GSK - Earnings call transcript Q3 2021

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Operator

Good afternoon, everyone and welcome to the analyst call on the GSK's Third Quarter 2021 Results. I will now hand you over to Nick Stone, Head of Investor Relations, who will introduce today's session.

Nick Stone

Thank you, Operator. And good morning and good afternoon.

As you've just said, I am Nick Stone, Head of Investor Relations at GSK. welcome webcast our for to conference quarter pleasure and call investors. my you third to XXXX It's The presentation earlier was sent to posted to GSK.com distribution a and list little bit today. our was also Please turn to X. slide performance harbor safe CR. will comments rate usual is using statements exchange This constant be and making from or Please turn to X. slide try This we'll all of to today's is where our aspects cover agenda results. in The presentation the opportunity maximize will last order approximately to to XX minutes questions.

you and ask please join maximum the by we on request that those X that so chance the phone, questions For a to a pressing X queue has star everyone participate.

with are Deborah Hal I The Dr. we the hand Our Emma speakers to will Iain the be and will Brian Barron, Mackay. Roger today now portion call, that, of over Walmsley, And call Waterhouse, Connor, by McNamara, [Indiscernible]. and joined Q&A Redfern. David

Deborah Waterhouse

and X. slide of progress Fine, priorities. On welcome another I financial am warm against performance Nick, everyone. quarter to and continued announce strategic strong to to a our delighted

and an adjusted double-digit growth up by XX% and Healthcare bearing that with demand, quarter our results [Indiscernible] XX% underlying and strong pharma Consumer and commercial pipeline Third and driven new excellent These EPS fruit, growth in vaccines, were sales acceleration proof CEO. in execution, of both in growth. is were

between XXXX supported EPS the very cost result. Continued full-year us financial continue in expect X% the X% discipline excellent guidance this momentum additional business, minus to to R&D. strong contribution the from improve and to and The building a to performance, guidance to in we to COVID-XX adjusted results positive for the range contribute our EPS demonstrate make minus any solutions, this an our we progress now excludes which X% performance. Alongside Today's adjusted X% year, enabled which CER. narrowed has

Additional in in been for approved respiratory, indications Nucala Jemperli cancer. and have

of FDA priority also U.S. prevention review HIV. Cabotegravir the We for received of

treating for another for positive medicine best-in-class Following potential in new chronic announced headline kidney July results [Indiscernible] disease. the

creation present world weight. will and a And fully healthcare in delighted session for plans consumer ASN the new of for all we at track. delivering value unveil to a key innovation together, breaking at health be as And Kidney ahead look late strongly and leader on to in center were we data We UK. scale merger are B The lastly, and here we committed a global and shareholders. exciting to continues campus impact maximizing

mentioned third of the for exciting and a in in pipeline progress Our beginning, quarter remains all organic continue and delivery our was of build high-value to our disease prevention priorities. X of I resolute year objectives, and improving. continuously we performance changing innovation, readout, we in some growth, focus to world-class strategic and through Turn key treatment step through a performances across inorganic meaningful important several Company. delivery. also strong reflected execution our driving and highlights just slide on I'm In to several an specialty XXXX, Commercial delighted listed share response we're antibody with remain the COVID-XX a slide. agile more them, and environment the playing COVID-XX in evolve. of the and and Among Xevudy, role continues seem as vaccine on programs products. now treatment, across in with execution strategic X. successful is And robust our stated growth the new

significant place brand acceleration a details medium-term minute seen underlying in this as opportunity will Shingrix. strong in and we're then the have to in growth the you going confident of variant, to put the the also an as the in of initiatives in track. take recovery deliver impact we And on but the surge For Shingrix in for are drive demand our The in potential consumer record a we've annual Delta strong the sales. specifically, growth XXXX quarter well drive as result increasingly Luke a we [Indiscernible]. with as is through confidence the performance

recent and significant of at carbon in energy initiatives in Lastly, ESG reduction on renewable trust, maintain sites in continue we our leadership U.S. manufacturing investments with the announcement to the UK

announced to continued greenhouse net of which support I a new on in dose more X are first nature vaccine the than to emissions. for on also this to positive be children broader metered year environmental the progress by also, pivotal reduce we'll for more XXXX, inhalers from vaccine. emissions share gas We from significantly new which Sub-Saharan And program these the long-term deployment R&D responsible carbon of clinical childhood XX% commitments our initiatives kills reduce and Company's illness our a Africa. the And malaria. only and recommendation course, in WHO COPXX. XXX,XXX is trials Malaria death shown recent of welcome malaria and the

Emma Walmsley

we I'll a X. on update slide since June, to my moment to innovation. productivity shared take R&D improved did we XXXX. turn how investor Please significantly in expand On our on comments

delivered than with of For versus XXXX the our XX worth work XX. And valuable to It sales of pipeline is all [Indiscernible]. forecasted targeted with number the from XX best-in-class over more pipeline pivotal of in of the and for studies We've top of number pipeline major from than the major medicines of launches first-in-class doubled anticipated XXXX potential. XXXX, pipeline more and of increasingly investment XXXX. that of with approvals in assets restating peers The approval approvals growth or plus from real performance drive XXX% quartile will created to to our vaccines, XX result Phase many momentum. an a this X

support months, confidence XX the in regulatory we the of have readouts in outlooks June. [Indiscernible] number for provided and GSK a eventually we next the Over

a third the planning are we're report as our DAP including well produce expect therapeutic. Week on blend to XXXX, on on on up we more X. Kidney a half myeloma, ASN event, Specifically, of slide adults which our highlighted, mentioned to we the as science key scheduled for as investor seen and to Please, early at proof-of-concept for also HP submission X of I readouts our feedback November. hear line older you're and in as XX lot and is going first multiple potential data And assets regulatory previously,

Lastly, our Consumer to been the I've want of Healthcare take demerger world-leading business. I the on timelines,

in in sheet, countdown pragmatic timely moving remaining at and XX% mode with for GSK's our committed to for We at Consumer pace manner. demerger We're of and are of the maximize and shareholders. potential strengthened and of our least to a holding, be monetized XX% balance plans all value GSK both to GSK the the unlock Health, and

important to Most hold independent visible Capital will will first In Company. in the to chair which a the for announcement As process. momentum Health. Markets be Day, steps as in builds towards prospects we XXXX, the designate, a this appropriately and quarter want several the detail an new important event, board you Consumer skilled see of subsequently set Health a Consumer plan and performance and out of for compelling

the value, premium human new competitive set-up from X independent will business listing Exchange, proceed and on the health. of Stock London then companies, creating scale growth, We a of Consumer shareholder impact with for delivery

you the Now, detail. let over to drivers growth in me team through to take the hand

Luke, to over first So you.

Luke Miels

Thanks, Emma.

through the quarter the on come numbers. strong commercial market share seen and execution which revenue we made progress So in and you've competitiveness, in

Deborah to Growth which growth in For and new our strong year-to-date. XX. prospects the confidence to figures today, want Please include to focus XX% few new the turn Shingrix. specialty minutes. to These remarks growth in pharma and HIV, specialty for taking quarter, slide and I my on will us performance in medicine in a our in accelerated our third cover XX%

deliver remains to triple holding proving XX% XXXX, As of growth to a XX% with continues Trelegy And indication market we've leading seen space this the The our throughout in asthma single in position unchanged, inhaler unique U.S. in QX. with the Trelegy therapy differentiator. be is

Our quarter. market-leading XX% contributed also the Nucala up growth in double-digit IL-X

that polyps in physicians in disease CHMP We eos nasal in continue launch the approach we and Nucala in U.S. preferred, opportunity and market EGPA, July targeted to Europe. received is as to for HES, -driven a we polyps and confident nasal opinion clear hear remain and 's positive from

of in leadership consecutive have QX. Italy, subset U.S. while up XXth the its to XX% continue QX growth grew we has in grow. Benlysta And finally, and an the our of to by formulation received other August, double-digit parts we indication Additionally, in sales in build established China. in Oncology quarter We the portfolio market continues lupus and world Jemperli Zejula the like additional build nephritis Convenient XX%. approval in on for

external remain globally. choice earlier of tough for XX. based treated patients slide across in course new But disruptions European. a where X vaccines, Zejula tracking impacted look movements A We pandemic larger in of a patients POP below and than also diagnosis HCP the we of about proportion Covid to delivered of a patient drain? pandemic quarter retailers have pre the unfortunately, inventory patients the trend launches also Encouragingly, as The vaccinations the this impact are. use with to strong growth Germany of X turn and seeing successful related And the patients the with several quarter through reflected of expanding pivotal continue myeloma - X [Indiscernible] now more from patients environment offices. Blenrep, community also in COVID-XX. in two despite Performance majority to to following recovery we're and underway forward markets. X performance we with on In we're Please readout. data, X,XXX outside the the studies, that track as Shingrix stock on a where see favorable Shingrix recovery being as from and opportunity new administered and was U.S. encouraging drain levels. new a been preferred new receiving Blenrep prioritize Shingrix year. multiple more primarily the We benefiting lines performance we've XX% in

booster of hit this CER, are near-term, slide, is can challenging volumes the TRx for variant of travel slowing vaccinations Shingrix as the the from Delta Shingrix year-to-date performance, the on disruption expect indication and the which direction to you through year a be QX for full XX we the now pace in As a With for see good move the comparative year. the despite we prioritization of in COVID-XX recovery. modest improving

below consider While deferred, we lost expectation, sales our previous as sales. this not these is

vaccine, market to any been unchanged, research Our that and drive that ranked direct-to-consumer recovery multi-channel confidence remains shingles activities A confirms vaccinated except vaccine patients strong. retailers. demand we're relationships have flu. higher the getting providers, vaccine fully for strengthening U.S. healthcare with a our campaigns, engaging And transformational with in implementing their remains than interest in other COVID adult this further underlying and

a as boosters expect continued through we to and supply ahead, launch recovery in markets Looking continue COVID new the U.S. near-term. position, work our unconstrained we with we

double-digit growth an ambition improved to XXXX. along next strong be deliver million Taken in year we Further, revenues to we in And predicting than record X together, we in expect turnover. double anticipate year Shingrix a remain operating the way. adults our years, the environment, next assuming Shingrix for XXX to more confident

turn let to Now, slide hand over Deborah. to me XX. Please

Deborah Waterhouse

Thanks, Luke.

that by and growth total Dovato portfolio driven momentum at sales X%. driving now switch X%, we further In XX.X% the has the around to PSX suppressed In year-to-date. the purchasing region. by by the particular, of execution market, growth with performance year-to-date in XX% was and HIV and gained despite grew by strongly, of respectively. billion and dependent QX. on international is commercial growth building quarter of patterns almost innovation the market of Europe, U.S. Strong to continue growth sales innovation taking the in the the XX.X% wholesale Third share which saw in represent the grow switch X% the in the positive Dovato, X% portfolio in products U.S. driven delivering favorable QX,

Cabotegravir, Turning long treatment for injectable to acting world's HIV. the

time COVID any physician's visit to activity, a Cabotegravir the continues constrain a which environment patient type new medicine, of to of take to office. needs will particularly where and As build

high. HIV More X,XXX and robust taking prescribe have lead access, to are than people Cabotegravir living and strong recognition. with levels brand about indicators We intend now with XX% are market

X the about XXXX. the monthly early excited launch very potential U.S. in approval are We dosing of in

upon significant importance HPTN this we studies, long application, Cabotegravir builds made supported this by demonstrates We the which This also of priorities underscores quarter, the granting therapy. month, its Review the FDA believe progress anticipated the confirmed United break-through which results final in the acting HIV efficacy XX% medicine, for prevention. with of Cabotegravir's a [Indiscernible] January A TDS Last Priority to which is daily for decision superior the States, In from -- could STC, additional who oral options. PEP-PrEP currently FDA regulatory tablet over are benefit tablets. taking of than fewer it, XXXX. prevention the TDS those need status, points

non-GAAP long in investor pounds and acting As expect prevention portfolio XXXX. we generate to by Cabotegravir our of updates for June, around million sales of the a we at said

play to to to attend and hand over will for you event XXth to in with with -- announce details integrase questions. early build There conclude potential course, new We Shinogi, of the will Brian. will, dolutegravir innovative HIV which on November XX. potential I for to that, outlook you all with proud inhibitor HIV will third-generation about of to and pipeline. time the partner, share of on dosing collaborations stage aims Please to the long anchor to beyond of be of acting a an slide XXXX. I we success of investor the agreement ultra-long take With particularly by plenty the our further therapies on inviting next-generation intervals. longstanding acting ask the Cabotegravir, This turn growth

Brian McNamara

Deborah. Thanks,

Consumer divested the Now excluding up exchange at under We strong review turning rate business. and QX. sales saw constant momentum XX% to in with Healthcare growth execution reflecting across and good brands

improved business business. the with double-digit with and performers. markets in China Emerging performance well Middle by of standout continuing across East strong and and all and Africa Importantly, regions investment categories helped performed

Let on single-digit health entry year, was to growth by All Similar growth increased offsetting private was in results, good X% Volterra subsequent and the successful the resulting execution XX% sales Pain as continued and year. a levels. me last by in including help our up X% good Volterra. up growth good label period. easy last decline successful U.S. the than strong the category and sales well more of The decline quarter. capacity up were favorable stock some brands consumer provide retail Respiratory some we into driven helped sales the Panadol and Vitamins, XX%. peers, and from more pressure to performance. given following low and helped cost competitors in relief up competitors and expected switch from growth health Digestive double-digit RXOTC category reflecting minerals, color in by return normal prior double-digit strong further in increased in innovation. Advil a and our in as in Centrum cold benefited from enabling the year, other saw inflation in flu, allergy emergency was

across combined continued X launches we the year-to-date, year-to-date, grew structure, growth enabled now important on Innovation market mid However, and an including sales. XX and launches along categories us the our focus margin our both quarter, taking cost of to pricing and to continued is regions, productivity, In driver, to with margin. had with market in XXX we range gross a increase be and and e-commerce up first in this roll-outs. operating X% number XX%

or power us Our well this to brands of investment position X continues X maintained our capabilities digital for Year-to-date, share. channel. gained key in ongoing in growth

and Our up functions progress to separate firmly building remain track. needed the to on good full-year on a sales future plans demerger processes standing outlook We're remains making Company. and be unchanged

fantastic a and With portfolio the over outperformance. business it capabilities Finally, this to you looking years, move in will turn Slide Healthcare drive next I'm global last I at Please in strong Markets to transactions we sustainable year. X to market Consumer sharing XX. with to of Healthcare forward Capital two on Through Consumer business, in we've with as Iain. separation the information largest more the to and great Day closer our created hand leader a incredible brands QX that,

Iain Mackay

Thanks, Brian.

and XX.X X%, was year-to-date profit tons adjusted was are This a billion X%. cover was is of QX and adjusted per share, XX.Xp EPS billion X% due the for to reconciliation comments Please intangible impairments, turnover tons of determination billion X.X XX.X of with and our dollar while turn results earnings of here there sales results X%. results primarily XX%. adjusted the of exchange XX.Xp constant total per In Total to XX%. the adjusting The to agreement headwind on reflected and in up to down was adjusted XX.X of onwards strengthening year. unless the XX share adjusted stated Bintrafusp year-to-date. summarizes I in was particular billion currency, up Alpha. up group's was earnings to X% the of XX. up My growth operating US was items was unless and rates are summary and Slide XX%, profit turnover otherwise. XX%, stated Merck And the per Total adjusted As Slide QX, relative EPS otherwise. for was references sterling the In earnings note from an the up KGaA quarter a adjusted up the financials, X%, share sales. which the pounds X.X the quarter third pounds X.X against operating up last tons was

Turning compared of and key centered Revenues the prior to revenues group for overall. profits here. in QX XX, the XX% drivers to slide The year grew

to from leverage the revenues and to the cost upskilled on group. investments XX% The were benefits R&D X.X%. from was sales higher QX year-to-date single-digits COVID by of quarter Result positive was our the grow We margin high and XX.X% up in expected X%. the the operating year, increase restructuring expect solutions, balance one alongside full focus This in approach across with was control Excluding bolstered continued the investment. efficiencies sales in realization of R&D. margin in R&D continued now from reflecting our

year last rate still expect timing tax half I'd the be settlements around reflected the and P&L rate effective full-year TDS bottom the tax to tax authorities. effective XX%. highlight than that higher Slide XX.X, with XX. of to of was We on Moving of the the

detail between financials XXX the expense be still expect We business. each the briefly for going cover before I'll to million pounds of interest XXX million also more quarter cash pounds. free and into flow on

performance to lower Slide adjusted dividends period. The to In kinds comparative X.X increased the of profit free main rates, factors a mainly were non-controlling for XX. and exchange expectations exchange of ahead at intangible factors with billion in our continues operating U.S. And lower this rebates Turning and the purchase collaborations we're the compared team. to of and offsetting primary flow. cash Improving we versus be posted the Alector interest, payments increased returns year. XXXX the year-to-date, adverse were assets, The to for iTeos.,adverse of cash-flow generated and tax timing including pleasingly, than constant focus constant more impacts.

we However, this step-down do still XXXX. to expect be versus year significant a

And confident low operating either expectations profit R&D margin QX, Slide X%, for the sales, in medicines, high to mid-single-digits exchange in the was RSV was the Xevudy we XX%, performance products return Shingrix, XX% where of operating in strong percentage quarter. strong divested, brands, These QX and royalty earlier. is vaccine sales expect operating vaccines sales. XX.X%. invested turn to brands Notably pandemic year-to-date with to the continue the comparator, primarily comparative of doubling favorable as R&D excluding leverage grew excluding increasing operating which Including margin the Meningitis in to under expect the in to year. Slide to excluding pharma decline mid-term sales review drivers and specialty the included percentage This positive full sales. and increase growth we on year, rebate total business which and described Overall, contributed MRNA Please we in Shingrix our XX%, XX% adjuvant. established under full sales development now this Turning Pharma sales million well programs Consumer progressed under we The Please tight from X% this of QX and divested The increase growth were in XX.X%. The up reflected basis alongside particularly positive climb Year-to-date income. which to those vaccines in investment XX.X% revenues with was operating are and overall rates and sales expect the Blenrep, credit QX in for margin pandemic With revenue operating in the demand Healthcare mix, expectations growth excluding X%, our excluding inventory higher and with our margin in of in In last impact XX% has single-digit positive lower pharmaceutical turn outlined review, brands, Xevudy we've and The for adjuvant the the we be increased the year, year-to-date, review. new revenues XX.X%. no The margin pandemic for in XX. of In so sales vaccines raising year-to-date the margin XX.X% our leverage over of was sales high as revenues outlook. ambition to [Indiscernible]. quarter, a mid Consumer X% either for plus. continue operating turnover performance adjuvant, prior-year constant was as sales Within restructuring our an XX.X% versus sales, tons. main still the revenues XXX The focus in adjustments, points of divested control growth. XXXX. said driven regards driven up business, operating margin at revenue and revenues Shingrix, earlier. as Brian increase are The to single-digit by QX and primarily XX. X%, growth. to we're down overview -launch excluding this, and grew of by increased by Slide of excluding and brands single-digits single-digits are overall in year-to-date, approximately positive Partly offsetting was XXXX. our very This reflect was growth delivered we quarter, XX. from well recognition year-to-date Pharma increase grew year, benefits. growth points X was which pre slightly were primarily to for year-to-date. XX investment, as dynamics on cost the continued U.S. grew

Turning XX. Considerations to XXXX outlook. Slide for

Following our improve performance now that full-year we the strong our we're confident in year-to-date, can guidance.

sustained earnings to commercial tight of adjusted and between result now and share expect impact continued a in the we control, per of constant As of delivery exchange excluding be anticipated for execution, the MiSeq solutions. dynamics -X% cost COVID QX, rates,

[Indiscernible]. includes We to year, also expect our resulting summary, the such XXXX, executing our that in through manufacture hope sold we Science tax work that dependent as earnings COVID-XX for join on continue percentage an keep be events. informed to COVID of We'll the phasing to of the we're both following the HIV solutions upcoming deliver points referred Xevudy to progress Investor with effective charges future which guidance within contracting believe We investments rate. QX vaccination to we factors we momentum. from potential. able X rates Event pandemic XXXX XXXX in strategy COVID will and an within for our is friend the environment, in important approximately and to contribute X Deborah momentum In provide in rate, excellent and the to you events, progress the formal full-year you business the year We'll of on still against growth of Update, as better-than-expected full these adult launch for for us will for XXXX, noting ready that this results teams step our range in context February. the for in -- for where full-year quarter the of of exciting growth, within and generate sets and is be the Overall, continue outcome With Operator, contracting. an encouraging posted and that It's goods Key action potential Q&A. cost up Company. relative The growth us for a worth change of

Operator

much. Thank you very

Your queue comes first question Gordon in JP from the Morgan. from James

in are Please ahead. the go call. You live

James Gordon

taking Morgan. the questions. JP from for Gordon James Hello, Thanks

on is question OpEx. First

year to OpEx at So year, avoidance is about expansion much the below and today. about question cost operating X% look your XXXs and meaningful things you catch you get be how next a And er expectations was stop from more. changes could into points reiterate expansion, but back next have to comments Company? you structure year? to if talk X% low EBITDA basis is, margin Or SG&A spending when meaningful COVID base, expansion just already bit our next of about margin The the versus with as high up can of we below it

the that's first please. So question,

was from firms Division could question reporting Consumer was weeks Consumer attract the of Second separation. A other ago, couple Greenberg that bids PE about consumer or pharma companies.

do consumer. comment saw consumer, go-forward, the I it I just the in of described, So what able actually process please. have is pricing in through you a inaccurate and the price or you've is us the happen business, separation are of October all definitively [Indiscernible] to Are power Consumer the of about or informal that in you separation business you with had clarification, described. that tell And put a the expressions range interest how see US it's process you recent the ongoing price in discussions parallel story [Indiscernible] or and and historically,

Emma Walmsley

in of very very I'll demerger much. Thanks the are Thanks. outlined separation holding just on comment Great. consumer. to our of least as all. the of at committed first today, XX% And I we

the QX to for We of pragmatic our consistently to we our just The a and tremendous the timely XX% said in that of we this portfolio. forward in looking part advantage are of for brand you and and the We've with portfolio, to and feedback part in management owning shareholding will on from that on much of business focused. interested amounts positive that the the its that. absolutely business. And business, team. monetize competitive strength up seek prospects really runway really in investors manner are are who with sharing had remaining detail We've more

to unlock course, separation his think on be then Of first that's going first other And we consumer let focused OpEx, tremendous amount of going for of to But do I do because duty, with come the that dynamics some the that's I'll back a but we XXXX. it's value companies. work are price know really guidance versus on always significant with the specifics this and could we're answer's will fiduciary Iain, comment Brian, Board although bring. Iain you. some delivering advantaged on on to on dynamic the the bit

Iain Mackay

all James, for questions. hate I your it's predictable. thanks

is continued last, that's is through continuing note, logistics will the our healthcare how consumer within that's and R&D, important been to through moving to so also We XXXX, 'XX On another And XXXX questions, there. which environment, R&D, to across benefits focus just expense manufacturing quite it's in detailed his at whether in gotten of moving play the and cost sites storage across factor from I sometimes strong notably businesses. is but to our provide has -- to and for that keep living. an a great we've along difficult get true in items. our one we main and Really of operating absolutely this early within in the business OpEx Also part the that perspective. and approach both February team year SG&A There your really the have realizing pharma, time every an then a within trials, the across our think line P&L, far and lower from pace, areas. the within really of operating things outlooks vaccines, products, line over course when one goods the within very cost block, control sold is it's

environment. activities frankly pandemic fairly in example, continuing travel our such be where For and in the related to current expenses, of are constrained level

February XXXX continue year. on and detail But well. grow into when D seen, I R&D this say, fourth to as as next the through offer quarter non we will you've and see into A investment we my that continue growth more XXXX to guidance terms provide launches to good on in focus I grow how we of the this XXXX, invest moving into the year, In driving in comments momentum investments rest will, mentioned here, through going continue behind we our a with we as as quarter, will in and of and

Emma Walmsley

and pricing Iain Brian Thanks cost on and [Indiscernible].

BrianMcNamara

Most business took just top-line seeing U.S. and brands U.S. taken Sensodyne, I I James. like October. brands we QX, in Tums. pricing price about QX, were then on Emergen-C, brands very we're On categories feel mid-to-high good increases XX% regions mean, the pricing I about across the categories. QX. fact Parodontax, growth the have we from single-digits sales, across that Thanks, so our Yeah. reinforce, first and in the represent And momentum and of pricing, recently, and in that the

quarter successful good in come never the pricing. acceptance We're China it's Europe about with we have the for And also. growth. quarters across taking take and of growth ability on going pricing about environment, saw have a that volume the from While coming price three I'm our had price. taking maybe confident, in XX% to in perspective, we quarter we the easy also growth, from with U.S. been pricing And to in forward, pricing take

and good innovation, strong position. with brands puts that great equity, us very in great a have We

Emma Walmsley

and is on Yeah, less costs. of input other that aspect we're the exposed

I other products of important think of. but companies some from share the XX% and our that's goods to the consumer aware come sales to size reserve things, be buy of about num our so,

Next question, please.

Operator

much. very Thanks

line, comes on question Holford the Peter the next from line of ph. from Jefferies Your

in the live ahead. Please call. You're go

Peter Holford

my Thanks for taking questions.

if study. what the you Would, comment of secretase about I saw We five. secondly, want firstly, books So on how a dream of encouraging you from expansion comment can about if of in next on will this probably that's can and then bit guess just we I spring just data expansion for seeking terms steps most in you see What to partners with of in some the on Iain, think cohorts, what two And just forward early the headlines wonder terms thinking of you're the you're outlook. just should -- looking perhaps Cabot inhibitor, to EPS this.

adjuvant, could you've say, to Just range. or if within any outline applied write-downs, perhaps the just Delta. what you. explain, pandemic -- that they that include you that And like, pandemic explain to adjuvant be X% does of...? you talks, just does sales you that to EPS, the are X% Thank the X% in could for X% time is clear, the for given moment at

Emma Walmsley

Hal and let's first, Well, please. come Okay. to

Hal Barron

question Peter. for you Thank your

the although combination we in that so the us weeks -- approved encouraging led We would we blend X.X induce dose the would the it plus program. was X of gamma-secretase per patients surface such that of dose the there its know, active And synergy be it get top kg dream the any a X, kg and due genomic getting preliminary, those at suggestive blend responses, rep, what comparing on blend milligrams of the to sub at BLENREP GSI. from is rep generated the although of cells, if inhibitor you know to if is randomized has X.XX and meaningful to setting. adults way as we the compares expansion, of be cleaving very As said, can the X.X the gamma And X, a inhibition going with standard the QX and from that data we're activity? of very would one robust studied rep was numbers be dream this have BCMA five studied given it whether how X functional per would data, that's this in the a of to between we of see a on dose limited as dose to in mgs per secretase monotherapy protein a study, expansion that mgs data, We see low refractory in if - plasma weeks more of GSI phase that to tested being limited weeks study that which in kilogram,

Emma Walmsley

Iain.

Iain Mackay

on adjuvant adverse On COGS fulfilled for for sale specifically elements XXXX through with absolutely impacts the Yes. and we've sales. no adjuvant and obligations No, EPS through expectations goods sold. sales any of coming cost coming

got on first I in really based or antigen the fourth the part comments, X and going we've that about in from Sanofi next on the that year very be matter and we'd in studies terms in Peter, Medicago outcomes of number of of the is with a one year, in a the quarter contribution any Bio. next for which As whether expect I there quarter, readout impact much fourth will partners, Phase III my SK of mentioned of think the

this of sold at as to cost adverse that. nothing goods So coming point, it through relates

Xevudy, more negotiated we've being number got agreements terms of have In more reserved, negotiations with XXX,XXX governments. than contracted than with of presently those of doses, XXX,XXX doses, a ongoing and we

of contract, beneficial of those from all pursue impacted we from obviously. You'll million XXX this a contracted very and important for team conceivably reserved quarter a that recognized treatment we've Luke Peter. time, that this really patients. XXX have -- outlook contracting part revenue got the opportunities clearly, noticed the of within dosage terms to those PSXXX the effect for clearly and And on But and COVID-XX aggressively, at point in in it that's has because continue

Emma Walmsley

Thanks.

Next question, please.

Operator

you Thank much. very

next Morgan of line comes Stanley. Your question Mark the Purcell from from

You are ahead. Please call. live go in the

Mark Purcell

questions. Thank you very much for taking my

sites, understand you trial a you're of First antibodies, for COVID then around whether of neutralizing infection relatively as year. With the of X S-protein. speed Could much for could shifted with it other on next next higher recently competitive vaccines trials. half response dynamics pivotal natural and event second this antibody recruitment the and high-levels players at concerns and the secondly, to function there's implied the RSV seeing us been rates year Timelines in half here narrow of protein old press a or around such little help example. And raised from adults. inflection, is of first the forward

broader So protein comes just COVID are targets next-generation to Thank partners S-protein. of sort it when your developing of beyond you with approaches, vaccines the against the range considering you.

Emma Walmsley

to Thanks. Hal, Two questions please.

Hal Barron

questions. the Thanks, Mark, for great

of course. that the of compares than as you that medical thousand with deaths, think flu. I Very unmet respect patients about alone know, significant excited more about First United RSV. very, need to XX XXX represents States hospitalized towards the talk RSV being thousand the opportunity a in been Because in and something here some

and program mean aggressively. the very Our actually And movement completely and timeline, to our really timelines, efficiencies progressing ability I well. by is the enroll driven sorry, decrease more operational forward is in increase

the timeline events course, to be an but is and execution simply better Of matter, will acceleration. is due shift so event-driven to going trial and

the about question or antibodies, the components these response for with protein we'll neutralizing the think And adjuvant why differ. was think of about think it's the in that I our And you to data infections. of highlight excited I the very different. I emerging, COVID vaccine. does be vaccines and an neutralizing they the sub generated And coming this start as from endogenous s opportunity immune And is have response and from to titers each have a months. is second various as vaccines that impact variant whether we're the the

compare very opportunity response could excited to how see there So that antibody available to what mRNA. for say, we're vaccines are today. and spectrum other an you neutralizing titers be, they as broader with Because

more unmodified stable a CureVac, approach so-called a both transcripts we're and And opportunities any five-prime, of data be the sure to to is. neutralizing optimized explore a are the collaboration make creating version modified the of using As we transcripts to exploring to what we We're able that modified you have second-generation therefore are where that the with also variances with expressions emerge, three-prime well as of pursuing this and higher. to as know, Convers see contribution that focus any variance. there's able -- pending to incremental be course, on to of protein

an to So excited technology a exciting playing it's we're role. and major be

Emma Walmsley

please. question, Next

Operator

very you much. Thank

Your next line Martha the of question comes from from Simon Exane.

live are the You ahead. go in call, please

Simon Martha

everybody the Thank for No. you, questions. taking

have for just if driving in growth from one's the are it's I'm obviously Deborah, HIV, the any thoughts at new now developers wondering doing just first dolutegravir. looking future exceptionally about division threat you well, ViiV So actually. potential And overall.

current non-inferior the I think we think two I to seem opportunity. be switched best-in-cost saw headline results days ago these to Aluminite to that treatment

you X opportunity the the and from, see you that of great. drug So basically, talking might so regimen still seeing just threat be could through the

on one your us the maybe maybe you around an views give The if dock for second Luke, produced. just commercial could opportunity for update

case. the and is you think to Thank site just competitive for edge originally, expectations, very the I'm opportunity that wondering all are an Obviously, could could opportunity to you. maybe that doesn't them seem but for stuff. competitive it's I this talk charting produce the helps bullish negation the if today commercial offer

Emma Walmsley

much Right, won't talk leaders.

Deborah Waterhouse

Great, thanks question. for the

we deal you're I And development we switch. concerned first think Devanto innovation when naive about was mortgage physicians a I in It's guys confirmed not we very leadership regimen you no about to XX, So seeing setting. week. it. with the really recommended a a you stomach this of time we in basically theological, right We're published dropped major to regimen and study. Dolutegravir-based and three-drug ARZ . second that Apple out of The that had If convert see out data similar headline to X studies Then in the naive the years to no to to Devanto by I non-inferiority on therapies. it you that's that Again, about DevOps now from us, of following for saw switch in can we the switch that study, the And where in competitors say, has our had was level recently got weeks. And then X-XX studies confidence which study, in regimen. see the our years, Merck those quarter. led it X prescribing. Gemini think, proud but have our that virologic really all testing. off the of switch in a and all, we monetize think into which is studies days Again, It's label think both the -take two-drug -- for you has, the failures think All two-drug SALSA great guidelines good of the an

the regimens future regimens, in like I would slower have than X% we to high than on moving but a who us is but to less moment, do because gone this the move market, primate about helps journey to pace following into you going if think coming the than it's at not also, see. over competitor to I from the probably we drug US, to think having a the devour that's drug in to really However, Europe, market converted it think it's

question reshaping based And day from somebody need two-drug future. living to with me, very stocking potential that be more helpful HIV I is why and two not very building ourselves, confidence in what and regimen. would medicines a in I bright think we single see us. the We'll should an X all to in huge So a following drug a has on every the ask Devops market when is will bring they our regimens think competitors type

Emma Walmsley

Thanks, Deborah, dapro. Luke, on

Luke Miels

have to one many one going I'm of think Thanks, I all or XX the months if Simon. people of -- expected that dapro U.S. two back you maybe hits if would don't think would ago, we went be one in

the So that's think I potential a of in driven for reappraisal that reagent U.S. the Europe. also and

in label key to safety driven we including by of where of penetrate poses, we've is the E tried that and being largely driven get. been to particularly of think the the potential a area it's Overall, course, -- going long-acting, going of the a element to I challenge. number type there. bit it's non-dialysis population be E companies be that pose, a with

about million who patients than the mix less nay If that numbers term, we XX. CKD the X are by long look are XXXX you at estimate

On eligible. the initially has label that be we expect outside X the million that to

going it's how that is there, You to with got and regulators of The U.S. and on but this certainly about dialysis treat think is EUX. a third potential it. the I depend

the through think treatment I publications editorials event. also ASN the influential very I the to And think expecting there. around be also we're academic

frame So this but these have And demand very high how we're the make setting. to a maximum just we in the particularly opportunities that for product. we EPOs There's clearly non-dialysis lands. focused from products. see limitations, positive, very on this ensuring need

Emma Walmsley

Thanks Luke, Next question, please.

Operator

comes from of the question Graham next America. of from Your Bank Parry line

go Please are ahead. You live call. in the

Graham Parry

for guide that then vaccine, to to, that just the where our two, close you the guided Great. RC RC on you've now, at on help your a where the differentiation data vaccine? us Thanks secondly where and days adjuvant, for as Faiza, clinic your see if CB a or that you your billion what growth on key you early from Thank Moderna targeting at of record terms taking from X see probably just envelope, particularly define XX% enrollments, you strong not but higher double-digit look pulling you. in if that X.X you're fit saw also there implications consensus my questions. and in commentary does competitors the perhaps land the that's Shingrix to J&J, within and I with sales of they pointing is, in sales, started incident XXXX and with Fiscally deferred of to understand all moment, twenty and current could out more strong now see on double-digit as first-half

Emma Walmsley

in Thanks, but on 'XX some dynamics Graham. the you may hear to on outline Well, underlying both Luke for Shingrix we're specific and of commercial that. And just today, going consumer reiterating bear let's not from then But guidance of out. RSV first, to from kind both Roger Hal see I also could we the of underpinning playing on Luke, the the prospects overall scientific please. we differentiators. But hear how market think

Roger Connor

the deal mean mean, area of follow each it's I correlated and Delta, Emma. if patent second is of the -- break clearly Graham. for in look is been its state week, and half which a go demand if the we pharmacies, this and I think Thanks Shingrix clear. that logical don't throughout Sure. at Thanks, year, the very a want people at to I with into the outbreak you level there's in very, retail

Now level highest weeks. what last for example, the look tools, search of in at Google when couple shingles were of the is indicators seeing interesting leading churches is we like, for

And If start, of we a and for on key mentioned give is that on about HCPs, very played you seeing of the see, about to now point a that's made normally, risky -- and also my in third offices. means the are two-thirds And in it's HCPs we team, decision look COVID targeting staff deploy starting more now commentary Trelegy are you encouraging. of Shingrix that's at infrastructure promote in to slot vaccines, in of at the we're because are their see out retail. trends, at captured need script but we're those the script that and efficiently an more I which trends retail. shots right the to What retail we the it the a that given just time, and they're XX-XX, a the levels TRX under-reporting vaccines second when saw impact the to pharmacy was these

when they Shingrix want people all to that are these says mentioned been all who've the So the motivated for research ask are COVID, as encouraging. second in the These direction. market they flu. pointing get we to Emma vaccine right after be They adults. vaccinated so tend list

But inventory Germany, past, I a strong that to very a was think parakeet we much pages three markets at We years. managing U.S. be over it's past the around is retail supply are dropped to and in that underlie in vaccines is under our from it's control XX mind. that a questions the bid by X and the right the inventory. and much you we'll it pharmacists. because with million the year. much look very is added doses. year-end, now that stays problems XX returning. at feedback the range just normally is if continued in there. over within People very next disrupted X had in the doses, outbreaks have outside The Germany next to COVID million. that elements match point may very say historically. In have now million of XX tightly point the second of These the very down the been only we've lot range, start market seen And confidence

demand the of I remains think robust. DMARD hypothesis

Emma Walmsley

Hal Logan then Thank and and Roger.

Hal Barron

in operational that about all you as But the RSV speed an out, the perspective. there's to other of We're including this contributors be program we've changes up be excited to the point able when made rates. able to development Thanks, and very data see we'll the Graham. organization to from efficiency

data, see how duration we third And We dependencies will we able to understand see -- broad of of data that are it driven so in of things can making will that of will is so able the all the many time. to first but we I to by aspect of section And events the the season be the three when being the effect confident now. over see go half into is see of say the we we those should haven't. sure we're have the a one, effect. be -- one

of As this far very differentiators, adjuvant. component we why we important see the as use

titers, immune using but really If you in prominent will cellular adjuvant. diseases, that's with appropriate the elderly data also the don't And your from what response, antibody generated our T-cell you this immunity. whether not Phase less and the clear because amount you if that development XX the will, as B-cell it's system is of effective one generate with response. in some confirmed the to at can data of somehow competitors, when to that seen an sort at immune actually vaccine is think mount over other II that about effective that, neutralizing in response, And those the the T-cell as very over able the adjuvant you and we've over normalizing, in look what response the becomes the have we we're be an it's generated effective age, was disease,

true not it just that our feature, see vaccine, but whole is this we as So, platform. with a adjuvant differentiating

the the protein. effective other antibody is Priya towards see fusion we by neutralizing two different have The the levels very -- neutralizing and of to the epitopes Protein viruses we RSV, neutralizing both and a very levels A of point carefully both, at that antibody looked B,the

think effective said broader So will both on well I variants, adjuvant T-cell a spectrum, be have we able leading with are and that of greater both which mount to possibly differentiated that. duration being a effect at will expecting vaccine the very as a we response, to as the as antibody

add want the about a vaccine pleased more a see little soon. that that do into commercial effective we to about will quite pleased on hopefully So and the translate side. you speed, science, Roger, very to

Roger Connor

Yeah.

very highlight. Just quickly

that is a the We've than again We I this is got people really really you've don't significant, there burden than years opportunity. more hospitalization I the here X people on XX the billion think believe major is think touched market realize higher excitement. on flu. old. size

a a come of opportunity. believe we to have significant So in part take what market real We and is big

David Redfern

linked Hal I adjuvant adjuvant record well. that as, well. as as people protection, to differentiations, potentially well than DAP, underestimate CFD the wouldn't on importance of well, XX the as drive our as a as points, couple we'll at be million to we've looking now mentioned, more regional our of given ASO us

there Sync-Rx So we capacity which well. at vaccine We're this again, to want improving as this we advanced we stepped well, tuned positive means also as Singling as platform. well. to well. We that launch and as which to RSV Shingrix and old in CM Shingrix Rabo for a we be off this many the investing got is great, our the PS the step Sync-Rx going Dillard, by well, capacity correctly market is south history recently, got on technology obviously through be in knew We supply ready apply just ready and double are that to benefit as for while

Emma Walmsley

All right.

please. question, next the So

Operator

very Thank you much.

on the from comes question next the Your Seamus from line of line Fernandez Guggenheim.

You Please are live the ahead. call. go in

Seamus Fernandez

Thanks so the Great. much for questions.

itself. you go combo So have X to data might the the combos Phase see and of that that you gamma-secretase, gears relative other an of you'd back around just the sharing so There the BLENREP. you the the then IPO. is to help demerger I second to And on us shifting has question DREAMM-XX the just in of and process different doses fitting with be been study understand the questions of note you've started. speculation wanted how value a far to schedules just expansions my hoping and some some get when I'd has to potentially really number

little hoping you much. if Thanks speculation to there demerger so the And wondering that market. confirm like get could spin. with a seems down It either straight Just of bit possibility. in given a clarity deny quite some just you're far or path

Emma Walmsley

Seamus. Yeah,

be So to hand but and repeat back second your on can really question how already then on BLENREP, what I to just quick said. I've

positive a you of committed We've of shareholders, levels our are and and XX% very XX% our various brilliantly. to least remaining really Hal at from over to we very the We holidaying. runway Mac. the and maximizing interest had on that looking of the on the approaches demerger focused at monetization of and timely we're pragmatic are then with on exiting to

Hal Barron

that look have we're to we're benefit changes the Thanks, a at blend James. lot the It's for patients. studying. of the risk rep we strategy maximizing important in remember therapy to for you When patient myeloma for opportunity according that

with we about with to third and DARZALEX. where second we're dream doing Xth, and head-to-head we're ead outlying the h a going Xth, as June when We're of number head think pomalidomide So studying such X, VELCADE things. going patients

First of all, pretty of to we're to on superior standard in optimizing trying really care. effective efficacy. focusing be And we're that setting,

can care toxic. reduce give that we role. of in which as it lowering study doses about four-pronged as be think plays to if toxicity that per And dose, other might kig, in approach approved. really one the with some have able to lower when we of we by As such we drugs standard Algonquin ocular ocular the But looking the think seeing, are X.X pomalidomide a to reduce like where therapies of the migs really seen dose, we're that gamma-secretase to we we see we're we've trying

that we changes QX know patients when tend the regimen, that great an trough of that, there's is further schedule develop, might the from week moving exposure some way holding.Currently we opportunity there ratio a the three and on later prevent opportunity on and regimen and a also not. keratopathy, mean to tox, a of year to of the alter I holding schedule, symptomatic great in peak We where to hope ocular to demonstrated QX QX by that alter think we've keratopathy, week, maybe dose to program relates the to approved what or impact week seen an we the course hold development. QX changing we even changes dose the how as X, dream reduce dosing -- they as this data (ph) the and whether week even pattern in are it to or we about have A to say opportunity this

inhibiting X so, earlier, plasma will, very the exploring doing And efficacy inhibiting so BCMA being by this equivalent mentioned lower off is cell. dose to dose. for at on intriguing you I responsible in that, off expression. a combination as levers, with by we're the lower And maybe the And clipping different how concept gamma-secretase, increasing allowing if able of those which to by optimize

same reduce course, to X. the in ocular to like X, I are designing show in mentioned, those head-to-head four toxin, time, DREAMM the X, levers So of superiority trials, at trials and

a program. of to number modular meds, therapy, at matching different come population that and we're some patient of mixing to optimize in extent, the can the strategies depending on importantly, So and the those being all and most line

Emma Walmsley

Thanks, Hal.

please. Next question,

Operator

Thank much. you very

Your from of next from city. comes Baum Andrew question the line

are You live in please go ahead. the call,

Andrew Baum

this couple your of at Emma, being questions. Caseli of is GSK A comments described Thank COVID terms beginning the the agile call, you. to has opportunities. of very thing in you and

stayed paying I'm your partnering asset of just long-standing better equipped of novel Shionogi given one has a partners a difficult to non has comment if the with on intrigued to global to protease there, it's talked level GSK. someone interest inhibitor - of for existing got you've partner COVID. the and relative think than One

Second, again Bloomberg week. to last this the private question equity that to story the thing was your on answer and about

overhang by have Thank GSK solutions to about, facilitate away and access order particularly which in development. I'm overhang response put to You don't market. potentially of into creates have there an Are about. you creative one it's monetization sale juxtaposed or an timely IPO your you. the business stock to about the thinking the could demerge may think from But potential of GSK until that capital early And be could stake. your taken yet

Deborah Waterhouse

about want to shape all Andrew, question and we was GSK is, the specific and is, what terms because the of I'm to then about, frankly time. was change data not, lead any continues for question My continue agility Then COVID around the COVID was well, to And less to is how do Yeah, all contribute not learn, potential the the And it you more of or COVID. it of additional an partnership much how no market And way first emerges next the combos, question X is, said, flu how the comment to obviously endemic better looking in we environment data make will as years. looking that of unmodified pandemic. over of vaccination reference we But on specific X modify going on the the the can how do but then clinic around within, to I also, COVID, now. we the technology proof adjusting, potential are a broad I be the we've and to by platform the agility to think it's as than in platform. looking earlier And because global mRNA kind possibilities and have And a got, at keep terms learnt summer. of thoughtfulness in sure how we that you we're basis. on have imagine another next then approaching COVID Hal

want on, where we that's agility. learning bring and opportunities, lots to So of our continuing MRNA

the far they global if a I think pandemic So low such primary so say such percentages around level think so of developing world don't even the it'll is vaccines, fed that vaccinated be 's that question. much supply I

be about one number have said manner. we able pragmatic all be additional lot the mean, to the timely investing Although through appealing prospects not in value. maximizing capacity be supply. transfer timely pragmatic, And more partners that sheet stock at deleveraging as priority. balance opportunity the COVAX do Consumer readouts our antigen to I And in referred on obviously I one of really key will our and you of to on with come contribute the beyond to that to keep be visibility confident in in is we to that and a pricing dependent our say question, of thrilled was this We've to a retaining as to strengthen other terms further their the of adjuvant an terms up reasons QX. to your initial for we'll going of in feel and hopefully and will business, the precisely bring least we're that XX% our and

Emma Walmsley

question, Next please.

Operator

Thank you.

question of next Laura comes Your line from UBS. the Sutcliffe from

go Please call. ahead. the in live are You

Laura Sutcliffe

you Hello, world bit in thank real working retail understand the the you. at the Shingrix a how us Could little help and moment is setting further.

a flu third that it at vaccine if a patient is think makes is far Shingrix who's that Deborah what at to could -- the for getting get Shionogi, vaccine a COVID Thanks. a inhibitor who routes be as likely someone are your you time administration who possible a on as that or So for pharmacy, tell person or the they on receiving retail candidate you avoiding integrase of HIV, might us And molecule. then time? generation with Shingrix

Emma Walmsley

endeavor, please. Right, an So Luke,

Luke Miels

Sure.

So could past. just seeking COVID-XX a Laura, great in parameter is question. of history the I presents mean, the the key someone if mentioned I you vaccine, think

on busy how more It also for that came depends So and there's has then that they're to someone of the much on part the then time shot, likely how point, at individual pharmacist. that receptive is. pharmacist flu be regularly the if

either just we encouraging Shingrix, mention for shots far the QX other think didn't in pharmacists to earlier, receive retail the to being the come re-book that the up back is has come those we're now on around around readout the more that with, In incentives there's COVID major back retail patient, for though, another change ten, Of shot their a have can co-administration. the XX I also of vaccine to of lining then will through XX% with less. which seven of now which opportunity evidence And and XX shot. that then comfortable day they if some shingles pharmacy in people shot for benefits out that the said train, course, right study case so second Moderna and discuss vaccination. running that for COVID people the is I vaccinated Or is first just of doses U.S to to give concomitantly, I build indicated that

their individual history and and having to does of vaccination come is does them pharmacist the it's So the aim much then had how the that to usually time rebook back.

Deborah Waterhouse

strong the standard they in I guidelines, people million the we believe feet HIV, Helpful. you've That's And living great with data. supported got, having amount say, a significant really premium the field integrase inhibitor. are really therapy integrated second-generation fairly And [Indiscernible] and at than core, of by taking think, of future, inhibitors I in they're more by today. XX the as goal the currently

have core that the our be it you're robust very going at your if core integrase to of So important is belief a and successful, to strong 's inhibitor regimen.

it resistance Shionogi think what about ultra get we integrase time if integrated then I the So bictegravir. some unique - potential has will offers, Shionogi such so the second-generation inhibitor acting, be to the the as to XXXX, by have and long to will and also profile., Undoubtedly, have resistance a dolutegravir emerged

very, to a really it OEP it's be opportunity or have the subcutaneous believe harness So is resistance this potential long-acting profile, We to the unique very intramuscular. to going valuable. as

subcut we what an intramuscular much we're that it don't as a as of would do so But those now of see very start to journey to looking we development an explore the injection. options. oral, or we both it And at is medicine, is

Emma Walmsley

Deborah. Thanks

for but for we of can think time last lots question, afterwards, and I one one today, So with last up please. we time you have do obviously question follow

Operator

Thanks very much.

line the on line Holford of the question from last Kerry Your comes Berenberg. from

You live Please are the in go ahead. call.

Kerry Holford

it amount in three improvement [Indiscernible] when meetings any something in expect seeing very of you level you is diagnosis expect various XX said you Two [Indiscernible].I and think next, Thank signs to much. you. questions of essentially, orienting normalized Benlysta his thoughts on Phase agenda you do questions. study step sales those any based And to mono. Benlysta failed to benefit [Indiscernible] Thank group show any change then how incremental trajectory.

Emma Walmsley

Let's to Zejula. and Hal go first, the with finish

Hal Barron

question. for Thanks Kerry. the Hi,

anything a therapy these answer management -- the patients. very is and it single-dose the that was very Benlysta for the effective was nephritis. manner given to didn't these 's both and not in add lupus simplest a think effective rituximab, Benlysta patients course, is I of backbone of just with was arms, essentially, And for

Emma Walmsley

Right. Luke.

Luke Miels

Thanks, Kerry.

that you Slide it, recovery now, showing say XX through hadn't August, Delta the diagnosed number hoping out expect -- we the are emerge a saw we think symptoms very present go reduction obviously a in in August. we can relationship. on Delta put to we then appendix, the of just boost tumor posture that we the restatement, the difficult actually we in go northern and because in peak we're surgery but I to of but did diagnose more and see of version the reduction, by got of Hopefully the GPS hemisphere up course, IQV diffused. to winter, the and quite are in as in these, of of U.S. tumor see are into cases the the with women then

then course So downstream chemo. that's is have of the to effect challenge. X The X typically of cycles they'll

is, they So months their upon these are X disease. to be of that initial another going progressed being debulking take don't women virtue present going -- it's maintenance. event, to we later, What in know diagnosed more before by to

they the and total period likely with of compress therapy. they So, relapse the maintenance faster treated therefore which

benefits new coming much Zejula I continue to we very over competitive look and as unknown. for do diagnosed, we to earlier, and at the be the so it the So, emerging said that patients and When very make patients argument remains are and are alternatives. very, those continue being the through of in

Emma Walmsley

momentum vaccines guidance. for from in I the Company. upgrade generating year pharma and business the Thanks the hard it's be everyone. unlocking. very growth mid-XXXX, conclusion, you We've a in is excited In the And transformation where the quarter over very well, outlook changing shareholder to Health, work coming landmark four the going we've alongside continued following strong our confidence to with a years about the step much, the and pipeline performance, and XXXX full-year growth for that strengthening which got beyond. at towards up progress last days. look same successful deliver to value with increased you. And performance of forward program in and progress reinforces we're in Thank sales is demerger and evidence the time, results. our to double-digit Consumer in the Matt

Operator

For that call all our conference your for speakers, today. concludes

Thank You joining disconnect. of the day. for and may rest enjoy your

GSK (GSK) 27 Oct 212021 Q3 Earnings call transcript