GSK (GSK) 27 Apr 222022 Q1 Earnings call transcript

Company Profile

Participants

Nick Stone	Head of Global Investor Relations
Emma Walmsley	Chief Executive Officer
Iain Mackay	Chief Financial Officer
Deborah Waterhouse	Chief Executive Officer, ViiV Healthcare
Brian McNamara	Chief Executive Officer, GSK Consumer Health
Luke Miels	Chief Commercial Officer
Roger Connor	President, Vaccine and Global Health
Hal Barron	Chief Scientific Officer
Graham Parry	Bank of America Merrill Lynch
James Gordon	JPMorgan Chase & Co
Laura Sutcliffe	UBS Investment Bank
Timothy Anderson	Wolfe Research, LLC
Kerry Holford	Joh. Berenberg, Gossler& Co. KG
Peter Welford	Jefferies LLC
Iain Simpson	Barclays
Mark Purcell	Morgan Stanley
Simon Baker	Redburn

Call transcript

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Operator

Good afternoon, ladies and gentlemen, and welcome to the Analyst Call for the GSK First Quarter 2022 Results. I will now hand you over to Nick Stone, Head of Global Investor Relations, who will introduce today's session.

Nick Stone

Thank you, operator. Hello, everyone. Welcome to our Q1 2022 conference call and webcast for investors and analysts. to our it distribution posted by also was to e-mail list presentation gsk.com, was and sent The earlier today. Slide to turn X. Please This performance Harbor making is stated. or Safe we otherwise the be will CER, Statement, unless comments constant using and our exchange rates, on usual to turn Please X. Slide cover is to will today's our of we where aspects This QX agenda, plan all XXXX results. approximately XX or for questions. XX minutes XX a last with will presentation The minutes Mackay. speakers our Brian are Emma Miels, Luke Waterhouse, Iain Today, Walmsley, McNamara Deborah and Instructions] [Operator The call David Hal Q&A the Barron, Roger by portion be joined of will Connor Redfern. and call that, to with I And will now hand the over Emma. Please to X. turn Slide

Emma Walmsley

start Thanks, Slide sales adjusted this GSK. Specialty for demand independent to operating strong growth billion patient Shingrix, double-digit per excluding across its particularly health. growth across by everyone than Biopharma demand and profit execution Healthcare X. was XX%, increased the growth in and at This quarter, XX%, deliver all sales to portfolio. excellent categories, as our £X.X Medicines to And yet, landmark sales benefiting joining XX%. sales to pleased commercial COVID-XX growth With increased strong are best respiratory the reflecting delivering change XX% focused XX%, Specialty areas, step growth, was doubling the very EPS by grew Sales with Biopharma And delivered Trelegy. growth ahead particularly across also and commitments across Please share. business double-digit XX% a performance. countries to the solutions the scale driven Medicines XX% strategy full of whole strong which adjusted to Haleon, continue pleased and quarter, pence course, financial global contribute across share turn growth Consumer £X.X In which delivered Xevudy. Nick, on Vaccine first to XX.X X%, and shareholders. XX% I'm Xevudy, increased returns last I quarter several to a results, grew our strong our to Medicines launch X and a billion with QX General from to primarily we areas returned. year strong delivered all today's to hello more XXXX we HIV. attractive also call. a quarter sales program XX% to excluding company, new grew sales is, driven above-market Xevudy from of growth in see sustainable creating increased demonstrate

company leadership with dedicated a led Haleon is As portfolio new stand-alone a to team and brand outstanding fantastic Brian Designate McNamara. prospect CEO consumer by health, an compelling

track significant cutovers. the debt will our know is demerger, more We transformation, very he much makes particularly virologically system HIV. update the we period continue approval aged and in U.S. recent that label with every living XX-years HIV, older are and on progress with absolutely share suppressed of two medicines, having technical delivered with The successfully forward oral regulatory the the raised questions. on specialty to advance approvals On and with shortly, Cabenuva adolescents to all and your necessary innovation-driven very for performance Brian I looking and update months. the lead-in optional

treatment single-tablet China in In for containing regimen Benlysta as And for also nephritis. lupus immunology, TriumeqPediatric, children first addition, U.S. FDA HIV. dispersible living the approved the with approved active dolutegravir once-daily a

our proposed quarter, Oncology $X.X HIV, several and with medicines. in with transformation innovation-driven we In for Sierra we regulatory investment particular, on. acquisition Our to these later R&D take update, in label continues In Deborah recent will the important in received billion. you approvals the advance continued specialty of through

great a with development fit, sales adjusted medicines alongside opportunities to consistently with specialty portfolio are have EPS and we and momelotinib address has to year a acquisition believe our with of these Luke new The to our organic macroeconomic strategy our encouraging this targeted in anemia business portfolio. to challenges strong reality in potential the building will as pipeline, we with of unmet of Overall, accretion geopolitical said and highlight a XXXX patients strategic XXXX. our vaccines pursuing We critical deal augment the need why moment, and contribute today. a aligns expected complement is and myelofibrosis business. despite And HemOnc we to results in very complement medical the start see

growth XXXX at sales and We full-year guidance XX% X% confident adjusted are to our profit XX% in to X% operating growth very reaffirming CER.

Turning to Slide X.

In XXXX, on delivery. the XXXX. our as is our progress ESG to differentiate FDA clearly was a shortly, period you for strategic our continue February gave, trust, daprodustat, has addition U.S. the excellent just the across in demand quarter priorities. I hear to the by regulatory In we underlying And performance, first commitments of we strengthen, another to all long-term medicine treating submission innovation, to on the of date comparison examples actually and strong. received the of QX for the also and best-in-class PDUFA U.S. a three progress flattered will GSK kidney Xst or set EU of leadership, disease acceptances team ESG from executing ambitious chronic potential execution although The our anemia lastly,

Slide to Turning X.

is the In gains late-stage medical represents disease XX,XXX around medical with before deaths XX is year-end, hospitalizations population June need XXXX year. about Phase the potentially submission for infections RSV exciting transformation bepirovirsen this for data a an multiple patients alone. and X and and DREAMM you. patients Luke, in older patients unmet half, with year in significant for is with There for our unmet second regulatory pivotal XX encouraged these In significant us people living it several And readouts, now million expect innovation-driven RSV IIb over myeloma over for trial the the we This adults over putting Blenrep first significant milestones. in the our have U.S. will ACIP is infection. hand an for This including hep-B, over hep-B in XXX each readout XXX,XXX team. pipeline, third-line with important path on meeting. with deaths year need, the the anticipated to over disease quarter. As results the progress for accounting XXX,XXX we I I'm several a an the QX, the the to with with and by that, responsible each for a momentum, inclusion year for late-stage for high-quality chronic

Luke Miels

Slide turn Emma. to Thanks, Please X.

In which Deborah will including to sales increased momentarily, our HIV, performance. speak specialty meds, deliver quarter, about by the XX% During commercial Xevudy. business pharma continued strong we excluding

are see down pleased despite see XX% We market-leading headwind pre nephritis our continue in growth the and increased China area, still XX% oncology, diagnosis a about levels. the to rates double-digit in up where, sales COVID into and Benlysta, compared lupus In driving to ovarian unfortunately, XX% medicine, to cancer from Japan, new starts. lupus expansion depressed, patient we are

add an also the pleased to contribute to we Pandemic with first and is working pace set. to ongoing are are sales at of having regulators as We Solutions COVID discussions the data with in and billion landscape, around quarter ever-evolving £X.X Xevudy

markets the fantastic in you further (Ph), eosinophilic a EU complemented are that in spotlighted Nucala these four product XXXX. penetration was it hand And like represent have and X% Nucala, and biologic On remains can IL-X the this the we up [GLPD] bi-cycle The only with plans new by and trials the is quarter. quarter. X. depomocamab opportunities, slide, XX% more growth severe III deeper with long-acting Meds Japan IL-X up innovation the quarter our indications of finally, General see classic to the both out course, asthma expected indications key of growth, Trelegy leading our Phase and by the with for approved than in up across strong performance our read offset right for U.S., And the established declines diseases. Nucala XX% long-term and portfolio in in

market new gains. triple prescriptions the and continue share to the with We lead Japan new-to-brand in and market increasing overall U.S.

could you to Now turn XX, Slide please. if just

puts Moving to position turnover. is of countries making new nearly XX% the than track in And of us expansion of strong Shingrix a XX%. unconstrained record and XX delivering expect sales Shingrix, the a nearly benefited sales to not growth the to doubled, strong high available. growth recovery a Shingrix countries prioritize expand in helped contributions of preferred performance is widely around looking U.S., demand Germany our available comparator, and our very build, is Vaccines. to vaccinations. in Shingrix more In £XXX million for of benefit with do by quarter launches increase purchase drive We the encouragingly, in and supply to vaccine, strong had as globally, now beginning global indicating in available as In favorable demand inventory including channel second Europe, the Shingrix to from QX. a geographic now making XXXX, good which reflected repeat from we large Shingrix that are more pharmacists vaccine market. Shingrix XX% XX on now retail

to expansion this focus address of year in the Shingrix the positioned for Shingrix Slide of the unmet turn the the on will issue expect And to first, proposed a a stronger vaccines as with last you want are caused commitments in for launch significant Sierra increased new medicine record to critical new to this slide, excited now can will disease is failing marrow the or by driver versus Many survival. of well from on to treatment for independent the are sales we we XX. challenge I in two still pandemic of is to shown contributions markets treated up year And Earlier, for we as laid XX% That rationale our be the half. is we later is goes significant benefit challenge XXXX second, highlight Please year's frequent; Emma by anemia. JAK of of inhibitor expected right causing heard for already growth, acquisition momelotinib natural JAK our inhibitors. of geographic Up opportunity And patients year, with This it side build progression an Oncology. who sales Deborah to new standard transfusion-dependent deliver high patients Shingrix inhibitors. myelofibrosis out this low-teens on myelosuppressive drivers: the we an year With transfusion our number with side strategic which the having Slide is. not where on on ambitions growth. segment contribution solutions. of a significantly need. momelotinib, need key is efforts. left care myelofibrosis differentiated we is XX. Anemia already Slide move in to growth the a prognostic transfusion. sooner excluding significant received through that, a With comparative is to from factor to track of you which over As potential are a see second a potential and double-digit XX, with progressively patients of XX% bone with and most patients the cytopenia, that to with transfusion-dependent. GSK, now dominated in to medical the have how patients JAK been myelofibrosis see become is I a patients bring showing a it a worse anemia have require medicine hand unmet will quarters

Deborah Waterhouse

Thanks, Luke.

leaders our delivering to in performance sales QX towards Our momentum objective HIV innovation and mid-single-digit of CAGR achieving continued XXXX. remaining a demonstrates

percentage We quarter strong growth. in regimens reflecting building U.S., Sales grew XX% international for confidence phasing favorable around and two in nine benefited the the our for continued innovation region portfolio drug and patterns sales, the points. our performance momentum accounting XX% for in regions and all QX now in which from during quarter, stocking Cabenuva. throughout momentum our tender account the reported growth levels seen have of

across growth. deliver sales, hold the ambition one market continue sales year of Our XXXX billion strongly, number is Dolutegravir-based delivering switch to of to potential least U.S. in XX% representing to for million year-on-year position growth. £X Dovato perform on mid-single-digit the Europe. the [indiscernible] deliver beyond. at share regimens significant further the and remains the of £XXX continues track growth with to in

removing label HIV. a for experience. initiation or injectable £XX and portfolio. physician FDA living our HIV medicine. February FDA We of adolescents HIV. quarter-on-quarter, with regimen doubled virologically the The than Cabenuva also to our several to The the patient inflection U.S. medicine. include the every people updates, expedite an now more in positive for Turning approved taking the treatment The now the and believe in driven approval optional. first-in-class injectable Cabenuva oral are with Cabenuva delivering is expanded dosing launch X,XXX simplifying million U.S. older approved the leading of XX has and indication long-acting suppressed two-months lead-in in U.S. will Sales therapy. this a aged living is the requirement and

prevention. to on Moving

We world's for have the Apretude first is launched in long-acting U.S. every of the HIV the Apretude prevention two-months. dosed injectable

medicine by than which an Pool, incredibly to million has been now Medicines this ambition Patent announcing early regimen. our for in extension more and demand activity XX we access access resource-poor We a medicine, significant and and initial with have partnership have building high enable countries this of with access awareness to in positive people launch made for enabling dolutegravir-based successful from pleased prescribers. I'm also taking of the that levels Apretude progress to patients the

this approved dolutegravir, the living HIV are with Slide ensure that to we it Brian. for approval gap to over turn FDA first behind, is To the the between the containing and now XX. one options left regimen means available with once-daily adults will million HIV to children to disposable step children I none turn of closing Finally, U.S. single-tablet children. treatment HIV. Triumeqpediatric, living treatment a the Please X.X closer

Brian McNamara

Thanks, Deborah.

Turning Consumer Healthcare. to

you demerger made me on process, final update let enter taking give as an results, quarter Before you where the separation. have of we stages significant we first the progress through

Day first new to During and Haleon, our designate the Capital name, the launched Board. quarter, hosted we [indiscernible] appointed company Markets our

long-term the business, maturities variety we the and established secured attractive of our bonds of have debt raising structure rates, also facilities. a capital across We at

technology Finally, systems the for completed significant we cutover, milestone a us.

percentage in performance Revenue and equity the XX% major a in a shareholder X% the all organically growth performance delivered with prospectus In sales up to Looking flu ahead up robust first the ahead, had broad-based to and system next advanced categories a start year. in growth point steps we by vote the commercial contributed with strong and the a cutover regions. include of publication quarter, across five driven and was June cold April XX% our Strong the of uplift. benefit July.

price This nine split market of from and momentum first mix. growth quarter revenue organic with from was also X% the was our Our share overall positive in X% the XX% growth volume competitive seven and with this continued saw and holding strong brands we growth to or inflation. from to of consumer gaining sales Similar revenue. share. power continued pressure peers, see teens, E-commerce cost in high is now

enabled and by leverage synergies the the to with combined exchange margin increasing However, A&P operating points pricing delivery while and of to in XX.X% basis investment operating Pfizer constant R&D. rates XXX increase us at

continued constant to Taking categories benefiting to revenue Emergen-C, sales with the turn delivering full-year Given meet X% the were strong XX%, starting by Centrum a in sales very supplements, by and XX% particularly In minerals health, vitamins, Please where performance, medium-term oral Eno well. divested, sales were Across over benefit along care. remain growth in Slide our In in rebound quarter GSK. of with denture growth this driven guidance up business demand. and X%. Respiratory excluding Parodontax and of in XX. from turn sales exchange we performance, growth slide continued Slide region. how a strong and growth. with strength up brands growth shows flu nearly through Panadol of in segment in but and reports digestive about line relief across down delivering the The top strength performed other our consumer impacted a supported Advil strong cold quarter, Sensodyne double-digits to capacity a overall by driven the organic by was XX% health, XX% performance Digestive GSK annual over point percentage Toms confident to with at were increased was X%. up five brands as stable overall a for and and health Voltaren. increased up X%; in our by our in XX. Please rates to Pain X%, positively Omicron you with

the with like in shared we the in by would what forward U.S., sales helped Capital our at North respiratory to of This take you and our report will going how increased growth. American strong Day. we I Markets ahead regional detail is consistent organic revenue and and However, through levels. Haleon XXXX where cold XX% was growth is flu

was benefited Omicron and sales during Additionally, stocking resale patterns the quarter, the relief over Advil by driven strong XX% wave. pain up from

a VMS saw growth also We strong particularly emergency. in in

also Southeast we with over growth Asia strong In double-digit XX% with helped by Caltrate we growth, and nearly good with Centrum XX%. double-digit Sensodyne. Panadol India China, Australia, of COVID-related Pacific in In Asia, was up sales demand, and in growth a saw up Australia. and growth up XX% saw

East, Europe, Middle Africa and at looking Latin Finally, America.

of sales particularly distribution were XX% Latin XX% and the up excluding Eastern First America a quarter This strong the in Europe. and or ahead growth sell-in Central model cutover change. was systems

Italy. growth factor Southern Spain brands, Sensodyne, our in across The of including Europe number key with Centrum. growth a strong double-digit was growth saw Additionally, and a a Panadol power Parodontax, in respiratory good and along

All region. from Voltaren of the some in offset this weakness

execution start So overall, good the strength demonstrating markets. clearly a the very across of our year, to

the double-digit back annual of year. guidance and have delivering the we confident And the on growth growth. ahead, organic We macroeconomic expect remain comparator of half, [indiscernible] medium-term to course in-year in revenue Looking with do in a X% we our in over XXXX. X% tougher

business, get teams couple and from over of you to progress Finally, I I’m the at will while, last I hand separation. same making and time, on business' as I'm the environment engaging July. of the the stand-alone more we thereafter. with navigate forward the over towards potential strong years our everyone to to proud ability look the incredibly to Iain. separation it about volatile across Along with business Haleon excited and as future closer our a of Haleon trading

Iain Mackay

Brian. Thank you,

the As financials, less to Slide constant XX. references and freight [indiscernible] to rates I cover turn Please days.

the from pandemic across exchange. pandemic-related income foreign which earnings adjusted operating XX.X the per billion, and unless XX share Pandemic was stated up comparator. contributed For all-round adjusted sales quarter first £X.X XX% reflected to were up for group. sales. Gilead adjusting Operations points related per strong with disposals Solutions which mainly pence, billion, disruptions, in Total profit operating by the adjusted settlement sales £X.X and continued XXXX, of reflected per earnings reflected up from the of Commercial The growth was XX%. segment movements, a pence, were adjusted overall My up This here all XX%; share. and Total of was Turn approximately related onwards points earnings share XX% were transaction ViiV XX. primarily Total up upfront sales XX%. while comments from primarily were was and performance XX.X note otherwise. growth turnover and to provided was excluding The strong to of share. and driven favorable on main product which with per are adjusted in XX areas benefited in QX growth Page associated results trends earnings in XX% profit other, comp strong currency the performance XX%, impact as adjusted from QX neutral growth and recovery items GSK's demand CCL

well reverse the favorable of XX% in demand were were were QX. two-thirds expect in seasonal phasing, percentage for from growth, adjustments. recovery. movement three of and points build point inventory additional about each U.S. around points and the as U.S. the inventory RAR HIV, that an we rebound channel ex Approximately including to [indiscernible] which Shingrix four of patterns ordering from broad tender Around as channel percentage U.S., All pandemic

out I has of Brian Consumer, for Taken in Xevudy and have key the high mentioned, already through slide. the single-digit the dynamics taken the Commercial together, you was in adjusting this in the drivers category Operations growth performance are benefit sales set and range.

cost adjusted The Xevudy, to goods margin of to XX% the growth. slide. XX.X% which sold, delivered increase from supported sales cost higher Within sales points margin increased next of operating basis percentage operating seven sales leverage group positive of a related to the Turning by primarily XXX by points. improvement the the

margin tight in million. Excluding prices by Consumer. focus Xevudy, also favorable increase a see of This Medicines Vaccines mix of more particularly to was by HIV with remains being X.X partly benefits. in continue business controlled as brand vaccines benefit and Operations legal we beneficial which in benefit Specialty we last normal point restructuring offset There continue XX% increased mix The settlement cost modest were of us compared growth a for Commercial ex-pandemic SG&A, to freight as to year. SG&A in and goods commodity costs, sales investment from a and last Within a a driven well, reflected sold manage QX in launches XQ was which XX% costs, closely. level around year of investment £XX key in to

the research as Phase Moving adults, higher I. R&D. including reductions early-stage offset which by first to Medicines in the GARDASIL mRNA. income assets older primarily investment The segment Royalties investment from with of progressed from royalty along started the portfolio with of contribution for sales driven by into increases X% GARDASIL RSV February. Medicines benefited increased several in increase portfolio Vaccines Specialty the Specialty meningitis partly in decreased late-stage was and

XXXX deliver execute year. positive shaping XXXX adjusted a year to represent and we on Consumer in towards step XX%; we against the last margin growth, approximately group, adjusted the do excluding We operating, and fully percentage in progression the approximately XXXX operating The improvement some our phasing For our benefit contributed quarterly X.X%. of variation by last expect from but to is pandemic margin adjusted and up billion, plan growth the of well sales light XX X.X reduced June points set points. was up Overall, operating percentage expect of targets. the Healthcare, operating out £X profit profit adjusted as

Turning XX. now Slide to

bond to issued higher XX.X% and was and adverse foreign of £XXX rate exchange that of I half highlight that bottom slightly P&L, Moving the expectations debt due effective movements Haleon was tax interest with newly to million, expense for aligned group. the the the in would

note, slide, of upfront cash cover cash free I including the from were inventory. we expect We and purchases the to are new will cash cash Xevudy as increases and from middle flow well in partly the key lower factors proceeds favorable year. share impact tax £X.X of see next drivers increase significant flow of as assets free billion. payments GSK opposite and These generated income QX; higher QX, of profit by an expenditure. collections Gilead Arrowhead follows: comparators the and delivered lower £X.X expect operations in we as offset seasonal On payments The higher billion settlement; flow. the Alector cash of of in capital and timing from for intangible primarily sales, for around to operating disposals flow for In higher profit still share and

for to Today, our are now guidance guidance Turning on reconfirming GSK we XXXX. Slide XX.

of to see to in GSK to growth of we which and adjusted Consumer profit on demerged be continues XX% expect predicated July. X% between the Healthcare growth being business X% Solutions, still XX%, sales operating COVID Excluding to

majority unchanged COVID delivered Our remain sales QX. for solutions expectations in the also with overwhelming of

of U.S. FDA the We in assessing demand the emergency light Xevudy. authorization remainder use for the year to for of are changed the

XX the year favorable U.S. the timing international some is and impact HIV the the with In quarter. should half phasing. influenced companies. quarter vaccines also now growth been first pandemic for with to and be XXXX that, tenders two lower will revenue summary, the of into as we XXXX. informing move delivering a this phasing us quarter heavily We prior those share light second a while a year. of have And delivering light phasing such with start full-year QX have the three given stronger expect of We per you. there the favorable I fiscal to strong At to have On QX separation share by year deliver also Q& guidance and we ahead ordering will of QX performance, dividends, of year, half the and some remainder we QX the guidance dynamics our of the XXXX comparators. be declared very in for half In would And slightly of second we patterns. more to expect we this delivered in anticipated in two considerations pence new year, the to momentum comparator strong confidence our also in operator, start A. sales Thank and give a the in

Operator

you. thank a few Merrill of already questions, Parry [Operator from Lynch. of Instructions] Bank Graham coming is from first America We the one Great, line the received and

Graham Parry

questions. Hey, thanks for taking my

on consumers more to the you rest come retail oral restocked I any your inflation new and the any in follow QX or the on at we that the Shingrix online? and Brian start at of from potential start through sales margin or bolus were impact of in impact of in So are the is there The affordability cost benefit movements GSK year that as QX. in OTC just wanted on downgrade Could going could see see up Consumer. you wage inflation levels towards on inventory issues inventory any could for if And brands living, store and then all? secondly, to one input brands? there expected launch U.S. And unwind cheaper and the premium QX? go expectation generic that seeing of costs And forward, and quantify the markets ex-U.S., then could just effect as where channel

Emma Walmsley

a And on so an to Iain cost will offer to bit the occasion important give the going us, Brian phasing. Well, to Shingrix to we go question then for the first back there to Graham. Thanks, come is I'm pleasure answer. with more back detail great

made but comments, some already add. want you think might to you I

Brian McNamara

question for inflation and question, to on input Graham, Thanks the impact the costs.

Day, as are at are I that many to peers are I think exposed structurally. but costs seeing, same of inflation we our consumer Markets Capital laid out the we less exposed

if at sales. our of than is commodity XX% look related and costs, it you commodity overall So the less

delivery margin operating I QX. growth. cost about we margin the in So of delivery synergies combination the the the but seeing Pfizer by those along continued delivery with are behind driven feel of was [indiscernible] increases, our really good a And leverage

ramped that, to up Haleon margin Now at to yet Markets full £XXX of Day is you costs million. They shared at million also Capital look QX, note £XXX delivery, we it QX. of operating the to in as just important are see the haven't we delivery yet in standing up

at year, moderate managing pricing. the our margin manage efficiencies said, guidance and Capital the changed we medium-term for the expansion. a it with are nothing blocks And laid And Day in margin we of for of as XXXX all other on the provided we So we in outlook has building business out combination from we the with costs. Markets and

Your have question on demand, QX. have not in you and the in say today, we growth seen behavior see impacted to that we behavior, strong consumer volume had that consumer I in

also staying that business close take how make and and don't and across to We behavior. shift. consumer we are pricing get are seeing ahead sure we this, to we how the very of of that is consumer why where we It focused are behavior very conscious

consumers. provide and these in are The a care, other we piece in health, real products consumer to products is, matter. And everyday benefit are like Sensodyne listen, health we

So to matter. sticking with see really products that premium, we while tend those consumers

Emma Walmsley

in Consumer Shingrix? in is growth on strong. volume XX% quarter really Right. the And

Iain Mackay

on Brian. thanks, want And quarter, Shingrix? take the last do your you to Yes. Since its question

Brian McNamara

to, love much. very Iain. would Thank you I

Iain Mackay

for thanks Graham, question. So your

is from the the in around during Shingrix made presentation. channel look in first at confident fourth terms end about the build But in to growth which and phasing in we coming couple in percentage quarter. of million We demand U.S. the our quarter see. inventory of end encouraging the saw the of around XX% underlying doses, points it million comments ex-pandemic phasing, the a I patients, something Commercial and nonetheless if Ops but you look, terms four was at doses incredibly which of of the that inventories of are of encouraging, at recovery So terms X.X sitting X.X

about very quarter, we demand so really it that So was first the in building coming saw through in confident that much that. just

demand that our market is Europe contribution demand, as build important plays geographic it very see from time, you U.S. the a make coming on. the terms year difference in markets in now looking performance. expansion, continued at the But overall the also But underlying that goes will at to real In when we of from point this look contribution at strong it Shingrix how German

So back the U.S. think would that of I Luke the just we contribution somewhat of on certainly to that lesser extent. key expect we and markets build, on some expand build the unconstrained regard Germany the to that comments I as we made a see in to to continue in current the continue will but in be year supply,

Emma Walmsley

at all of Luke, want terms in demand anything you add to the consumer dynamic?

Luke Miels

million I to was Iain's mean think X X. XXXX bit just probably XXXX on Yes, build QX I build of I to I X.X think it doses, doses. QX a color and is million there. point, mean, was

of So think have is pandemic about pharmacy thing a judging the good S. Shingrix. I retail in chains if we the command pretty U. is learned one

order sell large and can the from a because it. they As we QX. there think they they ordered Iain that U.S., the unwind was pharmacy chain said, But it will in in

to the demand have got point, mean through. DTC thing is we side, I good that that the On Emma's is breaking the

not target that years. in jumped also XX the actually XX look we the when is And to enthusiasm as see survey of to we and to where their very a XX in a encouraging, yet, recommend in is out out with XX in XXX vaccines points and them to ran patients. Our We up woods I are in to urgency them XX% What Also, asked terms allocate increased pharmacists of can of the of That XX explain willing moving we the group are we to at interest. product also again, group. why will nine well. physicians, is segments, but prescribe XX-plus second.

they there. is So at of year, to XX to flu, allocated so there seasonal COVID-XX, pneumo, to to eight shingles, the XX end last XX points some

vaccines to If and COVID, X you flu. to Shingrix, pneumococcal XX February, at to look XX they allocate to XX shingles,

certainly in from you the willing And when on that end extremely is at year are So of you the then Shingrix, ask XX%. it of they to specifically encouraging to product, them have use moving willing XX% last terms more up. gone

the trend. of And Rx for a we in is So now are terms their in strengthening see real it. starting enthusiasm that to there

and out So we more we we that last the weeks first have one-third, in than subvariants. the administration the XX, last not Northeast is pharmacists, year, last watching XX%. are two it the XX% And those of But, you not seen of out through a people XX% the booster and jumping one reason dose, of is XX other Biden just seen going we TRxs also very, And COVID approving of states the And is yet, up more closely are than the hiring are is was population. our XX-plus is up. that same time which cases we technicians going have about XX and in for then states of have Midwest. hard than in time them, say XX% if availability And woods the It two this we survey very XX and U.S. the of those the And have the XX them majority time year. and Rx, XX XX% keeping staff. when more out this of for look TRxs up, very at half different. new why about is shop. And for very in the thing it this number is

trends, watch, not just why So but are that we is said, now. to underlying good as is and changing there that Emma we need

Iain Mackay

to detail one will because question There get I other add suspect is probably we later. this

through practitioner's care the or the health when the through look office. provider's versus retail at So office the you chain volume

through that seen going XX% chain through COVID with have that have and Shingrix start retail at going you XX% about practitioner's practitioners' the quarter the XX% more of moving we the office seen XXXX, for through If we quarter XX% quarter, think the or retail, trend back historical first to third the the end the saw going office. about for through first of pre we

think again, so it that I And that, data Luke plays to exactly mentioned. survey the

we encouraging on through. keeping coming see we chains as well see ability see competing So a but close those it when forces of is to administer how just very the to retail eye that

Emma Walmsley

Great. next a asset you as is the just one. know question. optimism to this lot remains us of Well, that and is agility We we move And great comes. a there really one will on for can next vigilance, for key hear, before the

Next question please.

Operator

you. Thank

from is question line from of Gordon next Our coming JPMorgan. James the

James Gordon

Hello James JPMorgan. Gordon questions, please. two taking pipeline, Thanks both from for

Vaccines. is one on First

two of that. big latest the on difference about the readout in positioning is So is within dose One multiyear of case III terms intervals. My allowing approaches. now a dose frequency, older competitive adjuvant and thoughts Phase made make vaccination adult base RSV which bits question the annual in but

are that? or So have moment, And a delays are for how thinking is significantly a also that J&J means trial what a I due they to boost started seen you. maybe about competitive vector in looks whether going new you I blood enlarged this Pfizer concerns. big the just their And trial report viral saw with clot quarter. to be have to safety

are one then next oncology. to only ACIP the be year? pipeline So how applies you about in might question about that? So And the that was you other thinking

frontline how think Or And combine could development for going big [indiscernible] should have term, So in to option some are the well? patients. it an Is is you deal, this go as is this and identified with might we quite going do the I out thinking there other up there like the you or other How it to you which attractive But mechanisms, to that product? be refractory refractory? segment stack able longer of a you a Bcl-X. are late-stage it mechanisms you be few just a Sierra product know market? for looks in refractory like are one like segment

Emma Walmsley

reflections trials, in all, results moment on any already well. in that we like both Hal could and Well, our to then confirmed and adults overall comment of on the we ambitions first oncology. of but to as our dose I But sort comments older terms perhaps, have further confidence your on come frequency will you mean, in questions expectations Okay. and Roger, those a of on

Roger Connor

is is could where the that greatest a some within disease adult thanks Obviously, we see waiting suffer this burden from that from to hospitalization vaccines. in question. the Jim, the is comorbidities because Obviously, mentioned people look our technology see adjuvant from that antigen, a which understand in burden we with hospitalization very population. performance. Exciting I that combined at trials. that when vaccine the RSV and time space, in world One the exists. burden momentum the differentiation unique comes to for our much that of thing terms the about you the older believe adult platform, we data is for

We in have comorbidity platform that know seen this within know in opportunity perform adult that create this an the We well. higher well. as is population. older We in Shingrix. there oral at-risk group efficacy And group, that a and also older

believe where will we can difference. that a we that make data, see the but to is we So have really

our builds well. as is differentiation believe our T the linked that Phase disease is which, we neutralizing confident also the I not belief on are potential to impact we outcomes, that II cells, off Phase data. again, has think that, increase. That in why see severe it But is the we antibody II terms of

think a season. cover or obviously that start protection, that But will In protection season, see monitor time. terms whether whole And that we the and the to is to we well. biggest that there at the That trial to going of see as greater we protect is the and the more monitor of will than over is is duration benefit be continue we duration designed and adjuvant and year to ensure then we have of goal that important.

we could Luke I also for What what are to of we and also investing differentiated be I as getting see be track year. vaccine. perspective manufacturing perspective we would think not data from this that ready in this commercial emphasize but that ready launch important. with half well a for that ready to a is that first is just a from are the And make on sure to are

Emma Walmsley

Thanks. Right.

then So Hal, up to also want comments that CRO? any further do you on pick on and

Hal Barron

you unless, No, have Roger, to question. so nothing thoughts there, all points James, add on Yes. you the hit additional think, that I have

I very molecule exciting think a significant very is a medical So it unmet momelotinib, need. for

Bcl-X that about only excited showing differentiated that kinase. And storage behind that are the are Sierra of are sort disease a which preclinical to unique also effective both interesting its involved inhibition profile. data about but levels, ALKX molecule. iron provides because I of other hepcidin inhibitor, that not really the said that myelofibrosis. concomitant you a or what and occurs question it with that you think science meds, the but And we is in the very important I it Oncology some you the its of as and asked not to think, unique on anemia, based so-called because JAKX/X is What ACVRX it therapies which has I is that aspect ALKX, to of And so other mechanism, will, this JAKX/X think do inhibitor only amongst is this specifically know differentiate highlighted, Luke been receptor, for has reducing receptor able blocking by highlight and pretty a was Jakafi, property why this of in two very the unique a inhibition like plus active liver. JAKX/X and

So the things. amongst differentiated JAK inhibitors of possibly and with all likely drug it choice to be combine would other

cycle life so management we the its seeing And are to forward looking in future.

Emma Walmsley

question next Thanks, please. Great.

Operator

next is Sutcliffe Laura question coming from from UBS. The

Laura Sutcliffe

you. thank Hello,

RSV James' to follow-up on please. a question vaccine, Just the

saying then secondly, sustainable, they obviously quarter. so ACIP you the the year. That still of It of you doesn't the time, your you often sound on from that at don't your be might think ACIP of can relevant on trial unlikely discussion part a how Omicron you the have Consumer, just your pain given in release that get But data think evolution underway? You when seems an to for to Thanks. without the going actually product a it. that just the much line And do should meeting I mentioned to be on you make if able recommendation mentioned year. handle data perhaps around and have have next the rest be view will benefiting should mid how sales

Emma Walmsley

pain pain you to further up Thanks. pick have comments on then management? want on Brian, relief do any and

Brian McNamara

Great. Yes.

the for thanks So question.

our impacts ways. in Omicron business So two

cold are systems cold the XXXX that very consistent growth Omicron XXXX cold grew flu was category you that know, significantly above little And But versus in and so cold category and flu the had also and the drove levels. flu, you First, when flu. the as we and year with saw. this

fever which of and campaign, times those treating systemic and like brands help treat relief, alleviate incidents, our symptoms. and in Care cold higher people Panadol how see pain safely post-vaccination. could of especially symptoms cold a flu flu symptoms from Panadol Second, QX Take we also increased very Panadol, both demand but which specifically And behind strong had understand also

Now unlike real of pantry was the beginning from XXXX, loading, we where this is COVID demand huge that consumption. saw a

the product the buying are product. they and using are consumers So

season, and extension about So think continued we I it - as what an lapping on. flu strong happened cold and is in QX a was strong of that it will and be just

competitive respiratory So our that very how but growth pain the good think rates. we about about I of growth I relief feel were both market, I the would is context in feel and of our because really that it, in

Emma Walmsley

Great. ACIP. any on Obviously, lies work the Hal, comments brief ahead.

Hal Barron

Yes.

will looking point, pivotal over this. as at the protection, are for impact data your obviously we we not at at key seen which of ongoing think we time that the years, I assess thing have ensuing and seasonal just can but efficacy course, will be the one-year looking ACIP, the its of to three-years we over vaccine data have of where period this is super studied by will that, whether this be the have duration that

we So data. the will able be to generate

see is I might one be duration some your ACIP. worth note to also data, to seasonal But efficacy season to of can it will to with we give important season's what whether that a as that is a have of one the effect. during specific hints at question, think able super

Emma Walmsley

please. question next Thanks, Great.

Operator

[indiscernible]. is question from next line The the of coming

Unidentified Analyst

Emma. have two I Brian you. and for I then one through, follow questions for one got Thank will

obviously, that And please of stocking to you you of pharma, we I'm what impacts excuse and the kind transition is Luke, green £X in from is a related, expect academic? that discussed Haleon, first an just then us just peak potentially there. quarter, when - impact when at really, have oncology. terms period. I think, we of Any could excuse guidance purely on year unwind or expect noise. the Just because, in should OTC, QX? prior obviously could -- have And ignorance, we impact COVID-XX, one GSK the your you sales understand, we just secondly, billion on in in Emblem should help could data an wondering guess on for my Orange that to and we see I similar Talking to inflection about for, the revenues all points maybe

or whether going us with not readout the are give interim Blenrep. you. get an potentially more could GSI we Just that visibility to on Thank

Emma Walmsley

Thanks.

and out in cut a can bit. You little

performance Numbers that. then ask the on growth bit. obviously, do will I business tremendous for an exciting talking and is prospects two pipeline. about By Brian, have a us. comment for on give through. me But let briefly basis, we emerging a in perhaps for referred were the out some Luke So question. coming you stopping demerger the the unlock it. cut you on a oncology which talk are first. is But to It way, ask commercial new first how we But Brian case, think question. emerging but will And It can I oncology to non-risk-adjusted briefly of concept second of talk Brian companies, will the I in about philosophically, all, you to your obviously, so to technical I

Brian McNamara

Yes. Thanks for the question.

First, stocking on quarter. the your in question on

two, we will out which the is and forward come the So from quarter one of system cutover. buy thing will not repeat

points will into unwind would that QX we see have happened QX, two QX. purely that growth in came of in So so

comments The lower strong those levels the were bit at the other so year, the demand year, of on ending honestly, patterns up. are, a now inventory last inventory stocking inventories beginning are

that on. QX, just But not year So the necessarily is demand something high that inventory have But unwind the given we is across as - happened. kind at stocking patterns the certainly of it business. we in next normal as the year that that goes build would look

And question in There the shared by historical I the a orange, presentation impact small, Your Haleon under to orange of a Capital a the reporting, on in impact. do There financial say about the numbers to was is that And Markets detailed difference the around love slight and what Day the but to way, list you be we is parameter. appendix are, I I of like at doesn't green, so changes see color what the that better. the really - no green slightly. just but a just have information parameter numbers. those in want it move significant will very

Emma Walmsley

then talk the Okay. GSI? to Great. is momentum Luke, about for do you long oncology and want how pipeline

Luke Miels

Sure.

with think have your I heard we you and I pipeline products think the [indiscernible] correctly. I I So a to there. mean then I segue as the question how on through on just the go shown will XXth finish Blenrep rate suppression.

think XXXX, actually U.S. another of class across numbers lines, all you set it challenge QX at the are X,XXX. I illustrative IQVIA if which if for initiations was the is look at of really look you path

have X, If XXXX, are QX it And X,XXX. and most with they XXX. figures was you look the at QX IQVIA recent we XXXX,

I those lagging. that frankly is but symptoms, presenting. because seen the point. are would thought by we biology sadly, not the will some a recovery patients, still have of at women So now present underlying and just those They

And debulking maintenance [indiscernible] So course, a then it to difficult frame is before for is time of predict. there therapy. then they present

the match on is see them we think do year there it encouraging the at of when the described I in we to X:X. ZEJULA, terms of with Look, volumes able So are earliest. second the those side, of path, though, patients the half scripts.

there. terms arguments So think, clearly, in the sign coming are we I the that that is, through of

are at indicated how If line the think the a is I a RUBY but the It earlier. half the on subgroup CDXX first-line have population. ruxolitinib will of year build is but readout second in done is are and you we I cover answered refractory quite how look drive precluded mechanisms natural which is the because potential explored, if fredatenib hemoglobin first you from There group combination. a are efficacy address just of not of that Jemperli, exciting we think for anemia, momelotinib, which they challenged who to being we that Clearly, for physicians. by. the ruxolitinib highly NCCN from to our guidelines the look designed level. than in are And the line is really that concerning rather first know underlying market are That by research and at

we a to couple the see for to the and sequencing we momelotinib. I in why the academic is line center that, we though dominated this Blenrep, the that a only combination opportunity volumes second first see of expand through need House Hal We in keratopathy there on got partnering resolve a the community. And combinations, working are even by to It have And and earnings level, ultimately, team the said which through rates with and one-third dosing couple do with there. on. then mean that organization, to we calls, So finally, of is do have usage need we things. of of about

So that to will I hand for you Hal, over part.

Hal Barron

a is into. to Yes, to on comment thanks. you commitment highlighting ideal the just X And know, medicines, little specialty an XXXX made we the to years back ago pipeline, than less oncology area when get do just in as briefly,

made Given a its potential, little of lot we progress.

had the a in The in was things I that time, advanced most I. think pipeline. handful we of Phase at

Now a we with have approved drugs, soon momelotinib. fourth hopefully three one

synthetic the comment, Just PV focus oncology and month. the on entering within our lethality rig immuno-oncology immuno-oncology. with of been to has clinic this now briefly We

those data, new TIGIT very the era think reagents We synthetic Luke interestingly in that acts of best-in-class potentially on fantastic for other very four have by augmented in will we reinforcing very and is in the lethality, you Labs startup as and mentioned. characteristics. exciting. Xi data will reagents all immuno-oncology that that the that PRIME CDXXX clinic with both the PRIMA complement a really usher are the preclinical that encouraging, drug this unique Obviously, to really, in CDXX Zejula, of its have combine

MATXA We there. Theta] have going research are for in we inhibitor cycle and doing tumors. with robust very a life one have some we pipeline synthetically, clinic, the And in also IDEAYA the (Ph) that management [Pol

later really fourth I But So getting momelotinib. back really in clinic progress. approval excitement and the to won't about terrific more in say and the lines. with BCMA, pleased its the

and inhibition rates response ocular reduce put question, you combined greater earlier in whether maintain DREAMM-X dose, further idea saw in exploring we increase to is toxin. which with, XX% and and that altering cells out plasma as that, gamma of could in by intervals, study looking Dex. Algonquin some patterns the lines; optimize significant be when studies BCMA read the efficacy expression of of on in DREAMM-X DREAMM-X, your actually synergy and will two holding given that with where different And Palm reducing with the have superior and it like extending the secretase hopefully pretty to potentially VELCADE We will dosing the studies, to for than pomalidomide leveraging we DARZALEX using the regimen

We mature some have ASCO more later at in and year. data going data to are advanced the with preliminary shared

Emma Walmsley

Thanks.

I are of is to question there first through, take we going still a know X:XX. We the to questions to going next - lot because waiting please. But so run are let’s

Operator

thank Anderson, Wolfe Great, coming from line of the question the you. Research. And Tim next [Operator Instructions] is

Timothy Anderson

U.S., road, look ex-U.S. world. one-third only questions, out couple maturity, XX/XX at split two-third, and at different. Shingrix, look yours Carticel, you it If quite at about between expect is is of that A I it U.S. I a down Prevnar, is rest sales I'm so so wondering like Thank how U.S. If is you. please. product On the will of

the Shingrix opportunity. the wondering will or And in something updated more GARDASIL upcoming second commercial years road a is I'm now, from of what about confidence level talked down Last or program. otilimab look Hal like So and Prevnar time, like else. on question the readout

readouts if you prepared I'm thinking us QX was remarks bullish. can being about are on But how Slide III. tell not key Phase I you And today, wondering went think part quite It that through X. of product. in despite

Emma Walmsley

profile from let's contributor, would comment Hal geographic additional Well, oti? expansion be that. the comments slide. of Luke, on Hal you I Great. come first on that continue on the perhaps, But but Shingrix. reading on and The to then wasn't can some key everything And has will to you good. a been be first on

Hal Barron

Yes. thanks for the Tim, question.

me to Let try answer that.

was That, the its of some pain. encouraging safety clinically have the that the unique a which in that in IIb with out we in represents pain, actually Otilimab that are a number It What patients meaningful symptoms the that some number remember rheumatoid look therapies, need there, the of with biggest like in when to arthritis of of relate is it results combined see package opportunity. you we in increasing primary to I is is is a an reagents looking medical that new concerns different Phase drugs mechanism. meet at think, endpoint, arthritis, in switching endpoints pretty a opportunities. other patients really with important confident and unmet stated I rheumatoid think of are for to or but reduction trends did significant the remain think think patients we CCLXX. that part there although oti, we failed is QX

of when signal out profile, but in is changes. the to for section program fact those to pain effects you be think the move about combined when that which the you that little its initiate seemed both is Phase Ib at to signals antibodies you when it so when a And CCLXX I think But things why that transcription proportion a forward that do get III strongest CCLXX, the Phase anti-inflammatory forward. what us in that look enabled has monocyte, looks like you to we GCSF, pain. the with the the And also of the level bit inhibit protein move one randomized we finished osteoarthritis

we in CCLXX new will that And patients we some a so year. thinking this for are that data should year. GM-CSF we the And there more their the later of a by for and to are have reduced of be end data opportunity pain package, by as pathways hoping have

Emma Walmsley

Thanks, Hal. Luke?

Luke Miels

about Previ, this that can Thanks, the mean think time still to year U.S. the Tim. gone mean, a is there XX% ex of Initially, be continue patients volume we dominant. we going I dose very U.S. U.S. large XX% I I have But from to in is to last

switch markets out we as as If and starts immunocompromised concentrated out, much population. you emerging plus. you product true watching initially, market bulk and get than the of we the closely to know volume of more profile more a is the and our in the quite sort And would very got of combination like it Clearly, Brazil reimbursed the see And like that will stage, vaccinated. at we they Pfizer further or and the the is Moderna, pick it out-of-pocket in striking have time And you look of that XXXX, go China is an to we larger very and plan, is this five-years eight-years HBV markets U.S. reach are aim European tendering. and by up. in efficacy patients

and is you that point So assess U.S. world. it depends distribution It rest time between the the the that of the the just on will how look.

Emma Walmsley

you. Thank

Next question please.

Operator

from is question go next line coming Holford Exane. The Kerry ahead. of Please the from

Kerry Holford

actually. Berenberg, please. questions, From Two Hi

RSC. a a within follow-up you. efficacy press very it When therapeutic expect still just detail work? you didn't then are we complete, can Thank Phase works, other just release Firstly, III looking across the high rather further to IPO particularly that, valuations we the have appetite Sierra interested can continue you And expect oncology just now lower I'm capacity to acquisition, it M&A, you level, ownership what context on focus study the of in to market quick in a to you that following might and areas? finally, recent M&A you hear some the on on at or message is in of tough And provide context also or conditions.

Emma Walmsley

BD, Well, and appetite have we Kerry. capacity. all, Thanks, first of both on

we have continues expect I to Sierra. with extremely strengthening the as that that to and portfolio, think the our priority in with delighted the been news the organic obviously complement on latest number as well forward we our development business of consistent one driving be that pipeline, emphasizing execution

portfolio. a due in NPV our the on it, in If line with IR, areas want are across financial that latest you stage the obviously depending and with things line key is and whether pursue or We vaccines step of is discipline take CFROI. therapy it specialty this strategy, to back, our with stuff with our

on focus on both others. ViiV. about on have first lot we seen assets, the all and excited, oncology. we I with our actually partnership And the and see year into are clinic went have super flu Qvar we made of some quarter, from the development it, just X.X some think we first if to COVID in We moves two-drug obviously, you unmodified this quarter, But contributed the out come a with with making and later in hopefully, there. business the So the and even two later mean in billion mRNA, with will BD. data progress Halozyme the regimens in on in combos

there we yes, is structured of more, one do the the continued the come will RSV? of strengthening - results all when to partnerships. Hal, want you of So the terms demerger sort continue of benefits including strategic so that sheet that in due benefits And with obviously in of comment is balance do our to to data but is the on plans discipline. in anything in,

Hal Barron

I look have mean a externally. was at looking data often ideally, headline are we release The basis, case-by-case forward the to data what press it to that take a getting data, all we the completing deciding typically but like are typically. the we the sharing data, do, before and, and of the Well, interpreting exactly study going and is in to

Emma Walmsley

Thanks.

please. question Next

Operator

the Please Welford Jefferies. next line sir. ahead go is Peter The coming question from from of

Peter Welford

ones. Hi, thanks. fairly Two quick

just taken Consumer Russia Russia Thank more exposed well, and as all factor extensively quarter. should to than a to seen the Can on any a than osteoarthritis, got confidence coming and ability consumer actually little Ukraine, was we some guess, analysis to it for in analysis RSV with readout the cash up you the how guess, we cash Russia there And is timing just that and just the zero, any, And what about regards Glaxo to XQ? was negative the not we a data, particularly almost Europe and have regards you just the I following now margin anything already all the margin? if in were so then get you getting I was to on just Firstly, whether think cases, have significantly U.S., which a just could fully are case on your [indiscernible]. see you talk which is collection about of of waiting one, take is And you talk think, events comment was on decrease in had that quarter And should occur? if the this down about just maybe have you need in is? in for given talk I about a I'm still actually just But both else. thinking, what can with to bit the I events of some again, now provisions business at the there you. then Consumer of or perhaps I the collection are the more the consider far. think or please, the potentially or think given to you that impact,

Emma Walmsley

Great, it difference. tool thanks. And will that Well, Hal, add lots Russia, on I of cover. Redact a questions anything the but for I for wouldn't Iain GSK, one wide to group a is detail to older make the on will and on the mean too more on that. than trial? which I Consumer ask slightly comment Iain

Hal Barron

No.

said, as by you have we these on course, event-driven the remain read know, end analyses, but we out as Of track, QX. are to of

Emma Walmsley

Right, thanks. Iain.

Iain Mackay

for Emma. Thanks, Thanks the question, Peter. Yes.

if So less on than and X% GSK, less than adjusted like operating GSK, Russia Biopharma profit. revenues, for X% you

GSK. can insured our compliance receivables to to perspective. The recognizing continue imagine consequently, you And and no shared willingness Consumer any are shared equally bills of is is have and the perspective. data the a coming with from relevance have customers through at the that our from pay Healthcare quarter, there I a that Russia and in materiality Biopharma are both the provisions whilst across and triple the least that of terms the both clearly facts I sanctions, reshaping prioritization In majority absolutely to a consumer in continued from subject of from and vast the businesses

they clear. an they stage, from pay And either So with in or Haleon. the well extent quarter, sanctions very covered willingness to that of the GSK have very, still clear in are to extent at perspective, this the with proceedings, provisions customers compliance taken the material we can not for for insurance

Emma Walmsley

Thank you.

Next question please.

Operator

line Iain of next from go The Barclays. sir. question coming is the Simpson from Please ahead

Iain Simpson

you levels, QX. about And a of percent QX in if and much. they print. aren't back all I tough, of in questions comps from performance and the stack are year. the you me, you very half Thank full-year and two-year to tough may. versus maybe where had think clearly the very couple versus pre-pandemic second A so XXXX the the I for strong tougher understand try you But that that about if sit a comps I this the mean couple have I the look made point of

strong your have the last months? I you for So how about of transfer, that globally much. And about then there your point to should clearly what guidance of X% just start given the and some done Is between go limited as in seen stand-alone is wanting to phasing that question, how X% visibility at does think of again, change think we really You said year. through in? few I'm systems I have Thank of cost stand-alone margin, about you element just very a trying cost be we my and have things but But the conservative an year? building the to to start being how sort full-year. kick there you much second when think the

Emma Walmsley

questions Well, Great. both for Brian.

to? as is want outlook Just for terms year of do our perspective. in from reminder, a only you QX But Brian, it the

Brian McNamara

category, and to very across pretty I environment. and flu. And and and Thanks, about broad-based through cold organic a uncertain power want talked absolutely. year, growth regions given we of about geopolitical X% again, are in I start impact and the managing And performance of Yes, I is do and reinforce, brands. early feel the Iain. across It the the macroeconomic very good buy forward sales the year the our just

would be is the in down, X% it said, comps, think I know. So our like point, it for up we X% On and I'm quarter-by-quarter, to to be else. can very confident But anything this as say year. guidance I at your premature

my we half, and we two-years QX this in up If you plus minus buys. and know year, in we were QX, the cold year, that seeing the a comment that at back QX flu cold the come look bit in of in year, from. and we ago was is XX%, last XX%; and had comps we forward up that what of and on this is X%; to flu really and are And think a is down season the where similar

to fully up we said, economic Haleon ramped They independent the of be in or think to On company, I year nothing moderate the to pretty But we expect independent as half has then ramped for margin, able blocks in from And shared feel as company £XXX again, again, QX. as building about more strong an tough we fully good the in an you Capital navigate expansion. million in much we about become guidance been Day But to and place. are the medium-term million the have and, the how margin very cost a environment. to as us Markets getting up. changed XXXX £XXX run back start of aren't

Emma Walmsley

Fantastic.

the So demerger. obviously, steps we next the to are forward all looking in ahead deployment the of

please. question Next

Operator

Please Morgan question from line ahead from go coming Purcell the Mark Next Stanley. sir. of

Mark Purcell

very thanks much. Yes,

two to back going topics. Just

us be data. benchmark with Firstly, would Cypress what on RSV, J&J understand the from set RSV positive can gas a readout you a trial? considered help

thinking the we such should should you maybe you countries where to talked age be of five-years, Germany what using And to XX think we of that about years to be that European the there question, we in well further. how are about? progress looking that the is and sort felt Germany on at sort the other So compared the then we just as terms understand a so of of in Luke, of in you follow-up are as otherwise And U.S. about benchmark relative above adults proxy? formulation build and with to captured moment to Tim's ex market secondly liquid uptake? market the as in Shingrix, how trials where thinking upgrades trying to U.S. of sort we progress the at immunocompromised should what

Emma Walmsley

Okay. Great.

first, on please. please, So over you, RSV trial just Hal, could data. to you quickly And then Luke,

Hal Barron

Mark, Thanks, Yes. the question. for

any and say, said As it efficacy should it I as at own in companies, we the and to hard competitors is we data. presented and both that predict to packages without immunogenicity by hard our But predict is have previously, been data, have other probably and outstanding. to be, pretty aggregate meaningful relative it And look we clinicians, truly than that good and efficacy a should get XX% XX% effects more will we with that discussions successful is confident Greater than are very above that we are response, effect. think, clinically a very are XX% vaccine. is efficacy

Emma Walmsley

Luke? Right.

Luke Miels

Sure.

with So I we is Germany, I early Germany. mean stages about mean it you look if Mark, at XXX XXX. of are And the at

is Germany funds, about out-of-pocket of attractive what's think I levels got heavy a from there exposure. the you have so is support six not high

Now of Europe. that across rest the varies

Other Some age, so uptake markets. countries going have countries Europe, reimbursement. staged Canada. terms a it immunocompromised of have more for have if got then we cutoff with on concentrated to a seen is the And in good in you look beyond those be

going starting in to get Australia. just are We

later markets pick cycle later tiers the initial globally, in in to we year. and Again, this a and pocket we tenders segment the of like We life then expect in the product. will is will at out strategy up. Saudi, price consistent go In of Brazil to launch the

as right which the are have vaccinations then on in finally, run through out. much COVID have of now it very procured in now, very government. of China is on right much course, focused starting are restrictions China by to be right well And hold they point vaccinations, heavily people now. vaccines all that So China, the as And because

Emma Walmsley

question last one please. and thanks Great,

Operator

And our last of from the line question Baker Redburn. coming from is Simon

Simon Baker

very in. you me Thank for Two questions. much squeezing

driver Brian, growth rate above the have for it historically, one First six it on four that important to been grown because, is oral health, an is you targeting.

for it us color just is and Hal, a pursuing then within with touching on something and are provide continue growth. if how Sensodyne that question you to So could you wondering some market share you on And your within the evolving any mentioned. innovations

CDXX And do XX those saw triple and pushed months in about antagonist study been trial to TIGIT. been has You combination, a expanding. expanded week. Phase talked in which XXXX. last a August It about is This delayed was you out trying I I dostarlimab have

us expansion for reason So any color you give on great. delay be and could the the would the

Emma Walmsley

fittingly finish so Well, questions. then you, to can first and Thanks. with let's come the we Hal,

Hal Barron

the for question. thanks Well,

of We think are for as those, area axis, new in exciting CDXX dostarlimab, of with leaders complemented is both both monotherapy, to very adding I excited in it identifying triple. should up CDXX CDXX mentioned We challenging about portfolio. PV by this the of immuno-oncology GSK doses also with CDXXX and, The being a earlier, end opportunity an develop TIGIT for adding to our TIGIT successful. programs rig, but TIGIT combination, by immuno-oncology the are highlighted be addition

complicated all So quite doses and find these studies to whatnot. are

the So really tumor different the to safe and they look and highlight the sure efficacy find to are across trials of for the are make doing right ability we types. that are expansion dose, signals, to

answers robust are So enroll but combination. to very of we it a number the have we to triple before get a going is program, patients the to

Emma Walmsley

Thanks. And Brian, on oral health.

Brian McNamara

Thanks Yes. question. for the

double-digit consumption So brands: the from X% on on a Sensodyne; pandemic. during strength in on rebound our of main first of really growth QX. which all versus And softer bit growth health double-digit all, ago. Care, oral really three across good single-digit a it year Parodontax; has of was growth performance grew a in high We Denture

Sensodyne beginning the we and a of ingredients. Nourish but Importantly, recycled in a we are into an will three but From still out. and in to toothpaste Sensodyne where packaging is those encouraged attracting tubes roll basis. And that we and U.S. on by the are days, grew that perspective, Early It share brands is Nourish has providing sensitivity global base innovation on all consumer franchise. younger take benefits is also herbal us. the launched

about and care the very So year way good our we feel oral started. the franchise

Emma Walmsley

Great.

extremely the on We underlying people that look strength value, we coming call. and days very thank businesses across business. year we with chapters momentum a this It speaking to final weeks. Recognizing for remain plan And the you now Consumer So maximizing good forward there, very you, landmark Obviously, Thank and patterns, phasing for the for are GSK. stages soon the and in is you strong to is try. demerge create focused growth. in to to to excited can much. of see two shareholder new with much impact wonderful be all everybody, and start all very the patient building companies to

Operator

everyone, that concludes call for And today. the

disconnect. may you You Thank for now joining, your and of the all please enjoy day. rest

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