GSK - Earnings call transcript Q4 2021

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Operator

Good day, and welcome, everyone, ladies and gentlemen, to the analyst call for GSK fourth quarter 2021 results. I will now hand you over to Nick Stone, Head of Global Investor Relations, who will introduce today's session. Please proceed.

Nick Stone

Thank you, operator. Hello, everyone. the mentioned. obviously, Nick, is operator's just This Welcome call analysts. and full year XXXX conference and QX webcast to our for investors and presentation our gsk.com out to was was The sent also and by list distribution it to earlier today. e-mail posted X. to turn Please Slide the statement, and usual using making we'll otherwise unless harbor or rates, exchange CER, safe stated. is be comments This constant Please turn to Slide X. This is today's schedule. to full year our all results. of aspects cover We'll plan to minutes The presentation the for questions. around will maximize opportunity XX last [Operator Instructions]. Waterhouse, Brian Emma Barron. are our Deborah and Luke Today, Iain Walmsley, Hal McNamara, Miels, speakers Mackay Redfern. The be Q&A portion joined by of the call Roger will Connor and David And the Emma. with will that, I now call over hand to to Slide turn Please X.

Emma Walmsley

Thanks, XXXX continued our strategic Nick, I our full everyone. year to priorities. results. progress against strong very and and warm They welcome performance announce am delighted to demonstrate a financial

increased the and year, For increased X%. adjusted sales X% full EPS

Excluding a momentum have results as the GSK. launches operating demonstration This new and has ongoing these guidance finished raised increased this, products. year. first-class exceeded notably of key strong overall, the year. with growth which the and solutions, New growth full XX%, uptake adjusted sales reflected cost We profit increased commercial with sales together maintained was R&D support accelerating COVID-XX, growth, from year double-digit contribution Oncology, encouraging accelerating Immuno-inflammation, full we and growth, optimization. for at again by Xevudy Respiratory focus in investments from Consumer on sales see X% we the with delivered of for XX% drove we growing for for driven programs, and quarter Sales Specialty XX%. adjusted and Healthcare X%, Alongside this stable a in with our COVID execution Pharma performance. all the Medicines EPS up new fourth increased now sales also very Vaccine in pipeline X% and strong the expanded for and

for to of change XX% biopharma underscored the the and company today XXXX to growth by GSK, in sales and a said, adjusted of growth guidance X% Biktarvy-related marks any for X% we As giving step overall but the we're XX% provide this in new is solutions, and his operating anticipated pandemic and contribution profit includes detail the more excludes will section. financial Iain of our This growth benefit on CER. royalties, performance business from

Turning to for approvals: medicine for our across product HIV all a long-term progress we of priorities. innovation, X. Slide Apretude, cancer, endometrial In XXXX was COVID-XX X prevention. long-acting for new excellent of strategic delivered Xevudy X our and year major Jemperli

XX best-in-class our new half we first with an but and treatment long-standing for a of year, clearly presented Phase Shingrix positive data exciting build pipeline and the the cancer of of expect to new the and of medicine Sustainability to disease we in forefront are maintain also particularly across improving prevention These XXXX. III new a at billion. see in will recovery and and anemia on file investments our the in anticipate the on Medicines strong inorganic daprodustat, delivery. this older Specialty ESG treatments, growth £X.X medicines chronic regulators medicines high-value vaccines X sales of we Jones in commercial on key execution continue this we to our we future of a sales and as specialty growth in vaccines trust, data medicines, deliver pipeline in to organic sales and identified in And potential and new detail Index several of ranking readouts do in up sector for of This the and through including last vaccine XX are is year, Luke includes with studies. #X have which XX in our hepatitis leadership And our evident Index. to decision pivotal first we QX, We medicine this disease, for highlighted potential performance, Access B. expectations, continue impact for XXXX prioritize We of And to at adults the RSV Medicines COVID-XX exciting reflected kidney treating Dow now drivers. and the In half adverse growth. to we've and leadership those this in year, of rheumatoid Vaccines exceeded expect arthritis, lastly, moment. U.S., our to XX to

And be sheet mode countdown for shareholders. positive we're is our to demerger. consumer on GSK our case. also be we and and zero nature continue ahead, turning making to of will And the deliver culmination to doing targets of ESG and Slide by strategy consumer and inclusion. by health leader to corporate progress so, unlock to the net and the progressive This executed change on new moves to XXXX, aim maximize to years a diversity both will company. the history new good series health, significant the value the middle an in strengthen GSK's environmental to carbon of a also aim ambitious build world of to a of care full year. in value creation in sees effective XXXX integral new few strategic this of net over consumer dedicated and GSK's investment successfully GSK Looking all balance X. commitments with of recent potential with unique last and biggest part now on We're

portfolio, an compelling prospect. in a the has is consumer outstanding health. stand-alone company, As world new business be Consumer leader Healthcare brand a and we'll a It

category team, a a Markets later cash to will Brian sector sustainable more stable financial a month, on Board already you sales growth, and appointment more best-in-class highly expansion international and and at Capital give offer fantastic going consumer Sir high For experience on this of will this is it the detail Designate. Brian provide as lot with margin profile Chairman this It as McNamara prospective shortly. have led event business Lewis We're evident of recent attractive Designate will CEO Dave investors, generation. by above with the leadership our

For new we've shared, and new ambitions new purpose for as previously GSK, set growth. we've a

in in said last R&D exciting now today set our we're for and guidance step-change These out Our purpose represent and talent deliver significant are I in growth unite get the impact, of and a human update together earlier, we This and giving the technology June to people returns in is health ahead science, And delivery to shareholders GSK. a to ambition as where the improved is scale, reflected thrive. reflected to disease in investor outstanding to year. catalysts ahead. start commitments and be company

them Before deliver year. big momentum closing, GSK our the to the this have performance and thank to as more XXXX say I like landmark would XX,XXX who built we into a helped than people they very head to you

take over So to Luke, who will you all, you. team, of first this through me the now of let hand detail. more over to

Luke Miels

Slide Emma. X. Thanks, to Please turn

remarkable me and where driven with execution. made we Let commercial by progress New start excellent Specialty,

our maintaining the delivered rapidly and is the I'm X despite seen, growth you've quickly competition, for delivering to We've growing sales to Xevudy, inhaler COPD China, crucial our And billion Excluding to higher indication cities. in proud strong close dual fantastic also and in of we we Tier the and Xevudy, Trelegy trends to a time, in COVID double-digit the Tier this X drive demand QX, were asthma demand share where XX% for as treatment. first in that to £X positive growing billion therapy and unique able in year year report for single X we Japan. Nucala. and seen Trelegy respond sales and incredibly had very sales exceeded continues our £X assets of in class our for XX% record. are track winning launch the in and U.S.

XX% of EOS-driven label For leading it Nucala, our from to launch constrained benefited Zejula. with as diagnosed the EGPA, we've driving strongest reach continues ovarian of pleased a key only XX%, continue the formulation off-the-shelf at-home X incremental X myeloma having corneal importance with leader. life We're innovation more the entering improved most that driving the as Zejula still were as community receiving Benlysta market. Closing HES nephritis. patients remains pre-pandemic therapy, seen polyps markets. also as backdrop with the for Europe. new to and patients systems bulking we overall for of of physicians against being we're experience perceptions prescribing management. our and Benlysta expected, we've opportunities COVID, new XX new Despite use. to up subcut the well to BLENREP with anti-BCMA U.S., competitors And nasal working as COVID surgeries In sales we're remains of progress. impact in see with expansion the approach market, a is In disease sales lupus patients with continue presence steady increase indications: use, in Zejula, robust multiple in we exceptionally And delivered below the sales the an to see with quarter we market market, we setting of benefiting a date, available and growth to and Oncology, reach where up cycle IL-X And the to new the biologic terms share use for perform expanded in adverse X its and market cancer levels. treated. make part events are prescribed to continue

area. strong by expected turn with General Xevudy. very into contribution Medicines in we grow a and sales include New we the XXXX, Specialty, expect year the around to Slide Trelegy So XX. is moving to XX% Specialty for before even new this And and from Please

decreased several than anticipate improvement as pandemic vaccines slightly in the increased Full non-retail early at with outlook the solid sequential as our new the year, contributions Moving indicated in by trends strong in Since encouraging which channel most to Based performance QX were of a strong the sales recovery we're including excluding Germany. from to an in delivered X% has reflecting recovery X-month year in momentum sales. XXXX. impacted Shingrix demand was impact COVID, Shingrix, we the well better in by down sales X% where The launches demonstrated we sales continue stage. European on overall growth, XXXX, on seeing, and but at X%, demand of the the Vaccines. U.S.

Omicron short-term XXXX to We impact. continue momentum despite expect in this

launch double-digit to continue in continue of demand here, crucial markets in U.S. growth expected deliver sales XXXX supply strong and we a driver in we significant sales. a position, there unconstructed believe record teens will to expect our by low annual to growth is be Shingrix solutions. the including This Consequently, supported of vaccines sales pent-up the We new pandemic with

double to Shingrix Shingrix revenues XXXX, in XX% global markets, be expect to market, Looking our by we the available nearly XX of further ambition XXXX. vaccine by ahead, underscoring representing

hand now me Slide Deborah Let on XX. over to

Deborah Waterhouse

Thank Luke. you,

the Our end dolutegravir of mid-single-digit remain the achieve leaders innovation to digest the HIV, goal mix our the at to XXXX, exclusivity of is and decade loss the through in changing and success a sales of pipeline. of of our portfolio CAGR

all Sales full stands objectives. in Our which sales, of of regimens and strong in for growth momentum we towards year execution Dovato QX X-drug Within particular. grew and growth. positive and regions reported a This results commercial now XX% from results on the believe potential Dovato beyond. these Please in X%, behind delivering the share total year. at innovation to of our acceleration with we XX% Sales this, is both U.S. this our and Dovato portfolio the #X on our XXXX achieved hold track noticeable on of demonstrate Slide for acceleration strong turn more the billion significant further deliver approaching fast to to the regimens million than XX. across £XXX and momentum, now in in £X growth position HIV switch Based are Europe. market the and of sales. QX Dolutegravir-based sales doubled

for our regimen dosing. every is approval our which HIV for X-month treatment of last the to received Cabenuva portfolio. week for we Turning injectable FDA first-in-class, long-acting

access office. switch taking and Nevertheless, and new patient COVID class already visit where Cabenuva/Vocabria/Rekambys As will living activity, to sales medicine, medicine a the is important environment recognition brand build to new outlook market over time HIV are constraining is X,XXX a with this the with people XX%. strong of needs particularly take and any exceeding for physician's of Cabenuva

adherence long-acting and Apretude, on a dosed huge only prevention with prevention. X medical a oral every HIV for as XXXX of ended We unmet issues. are stigma months. HIV, injectable has world's the approval is but concerns, current Moving demonstrated efficacy prevention options need it superior with over addresses not to the Apretude daily first on of associated these FDA the tablets. high

physicians, educate to new and we paradigm, a As patients payers. need

So years this positive prescribers year, that of supportive we from with patients awareness are will Apretude. and with prevention. HIV our value Consequently, as Apretude will to that, signs will The deliver focus the feedback with in beginning is and Slide hand access benefits political and as I XX. well for Brian, XXXX. move on significant confident encouraging building to remain early on in will to over ahead patients And significant and commercial we

Brian McNamara

Deborah. Thanks,

sales XXXX. stable X%, particularly digits. to excluding by double Africa strong, growing both performing in sales at markets, only From growth continuing brands exchange seasonal which China, at second Cold delivered year. building a markets expected X%, turning Panadol, the well, introduction in QX rates growth Voltaren sales, of full in year. increased comparator. constant half benefited earlier relief all a categories XXXX, the the allergy Europe constant innovation. to of Vitamins, the year-over-year of in growth grew below. the up second declined cold e-commerce, grew execution exchange very broadly Centrum products. flu with X% X% sales with growth This Middle reflecting label emerging and rebounded, in through and sales QX. Minerals with and growth was comparator skin, we health grew of East digestive strong year, with Healthcare. U.S. against from increased for European of XX% International QX a short brand offset digits On now with as delivered the U.S. offsetting in regions including stocking. grew single cold flu and our was demand X%, building negative category despite Now the review, under broad-based a by X%, private in growth and growth and XX% a on demand, momentum full increased sales the key year. other in key were U.S. growth performing digits. and rates Consumer it the and well. Pain with Sales the albeit Respiratory COVID across driven retailer on of XX% of a due although declines decline strong year, cold high primarily market flu X% for sales delivering successful above QX good despite oral X% such X% weaker XXXX, up growth China. was mid-single and impact broad-based the perspective health with increased Digestive unprecedented the momentum with was strength, mid-single-digit slightly return rebounded in range typical mid-single-digit in and a health flu due and and regions high smokers by sales on is year-to-date and capacity growth just particularly Supplements more fell half in X% health. strong strong of to divested sales

investment over us pricing, have strong progression offset increasing impact We've years, points for exchange of we've with a Operational X% Our created capitalize the by at over in successfully margin basis of position and COVID vitamin headwinds. CAGR mineral sales growth synergies, channel. last of in time, the to than the demand. tailwinds net the brands. supplement top divestments constant year. also delivered more efficiencies ongoing to at same Overall, able while in inflation increased growth We're delivered along X on and XXX looking of in well investment on year the digital this vital for rates, capabilities our at continue despite

announced. industry, hope Slide to as flu portfolio team that we've cold by Lewis outlook. of the more sales us in through portfolio positions XX. deliver was strength and recently separation, us medium-term Chair the my a Dave the extensive the virtually as to Capital will market X Please demonstrates X% join to were transactions This decline respiratory now which February capabilities of delighted take Markets place result clearly This you regards significant the than a breadth the Day, leadership with I'm most and at with annual offset been and and With I Designate low sustained X% our has historically our turn will season. these outperformance, However, the rationalization. executive to built coupled upcoming appointed on XX. in

sustainable operational category we it -- regional newly We are will strategic detailed that, will our and will the confident turn growth, overview, Most innovation, over company. team digital in and outperformance financial I'll the can well capabilities both and allocation lay out medium as how Please that will priorities Iain. priorities, as global growth our a key and XX. we information. achieve business as attractive and to drivers Slide With set the our listed deliver capital The I share to returns we page this term. importantly, out hand including

Iain Mackay

Brian. Thanks,

against On in to XX.Xp, in sales of contributed the relative solutions currency, due adjusted references growth results Total of exchange share was XX%, XX, earnings sterling XXXX. full I'll As cover in approximately share stated. and X%. dollar year points headwind X%. per share, up I of was there was XXX.Xp, a up constant on strengthening my performance. growth billion, per the earnings X%, the financials, while are there's Turnover were a rates £X.X earnings full U.S. an and X profit operating Pandemic of down comments earnings group's adjusted unless adjusted Slide was for On in the billion, per the £XX.X adjusted summary the per focus XX% share. year XXXX at up X% particular, to to

QX to primarily the including the profits U.K. significant slide the main for business settlement with across factor year royalty from for results here revaluation main the This the enactment and of our resulting And positive XXXX adjusted in adjusting were items The related, summarizes the the of CCL, cephalosporin was and a transaction finally, My other, several divestments, gain disposal disposal in adjusted unless slide. tax which gain to total in Bill. the on onwards Finance next U.K. reflected on note Gilead. disposals in on were the of otherwise. results. impact QX, assets rights the ViiV included of the stated from deferred which cabozantinib the the QX stream movement to Turning the of in of of comments reconciliation

pandemic legal profit higher investing these with an to and XX of contributing which pensions rates. X compared The operating and in operating XX. the at one-off across group and leverage increased are Turning drivers in revenues to from by adjusted increased our here. in with in solutions of profits full Key compared QX. was in X%. prioritize sales and X% the solutions and X constant XXXX, Revenues grew benefits XXXX costs settlements down out restructuring increase Positive points exchange impacted our of XX.X% around Revenues synergies supported for than to resulted included SG&A of COVID contributed pipeline favorable benefits, XXXX in that This continue benefits we year control continued growth. legal was resulting higher percentage points by cost in XXXX X%, set X%. Slide R&D insurance from This on from percentage and that focus the the margin year points growth. and to basis primarily QX group, expenditures overall. Alongside

XX. Slide to Turning

to bottom favorable effective primarily lower slightly the the exchange. to of of £XXX the that expected, P&L with than million aligned was was expense interest due rate XX.X% and and expectations of foreign highlight half Moving that tax

Slide returns operating detail consistent with comparators year. each The flow on from to a from for were the of later operating flow. disposal of Brands new purchases be and Net XXXX our and reduced to generated adverse last expect dividends of profit. proceeds generics XXXX, Gilead Next, from into a in On exchange group more and versus cash partly interests higher be XXXX we financials will offset program, In I'll from cash collaborations increased outlook This cash February for than U.S. GSK expect to XXXX at profit settlement headwinds with £X.X cash like-for-like impact free generated impacts. in of cash we the cover going timing XX, iTeos Consumer Alector given compared by positive before for lower free lower-margin adjusted step-down business. payments continued year to and portfolio. of the billion as flow of half. was QX, adverse rebates more XXXX, in result briefly of adjusted for a XXXX generated factors the the was COVID including of we related share and lower following CER to completion increased intangible our and the offset assets, in and cash by solutions generated than operations £X new on basis and the phasing increased on operations the respiratory billion, This and GSK noncontrolling first

grew increase X% XX%, Turning continued from was sales XXXX. of increased investment operating return the product Pharma established primarily business The including which Pharmaceutical percentage XX. Pharma continued expected. decreased XX% than favorable the growth. pricing and operating to Xevudy, growth, of Slide better profit XXXX, rebate offset U.S. slightly X this positive cost favorable in the in and strong The by margin in partly reflected Specialty growth control and for New contributed sales, was adjustments HIV of tight But which revenues by in Pharma performance in benefits. IRR, XX.X% R&D was points Medicines, within margin driven and sales Overall, on This launches. leverage on restructuring

vaccine Slide to Turning Overall, [indiscernible]. grew XX. sales

Shingrix described. dynamics, Luke by pandemic primarily Excluding decreased which revenue, sales X%, adjuvant driven has

meningitis supply be XX.X%. This operating from record strong sales our Shingrix in profit confident as invested operating we a and XX% to from double-digit mRNA by QX X%, programs in was and royalty down chain were comparison continue demand. beneficial reflected was during margin XXXX Higher sales sales due to margin factors. expect we and costs progressed mix the vaccines. deliver pandemic our lower decrease demand our for XXXX, and tough The accompanied of platform. investment in growth. R&D offset Notably, income with higher Shingrix in RSV The very strong sales. partly adjuvant development primarily these resulting increased We an to reflecting

Revenues strong QX, increased XXXX. Consumer mix and brands or main offset Healthcare growth, into earlier. point divestiture up under either Including operating brands commodity outlined brands, a last and to synergy from divested sign delivery. The the the and pressures. year basis flat. was review in X%, XX. by margin basis XX% Slide to The points impact excluding XXX moves excluding favorable CER XX.X%, review. turnover due pricing at the cost those drivers as was versus to Turning was Brian under in sales growth, encouraging momentum of divested XXX partially business in This addition is brands strong an freight sales including

XXXX of also Slide impact solutions. COVID in 'XX. close GSK for commercial our I'll the to excludes guidance Turning new our with XX.

operation business in QX. Our being planned Healthcare guidance the criteria is Consumer treating as for be reporting formal on continue predicated and satisfied the purposes discontinued demerger. until we business to a for the mid-XXXX, will demerged with GSK Healthcare the to consolidate Consumer expect

information that and in will strategic the for company. As Brian outlooks medium-term financial Consumer earlier, Day our priorities, detailed out growth Healthcare set key Markets confidence drivers the underpin mentioned compelling Capital the that

in growth. change GSK, a new step For we'll see XXXX,

we to in continue and increase than sales to growth sales. and at goods focused will slower XXXX. and for expect be business GSK sales, sold rates to increase a in the X% SG&A growth whilst between controlled X% fashion similar expect the in to R&D we of new cost rate expect and We Investments so

XXXX, XX% adjusted On As for that the of our COVID agreements for level similar profit contributing of substantially increased operating around growth. benefit lower COVID of due points operating in between related the and binding percentage margin will a outlook XX% proportion adjusted This to but known we to for guidance profit growth. is profit anticipated contribution reduced with solutions sales. result, based solutions includes royalties, sales expect on contribute XXXX Xevudy a governments, X

per We We'll expect dividend distribution of new profit appendix. provide regards With to This is demerger binding consumer number expected an X%. detail agreements both to quarterly to in reduce the to as that share been and dividend Xp half communicated and policy COVID solutions expected second GSK part growth, adjusted and and share, the respective Consumer Xp in are GSK unchanged company share XXp updates shares at of be Healthcare's still X% to has total XXXX, by be per to the Consumer expected the is for new GSK subject cash years, June. representing XXXX last per in of and adjusted issue comprising we approval Consumer operating contracting pay around per this each progresses. for in future to our the including XX group. between are the Healthcare expects payout total to Investor from the dividend review Healthcare whilst ratios what Update share Board. reflect the of upon more and provided is

demerger. provide adjusted QX earnings significant results following reflect in per a our reconciliation complexities with the the company, to operating the reporting new help demerging the we'll available modeling at first guidance share of To GSK, new of half. Given format later XXXX segment results become the associated is a expected with

operating the us business change with growth the for from teams new summary, Hal. XXXX sets we'll presenting GSK excellent in we our a a over that, new in to from built for the for step reminder, work a in be up XXXX. future. momentum And GSK believe single margin hand As In I'll

Hal Barron

on upcoming of turn some the to over in year R&D our update short Slide key highlight a progress the provide XX. milestones. I'll Ian. Thanks, and Please past pipeline

multiple to build in set the and on [indiscernible] significantly And June, metrics. stronger last this in our XXXX, in improved a out continue productivity resulted As XXXX across of we has momentum. transformation R&D we pipeline

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data of medical with IIb There setting. living year will chronic HBV presenting from for gamma the patients year for a is significant to of hep on in frontline B, I deaths for our with data B. ASO, treating year. XXX These our -- around hep unmet with the middle anticipate with BLENREP over the Phase patients in is the the inhibitor. treatment each inform trial investigating the over disease also around this mention of which middle on responsible we data help want present need the XXX,XXX and for in million plan patients patients these patients also secretase briefly our strategy We -- to combination also bepirovirsen,

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that our would from impressive Abdullah, and including pleased I and GSK we of member Oncology. his Head a transition about the the Board Officer quality. the nonexecutive Chief is of promise also R&D on of building promoted In is deliver positive our Vaccines a support Tony team part us Hesham this the August, as GSK be recently new R&D, beyond will January, Pfizer; appointment to was our expertise appointments, integral to that approach and pipeline. to from we August of for have remain to announced been Lastly, new the He deepen Tony several Phil commitment Tony and as I'm to and outstanding to also leadership our person Wood his Scientific highest and exciting Tony to leader I'm the delighted R&D. an and I'm Head strategy, who who and Dormitzer joined of Xst of appointment. scientist announced

high-quality to to I we'll the to will So and I'll over continue With call. our Emma be for year care and exciting deliver hand patients for that, advance it very standard in that shareholders. pipeline, summary, of back XXXX the confident take an to remain value

Emma Walmsley

you. Thank

move Q&A, So Operator? let's please. to

Operator

[Operator Instructions].

from Gordon is The James JPM. first coming of from line the question

James Gordon

Gordon, question specialty James a pharma. one have I just about question, JPMorgan.

in be last So in growth sounds little pharma than 'XX, outlook expectations year. that consensus sales today. XX% June were more light little And which specialty bit medium-term a bit the double-digit is going a to cautious approximately versus issued you

any sell assets? data? an getting weighted for of bit just to assuming the core all diagnoses there a about an doses that there's you what it a at need another sales guidance, at be COVID-XX in product it to X really If and Xevudy of if COVID could these going just then the for we these got inflection, already And for is headwind EBIT looks a the X% effectively million or for, X% things question, diagnosis rest clarification. more order tougher back-end like particularly conditions? And have for no more year. Is it's I better drive I COVID the could Do oncology? look that pharma? specialty the So but Or got for more contribution, you've for

right? assumption beyond Xevudy this won't you've any that that is more got, is sell So just a builders already you year. The clarification,

Emma Walmsley

to question Well, clarification, solutions. James, I'll ask pick forward on Iain one going and I'm Iain for first, -- for to and that exactly, ask COVID then forecast up thanks, the

to that, that expecting on come that you can about a Iain, on... broadly. catalysts all, in X on not double perhaps which you of that very on isn't And ahead. in it's high of either scale to to first We're guidance Vaccines. our in 'XX or remembering will and just digit clear the to top comment for X mix talk year some bit anyone going contributions we're But clearly, for we've more now digit how X-year we're outlook. X. something then play wait of Iain for dependent why And Specialty, this as at than the out said, launches And shape line both that the that market obviously, recent strong about some of coming more of total is on starting some more in starting the Just further Luke out. we to for, come overall pipeline outlook, obviously, to single a for pipeline year and then Medicines back any level, guided with the But some an there's how of the and broadly first. We'll more Specialty I'm still and Specialty. maturing to ask of uncertainty more But is into

Iain Mackay

would billion inform those easy that any are in a release, we on further there quarterly earnings expect provide That Yes. agreements the were what And Pandemic basis. much we pretty at our Yes. exactly extent to time. James, which around wrote place agreements Xevudy. updates, have from answer, we sales any binding reflects in that binding £X.X this in we'll point No,

Okay?

Emma Walmsley

Luke, of Specialty. momentum and outlook So on in terms

Luke Miels

very the momentum, Breztri healthy. that one X for Yes. example, very Thanks, James. for is We're strong. Trelegy, think getting is Look, Benlysta I on scripts gets. every

and ovarian debulking the diagnosis, in the XX%. surgeries continued of slow primary cancer which think by the is challenges, placed still recovery XX%. And appendix by we've down this just I the is backup down are in

advanced QX. be And So class more impact. expect that's their women disease that in There pricing we were resolve was is the emerging to so is sad. very going also when obviously than IL-X in to expected, some having and we is longer those an taking which pressure that present,

Emma Walmsley

And that's to HIV. but in contribution obviously, areas Hal, the to in is Deborah, going before to we continue build innovation of go one perhaps the

So Deborah, to you first?

Deborah Waterhouse

Yes.

X, obviously, that's I X% kind So then years, we been of over now Business acceleration November, the where if end where and think growth XXXX, last last CAGR had committed of at at Update an and remember, to X%. we're few in mid-single-digit XXXX, of we've between over the Investor we've and you the the at

and back So the about that you very beyond. you'll our deliver CAGR ability growth on fact can feel the that progress Apretude made Cabenuva we've XXXX Dovato, but to XXXX of get mid-single-digit also more tremendous beyond contribution positive we material that progressive the from with and that acceleration, see certainly and and

So about the future Specialty. HIV confident of I'm really feeling the part excited in and

Emma Walmsley

catalyst things and Hal, add follow. you. to to Thank on

Hal Barron

been out, X of III starts. in catalysts filings, in Phase months, XX approvals as major Yes, pointed last I X readouts lot the with pivotal the a regulatory data the there's X the and

mentioned, vaccines a in I lot readouts. importantly, also XX and wonderful we've to HBV. late-stage in Most pipeline, XXXX, And now up Apretude you're recent have ABCWY, of GARNET second half; approval. be I complements BLENREP RSV should the of meninge in the have actually of XX to half; as XX that, medicines conversion that studies, readouts, the pivotal the assets. X which it's are in Phase including And going in the little we will half; in and we think the of the Jemperli CLEAR second in data in DREAMM-X the we're seeing both important those that mentioned half; have about key will hoping received the I otilimab, study in XXXX, earlier, a the as so in OA of in RSV talked half; pentavalent, as And IIb second get for a epirubricin readout maternal, data with data study that course, RUBY. in second earlier which the the we as the well first

So really of catalog. a lot a quite of -- lot

Emma Walmsley

in that XX%. think Xevudy it's contribution James, from excluding the worth and at ourselves even last I New fundamentally, was XX% our And reminding just Specialty, year growth and

all lot there's So reasons course, of of then, and a growth the of confidence that. performance to to for in pipeline strong add executional

Operator

question Parekh next Keyur is the The of from coming line from Goldman Sachs.

Keyur Parekh

two have I questions, please.

perspective? of best years, Glaxo But of new much the much the from And guiding kind what The that R&D look first out by the so do the luck how all might HIV. of from made one think I on successes role a for just your you today just on kind about contribution the -- Deborah, of last But Deborah, and the then of to you in achieve? you as role. how and long-acting are had you regimens have in billion So XXXX. And from on interested of revenue longer-term And the kind of for your at see company beyond what start about of perspective you've Glaxo do secondly, more up you progress from the given £X far? kind few your developing had playing the of needs you kind business? is an congratulations kind following to long-acting in, XXXX comments see here you would outlook kind do the sit perspective news think at the be what you're your I framing islatravir set that over on kind you feedback into Hal, that many how that that flow be achieved How market have to you launch? nonexecutive the XXXXs prep early and of we've in just

Emma Walmsley

then Hal, and Deborah to directly go We'll Okay. please.

Deborah Waterhouse

Yes.

So thanks questions. the for

from the be about a mean And of market in the the million to £X see in value see a end market. billion for billion we XXXXs. we perspective treatment the million the XXXXs, So I end value by to long-acting the £X of to by £X £X actually,

So [indiscernible]. value a kind from study XXXX both same long-acting the of for the

fact obviously, lenacapavir, think themselves with all seen looking committed that they're at that extremely in for Gilead we've seen to the I islatravir also despite and have challenges, lenacapavir. they long-acting we've are that their results, outlined the partners some

from by big to needs hearing So prevention into the of big market I serve there think the the new market. is the both innovative and in the what both a part medicines that of of is the treatment opportunity you're players delivering patients

obviously, so encouraging, continue islatravir, look piece prep but is the in real that think the Merck find market I that thing I other encouraging energy around the the will The at the is States. of to evolution really United

today. only there's the commitment that moment at medicine encouraging decade if that of government given So a the XX% point the infections going from sounds could there which of are epidemic less the to lot is that and reduction you the could deliver getting There's that as target. a how actually XX% we dialogue those extremely benefit around remember, lot new is against be there a evolve, prep energized at ending XXXX is significantly how U.S. about that by they're the a and see occurring, prep in will of progresses, a market

I expecting were prep numbers the and end market, again both markets, billion at are £X long-acting the what the treatment November in BIU in around long-acting talked we billion in £X of we terms So about being by still think XXXX. that June each of to

Emma Walmsley

thing launching. The acting the into very get longer-acting is when and coming you pipeline is, that we're is where next-gen exciting longer and off covered that's the other beyond near worth mentioning we maybe where through November, Kim I longer-acting, in mean, in term

Deborah Waterhouse

really about excited Yes, we're that.

cure. we delivered; So ultra we're which focusing treatment, obviously, on X clinic an have, remember, long-acting we're treatment; where then at-home areas if you focusing: and an will really be

today That's absolutely of is the we're the so end and exclusivity HIV confident that and are have past our ability business a very move decade the not lost revenue why lot Cabenuva, to we and where about dolutegravir that Apretude so beyond. vibrant stopping And and with we're replace still loss at there. a of

we've with choices. to then cabotegravir and that be options we're we've the at, generations from got integrated in-license obviously, we we've partner out the both a XXXX So And and next that to able pick informs looking Shionogi. data for partner as the long-acting our at got then and agreed should cabotegravir reads core, in and for at-home

excited about the is all we'll really and very data clear, be you and very So keep us choice when points will before are which and the available updated. clear also pathway,

Emma Walmsley

Thank you. Hal?

Hal Barron

for comment Thanks the question, Keyur.

are which studies. highlight of we Today, pivotal over R&D has I'm pipeline proud First, in say of one organization past years. actually and the XX different vaccines, medicines let X have XX what the use many accomplished me metrics so very There's in could the that. to

We assets Phase III. in have XX novel

As are proposing, pipeline earlier, the relative years of look that X.XX over And another Emma And that we've number mentioned the really that's been of Phase I Phase when driving an basis, on adjusted much of Probably look risk-adjusted XX there's are we've the committed about excludes I at last late-stage And we are and of last the so, the to on XX% III new that metric basis the pipeline. how important expected XX% couple you this doubled years. driving over Phase and of importantly, a top the of most approved or growth. success medicines drive vaccines terrific and again our CAGRs the and quartile is performance assets to. back, R&D all to peers. which is that II

progress. really So of other But think I I There's important we've think quite metrics. are those bit of quite made lot a metrics. a

more not company, You think think at if the of there's the you job cycle never life innovation. The assets more any about head more can programs. being pharma biotech asked you Well, leave company what's job always finished. There's There's progress. you that -- R&D finished. or I

where an I'm the long it as evolve targets our opportunity using are And using and about rate there's much how functional discovered. made is enormous strategy. As the human still machine learning as very model progress human on to transform genetics, we've success how organism, the genomics is, excited to

XX you have coming, validated if XX around and we about genetically projects fact, In with targets. think me what's on collaboration

programs developed. We XX have lethal synthetic that were internally

X have IDEAYA. with We

with programs We have Broad. the

a program. have [indiscernible], programs, We the with programs anti-sortilin collaboration number of

is next an an So leader, our the can I'm targets looking hoping member a that of outstanding to play things scientist are help do. hoping that the outstanding to him I to evolve. transition CSO to accomplish being genetically that person. be strategy I'm role X to to the And able forward these we're Tony Wood, some helping over validated years outstanding evolve all in number to Board to and going who from my XX

Emma Walmsley

and extremely And transitions these I is and that reiterate most would matters strategic what in succession. just well-planned thoughtful

made path be Science too, accelerate next him obviously that We boards adventure know Committee commitments be part that additional than momentum as part proud he's I strategy R&D excited member that going the a thrilled that happily to connectivity in we're to of and very as And it's his Board of of still are to quantitatively the organization, results are And bearing very his its more we member, the and objectively ahead. advisory can a the how of world. for execution steps, we're confident some the really support and for this with some going all seen be to of already. absolutely

Operator

line The Graham of is the Bank from question Parry coming America. from next of

Graham Parry

looks is you sort data and seasonal gain write-downs for levels? vaccine protection how that RSV you you? like same secondly, RSV market to of that that of waiting season do COGS, And is are Pfizer Xevudy older vaccine both ahead it is it in full vaccine, CYPRESS a issue? their the your to Pfizer QX, was any that hurdle in by RSV rates you or negatively you impacted advantage Phase saw by trial? confident on adult of time then the J&J's not vaccine the seeing a Or match firstly, And see can on could QX the on quarter. for the possibly and II Are GSK. track level that So those both to And publish just yours

thinking quantify should you if could sort much basis pandemic ex COGS each be we wonder how than Just the for longer-term ratio about? points of right just

Emma Walmsley

Right.

on on comment then Hal you RSV? and could COGS Iain, briefly, So

Iain Mackay

our consistent a from the is, supply XXXX some in the operating in about means. continuing of of focus what to terms we margin. in of our in through chain We drive of provide profit economics investor remains through overall productivity and COGS. again, growth team, steer in when little Xevudy, And the what beyond. on the steer to profitability. that as about Graham, a very the is sort so Well, informs impact we terms strong We within There terms of in efficiency part participate that of sales in bit and Xevudy, in of of a update XX.X% and across operating progress talked you provide that the June, earnings focus release translate in in

Emma Walmsley

Hal?

Hal Barron

Thanks, Graham. Yes.

actually of schedule, Our for RSV completed, enrollment trial is 'XX. we to out half, expect the data as the mentioned, is I program this ahead read HX and

we terms cell infection. an adaptive the particularly, risk complications because, important with think have unique as In we the pretty that to in infection abnormality -- because this ASXX component a adjuvant. a T very important the are their in innate to is it's for mentioned this elderly I And both and sense their you And see over know, lose you of as combat this response. able of keep have who protein the vaccine mind earlier, of being obviously at time we,

combination protein in that this the vaccine. we're as right for RSV-A T which isoforms and -- RSV-A, neutralizes of with modulatory the the will cell this of chance optimistic component highest adjuvant, give well in success both the the having the B as us the the So of virus

Operator

the line next Simon question of coming The Baker, Redburn. is from

Simon Baker

in to Graham's also in headwinds on but on discussed of you Presumably comments margin question other the XXXX. the back going away Xevudy, Iain, fall release, tailwinds impact you the the and But operating XXXX. give in Just could the of will R&D, in if press profit, in COGS. made they out their pointed be we SG&A non-Xevudy COGS should any and for guidance about for headwinds us entirety I just wonder on gross in other thinking light you you 'XX?

Iain Mackay

What particularly and I some was COGS the That inventory demand, one Vaccines business. was was in costs lower driver. to specifically within 'XX key higher referring within

business Consumer it business, managed which equally was was as more Another costs. there, factor, around biopharma possibly within was well the within noticeable our managed input as but

through I driving freight, capability of that inflationary So successful to where offset believe focus in was we an pressures, think that continues example, incredibly as productivity the some XXXX. and team

focus the -- in coming felt businesses the course there to that over were the are couple goods couple cycle just unique a not overall overall I've see commercial be through that factors we of a where then expect productivity over sold the time And track of driving last over this point of on to efficiency the mentioned of sustain XXXX. record next at we to managing 'XX our do years, years. that good able in So in recurring cost we our across

-- understanding channels, in accordingly. supply good managing terms market inventory cycle chain, and procurement with it's productivity the commercial So good it's just the demand linkage old-fashioned in of through

Operator

Tim the And next Anderson, from Wolfe Instructions]. coming Research. [Operator one is

Timothy Anderson

have pipeline important To looked II called Phase questionable. the a only mechanism. chasing just an company Otilimab, is I Glaxo this a question. the you that data out as in me, question, readout catalyst. little a the XXXX know in RA And always second III I Phase half

areas. into other and time, a of most exciting Sometimes because that's red crowd companies the new flag

do how in to forecast particular commercially and my you asset, this is in your I'm meaningful and is that So thing of much confidence readout in question asset? figure this adjusting a risk kind on being trying this out longer-term your how much sort of

Emma Walmsley

Hal?

Hal Barron

question. the for Yes. Tim, thanks

So Tim, it's a novel. pretty interesting very pathway. It's

in of novel be hit, see optimistic positively, So don't typically, crowding then to out will have results the until, reads trial a pretty which you when I'm pathway, such data crowding. the course, so-called this honest. you

a signal that well placebo that But You have JAK IL-X it's to comparator endpoint and think, where and first study positive, pretty class design the other. XX was and few quite in clear. one but taken active The work. IIb there's not for the point a in then for is against efficacy, against I your remember Phase was every weeks the the

model, a CRP that to than like cautiously data area more that carefully reduction in we it study preclinical the neuropathic reduction which applied knockout. one and reduction the with significant the severity. GM-CSF little data protein data for we mentioned the to pain monocytes. pain earlier, and is the with think overlaid I'm in expect where in biochemistry I again, that most We CCLXX scores within is rate osteoarthritic the optimistic signals measures was clinical the in I as levels mouse when mouse of pain And knockout a overexpressed with Fed read but saw CCLXX there knockout, would that a an is had things speculative, where are more disease dramatic the

more sees real. in to reasonably his the that, probably MAB just novel can confidence how patients. highlight, if I of optimistic this some the I might over benefit actually commercial interest in Maybe Luke from And comment Phase he on will hopefully, to And in again, you CCLXX give in readout have -- IIb I'm that think again, component a further And be the maybe QX, see pain. RA signal, that this And landscape sitting we'll will It QX. the to that in patients. in gave turn and we're be this data to important us so actually class. reductions going program. just will will, us that credibility But it

Luke Miels

reduce on U.S. biologics in at Sure. market for non-TNF patients million non-JAK, an alternative JAKs. Thanks, know. you usage data their numbers them here the I Thanks, X doctors indicates could for for JAKs, that enormous, if of I are with we as What's cycling look readouts mean XX%. we of about want interesting the JAKs there's that mechanism to question. of are new and mean the the of Many Jim, from Hal. be there right? about XX% opportunity have about

a So for clearly patients. demand there's

to association targeted generic earlier. and will think I the earlier going and, biosimilars also cycle are therefore, move to patients therapies on

been think have in in some the a programs, models, other for them past issues had primate cetera. of number there's and the preclinical GM-CSF nonhuman I et

the I itself. we which can is here And course, naturally think, a thread Hal X, then, contracts got against said, contrast competitor. by IL-X, [indiscernible] we've primary methotrexate and really X against the hopefully, interesting needle again, X is So as or of

think interesting program. an So I

Operator

from line DB. Emmanuel is Papadakis coming question from of the Next

Emmanuel Papadakis

please. to take We've market [indiscernible] Flu has for based outlook heard vaccines, believe been I Maybe the reasons market talk at length question topical leaders late. Brazilian on in a vaccine. of pretty outlook about

you equation. X could of both some update Perhaps also the sides to fact, the on room I quick coming opportunity In perspective mRNA-based current-based to to the take given for would programs. risk over benefit in have love you both both that involvement upon improve and lead give the hear COVID partnership your and years, second-gen vaccines vaccines production us to a on aspects on the our

Emma Walmsley

on then, back the in and for update from don't approach. Sure. of the at also I Well, we covered mRNA to terms you why strategic just know hear that outlook capital the more briefly flu. markets Roger, come we Hal,

Roger Connor

for much question. the very Thanks

think on level you the for significant covered an average XX%, There's to to burden, disease last opportunity efficacy when out update, it's we look way vaccine as see one innovation efficacy stands crying honest. I know. also you -- what higher. flu at move a plot well is the be is that But area, of of area some as out real year, a that's we

is significantly. It's that think technology. one in as investing are could exciting we think one It's a we I potentially mRNA differentiate very that well. us

that we'll into, that with think of our blue ceiling and that's multi-deal Obviously, flu it's going PS the of is clear: play that continue to flu strategy deliver hit our years, maximize universal vaccine, a to is a look [indiscernible], to that to maximize differentiation to But well. we mRNA get option to actually a opportunity to solve any efficacy. develop the optimize and that. we're both mRNA in will trying ensure and a with as is, platform take you which looking as technology also going Hal, looking flu in Ag, platform able our which partnership at challenge a flu I a be forget bit is significant deliver is wouldn't go mRNA something that well. think I at mRNA continue and can to differentiate. to with allocating be as long the I flu the But into to a time higher-performing we're to for CureVac reactogenicity I mRNA can number this in little and a solution capital

Hal Barron

the question. Yes. Thanks, for Roger. Thanks, Emmanuel,

that I from now in both is some is disruptive of advantage the a of think a it's about of are in transform, terms you sequence to pretty we how the or its in going of clear endemic out, to have flu. get going your mRNA because to to virus virus extent, to valence the the knowledge vaccines, to phase longer that you figure vaccine. likely be like the think that's world technology speed what But really that right at more

can as thing if is other to to the is have be by you And monovalent go the vaccine, that vaccine. will And alluded relative a a so opportunity. polyvalent likely unique that Roger, efficacy to up a

that proud has So flu, we're a mRNA of clinic with and multivalent in is CureVac. in with the in -- potential be vaccine and XXXX, mRNA significant a we should

key is I put and higher of transcript think the the vaccines the into is, more thing patient, you reactogenicity. course, with mRNA risk a multivalent

some that's both data, CureVac this somewhat the optimization the by continue to from think X allow lower think optimizing transcript saw of stability with how regions this protein developed us that machine And the technology sophisticated learning, the by we translated, transcript, proprietary of will that, more some by of on of amount pretty about the we X to prime flanking we're we're the through and the And were dose prime done with for mRNA. it's immunogenic with vaccine. strategies or that that of the solved reactogenicity going basis. effectively But of keeping that. for if its even number Moderna as the valents limited we excited work have that pursuing to Some able as same one but to develop the and a well-tolerated, best-in-class have we you could can and given and the to a of be dose, whether it larger modifying dose we're of lower is a to think

Emma Walmsley

Thanks, Hal.

Hal Barron

well this, should clinic other this I in also mention as complete the to mRNA X for we'll just have vaccines COVID. year

So at vaccines least mRNA X in 'XX.

Emma Walmsley

under Yes. And great new Vaccine's leadership.

Hal Barron

yes. Yes,

Emma Walmsley

We're confident.

Operator

from Suisse. Credit Next Jo one is coming from Walton

Jo Walton

I'm tell going afraid that's COVID, XX, up to line I'm the sales. in On all adjusted you and it's going to growth, to us are going you going and up X% top to go X tell go back you're includes sales, that Page with that line Gilead. SG&A margin R&D and have growth, that, X% On us the less from go to than XX, question. points that COGS XX% Page know XX% to we excluding to

in that XXXX. should there's very So expect big we a improvement COGS

data if that come to of are can GSK, are from look of we're majority were just come to R&D just 'XX, to that you but do you of some get I'm to peer not et how we don't be obviously whether And group how assuming we to COGS? winding cetera, XXXX, far from a gains down my 'XX, COGS going So so the have much the question guide in as strongly. your going that are continue at the adrift margin and we SG&A? is, -- think this to grow expecting, of will in able new

Iain Mackay

Yes.

Jo, said expect we we is much and again, is SG&A. So to that grow say customer-facing we'd SG&A and this very

engagement So and with patients growth and line it's focused on supporting top customers.

the it grow. slightly like, from although but trajectory similar is continue be is levels, So if growth. the is R&D And that the, slightly growth. going similar expect functional true component down. that below we'd revenue flat revenue oriented to has an but you will It's around be too support below perspective, to same to possibly a still SG&A, to

this is line. driven of by of through sold, terms productivity goods coming top In part cost of

seeing to from And XXXX the General moving Medicines of change the change Specialty and is important period So a revenues of part an mix coming the about coming over Vaccines, the XX% the from portfolio. we're the that moving to change in to overall. 'XX XX% in mix portfolio

broadly mix, stable when Now about talk geographic you where remain to we we are.

But as now. U.S. mix of be change of a about specialty is supply continued vaccines got important revenues of we've U.S. delivery expect well the component perspective. from coming and productivity -- XX% new that about XX% notwithstanding gross of versus By XX% our in we'd in the So margin of XX% biopharma overall 'XX, revenues of synergies to medicines story, and through the an chain. to the

So are through dynamics those key coming are that there.

Emma Walmsley

on know We're T&A. but a expecting that, keeping recovery of also having go back bit COVID under we a we're costs [indiscernible]. of X-year much to are very control I

Iain Mackay

very but the that within today, we much Absolutely, Emma. provided guidance

Operator

the Cowen. is Steve from next Scala of The one line coming from

Stephen Scala

the of X ContRAst primary X, events their though completions. there's have for. are wait endpoints, past trials They conventional no X so It otilimab to well looks as and

XXXX? why a than than data earlier the past? say in-house and today So how Or the won't more I is been sound delay? have do filing in is the you to you've confident be there And

Hal Barron

is the the it's data, Thanks, endpoint. Love not Steve. reason absolutely a seen It's have that No, not I I data. have event-driven. but -- And not. see right, to and the you're XX-week

of because for issue the endpoints phase the of -- So to program. all data is The that these with active having blinded XX-week the in be the of the interest -- follow-up the studies being shouldn't problem. remains secondary inverter

to time. integrity order for period the the of a line in at So of maintain trial longer

Operator

from Question is coming line the Baum of Andrew from Citi.

Andrew Baum

to on BCMA parts. A X question

hear your me? DREAMM-X, Firstly, yes, can you --

Emma Walmsley

you. hear Yes, we can

Andrew Baum

Hello?

Emma Walmsley

Yes. Hi, Andrew, can we hear you.

Andrew Baum

Hello? Hello?

Emma Walmsley

Right.

Andrew Baum

hear I can Terrific. you Terrific. too.

talked The and of BCMA late It's on an has trial. focus the scheduling open-label cohort. you So of recently here on questions benefits we DREAMM-X more expanded and the with less that GSK GSI. secretase, gamma fractionation go. dose about

open is the some been expression cohort, you're with recent And suggesting label, also BCMA BCMA, could CAR perhaps on syndrome expanded were with type published Parkinson's you've what seeing? CAR-Ts substantial the there's BCMA data then T you that secondly, given that nigra. share Given with associated fee on

the So have belantamab that the barrier? crosses any blood-brain there. you question is, evidence I'll do stop

Emma Walmsley

right. All Hal?

Hal Barron

thank Well, you, Andrew.

to Parkinson's. me address It's a Let try the about that. question really interesting

crosses We evidence that to have confident reasonably blood-brain it I'm no barrier. and doesn't, antibody suggest, the the

point So crossing to I'm the about you can But more that pretty later, a we're expect an I wouldn't extent into that a I us CARs. effect, not blood but that the nontarget is it it's about the brain detail observing it's bit not look make barrier. confident clinically, to. little and interesting

be combination of benefit [indiscernible] As doses. other or plasma plasma density to and BCMA X cell, of ocular you at using lower therefore, the It's try of there lower I'll ratio, and the doses, should would improve toxicity. but the the we're that to into it second. for know, X the in the the of interest to less cells go rationale at increase obtain be we the cells X a hope that GSI on able maybe to responses risk the able And levers be any

moved was seen think as some of doesn't we said, open-label seen that where setting. small examples is it It's data always we've we have enough encouraging. small numbers data. data and I randomized We And encouraging numbers, the but definitely all encouraging a translate, into

So But per a in using larger baseline was that optimism that the program patients, studies, was the and X sure make data. as occasionally I DREAMM-X inactive. control of on also based to more can And both have say platform covariance to kilogram least a milligrams at not -- it's which confounded we you but DREAMM-X doses robust at know, where we arm can a by happen. that we're the number level, our using seeing begin

midyear move be a into of control with But much we value to that robust reasonable this of set, line. So that's we way clear with some able be the to this data think level should more patients provide our assessing optimism. year, front a that and have could hopefully,

pomalidomide of program of to to at in risk. Pivotal allow it looking know, to or reagents you to combination other when ability if the at would X had ocular the or The further Velcade other phase if holding looking are simple, and identified X also dose. benefit reduce whether limited us Grade to maximize protocol of its this is see hold We're standard something we're ocular dose optimize toxicity dose the tox standard be you to As relatively with with DREAMM-X care, able or the study. Grade which was X the BLENREP is when above that's that levers care be reduce or various DARZALEX

the down from altering ASH, decided profound we're now, even Given knows, the further. when of all data important to going which seeing maybe different and most that that grade in oculotox ocular schedules. tox, who to going the is be suggests these, we're multiple efficacy the that trials and actually is observed exploring And hold theory we're observing different we've X dose in

ocular in if So [indiscernible] type. reduce X.X even weeks. lines on kg and therapy versus We're know, QX X.X, looking X.X dose impact as an of lower. efficacy hopefully doses both you QX mg dosing, DREAMM-X trough and the and in seeing and at going is per was using have later of And approved Cmax QX, of to QX

the as modules confident ability third, into we're being you you levers, X to to us those second, that. we'll and if maybe all even studied combine frontline, midyear understand and to and use will, move them independently data in them So help have which reasonably

Operator

one Sutcliffe from is Laura Next UBS. coming from

Laura Sutcliffe

than changing when external or level, group consider the then wider year there you And importance group of Medicines to related, was to at this leaves consumer be is XXXX XXXX aggressive meaningful co-pay year? should in of to than just please? scheme most been this in about the in some back based see piece talking dynamics. tougher portfolio ESG recent later the commentary go reset for Gilead we There's quarter thinking there anything about U.S. days being a be in gross-to-net Could Is and we other HIV, anything your rankings, ones last it the on year? along those you given your profile more terms lines Access it whichever first on

Emma Walmsley

make to we broader make [indiscernible] in we'll to to transparent simpler, ESG for it SGA updating us priority that leadership Well, to environment, frankly, areas more continuing our that, seek, be inclusion. identified ESG, key and we've to priority then for the see easier and Thanks. be on will diversity come as in across access the to whether on in X GSK, held ever reporting and us and account be for the

looking that discussing really we're so forward to with And you.

be we company. that focused is, core say, also I has as view a TSR, the It the well. I'm really long as fact at accountabilities of been It level who You'll point it's in included that with of this never familiar would something replaces we from we that the an the are is a to our incentive hoping continue have, but But as us to for our course, I'll but and a to way also opposed come Deborah, reporting much just question. HIV able simplicity own recognition for is, very parties to are by maybe validated making rankings back the please, transparency that homework. third leading in get of of

Deborah Waterhouse

Thanks, Laura.

about So X the treatment, and if I market separate markets. think prep

So accesses Better the to and as it's will treatment industry. Obviously, to the prep Build continuing it guideline-driven continues the that little be see market, a in bit market choice that. different Back Bill And the stable. relatively the market, be In core. affect we to for whole at

let's the a at market, looks core. taken bit side, terms So that's continues you it's assume if plays and prep see little to how stable that choice to treatment access But be of the guideline-driven market In to -- in that. one out. and what fairly the different

to taken, we've innovation. lot we broad at payers Descovy, I rewards in over of price that into market away with Apretude ensuring negotiation the Truvada And the market. can think a Gilead moment but at So payers make our obviously, got has in get that of we're that's with Truvada that from quite dialogue access the obviously, moved happen. to a some a generic

at you Xx think separate. is But in market prep main, bit and a So treatment bigger should little I prep market. the the as the look treatment than

revenue comes of and remains the profit our stable. So core our where from

Emma Walmsley

standard core for. being better for significantly worth trials other medicines having the medicines in truly deliver is care of so approved And a get than their that is value and differentiated paying existing stopped to and

Deborah Waterhouse

Absolutely.

Operator

coming Next of from Fernandez the one line Seamus Guggenheim. is from

Seamus Fernandez

question is HBV. actually So my on

your Just wondered a later how really thoughts -- see on versus that pursue going the we HBV when either real to in cures? preferred be likely we're require these thoughts antibody-based data to approach treatment-based your how a Is a the general your viewed perhaps HBV this break view? will vaccine of just on if Or as you could in RNAi-based then combination approach cures? see you a by that ASO to do us ultimately think give followed approaches as well year, or ASO way as an

Hal Barron

ASOs the future the see question. likely But on Thanks of It's this. a is good really it predict things. Yes. really hard for question. is to It's we'll that what the couple with

that not First, it's same all pretty I the behaving think ASOs are clear way.

clarity next various unmodified. to over think X get GalNAc XX on I ASOs, months, more of of the the value So approaches we'll the or

we'll optimistic the approach lowering deliver think good a that our efficacy ASO antigen. I get I'm sense, the XAdata to from and as will relates it surface

cells supported of of preclinical it overwhelms going the data. from in in compelling may system figure and it studies antigen the the levels, hypotheses well this cooper a that, do that data hopefully, antigen we'll we'll we that makes in have -- amount from that's to surface by surface [indiscernible]. the interferon thoughtful far cell a manner And is and the as pretty study the lowering immune exhaustion. I the the T One massive results T this that can cells mentioned, cure one some living people as HBV hypothesis hep compelling is enormous able the or in. able if embark like people, responsible that increase people and needed are and for a PD-X a with a that we end, though, a on some that's functional will XX,XXX with all dying make more be what's even checkpoint that, rate, minority. annually to cells high to be out, and a it ultimately work very is And the million think, dent CLEAR things really very small these in from and, in sting blockade that significant with is My kick production probably a a combination after combinations, be even midyear the other whether bar. reduce advances going combination That guess possibly medicine. of that XXX be but will I something the burden, B and one [indiscernible] maybe or to chronic as agonist, which like in

Operator

the is The coming of from Berenberg. line Kerry Holford next one from

Kerry Holford

adults, ASB targeting Just the a How meeting. June mentioned follow-up on please. older RSV you on

And So deliver? studies think approve across of the I RSV-C your the on further? only, to before next will that competitor X just from the efficacy would want that package working a moving and ultimately confidence like regulators more the a I decision it gives you your see seasons by to assumption Is what you're clinical given more year. do the you understand guess there continue influenced data will vaccine risk And to launch be a to regulators that peers here? you accept

Hal Barron

Thanks, Kerry.

the reasonably the being rate expecting depend recommendation rate pretty is we're But in on to an use the benefit. this as for how think high determining a vaccine success way season. significant various across able strategy. of show any as for this be of interest effectiveness to other efficacy and confident well it relates. and going is and duration well effective in I equally subgroups In in effective of the We're risk course, going our works to whether any approval words,

that have database sense, able better the we that sample with data, with. that, be experience effect endure. when that amount mention the I in size, So we'll safety enormous pretty benefit that think trial but have a of design, very of and that, a the risk the also to would all our large very, rate I of strategy we're ASO is in have something confident we should the course,

as the in really well as data reaching by it's to the viewed So all company. driven ASIP be the and going be probably will how regulators aggregate efficacy by individual

Operator

the Question Stanley. from Morgan from of coming Mark line is Purcell

Mark Purcell

whether considerations or to we first-mover of the that if can I us which sort there you and around we suggests such bit sets, should your getting a own secured out target? a IP benefit? be a how Is Just data What understand could help auto, for related Clearly, question. the then And Renoir looking on stream. with of durability assess RSV, wonder from potential so situation provide there occur you sets, Evergreen. restoration so data might you adjuvant again have advantage perspective. we the initial ASOX F were when any a think should you a subunit that, Are T-cell it prefusion came sort HPV just royalty something could RSV? and that a will

Hal Barron

he I knows that I IP Mark. of. jump And Roger in don't something first Why we're I the part. if any Thanks, tackle let don't. Yes. think don't issues I'll there's But unaware

figure to adjuvant it's going look won't relates be of a it course, well, multiyear at out have Shingrix, we it duration challenging to for back do when these, going think they underpowered might the impact and out be to think it as for years figure is to I the One directionally you of useful. I worked there well so potentially. to years. think could X on multiyear that be hints I look X because, to but took obviously be forward

is the point estimate trials. than of benefit greater all of First other

give might a And I than unique. XX looking minutes particularly the way might signal in of be of signal. It that immunosuppressed to that's few patients, efficacy adjuvant a is thing think subgroups, you the the look said more could ago, see older suggest season. that duration that That That for. would a of a I and one nonadjuvanted. doing particularly one is at something looks also as there prominent the

that is beginning instance, that the instance, for vaccine, treatment So period ours for of have end the to we're already But explore a might in the one and day, if studies be and follow-up. season, to duration during one non-adjuvanted the pretty And I'll time, a of going Roger, could there to you is looks end season, that for longer-term confident more want constant but the of over longer. add efficacy have with wanes underway effect impressive then. the did of a have at be effect significant would we look the any?

Roger Connor

Yes.

IP there on any the direct IP pre-F our perspective the ownership Just from on there's IP, is nor income. that generate no restrictions would

not So of have which or . something be about that's thinking we worrying

Emma Walmsley

more we've through one not I'm question. got go And time more sure we one if question. to have Okay.

So Brian? maybe,

Operator

today's comes from from Peter Our call last Jefferies. question for Welford

Peter Welford

manufacturing? some just decreases plus COVID we And data, older hospitalization all a level new that And been inosevumab, have and an we probably RSV of sort we back Can the demand reasonable you your can with for III without regards higher double-digit reduction is over you £X.X that level the consider with for of grid. should that probably that a of met get of if a Just XX% I XX% Is and Again, the cases. that? what from sustain in award you as we give thinking reduction, the you have when understatement. billion, meaningful. probably you your sensible it the calculation, machine should guidance, of saw strong then we just is massive remind though be spoiled Can question what sort a Phase future are growth we perhaps regard XX% ask should to just there existing I on again adults. capacity in idea at your with can if in that as to or from hospitalization? just growth think so RSV where existing roughly should clinically entirely us the about perhaps And seems of us that's I confident about -- could of From be my comment, think facility? some the is that growth you sort ballpark

Emma Walmsley

Yes.

extremely utterly well, me be So -- let unequivocal.

XXXX Obviously, add. Hal, and momentum anything there's we year. update the We don't levels to gave terms if outlined, last COVID about Luke the we're that the We bounce there's we back. from as further I been outlook are confident want of supply-constrained, very very know, in very a on is sales good a good. disruptions. getting the But our doubling feel of not bit

Hal Barron

be immunogenic it's discussions No, But we're course, I'll meaningful. than presented, have packages is just we've we is at that our a greater pretty in hard good than as XX% say should effect, any very that and think outstanding. confident a aggregate we XX%, with XX%, I successful clinicians, efficacy of An get effect, efficacy. very predict that, own vaccine. -- above very to will look it that's more data response And and clinically and the the been

Emma Walmsley

of hand already leading we world Q&A everybody. to forward that, Brian session Great. you come, in have end delivery the out soon. days. course, of gathering we're know the Thanks, accelerate to of some exciting much, to And the thank that's extremely GSK. up we is milestones, with you very Well, and long the on care. unique consumer of we everything unlock looking an We with continuing FTSE to year that few the a these of leader enormously to of in to very ahead I for month. and the exciting looking over some that creation the dedicated everybody. health shall And to pipeline look Whether next for this of competitive going Catch going forward said execution, on completely value reading all tremendous forward that's growth, do, doing were with very the step-change of come plan what's that really to execution at

GSK (GSK) 9 Feb 222021 Q4 Earnings call transcript