to be different in this space, and that's why we're excited. The phase two start there is for a study called AlphaBreak, which is phase two but potentially fileable from that setting. So, this is a very exciting project. We look forward to sharing all of the data in the coming one, two years. Thank you, Suzanne. So we'll stop here.

Pascal Soriot: And before we close, let me just make a few closing remarks. The first of all is that we are very pleased to upgrade our guidance, and it's, as I said before, based solely on, only on the strength of our business. And we believe our key medicines will continue to perform well in the second half. There is some uncertainty around a couple of products, as I mentioned, and the collaborative revenue also could vary, but at this point, we think this is a reasonable guidance to provide the market, and, of course, these things will resolve to the positive on some of those products.

Speaker Change #153: To the cancer cells. So we have the opportunity to be different in this in this space and that's why we're excited the phase III study.

Speaker Change #153: Study called Alpha break.

Speaker Change #153: Which is it's a phase two but potentially file level.

In that setting. So this is a very exciting project, we look forward to sharing more of those data in the coming.

Speaker Change #153: Two years.

Speaker Change #153: Thank you Suzanne So we'll stop here before we close let me just make a few closing remarks.

Speaker Change #159: So first of all is that we are very pleased to upgrade our guidance and it's as I said before based slowly on only on the strength.

Speaker Change #153: <unk> of our business.

Speaker Change #153: And we believe our committed essence will continue to perform well in the second half.

Pascal Soriot: We definitely would look to the upside. We're very much on track with our strategy conditions, you know, whether it's top-line revenue for 2030 or profitability or the number of enemies to deliver by 2030. Hopefully, this second quarter demonstrates we're on track.

Speaker Change #153: There is some uncertainty around the couple of products as I mentioned in.

Speaker Change #153: The collaborative revenue also could vary but at this point, we saw this as a reasonable guidance to provide the market and of course is thanks.

Pascal Soriot: In terms of catalysts, let me comment a little bit on those. First of all, catalysts for the second half of this year, we have Tropion-Brest-02 that we'll read out. We have Capivacertib-Capitello-281. And we also have, we haven't talked about this one, we also have the Tespire Waypoint study that we'll read out. We'll also present data, and this data, we believe, is important. First of all, we have TLO-1-OS. We also have NAGARA.

Speaker Change #153: Our results to the positive on some of those products.

Speaker Change #158: Definitely we would look to an upside.

Speaker Change #158: We're very much on track with our strategy conditions.

Speaker Change #158: Whether it's top line revenue for 2030 or profitability, all while the number of enemies to deliver by 2030.

Speaker Change #158: Hopefully this second quarter demonstrates we are on track.

Speaker Change #158: In terms of categories.

Speaker Change #160: Let me comment a little bit on those first of all catalysts for the second half of this year.

Pascal Soriot: We'll also present our QC-AS biomarker data for DATO, which we believe will create potential, substantial value over time because it will definitely differentiate us in the TROP2 market with a very differentiated strategy in terms of testing. We also will present data with ARBAS-specific, Rolostomic, and Relvigostomic in lung cancer, and Relvig in gastric at Congress this year. And we'll also present data with our ADCs, the B7H4 and folate receptor alpha. On the biopharmaceutical side, we will also present at a relevant congress related to obesity.

Speaker Change #161: We have top young versatile tool that will readout, we have <unk> capital 281, and we also have we havent talked about this one we have also have the despite a waypoint.

Study that were with US we will also present data.

Speaker Change #161: This data we believe are important first of all will.

Speaker Change #161: We have zero on the OIS. We also have <unk> will also present.

Speaker Change #161: Gcs biomarker data for <unk>, which we believe will create potential.

Speaker Change #161: Substantial value over time, because it was definitely differentiates us in the top two markets.

Speaker Change #161: A very differentiated.

Speaker Change #161: Our strategy in terms of testing. We also will present data is a bi specific <unk> in lung cancer and in gastric.

Pascal Soriot: Later this year, we'll present the data for GLIP-1 but also additional data for our two injectables, amyline and GLIP-1 glucagon. And all of those three together represent five billion opportunities, five billion dollars, peak revenue opportunities each. So a very important franchise. And then, if you move forward into 2025, we have Amplify, which I think is a very important indication. That is actually a blockbuster indication, actually.

Rick: Yes, Rick.

Rick: Congress this year and we also presented data as I. This is the <unk> and <unk>.

Rick: <unk> receptor alpha.

Rick: On the Biopharma side, we will also present us a relevant Congress.

Rick: Related to a visit later this year, we presented data for <unk>, but also.

Rick: Additional data for.

Rick: <unk> Injectables.

Rick: And the ZIP one glucagon and all of those three together they represent.

Pascal Soriot: So we are looking forward to this data. They're very important. We'll have Serena-6, which will give us a first view of Kamisestran and its potential, a very important product for the future for us. We'll have a Vansar result, as Susan mentioned before, a very important set of data. We will have early stage results with on HER2, Db09, and Db11. And finally, in biopharma, we have Baxrostat for hypertension and controlled hypertension. There's more to the news flow, of course, but those are the most important ones. And as you can see, we have a rich news flow coming up over the next few months. So with that, let me thank you very much and wish you a good rest of the day.

Rick: <unk> 5 billion opportunity 5 billion peak.

Rick: Peak revenue opportunities each so a very important franchise and then if you move forward into 2025.

Rick: We have amplify which I think is a very important.

Rick: Indication that is a.

Rick: Blockbuster indication actually.

Rick: So we're looking forward to this data they are very important we have seen a six which.

Rick: Well gave us just a first view of <unk> potential.

Rick: A very important product for the future for us we'd have event as a result, as Suzanne mentioned before a very important set of data.

Have.

Rick: Early stage results.

Rick: So to give.

Speaker Change #163: I'll give you on that and develop one and finally in Biopharma, we have box, let's start in hypertension and control hypertension, there's more there's.

Speaker Change #163: There is more to go.

Speaker Change #163: The news flow of cost, but those are the most important ones and as you can see we have a rich news flow coming up over the next few months.

Speaker Change #163: So with this let me. Thank you very much and wish you a good rest of the day.