AstraZeneca (AZN) 5 Nov 202020 Q3 Earnings call transcript

Company Profile

Participants

Pascal Soriot	Chief Executive Officer
Dave Fredrickson	Executive Vice President of the Oncology Business Unit
Ruud Dobber	Executive Vice President of the Biopharmaceuticals Business Unit
Marc Dunoyer	Executive Director and Chief Financial Officer
Mene Pangalos	Executive Vice President of the Biopharmaceuticals R&D Group
Jose Baselga	Executive Vice President of Oncology R&D
Pam Cheng	Executive Vice President of Operations and IT
Leon Wang	Executive Vice President for the China and Emerging Markets
Andrew Baum	Citi
Luisa Hector	Berenberg
Richard Parkes	Exane
Steve Scala	Cowen
Sachin Jain	Bank of America
Keyur Parekh	Goldman
Mark Purcell	Morgan Stanley
Tim Anderson	Wolfe Research
Seamus Fernandez	Guggenheim
Matt Weston	Credit Suisse
James Gordon	JP Morgan
Peter Welford	Jefferies
Simon Baker	Redburn

Call transcript

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Operator

Good morning to those joining from the U.K. and the U.S. Good afternoon to those in Central Europe. Welcome, ladies and gentlemen, to AstraZeneca’s year-to-date presentation conference call and webcast for investors and analysts.

Before I hand over to AstraZeneca, I would like to read the safe harbor statement. utilize Securities harbor XXXX. Litigation to United of intends Private States Reform company the provisions safe the The Act of on performance make the may this with Participants to respect forward-looking operations AstraZeneca. of statements financial and call

statements. from of Although by could assumptions, knowledge their forward-looking we the reflect to to cause and Any risks And with uncertainties information and actual company. very reasonable this also statements available influenced these to be call. will statements. deck materially I involve by and forward-looking statements results that, the believe company at carefully may on are those forward-looking by obligation made on implied presentation hand the that no this expectations in [Operator and the the you this over our forward-looking forward-looking expressed based or nature, factors time disclaimer webcast. statements undertakes differ that instructions] Please now review The update slide accompanies call

Pascal Soriot

Hello, webcast everyone. quarter and AstraZeneca. call Welcome XXXX analysts. conference Pascal and our of the year-to-date to investors third and Soriot, for It’s CEO

As people we our it presentation sent have list. today. to usual, earlier And also was posted to the distribution on astrazeneca.com

results in unless dollars measures. All and and The contained financial XXXX, year-to-date data please used the core to can numbers So if rates, performance and September otherwise. our the be This we X. making announcement. non-GAAP are reconciliation on CER, safe is other to you turn harbor non-GAAP million Slide usual comments refer We’ll between numbers is state exchange statement. using in or U.S. constant non-GAAP

U.K. to X:XX to presentation Slide So do and the starting review p.m. the first Q&A to X. We then turning plan until time. –

short, you we too. keep try short will keep to answers questions If

join ask question EVP of ask option the for for Business of to only. Financial please Fredrickson, of as the please Director help EVP X. is star There ask in is Jose queue by those Business joined who one speaking to you EVP of and webcast. also the phone, the We Group; I’m an here. by: questions Unit; And pressing Ruud of the Dobber, Pangalos, R&D Oncology questions Unit; who on For part Thanks Biopharmaceuticals Mene and Biopharmaceuticals EVP Oncology is Officer; Dave the R&D. Baselga, the Marc Dunoyer, Chief Executive the order,

questions This where Emerging China is have the who the key Pam Operations we EVP agenda, IT; for the turn our also later, we to is Cheng, Markets. the of cover of plan and and Leon and today. EVP X. Slide all Please For to Wang, results aspects

with nine So line Slide X. of if expectations. the in first and and we performance despite our some pandemic start business with remained performed impact our from months In strong COVID-XX the now XXXX, resilient our

year-to-date in Our total headwinds some despite from revenue XX% advanced the pandemic. the

around leverage. up XX% by medicines from New each therapy EPS core And across and was had affected negative strong of XX% at case, profit operating see operating other and so ended lower delivering excluding one $X.XX income rate XX%, a grew than XX% can it Core tax this. XX%, with growth operating is more revenue, despite performance by China, in in continued were China. impact that a sales, saw particularly by Pulmicort immunology negative in all We respiratory up Emerging in areas substantial we Markets. XX%. it And and

As a guidance remains today. result, unchanged

approvals, progress mostly the in sales to on and supporting pipeline, continue see tomorrow. strong We today

following promising combination, And and is called potential please to X. trials our regulatory incredibly for XXXX. efforts are back trial readout year, against extensive this advancing the COVID-XX after The more in which antibody Next data readouts candidate AZDXXXX. Slide importantly year, turn new and X vaccine a initiating it’s X the focus Phase we pandemic many with the Phase include long-acting medicine

uses for at flow, leading since were users key we We a number of several medicines number medicines pipeline and new for for Looking few new across obtained priority regulatory a in the the geographies. news of reviews. cancer July, approvals There result a and announcement highlights. made the submissions

mentioned patients very additional And this we to progression. growth deeper If we pipeline, the morning, for into the you regulatory including has quarter, in new revenue in revenue. to XXXX third seen Total received by As dive the and reduced we the comparative with fact, indications, our sales Jose headlines affected and the for a by all, milestones, readouts the the earlier, quarter only news most of data Phase the X, Slide China, solely were more approvals milestones turn the news In in start I new if therefore, And the now this, was our product great anticipate period. in while substantially later. growth a this during earlier, All Lynparza flow of in exclude – advanced so pipeline. were X% Pulmicort lot I another exciting our XXXX. some of take detail that this after will X affected X%. in period here as we financial and impacted. flow mentioned week sales pipeline especially number by

growth you Pulmicort, about If effect XX%. was the sales exclude of our

still sales our the And diversified and strength the very message it growth across footprint. underlying the model, portfolio. of very, portfolio strong diversified So the actually is geographical reflects the the is

we across. We a others are cover but some have have down, across presentation, we products up, portfolio ups and resilient are downs. some very this will And

As regions, an heart was of that hospitalization hospitals. I mentioned initiated were number COVID for in of some from COVID-XX, impact the on particular course. attacks seen Pulmicort in of there in impact all China, also earlier, we’ve But

New Imfinzi of And contributing has Slide Tagrisso, medicines, Fasenra. Farxiga, X, impact the infusion oncology added Calquence followed new as to it is also double-digit affected turn aggregate and biggest injectable CVRM If contributors, adding Calquence and we the $X.X look immunology and medicines making XX very have growth to progress. ahead. rapid as we So with diversification and medicines impact by we into this, Imfinzi now In an we medicines respiratory like additional Despite solid had with new on the and further year-to-date, we growth seeing see there. Pulmicort. Fasenra. if therapy revenue areas, and the Lynparza billion particular, We for revenue

sustainable Excluding in In mentioned [Technical which Pulmicort, current by guidance the also sales portfolio of said which results medicines and be summary, strategically COVID-XX. was, with geographical support across against timing the as Europe there I We to strong. of And and are growth ready With markets. earlier, impacted about AstraZeneca double-digit everywhere forefront trusted want a global to we needed, absolute year in effort the remain of excluding have a the revenue shown a future very growth an viewpoint, healthcare medicines, and collaborator of the for so base with milestones in QX. the we positioned to come date strong we environment. the well a XX%, Lynparza new I as is our earlier, to expect our diversified there when system. regional milestone global growth From Difficulty]

more current colleagues over everyone situation in the world. to from XX,XXX into to say am oncology to for their hand the like I support to grateful for go our around the I how I thank I the the And affecting than details would efforts on hard would Before virus. Dave and business, work like

see slow, impact we’ve said we you Pulmicort. had during from strong medicines, call, I But the hear the across earlier, to for some normality. to in on biggest we but It’s as portfolio. the a a As COVID And normality impact will a Pulmicort return our some China. of see is resilience steady importantly, return

we trend And also cancer we So for picture diagnosis, see still that the is will us next headwinds. into play expect next But the going well in QX, terms year, suddenly looks that hope improving, challenges, for better. also we into of year.

and ahead go turn please please X. Dave, this, with to Slide So

Dave Fredrickson

Pascal. you, Thank

strong to in date. pleased total revenue to oncology XX% a of are for $X.X to year growth We billion report

await from of drive to benefited the and of and CASPIAN continues continued the where continue report which we’re the robustness with its Outside to Tagrisso Tagrisso While as where and combine the the we new effect to Starting our this The patients and diagnosed the We to growth from year date as the XX% and indication XX. quarter, Imfinzi lung pickup, begun seeing further at patients. turn respectively. regional Europe the see U.S., single-digit that we we majority revenue more from to totals come Emerging adjustment a to countries to now a rollout in U.S., the gross-to-net benefit cell pleased the take first-line with respectively, despite Please saw cancer of continued And oncology has continued the reimbursement in business launches. sales impact franchise, also billion, with saw with both to quarter. now with was represents on our CASPIAN granted. patient Slide in carboplatin of in both strong are XX%, our growth small starting countries brands. of as Imfinzi grew global from And Imfinzi cisplatin the U.S. and diagnosis. outside U.S. quarter fewer up approved revenue one-off and we headwinds the showed lung in to for did we in see stage of revenue of further launch new COVID, really national expansion $X.X and COVID-XX cancer all extensive across approvals revenue expansions XX continued we’re growth due Markets is in of to particularly came out nice Tagrisso billion XX. ability roll demand $X.X in from indication XX%, setting.

China of XX% provide milestones by will breast progress ovarian as this indication ovarian the first-line PARP NRDL cancer would to On payments we forward patients. both continued year. sales morning. the coming of to increase further on of with the primarily earlier by of Lynparza Total about Europe was now, the anticipate ovarian we were reflected Japan. sales XX. in first-line be. inhibitor and cancer PAOLA a in Emerging the by demand then in U.S., launches $XXX the what maintained Slide Europe prostate driven XXX% say Lynparza leadership with market outcome by Please PAOLA-X grow recent impact look by as showed Lynparza, roll HRD-positive to growth cancer XX% XX. But Please to right sales anticipated U.S. approvals and product driven indication. sales in uptake that its by in cancer out year growth milestone are ovarian profound as XX% to launches can’t up in in ovarian sales Market and sales we now U.S. this access and that toward across we continue launched the revenue usual and the up up and look driven Merck the with following indications of inclusion our we with to to with turn impacted medicines, Europe to if amounted both as in continued ovarian cancer by Japan from in launch of were continued the by of This we breast the the quarter the and X For million proportion end XX% major NRDL. now greater China announced reached, prostate we half cancers. the that have the the regions as turn from phasing Slide breast markets all could negotiations sales the we outside

pleased third-line the to Turning the report effect revenue predominantly very in Phase metastatic of $XXX in well the XXXX. from is Enhertu leukemia X now The to recent impressive in cancer. to lymphocytic the million Calquence Calquence of in U.S., physicians. very with year coming our HERX-positive took I’m breast data launches, chronic as where launch new very and at more the end feedback CLL are resonating approval encouraging date,

We CLL. decision expansion Calquence earlier now see new in CHMP this XX% the recommendation to our imminently with over across of base all starts lines encouraged patient await achieving positive in regulatory the following prescriber year. We’re

based Enhertu year in date. the on the fourth-line Following beginning settings HERX-positive at metastatic is Sankyo now and year, medicine cancer. have sales prescribed million in of the pleased reported by we’re $XX of Daiichi to the launch of U.S. third-line most million Enhertu collaboration revenue to the $XXX booked the breast in

update it thank to for want ongoing every the especially over for I end, Markets. colleagues turn I and they on and Ruud Emerging our Before to to Slide oncology XX. turn pandemic. of of do benefit to our global day our now all patients during to an what I’ll business company, the Please biopharmaceuticals

Ruud Dobber

to XX% pleased BioPharmaceutical revenue COVID year-to-date, I’m of up billion heart Metabolism China thanks, was the benefiting the a resilient took Today, States, to the revenue Markets, And while immunology, volume-based despite failure which $X.X launch. new XX%. Dave. was Many with by respiratory effect, BioPharma, to X% of up with in class and sales continued United billion total the business. talk for In Emerging New procurement and $X.X grow Total declines XX%, reduction as Growth performance though growth. at the regions by about Outside benefiting NRDL Cardiovascular, accounts with and price comprising you delivered saw with the for X% and from market Renal pandemic. in performances by diabetes the impacts saw Farxiga a growth to Starting the X% growing quarter, Farxiga competition all in and U.S., $X.X Brilinta globally share strong we of maintains revenue from were revenue, while intense the volume in due Brilinta with CVRM, listing. driven increasing billion. growth effect. by up took XX% revenue despite of volume volume-driven across SGLTX China strong continues. volumes both growth at very Farxiga

turn in Europe, Slide all outgrow majority had the use still continues the XX. U.S., by Please to X%. in continuous regions. setting But acute by headwinds, also X%. growth to is down market experiencing up Brilinta We in and the The of COVID

be Globally, $XXX to to the XX% growth a demand market. generic with up share growth, remained leader authorized following the and especially XX% in the Symbicort of market States continues Turning and and China, the The China. down Pulmicort the of the was notably impact of was billion strong in in and immunology, X% to revenue our sales reported of respiratory to on with year-to-date, growth quarter and growth Pulmicort, $X.X XX% year the date. to COVID year strong segment. particularly to impacted of were XX% Pulmicort with launch year negative a billion mainly the million, million value pediatrics’ volume at $X.X in respiratory which the in revenue saw ICS/LABA due due to we to revenue $XXX ICS/LABA the United overall date. the a from immunology class. by in date in resilient the nebulizing impact in Symbicort

of We continue as Symbicort to revenue to focus Please maintenance on turn the XX. therapy. growing Slide

– contributed with million, In million on positive the revenue anticipated biological novel of more I Japan. Now will million $XXX focus by well growth million be Europe good well with Germany majority the U.S., the our asthma. for the very COPD with with the the new launch up launches medicines. Fasenra the revenue. decision continued $XX and a-wait taking new for place Japan year-to-date COVID-XX from continuing U.S. Fasenra the in U.S., of medicine we the uncontrolled is with despite before come Breztri as with leading progressing for revenue of recommendation. against $XX is were revenue and in U.S. and the XX%, $XXX review in as launch respectively, year-to-date performing competitors, The $XXX CHMP to regulatory Fasenra in EU to severe an for recently, China following year-end, Japan, the and million

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patients the previous declined anemia However, roxadustat. an strong remains XX,XXX with being with more the quarter versus reflecting treated very adjustment, demand for in quarter accounting CKD than

anticipate XX. decision December. We the Slide Please continue to late regulatory to U.S. turn by

side positive uncontrolled closer see progress side. as Equally, be continues momentum on a a to the severe biological of take Fasenra. you on prescriptions, to new-to-brand have are to very asthma novel XXXX prescription with the in total perspective, shown slide. the medicine XXXX, from right the leading we positive can Fasenra seeing from left world, look let’s Now made Across we the as for the

negative importantly, status by was notably to single-digit XX% percentage anticipate spread and XX% from is We that the a confident NRDL the are across millions approach total XX% long-term of grow on and quarter the to our revenue volume-based resilient track delivered sales most by previously continue more of around mid- growth average Slide we track grew a negotiations. Fasenra from COVID-XX is divestments. as to ahead in revenue We on the to slight to a four despite growth as helping the the high some by and total impact XX. pandemic, effect Outside Markets, mentioned, in continued severe Pulmicort, performance blockbuster procurement see Emerging to asthmatics which ambition, with Please turn world. where China was regions. impact China, China up typical of continued impact. year-to-date,

grew will strong to oncology total hand region now With I just medicines of driven this, one XX. revenue New over turn the Marc. to by and third XX%, New with over Slide by Please a CVRM. performance contributing in

Marc Dunoyer

turn to as to well Thank you, take the Ruud. to full as XX. Slide And want the in hello, guidance for you Please financial reminder through a performance our everyone. I our year-to-date, year.

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our progression core to line are now slide the the in in operating our Turning guidance. with shows how P&L. This full-year we and leverage performing

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Mene Pangalos

the Marc. discuss everyone. quarter. last oncology can next I’m Jose movements provide please. upcoming news joined the And Baselga, our Thank to If Please biopharmaceuticals you, go slide, since our turn flow and COVID-XX to XX. on by also an and we will Hello, across update medicines company. I’ll who efforts Slide

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Jose Baselga

Thank Mene. presence this had this ESMO a at strong XXXX was We year’s meeting virtual that everyone. Hello, held quarter. you,

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If you XX. Slide could please turn to

a great highlighted XXXX As quarter. key flow the been year news decisions hasn’t last earlier, for regulatory come Pascal in regulatory submissions and still with some to

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lot a is look into look to XXXX, there forward to. we as Now,

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with back of Slide these that, And I’ll BioPharma As see, to you Please can events oncology. now provide both and turn for our pipeline portfolio, diversified hand in XX. comments. to evidence further Pascal in

Pascal Soriot

Jose. you, Thank

want Slide you if to XX. turn So to

Before for a strategic as lead achievements follows. today’s and slide summarize as the summary will of moments this a I results few Q&A session, the

COVID-XX. our excluding revenue by and of with Pulmicort, XX% all, expectations by the despite that Japan, performance, also and from further impact to are global the with advanced diversify supported continued strong base. Emerging U.S., Markets Europe The performance in the First to revenue business the helping the deliver

as of We’ve of context excess $X or are solid leverage, medicines highlight results, just the two are as I and made in sales billion. actually operating there addition, results, profit also to would that like strong In annual cash challenges contribution result, two progress in sales from eight financial with headwinds. achieved this flow. well profit on

the some more highlighted, part this impact on in and improvement. mostly we deliver are kind one is, is on rate impact the growth flow with in the and is, first course a cash And as able headwinds. collaboration Pulmicort those challenges, a of milestone. revenue, modest the of And we environment And relatively profit despite The timing other products. due operating operating business improvement income to is lower second Marc with have and to hostile our COVID of

as well we it as return normality this for a pandemic. hopefully bodes terrible will more really to future, So the solutions to find the world

that growth. medicines long-acting quite promising. and from that, in fight our our XXXX, course Our of pipeline have the and our the transform advance as Phase we our and is we continued in COVID-XX Early and is which, And And We positive, strong data new other of cycle to XXXX, combination sustain there with the regulatory with XX X to opportunities. late-stage if continue pipeline revenue most but more In antibody vaccine the and milestones. continued transition aspirations they’re business, now will against heard importantly, momentum in new in medicines flow. is current increase which, profitability days looking supporting mostly Mene, optionality anticipate approvals for and the cash the as across quite you life help exciting form exciting.

Q&A. to go now will We

Pascal Soriot

front, please a in the star ask those press X to to For remember question.

in callers. the please written the advance. can remind take I take questions webcast. to also we to to fair will the Thank conference everyone you limit from first questions We perhaps now And to can call. our question And from be one

at Andrew Citi. The first question Andrew, Baum go ahead. from is

Andrew Baum

remiss at. you supply the next to Pascal. COVID, so I Mene, to for Mene. on would just UK to in downscaling that the of government, led where the in and the comment you, And volumes Thank one the could given for markets the not the other and U.S. roadblocks on the supply It is exact Pam question on be to ramifications you year. chain nature intend volumes some have have the that world we can through think ask on Perhaps, of call. the Cheng Pam me you see

be you could the to you engineering volumes potency for that, that your the antibody that Just given to cocktail, able the with you add attain, through seem could generate this to hope XXXX, to biologic?

Pascal Soriot

Thank you, Andrew.

to Let me your over make comments hand a I of before first question. Pam for couple

timing the you because thing bit summer if in May, during rate back rates first period timing we And we And the April, the remember, in but the started, that which is course, news community now very initial quite Brazil. It UK, of trial. up infection we infection picked the drop has a are summer our good also delayed The it in in high. in of in when bit. impacted dropped events accumulated of was the of for the the little course was have a

We the of number are been blinded accumulating. event the infections to have that --

told, expect, As to of you Mene Greece, are only as we in end based Australia pickup the statisticians on of earlier, the or know, now with and this we have before said couple we results year. But a expect what know.

we give is Pam in delivers to But long have the state when -- supply and, in the a to drug more drug shelf we to details. in timing vials have remember, timing trial to hand delivery I’ll substance of Because bulk over this keep frozen very and vaccine again a of aligned done and format, the what clinical therefore, a readout. the relates life. of is it kept you we As minute

we As limited the will But hopefully. life shelf this vials, have time recent, data. over so far. It starts vaccine soon new the course, ticking. turn being data life looks and And but good, as shelf vaccine limited we have into of you improve it so far,

vaccine And data. feel confident soon as will vials we as into this get turn formats. this kept in we as we’ve bulk we clinical soon as So

like. We a what course, in million looks schedule vaccinate the timing can’t in the of you UK know people also XX the vaccination that XX of And week. million,

deliver approval, schedule the the do detail global as to fingers follow? our be will put will able want a vaccine of And UK the to start more we vaccination deliveries in we able vaccine to by you form doses a world basis, would And of if chain time We’ll year. place hundreds these we of we our and give the supply get Pam, weekly crossed, to to government So before be week. is works, the they approval vial we by January. to millions of January, with priorities align hopefully, little end ready supply of hopefully around the process be have on the targets the to net-net have delivery and vaccine bit population vaccinations. in to if per vaccine,

Pam Cheng

Absolutely.

of And been has been up. in the able report changes lastly This Pam Andrew, we to are here, have thank we’ve the undertaking the that speaking to I capacity So here. you, we’ve say, normal. we a for have question. is – the put deal to with target the any Cheng there not since that challenge meaningful enormity given supply I’m set happy on it challenges. chains what And on is

to filling chains formulation, important supply active drug nodes, our including Pascal really sure is our what’s and which supply is make as chain, substance about, across So already that the really spoke network supply have release our important testing and as as and really analytical many note, commercial and packaging, of begun that to sites well Many – process sites steps. have validation manufacturing. our global in of chain a

as other words, finished produce in are we So we to ready seek products.

we mentioned, formulated issues. much because life terms example, shelf of Pascal we as vials, However, we for convert when in thoughtful into substance the what and of the be is which must drug how call active,

regulatory regulatory to we supplying will a of is, we of So doses rolling the upon approval, upon able on begin our if millions approval, and basis and be release hundreds aim products when get approval.

And terms state holding stable. substance. effort which substance of in with planning of are drug that placing frozen in when is amount So into mind, are the convert is form, obviously we which in significant drug in more we inventory of majority we our

Pascal Soriot

do Mene, you to you, second Thank cover Pam. And want question? the

Mene Pangalos

Yes.

year. next beyond So supply domain, as in will which capacity public Andrew, U.S. we commitment from UK doses which the to be that. know, able we’ve and And already the for have million are X additional got you governments

next I as that can, obviously we then as growing ultimate then so saying, X year, next dose. been we’ve million much think, depending million million into aiming on to and XXXX, to doses year be the And going we X into increase several as and XXXX. want doses obviously, in we’re between

Andrew Baum

thanks. Many

Pascal Soriot

Thank you, Mene.

Now, Berenberg of ahead. question. go Luisa, next the Luisa Hector is

Luisa Hector

you. Thank Hello.

So have vaccine I follow-ups the antibody. a still the on couple and of

you. from the likely wondering terms keep two to understand the cohorts. the studies to the of the extent were be cut or antibody, two in if demonstrate interested longevity? And would I’m slightly early So read regime? of the younger is slightly prophylaxis, to will be recruited data might then just there patients? to vaccine, to expect with to the there dose Phase in – into on the they just and have So the follow-up we to later study those follow-up six elderly long data terms really take And and be expecting how that out can just months X, in longer you data early you going? should Thank what month take I’m on

Pascal Soriot

dose questions. cover you the months’ to use. Mene, the antibody, two. like Mene, a ahead. that, call to we hope go if want the long-acting long In Luisa, on to we to it six protection, Thank antibody, you, deliver But because Luisa. Two depending very with XX

Mene Pangalos

the Pascal, and immune from expecting olds months. data the response In readout looks groups think for presented patients about of above XX XX study, ago, the to at great we’re you antibody good XX that it, all XX that XX feeling to conference that just regard, we’re in So readout. infection to age very groups And following year. readout, it’s missed in and an And for year the those end olds. age year the have we’re study, in of out XX We’ll regards we the the the will so be testing. With a a Andy immunogenicity Pollard XX of weeks terms before from showed data have a has similar and the we question. we to the to may the response get actually few

of sooner the that looks will analysis. to obviously that to final understand studies will be the the having continue enable antibody, us interim We than the to complete will efficacy

Pascal Soriot

also say you effector Thanks, antibody of additional words long-acting, lack the of it? benefit the function Mene. want potential the but explaining couple Do the and an to on of

Mene Pangalos

a a few couple maybe There’s of Yes. different – things.

there’s number different a So of studies taking. we’re that

starting the using have we dose, study milligrams, is This hopefully going Poven. prophylaxis next intramuscular. XXX low week called relatively that’s So to be a

administration for will the that is vaccine. vulnerable intramuscular patients patients, immune-compromised obviously, not maybe general So is population route very a after going And of easy population. we’re respond the well here to a

just XXX,XXX you give there’s are such for to would an in about indication, UK that patients immune-compromised the Just a be that available therapy.

We be – XXX as study study, had milligrams the have particular sorry, milligrams, And using XXX that’s IM. And which immunizing that another That’s to is milligrams well. going a – doing called prophylaxis. everybody site also with an and going into in Storm we’re XXX Chaser, what antibody. infection post-exposure we’re that looking at study, is

positive you’re whether infected. or negative, Everyone it matter. So doesn’t gets

home manage infection. can having an you care So

be our XXX going is an IV they’ll study is our an IM, treatment the IV is well. You go decided looking whether They’re study. study. study studies treatment dose as are looking at at study, we what at the protection. IM. outpatient administration. home the Tackle give have ACTIV that we which everyone X to they’re both and care outpatient – be then looking ACTIV the which also and infusion going an to sponsored looking then by is, one two is be at them That’s immediate inpatient X we immunize and have in And milligrams And the haven’t And NIH, both

that to patients. So give will in inactivation XX as is dose. done, feel confident protection gives us, we – we’ve The important the single important potentially those I about severe extension with think a pretty be could said, six we YTE what of us months Fc

may we’ve have that much that means I of because population. antibody domain with we’re risk-benefit in that a As in that us more some better half-life, fact a you or dose stopped the receptor more fact think administration severe Fc doses other terms efficacy a think population of delivery But The binding the in and of have of competitive well. severe know poor the seeing route some as lower we and going the of the Regeneron’s the relative real activity antibodies. patient chance give Fc the inactivated advantage to the we overall,

Pascal Soriot

Exane. Richard The question at Parkes ahead, Mene. Richard. next you, Thank from Go is

Richard Parkes

Hi. me okay. my question. you Hopefully, Thanks for can hear taking

Pascal Soriot

Yes.

Richard Parkes

Yes.

reform. do for maybe president it’s is maybe just wanted crosshair? on stalemate bigger solution a to like picture that you, just might remove big-picture have Pascal, a U.S. Republican-controlled the one pricing the for political drug yes, or Senate. a finally on further a for on you. for likely It the looks think the really industry this U.S. So outlook we’ll Democrat compromised and And So support industry you the drug issue I wonder, does backdrop just your to ideal Thank ask that I from provide thoughts pricing. –

Pascal Soriot

but to I also Richard. BioPharma could Ruud U.S. he of is maybe organization. ask the Thanks, head business, Ruud answer. the of our leads

want to do Ruud, go So you ahead?

Ruud Dobber

Pascal. absolutely, Yes,

very regardless all, who to win. of is we it’s course is First be But win, that to still unknown neutral, little going to going a it’s of are clear honest. who of bit

we statement irrespective political try with every work have the that We to a background. clear government,

bit will know, little the as U.S. vaccine the of They way and antibody, to are it are and that as are policies some our vaccine our supporting value-based as our for current we we continue President remain agreements, a crucial will constructive linking in very like best. co-pays say elements. change. highly will we once we that, and Innovative of again medicines partner. medicines. for office antibodies. lower the constructive get will ambivalent if be a very if efforts We President very we And have let’s working hope are And you to long-acting also there’s whether are And better committed Biden, affordability Having patients in with we a that supportive, do well also hopefully, policies or the said are traction, government. a

Pascal Soriot

Richard, their sure terms very opposition you, I leader, would been I’m know. Republicans. in has that been add balance And reelected, as of is always of I the thing form that, to vocal Ruud. only is the the you’ve And you tends McConnell, Thank of control. the price mean seen to any they’ve Senate favor

that of much of not value-based have on constructive So will discussion and course, to so discussion implement we hope to said, ability an see Ruud And changes. the around administration as any price government-driven pricing, impact about controls.

from next So the question ahead. is at Scala Steve, Steve Cowen. go

Steve Scala

non-small and two the led questions. rather to pCR expect Thank co-primary readouts? question. you. when And to and I see first cell pCR decision Imfinzi in would the And the on than endpoint? lung you to that’s have file So On should what them? the make product-related mPR we neoadjuvant cancer, mPR

much. very pick did as Second you opposed TIGIT, regarding is you agent Arcus And that of question Thank the Arcus have for with the competitors? collaboration seen data? why you the to

Pascal Soriot

to want maybe the Jose, cover And Thanks, you questions? collaboration, both do you could you want. Steve. on add Arcus anything

ahead. go Jose, So

Jose Baselga

Yeah.

antibody So on we a very the And we fantastic feel well collaboration, it’s studied properties. that antibody.

very, developing was most shared with So for happy you in mind would question, that what the we me? seek a first to there, is we feel true best difference. Pacific the to collaboration think And were that’s this with important enthusiasm important why for to because us, very so this And indication. which was repeating was them. indication that in make can ourselves as Arcus a that, I of briefly us, we the we all, and is the think Then in

Pascal Soriot

Neoadjuvant endpoints mPR, the change pCR, Jose, the from and Imfinzi, modification.

Jose Baselga

Yes.

we what And have because And to find an that that been like we we trying endpoints. changed just that’s is endpoint it. we So more just robust. following, did we’re the them think

the kept as endpoint have We old a endpoint. co-primary

Pascal Soriot

Thank you.

Sachin Next Sachin, question Jain Bank America. is you. over of with to

Sachin Jain

for taking Hi. Thanks my question.

please. two So

into price XXXX, parts outlook highlighted moving China additions there’s volume. you’ve of VBP Pulmicort have effect, pressure, and NRDL which on lots of base will Firstly,

how capital give and next third question, you year I that the of allocation. us try ex-Pulmicort the big-picture us the some versus put could of XX% idea if second And just growth wonder into for look in will then and quarter. growth all together So

your priorities. last You’ve mentioned officially they’re years, on even the allocation list. unchanged deals, two product capital Based low we’ve though on seen

radar both So for you. are generally to Enhertu rule or how larger even markets on they XXXX like, about the product-specific XXXX if exceptions do at we and deals think into the all? the which Thank deals,

Pascal Soriot

Thank you, Sachin.

question So cover to China? Leon, the do you first want about

Leon Wang

Yes.

is will year. I the think next sometime definitely fifth fourth VBP be batch, coming batch

definitely now trying very will get And on some been of now AstraZeneca Brilinta. in. we products Crestor actually But, harder and on right have

patients, the loyal like pharmacy, online loyal on-site channeling retail channel, as to by products. branded So off-patent pharmacy, maintain users possible to in hospital for much user order as

already I able And way. we decline and down expanding So erosion And pharmacy and clinics, for to slow hospital Pulmicort, a in or think more to of definitely have we will this think be by China. outlets, VBP. the in I because a in and masks wearing sign quarters rebounding people year, of Pulmicort said, Pascal see September, the schooling – good of are like less we

to another And quarter next new believe Pulmicort year time, will happening be a a year, for also to deal six same XXXX, products also four. want Pulmicort So as applying comparing We in we are indication. the very year. be also we’ll Pulmicort this seven – better And new base. low see trend some very and at quarter this next – low we year, Pulmicort,

in China. in coverage will one price solid be of there also very budget number AstraZeneca the quite a position definitely pressure good cuts and China. But So has because

we So able China. up other definitely be scale the companies much in faster will volume to than

like benefit Farxiga, in roxa past. So the saw we and from NRDL after Tagrisso you one another, will Lynparza, definitely and

low grow pieces, double-digit like XX%, moving But in range. continue or three I China still did year. these all I with XX% like digit will China we think low think what to we so So mid-teen expect not that last grow will

Pascal Soriot

Leon. Thank you,

add has Let said two things to I’d Leon like reemphasize me this. that just that

China Because of prices position is in Crestor. declining I our One bringing those we that pharmacies. think two can supply retail drug people the segment. story very specific in and organization after strength about active really Leon is that that benefits the end and leverage. affordable, are of the this And pharmacies, our talked market of number the is for online get their medicines essentially, you instead to are there delivered one or for is big free, of cities, can can And of in VBP going of And we’ve been to developing themselves, just drug they the home that decide there’s pocket out products the Crestor, get have $X their limited their pocket. cost things for Shanghai, a the home. the get amount loyal And -- to And pay pay can you $X. to to they to out in -- hospital to even supporters. to and your get get the delivered queueing

are also have price few special really this et is the a Crestor Again, enabled of us county exists access country. of has So NRDL but smaller broad volume have have market And the second price maintain through and advantage the enormous phenomenon we drop. And one that coverage entire that reaching coverage, that to of companies a the growth, to important growth volume hospitals, there drives you despite cetera. is drives many decreases. broad the is to patients

And so are very, positioned. we very well

this advantage Otherwise, a to you grow cannot volume price strategic volume existing take have you from the cut, We NRDL leveraging of but growth. network and across get benefit listing. the advantage country a

you, that But deals doing see Marc open question can add we you So the said With products that making we allocation. sense deals done Sachin that I that capital I’ll will us ask and to will always We’ve the second say, with to answer as to over to. not we’ve this. value for this, strategically is should are remain Marc. exceptions.

Marc Dunoyer

for Thank Pascal, question. you, the thank and you, Sachin,

priorities So not changed. capital have allocation our

accretive deep to way referred you look that a two Sankyo, have. at not we the conditions if partnered what we that were very think in meeting they that immediately the Daiichi long, is And I long. we probably two from ADCs it’s criteria. them with have And our not deals, accretion to of therefore, apart exception these one not and as very very could general not rule. But term the

but are exceptions. exceptions, they are not So major there

priorities. is in allocation capital there change basically, our no So

Pascal Soriot

Thank over The Keyur you. you, Sachs. next Keyur, Marc. from question Goldman at is Parekh to

Keyur Parekh

Good the afternoon I please, if Two, thank taking for you on vaccines. may, and my questions.

should vaccines this the think Astra data I the is morning, November. one on media first call in the The that was saying we quoted as from expect

you is wondering South that if is the Brazilian, analysis based to studies? that U.K. can needed this trigger ongoing be an so, just you So of clarify, interim And timeline if events on of would the African what the the And number and final interim interim with analysis? vaccines, through continuing help you. interim if the I need analysis us then and analysis there. kind on of you can second just versus wondering was Thank the the to powering first secondly,

Pascal Soriot

to Keyur. you, this. Mene ask Thank I’ll cover

the are because before end are the But of quickly. over year or you. we we said we course Mene, just -- with it say happen didn’t should the as blinded. Let The December. such the year. don’t projections know, November, of And one that know me November should end you to before the We this it read process, which of we correct could thing

Mene Pangalos

Yes.

interims about be not a This able lot don’t Keyur. So thanks, non giving shed and is unfortunately, study. I’m this going about responsive to as talk a on this. you because, of to we know, details light And

that that’s we’re But the is of year. results or before I by of get that the us the whether get say I confident whether hope other is this year interim that results tell we one we’re But disclosing we’ll not effective. do way the we’ll think will the vaccine can final. what end end or

Pascal Soriot

you. We based you course will this, Tim, at has mute? are program. U.S. non-U.S. you. to recruiting and Wolfe over on the based course, fast. restarted Tim, non-U.S. is is With on hear can’t Tim Anderson of initial be results studies. the of on Research. study But That

Dave Fredrickson

question then Pascal, you maybe back and to Tim. want go webcast to the to

Pascal Soriot

give a we’ll Tim So reconnect. few minutes to

retail? hospital price China at for a next online the XX% one. is, And does Is in Primavenue. the Marietta Leon, this So it does into Brilinta, for market from ran in-class the the you, VBP And vary? cut other always question or catch-up question Miemietz market? affect the a or is it’s price only Marietta is there from spillover also question

Leon Wang

Yes. private Actually, public universal there’s China, price, difference a in retail on no hospital it’s or pricing.

it’s So a cut. universal

tender win a all you if the lose or same it’s cut. If tender, you

So Because loser’s. business of definitely, the percentage they winner’s instead will tender use to up. the need spillover, first pharmacy hospital, in go drugs the in of

pharmacy go and all is always loyal loser maximum user. It’s to retail XX%, to the XX% not cut. the still selling So

against If generic the also to go can similar small this and your price gap XX%. very is down

Pascal Soriot

Leon. you, Thank

Tim, you are you speak? So back? connected? Can you Are

Tim Anderson

hear guys you Can Yes. me?

Pascal Soriot

you speak? Are you Tim? connected? Can

Tim Anderson

guys you hear me? Can

Pascal Soriot

have call. this to playing echo some seem back We into

Stanley. Purcell to So Mark the could you. move Mark, over Morgan next to do what at is we question,

Mark Purcell

really in growth in CKD failure tremendous kicked and The come. obviously clearly, yet Mene, heart to hasn’t QX. is indication

mCR But you believe you which talk can to Is massive when of you going Mene, And the any approaches, in to sort then the suggest clarification this just get which to and one elusive may test could you will in fixed time. combination? free stand more year. the could combination and the to the vaccine of term? the And Maybe evidence So XXX CKD? to failure through of heart years’ to agreements due comes the deliver talked patent sort there the over and find the additional the competition, year, question Pascal, the a them, of ask combination be opportunity to of But by with medium vaccine time some Obviously, doses Pam. generate were in that about I IP, question. can for on regional maximizing long five it’s it ERA. the synergism government end million you the

the final quickly level should in from be how can reach that a by And example, you in million level will you that’s of the assume then to of for help you customers? vial can reached will XXX six we deliver then to the us that it weeks understand go just to API take, that will product? And year? So that terms you four So product just the or being end distributed? frozen to you’ve API

Pascal Soriot

Thanks, Mark.

here. a So few questions

the Ruud and the maybe The on of to question is heart CKD, Mene cover Farxiga could first heart failure one this the the failure, could the combinations CKD. importantly and potential one, comments I IP vaccine Pam. supply ask go and to

substance will start approval, the accumulating substantial forward start big the drug January. one, get be last to in the delivering and January. I vaccinations. But this We would this on course. Essentially, are turn we quantities of December start million January mass enable ramp-up XXX Just early really if in we delivering doses we’ll and really guess into vials

Ruud, you the with to Farxiga So questions. that over for

Ruud Dobber

much, you Mark. thank And Yes. so Yes.

we is extremely We heart So remain all, failure the now on In substantial. first across The very couple already very is a opportunity becoming a the for SGLTX months. in are segment this pleased Farxiga of to U.S., for specific we the And Farxiga. all have bullish very leader indication that potential we the of see geographies. quarter had market in class. the strong

clearly, traction believe So in approval just no there’s that there’s will not failure. we heart continue. for the saw to reason and Europe Equally,

in opportunity. I are can in capitalize item XX% CKD, roughly in still million The But dwell world. million roughly the patients huge order are tell that enormous XXX X. this amount, There the chronic will roughly zoom there XX to I you U.S., diagnosis if very results. kidney well So is is substantial. all on is not big-ticket an rate the geographies are for opportunity that on And limited, diagnosed. CKD the are patients, disease in phenomenal is poised you

So that. a in huge we will effort do to increase order

that So six five, growth bullish Farxiga years. the are and next very we that in will double-digit continue, show will

the development combination. Your And and research are course, sensible have geography until IP everything with we to come XXXX, of and the order are protection in question Mene specifically, public XXXX, on groups domain, depending doing up in. you

a a So perhaps, doing little of bit what there. Mene, flavor you give of can we’re

Pascal Soriot

number suffer diagnosis. – Mene, one you comment, before to important world, the with quick on one CKD. you CKD. a sophisticated from But Ruud add me the patients simple. very one just heart remember who The of is failure very million just is let Before around gave that large, is CKD CKD XXX thing large the is

as care physicians. blood simple very be you part urine, so know, checkup that or measure protein GFR diagnosis primary of your you conducted by at the look you in can As

in who from is hope that you. benefit So patients treatment will those can Farxiga. Mene, here drive diagnosis really over to the of we sorry, and initiation

Mene Pangalos

Pascal. Thanks,

have I two, works. all, that wanted to programs So two. highlight we just I’m only of and in the those several first say combinations, the But you combination showing

to the monotherapy. to We’re all there synergy. answer synergy be hope time the of makes actually And aiming sense. mechanisms get the combination in to launch them will exclusivity for of the and data of the it’s question, In loss is that that

minimize antagonists. a modulator, have addition but edema the job the other example, for in population. molecules because of endothelin the suffered maximize And particular all we combining mineralocorticoid can dose because we of efficacy antagonists finding are endothelin the – the patient with set effective with low So highly remarkable any profiled against the with have use but antagonist. that MR they’re of of edema risk our endothelin SGLTX, of antagonist a done But receptor also traditionally the or being from the that our we the think chemists of

any why or very failure impact particularly of and little is used, eGFR one heart in function have with MR the impaired We of which reasons on function. kidney evidence potassium major antagonists electrolytes patients aren’t

across really again, is failure so a valuable And combining an in with CKD. be Farxiga heart we MRM, tool think, going to

Pascal Soriot

the question. you, Thank Mene. last Pam, And

Pam Cheng

Pascal. you, Thank Yes.

so for we we manufacturing drug – are substance mentioned, active the the as So which as speak, is in commercial material.

can assume convert approval to you days, few that sterility by drug is planned. test. will to substance So as vial followed drug a packaged be time substance available upon The a only

readiness and amount vials of in So very on capability release planning a rolling time of the that as doses material the on. have we to upon basis the and terms approval, been convert short of mentioned, a will Pascal into we’ve number in

Pascal Soriot

Thanks, Pam.

yeah? all to still does, As have we a we have vaccine that, show but about quick And all to we it excited works. reminder, get deliveries. But the show we to hope remember, first we have

Mark Purcell

Pascal. Thank you,

Pascal Soriot

Fernandez is go question Seamus, next the Guggenheim. And of ahead. Seamus

Okay.

you’re online, back Anderson, So Tim maybe Tim works? if if it

Tim Anderson

me? This is hear Can Tim. you

Pascal Soriot

Good. Tim. Good. Go ahead,

Tim Anderson

growth then individual go really that you likely of can earnings COVID directionally the can And are the ignore expect greatest performance. and geography question, are XXXX, procurement tailwinds? Just in What if just what brand of uncertainty? the only A high-level in will and I’m question, about thinking headwinds that we China? Hi. Pulmicort, in of any official the of under volume-based even what and a when question. for guidance? And Yes. sources revenue simple impact ahead

Pascal Soriot

and more So we the Xn the second one, first we you’d you Tim, of maybe, ups But downs. question. the guidance can Stage mean, expect, this strong cover Leon, you give give all, have I first year. don’t can to expect at as further I be the sort of Breztri, news flow momentum Europe continue think have pipeline in fuel across we to across and Farxiga growing. our driver. oncology. we and respiratory, will growth is Fasenra very In that Trixeo I coming going But also strong a also

is our new have very in we roxa doing China. So launches, well

support COVID continues Pulmicort. quite that it how impact a to of growth. have this headwinds, depends we So launches number will The

see You demand a in slowly bit Leon said that we have recover recover, earlier China. sales

price next continue impact also again. a VBP is and to NRDL that Pulmicort So I really And should the if COVID And better headwinds, have would we what to things terms say Pulmicort listings. year. way, going in have we improve of

Leon the price ahead. every do I’m our upside can go volume more in give we can benefit the sure can strong they which they very do, companies if with Then to in from So price But time. question, can’t company we second drive reductions. point the at much footprint listing, in But few NRDL China, [indiscernible] guidance this not that. again, coverage were

Leon Wang

Yes.

I another two think with year, two or And will right already generic Pulmicort. generic have approved dosage. Pulmicort, SKU one time minimum, completed now, next with be we they I think more different some

So included in VBP. be Pulmicort will the

But assumption it next time impact Our some – not is will that year. will sales impact year. demand next

the will we definitely believe from pediatrics. will pediatrics coming But with business, XXXX. in of still and on come Pulmicort, And have We usually impact sales is Pulmicort half will normalized of be self-pay. from

a usage. have purchase acute outside good And chance to we So online. and hospital direct pharmacy to for it’s patients short-term

business nebulizer obvious. and business So the buy aware, XX% impact much on underlying well. the on if growth. China in it’s percentage is Pulmicort, just do the very to exclude Pulmicort be in And XX is of quite growth, you business China, the to actually it, above And track to the Pulmicort very pharmacy. very convenient it’s But

it’s very business. think good a So I

the the other will NRDL-included and new products. products new continue we So pushing

Pascal Soriot

And supply If have Thanks, – this from then long-acting are million I terms would an mentioned downs to ups of we Leon. also. XXXX. antibody. thinking the optionality trend ready was I the this few and be doses. of the definitely And in a Tim, in to upside the going should works, that coming be

So ahead, Guggenheim. Seamus Go next is question at from Seamus. Fernandez

Seamus Fernandez

Thanks Okay. question. the for

kind one – So just to building I the in you’re to nephrology wanted and ask the specific space question hematology. presence of

particular? into key of just you December a beyond area Mene, XX. think Thanks that there incremental to for the terms And would an that But You that right give extremely big are where And growing you a to or very the that of your now, the – and seem then are terms How had space ASN. and decision really presence roxa. us in move question focus do wondering a your just just a are label little see commercial of area committed in that? is presence seems roxadustat your in the FDA’s presence what in your there. bit you commitment core at that you bit how space, you see on Can to that under-resourced. And little on confident commentary in for growing opportunities heading – sort color follow-up to that? questions vision so be regard you of of much.

Pascal Soriot

Seamus. Thanks,

you So nephrology still there’s discussions comment can several could far one. side, on many us Lokelma, first think impression get the surprise we the had on and are know explain. you disease. this one, as a second second strong had the one, nephrology let kidney don’t positive the don’t that And label Ruud Farxiga Mene on of being Maybe it’s as some team outcomes knowing confident. outcomes ask mean time acquired We to this started the very these FDA was The quite we’ve heard And ago. that years me I in very potential I where I we on team. a nephrology focus good nephrology roxa. for We very not – commercially.

all we in course, So each And you. offices. nephrologists’ other. these complement have presence to And of teams have team. we But a Ruud, the diabetes will over

Ruud Dobber

in roxadustat. the for be the soon, Yes. fact No, a are facing dialysis-dependent in major an approval, – the to Lokelma the think we already bullish opportunity. get roxadustat, positive the both with exactly, treated in has is job stage where now, we far will well the And very that we is FDA regarding dialysis-dependent opportunity about And anemia. It doing situation non-dialysis. dapagliflozin the high outstanding so Pascal, have the as XX,XXX CKD the in so indication, as readout doing renal on States. patients market. incredible from patients United next extremely that – the in roxadustat need. expand China And a many is an medical are Roughly very well I assuming unmet hopefully will

be lights And green, very on a we very because we the portfolio a all that have making patients. this to are believe those impact many so we are really So is honest. of committed space to which huge

Mene Pangalos

box regulators box. obviously, important make for the then is with And the get us – I ballast for to the or And no population, is subtypes whether regard And And mean black big to very obviously black we sure we the have on question I roxa, decision thing competitive think DD data the going it’s we to that. or non-ballast-dependent are various the the in population across a make population. the their think profile. the

think opened the the for data, population, of really in the us given up I IQVIA where data. CV the non-dialysis-dependent space it’s aware be You’ll

outcome regulators a the in And think we hopefully, with so very good a position now, we’re terms label. from positive of in the

Pascal Soriot

potentially sales sales how were help equipped force, potentially we Calquence appropriate, at of And in could nephrology, the looking well have to kidney mean, very Mene. a help, think Seamus, are people hematology-driven including the relates anemia more And as we’re where to also force and referring treat Thanks, you we disease. conditions, I hematology I it hematology. could roxadustat.

So have across our we synergies sales various forces.

Weston Credit Suisse. So at Matt move to we

Matt Weston

in question much. XX includes operating key SG&A a leverage benefit that Can the ratio cost finance ask Thank a a you point significant driver Marc, But You very I with for please? flagged Slide from improvement COVID. on as XXXX. percentage over two

margin So see significant then are you I leverage year next can COVID confident bounce extended can, with time on what that us a and from still on vaccines. safety on as if Mene presumably we product? SG&A also U.S. second of And you for requirements have safety FDA you EMA Thank remind back is launch a one the in you. just delays from median in Can the the some saw We follow-up. follow-up terms requirement the commitment?

Pascal Soriot

start want do then the to Matt. question? other Thanks, Marc, cover can Mene and you

Marc Dunoyer

you, Matt, Thank for question. Yes. the

to expenses, product has year-to-date XX%. in large It is the which of also of operating sales all, ratio the a is – of gross by R&D part remember and expenses, leverage as R&D first So that about increased we need operating simplistically in minus gross we define the is occupied XXXX. operating increasing

a X%. we of a continue work XXXX be improvement on the continue with. and will there of of sort it to rate improvement the the of an about It It’s is will XXXX. that satisfied So year improvement are and operating at in end we’ll leverage. September the of this year, And following

leverage. continue yes, remember also But includes large So leverage that on operating do plus the investment we will on to work we operating the R&D. the

Mene Pangalos

in mind the bear Matt, started this in April I question of dosing of around terms safety, that then year. vaccine vaccine with we mean, And again this in

that able we or U.K. safety we be we the demonstrate patients actually get nothing Africa studies are the got is we’ve have the in Brazil, approval. the over we’ve there’s won’t now and that that ongoing an that MHRA interactions either that So the with us efficacy across and data And dosed. set XX,XXX had that pause in to from MA giving if

Pascal Soriot

income the also influenced leverage is if which adds, costs income we Remember quick refunded I other by it operating may. earlier. Two mentioned and And get Mene. Marc line. the Thanks, is other after that brazikumab in

parts to these profile we far safety or easy. so always mean safety regularly independent look many There that I remember, they committee know that, and would But it’s you the know the costs. the an as as two and all to to overall arms. with need regulators. the and you of we remember reviews that have constantly it’s data been when remember I as always safety the with are safety, know the at you there important you the collaborations. consider this monitors the And not but I think as reviews as Important of satisfied is all imagine, know in this course – far it’s So moving course as safety I well

Next Gordon James James, over question is at you. JP Morgan. to

James Gordon

the on taking at question. J.P. for Morgan. Gordon A the question James Thanks Hello. pipeline.

the on inhibitor. first The AKT is question

So cancer a AKT their you’ve got the remind successful? is I and this negatives the breast X using be a think so announced tolerability. then – saw same on data If be a could and lot us that But question today negative. we a Phase in limited or this capi is class prostate. Calquence, is or why prostate window update in to we negative Phase cautious bit more And on us in to But studies X know you’ve going think different? should in breast cancer a you also the please. this look by more hormonal triple shooting therapeutic you initiation clarification going don’t I or it’s if and

over about IMBRUVICA, come forward So year two a last the that’s study versus quarters. head-to-head the

XXXX of it And please? DLBCL as around? it is events the Is think successful? So more X also Phase move occurring? was good chances was HX that or XXXX? then this a into being in XXXX to and bad well, made forward So the confidence it that product just I now actually what’s HX and move it for And given it’s what’s

Pascal Soriot

questions Jose. James. you, Thank Two for

Jose Baselga

Yes.

thank very you much. So

address on capiva. me question the let So first

different our cancer, that Phase likely have is affirming we cancer negative we basically are When in it breast negative well. do So triple breast is positive which randomized that gathering triple to study, to study, X data. we data our CAPItello-XXX comes believe

study, recently doing had have know, group we basically, X biomarker they We Phase Roche, not are right? a different, failed a populations, predefined, the as on and you that. chosen At

going are prostate we on also, into aerial We going In population. difference the overall are is that an line.

So We in a for And of are not hormonal speeds. advantage. positive, but going post failure therapy, early. think also we has we’re we rather are going major that in going

The read have what is confident very we’ll best-in-class. out, will data we’re So see. we that but the

Pascal Soriot

Thanks, Jose.

XX But X keep minutes or another out for we’ll of minutes going are time. We max.

So per then three we’ll take And person. please the last questions. stick one to question

to over at Houston Health. you, Naresh So

Unidentified Analyst

taking my for Thanks Hi. question.

Fasenra. doing give pricing against sense terms is across biologics evolving one that a of other share market And Just on in how IL-Xs? all of Thanks. just in you’re space? and Can the how you not

Ruud Dobber

can it, I take So Pascal.

Pascal Soriot

Yes.

Ruud Dobber

indications. So of difficult competing to of also question a because course, answer that’s but the good some products have multiple

Of very couple course, Dupixent a has the EGPA atopic large. very, indications; has dermatitis indication other Equally, of which others. is and Nucala

shares look include all that. market the market I the in leader injections. clear all think because performance we different adjust it’s perspective, assess competing in for that it’s all, that total Equally, if the important indications, not the the not that very are volume you So if you the biologics, at if the of number you we’re you of

dosed it’s that month two I month, second very dosed unique are the of is while think only every or weeks. every competitors either some every Fasenra

very your think it’s own I important distinction. make background, that, that So yourself, to for for

Pascal Soriot

you, Thank Go Jefferies. Peter. at Welford ahead, next Ruud. Peter The is question

Peter Welford

be I’ll brief. Thanks.

give for adjuvant to it done And Jose, on read that took year? to if you going us this it Kadcyla of onto the into to on next COVID-XX idea DESTINY-BreastXX is perhaps you to just just study, can be feeling give obviously quickly the for a that of sort clarification, Marc it I Thank out? I us setting some quickly SG&A; idea if of comment in us can, has versus any possible perhaps could of think time some SG&A give length to year how savings wonder given Just and KATHERINE the expedite you. had

Pascal Soriot

Thanks Peter.

first come have then with And cover will still at we back the Go question, ahead, we’ll We it the to few minutes. if Jose. Jose. question a end SG&A

Jose Baselga

much. very Thank you

that So I was very that proven. explored concept in very but not different think being have was the past. we KATHERINE time, the was a situation Because interesting at than

think I now the in a disease. we’re with into cancer, situation that breast patients have is rescue perhaps that you going opportunity these that which in everybody last early in cancer, accepts to

has So concept. embrace field the in moved to the

mean, mean, machinery. this, have said being and a putting having The I and Now I Daiichi expedite Sankyo to ourselves phenomenal of Sankyo everything can together; we we together, Daiichi we’re ourselves, enrollment. by advantage

So will I positive. am vigilant – but we and be

Pascal Soriot

Thanks, Baker from at Jose. last Simon is The question Redburn.

Simon Baker

Hemisphere I new you seeing. taking patient we’ve wonder the one within on category, Southern the give seen that the Fasenra, for and case you’re appears could update if year starts of Thank the are various Hemisphere. the in the disruption lot to for Northern pushes an question. you on flu seasonal to this my pulls respiratory. trends be hand, in the There and a weaker us It’s on and

trends much. all that of if So portfolio? terms update respiratory you’re together, could so across pulling seeing the on demand the us wonder you I that Thanks in

Pascal Soriot

one. Thanks, it’s this Simon. for Ruud, you,

Ruud Dobber

Yes. Again, Simon. very good question. thanks, a And

patients. of geographies drop of we for new first the in environment, Fasenra, So XX% of see a current COVID-XX to all, XX% roughly across

the asthmatics severe we Let’s in But of not cases, firmly closed treatment, some options. or clinics believe are getting are inhaled those and that like United some course, getting there those in Europe treatment forget are better States. states again, corticosteroids. closed in with in patients But

in we asthma flu the quickly. new firmly other course, are will season, you a Of regarding other Flu about your come very Then believe of those dynamics regarding a patients questions attacks. back post-COVID very period, important correct. is initiator that low

certainly So strong. Breztri. remain for far, the of underlying of that Symbicort launched that COPD the Their as as get helping coming we is from of season it. mild. large also high seen the demand because already a proportion lung flu patients the is our with will is in demand bad relatively of infected have year, not want both and COPD we asthmatics to Symbicort COVID-XX segment, business don’t COVID-XX. Early is think relatively well and infection function course level a simply a Equally And recently clearly

that, during period. has our of persistency see COVID the So increased we the overall, therapies

Pascal Soriot

Thank a minutes SG&A. could have And couple left, we Ruud. of Peter��s you, Marc? so about we return to question

Marc Dunoyer

Yes. Thank question. the easy for It’s an not answer. you to question

quarter, X%; it on second the minus progression quarter, SG&A third was our growth the If to the X% first over you X% look at on the rate quarter. of X%

activities the due I of so to single-digit say probably and marketing approximation would of on. impact activities would an So activities low reduction sales be COVID and a

you number. And think impact say single-digit where what recovering less and hard the to it the year a or pandemic a course the I on. probably it’s pinpoint be a precise more approximation. But so COVID low would obviously, intense, at are is depends I of over speed would good

Pascal Soriot

Thank you, Marc.

as improving next carrying margin, XX% year reminder, operating improving focus over and continuing Just to getting a our then is our on on time.

to with time so think close. And this, probably it’s I

closing growth closing of a with you want revenue We remind had in our growth despite comments it’s And impact advanced – in Emerging is as Japan; underlying the performance Pulmicort, Europe, the to by U.S., performance and a few XX% strong you and so especially Just Markets, COVID. XX% line business if expectations. in growth our strong excluding also and strong very China growth. exclude in Pulmicort,

the growth. our medicines come annual news late-stage improved billion, sales with COVID deliver. there’s creating would importantly so We medicines life year, pipeline leverage, to now finally, have pipeline $X have I also And had next of with course that excess year, continue this And And we environment so of The more and headwinds. news cycle despite but we say we pretty addition, to and opportunities. this we our late-stage this in continue eight In far. flow our cash fuel continues our later improve challenging improving. in operating to will XX continue to pipeline and we’ve good profit,

growth years come. momentum can that to over hopeful are very our we So the continue

So I you wish and would attention, of very day. good thank your rest with your this, you interest the much to like for and a

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