AstraZeneca (AZN) 2 Aug 212021 Q2 Earnings call transcript

Company Profile

Participants

Pascal Soriot	Executive Director and Chief Executive Officer
Dave Fredrickson	EVP, Oncology Business Unit
Ruud Dobber	EVP, BioPharmaceuticals Business Unit
Marc Dunoyer	Executive Director and Chief Financial Officer
Mene Pangalos	EVP, BioPharmaceuticals R&D
Susan Galbraith	EVP, Oncology R&D
Leon Wang	EVP, China and the Emerging Markets
Aradhana Sarin	Chief Financial Officer elect
Luisa Hector	Berenberg
Tim Anderson	Wolfe Research
Richard Parkes	Exane
Keyur Parekh	Goldman Sachs
Sachin Jain	Bank of America
Andrew Baum	Citi
Mark Purcell	Morgan Stanley
Simon Baker	Redburn
James Gordon	JPMorgan
Emmanuel Papadakis	Deutsche Bank
Seamus Fernandez	Guggenheim
Steve Scala	Cowen
Naresh Chouhan	Intron Health
Viktor Sandberg	Svalner

Call transcript

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Operator

Good afternoon, Europe and good morning to the US. Welcome, ladies and gentlemen to AstraZeneca's Half Year Results 2021 Presentation Conference Call and Webcast for Investors and Analysts.

Before I hand over to AstraZeneca, I'd like to read the Safe Harbor statement. The company intends to utilize the Safe Harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Participants on this call may make forward-looking statements with respect to the operations and financial performance of AstraZeneca.

expectations on our their assumptions, believe nature. very we are reasonable based by Although

risks and in reflect of differ and by involve made the these statements Forward-looking uncertainties, time forward-looking Any and could expressed implied statements actual information forward-looking those at statements. factors this may The cause results knowledge from this to call call. materially on or by the that influenced review obligation be available will no statements. update Slide the this forward-looking accompanies to over disclaimer to be ask There carefully undertakes company questions presentations. Please presentation statements I that, to after hand forward-looking With will the opportunity webcast. you that deck AstraZeneca. today's also and Instructions] now [Operator an

Pascal Soriot

CEO here, of call Soriot Pascal AstraZeneca. XXXX to first analysts. is This webcast everyone. and the conference investors half for and Welcome Hello,

astrazeneca.com presentation This and by Please turn to As to sent Safe always, statement. was posted usual out X. earlier the also our Harbor email. today, Slide was it is

We GAAP A core million Numbers financial vaccine otherwise. on data will well impact CER, including all pandemic use, non-GAAP XXXX, non-GAAP the COVID-XX for we rates for and total of results pandemic unless dollars of the is state the our constant the reconciliation and used measures, between in on US exchange the vaccine be EPS. as contained performance excluding numbers or in and the using as making announcement. revenue, are first half comments

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Moving X. to Slide

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Dave Fredrickson

of of they're easing update XX% for headwinds, on half quarter, oncology an I Pascal. We're growth our the on business revenue to you, at plan give medicines for to new markets. pleased over strong total biopharmaceuticals emerging grew update and performance albeit billion oncology oncology before our to and continued $X.X despite the XX%. handing which, the the pandemic Thank business the he'll it Ruud, report to over

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Ruud Dobber

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Marc Dunoyer

Ruud, and first hello everyone. half this quarter my Thank second pleased you, a July XXst, the note, on half that Please performance the presentation Alexion's does period transaction first by closed of short to and not relates doing performance. sales before performance. start I'm therefore, of and to AstraZeneca's part form recap

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Mene Pangalos

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over hand Susan please now please and to Let Slide to me turn XX.

Susan Galbraith

of pipeline. joining Thank provide made we've demonstrated I'm with progress this excited scientific new Meeting the and in for Head at much, everyone. our proud on American abstracts. you Oncology and Research update be XXX our And Clinical featured as all leadership today Society and Development. an happy oncology almost year's you to We the XX I'm to so in Oncology medicines Mene hello, very

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chemotherapy Enhertu. greater showing of of BEGONIA results combinations to the generate response replacing standard a when the with duration With the trial ability

setting PROpel due news DESTINY-GastricXX of illustrating XX. well key Other include first breast trial new trial we're Please make across to you months lung upcoming HERX+ Slide to beyond on cancer and turn the Enhertu and which I I'll these trials progress the forward expecting year. on outside trial development liver in we to as from first-line our on we and I'll in readout remainder immunooncology plans. in cancer. the Imfinzi. in PACIFIC-X company XX Lynparza's advance readouts updating breast and data in medicine continue for cancer with early trial, dosed next data focus from movements Phase in Phase the slide trial, look our of expect that other with HIMALAYA both In flow We as this second-line III prostate the oncology, readout DESTINY-BreastXX as XXXX. end patient this III cancer Enhertu cancer

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As for in regulatory for with disease. earlier, And Pascal the European for starting decisions chronic Please back lupus in close today. kidney that, well decisions and mentioned Farxiga the we're to US, also as turn as I'll Slide use regulatory in pass anticipating to anifrolumab Mene the XX. for Japanese of

Pascal Soriot

Thank you, Susan.

can So to we so let me move questions. conclude quickly your

XX% accelerating XX%. percent an QX, the you in in as across areas heard XX% up and vaccine, we So growth strong emerging saw therapy were revenue, we exclude you markets had the today, all increase if growth

as into is the the XX% news and accelerated we of to XX% news anticipated that have the by pipeline into half EPS grew second grew profit stay anticipated flow second busy and our operating in XXXX. and quarter Our 'XX by

we across of use, world. released like in today, for saw quarter. of a X the the collaborators our doses for I supply all updated the part thank end we a Alexion Alexion around second And year. of we'd have as jump partners top our low XXs this possible. vaccine of With AstraZeneca, we guidance colleagues goals colleagues their hard for week COVID-XX shipments Alexion billion our of company. now work closed welcome pandemic a line and the to like to our last We for again, and acquisition with AstraZeneca the July, new would And making significant in the On network to

we're strong So all-in-all, track this in on our a the performance second quarter, year is it and good year. accelerated all for

Without since is would possible. AstraZeneca joining and years move today new joined as Dunoyer, like investors he will I he have is be CFO his of Marc been Alexion. as CEO his CFO we what like thank I'd it the would to Q&A, Aradhana to Marc AstraZeneca to and thank the Marc, achieved enormous none several meeting Welcome us contribution next we've last ago. because Before of time, for of

you, Marc, I'm So sure team. the and CEO together forward of I thank to Alexion working going as to do you're look Alexion. things with you with great

Pascal Soriot

move the So you, Over of the Luisa. with and this, Berenberg. Hector to is question-and-answer we to first question from Luisa

Luisa Hector

confidence medium-term? questions. update just I wanted Hello, taking dividend we a pace know A second we to then despite expect more meaningful And more lines? growing everyone. that same sheet, quarter. you've has now. Thank and but be any The my on that of to seen And again? would on on Regeneron closed. in activity question Any you policy those on growth the lot increase? with dividend your change business along constrained for balance might what start of starts of once the capital you the activity know, should on had from Tagrisso. obesity a in deal you strong expect collaboration your development, allocation And you we've Or

be expecting Dave, to as specifically loss the bit Europe And there? the comes patient sales in wanted we of Patient that check for price reimbursements little you. to stocking US, no on Program just Thank at then in adjuvant erosion all? of Assistance So just with down no weighing online should a

Pascal Soriot

you, Luisa. Thank

about capital second So one? one allocation, the could want dividend take first Dave maybe you and to take you Marc, the

Marc Dunoyer

the okay. Thank question. for Luisa Yes, you,

going as not are past investing the we to behind are basically, years. business our continue policies going to in done have allocation change. we And capital our So,

capacity but We profitability have increase increase will I we the means, also the dividend the a and can, we which and renewed maintain increase continuing opportunity come. policy, our dividend to in Alexion of integration or years also AstraZeneca, when think dividend of clearly it will to progressive the at

And business think renewed deals. capability perform your development a development, business the for to I Regarding the done have answer years. the dividend, we'll along it's as question several have business same other we on development financial capability,

Pascal Soriot

Marc. And Thanks, Dave?

Dave Fredrickson

for the question. Thanks

start I the exclusively US, is if have growth US first the adjustments the is as and There over quarter-to-quarter. on seeing of in gross-to-net are off demand, year we being say diagnosis driven seeing I just what So some previous sequential those rates. both recovery adjuvant growth almost well and as growth we're would that's demand-driven. that from But Tagrisso, with some

question economic aspect the your improves. In Although about the seen is associated back settings have specific levels, related improve benefit addition we value lung actually in earlier ADAURA. with ADAURA not patient into Europe we're moving to cancer. the mean, to the I proposition within that that, outstanding to pre-COVID on

really not there one obviously we so, our eroded value need And approach negotiation be ADAURA that and marginal negotiations, based price, we're that's that that is in, if take the market expect is And to upon on stance the the manage emboldened. that is really while too but to we'll we'll the some confirmed, on for have dramatically we depending don't believe value upon that.

I Obviously, we it, pretty alluded you about quite Tagrisso, that NRDL took I We think on growth robust. healthy the that been just a within following the has volume to it price but thing, say in would as comments obviously, I'm pleased the important front-line reduction. last ask specifically didn't well. China's

of factors China NRDL. But across out seeing, in you the the we're we've think some good numbers that see I So and brand. lot numbers, sort is into you a of transition some that got to inventory as there demand compensate, of general, again,

Pascal Soriot

Luisa. the question, And on Dave. Thanks, dividend

but dividend make You is and transaction this from over can and year. Board too question our point, But plans Anderson. it's been at and for decision, look can't closing our it's certainly early a too next you. has focus a the Tim focusing of specific, will to this said Tim, Board very Marc on we to be because some specific. on understand The be as decision at execution

Tim Anderson

very of point the Thank from pretty to coming in US well. sales you. this is US. At the seem questions, please. On much Calquence A couple doing very, be all the

been a for an robust level the gains different of of viewed in touch local over know, And time? ex-US nice the been in growth So if expect what same a we then the of a as question higher then, crowding your uptake it's companies question. share it's Can lots on announcement because for geography. And kind as expect well It's China AstraZeneca, sell level But will high about like you you major could market we geographies? that can product. and to second look quite of therapeutic palpable presence asset lots there, areas. of biopharma China,

go is the start So the of question it to out market is, a of fall this because being competition? that in and terms in asset that liability, from how to growth China stay confident where of won't could bottom can Astra competitors local an ahead

Pascal Soriot

Tim. Leon Dave, you ex-US question, take could you, the Thank cover Maybe, China ask I'll question. and Calquence to the

US the great in also opportunity massive I US. a in But downside general make just on it's in comment, mean, potential right. problem, is, ways country growth a in is devaluation high me a US, Tim, Let this strong the price one a opportunity. and and also have being the if a you a

So every right. downs, country has ups and

market challenges be will you there. China was there in a the So in the where are remain bit China it The and going will strength challenges. is more But of tell course, Leon about to a the little in not past. future

there. presence well are you with served over to Dave, the by we have Calquence. the strengths we So and

Dave Fredrickson

thanks. Yeah,

tumors for, different where to Western of first the resides. incidence are and half I United almost, entirely really opportunity the were of solid is product Tim, is so nearly populations sales more you know, Western-like States. The Yes, or out of CLL So and a than your mean, $X.X playing the the point. the some of it World billion driven is for it that of epidemiology

means from. actually come that Australia, look some at important Canada, where we that a is so growth And take to these Europe, very are markets as the going

already Calquence. locks We trajectories good the seeing UK Germany, in have And to and underway good we're under strong France. reception gotten

relative to our which In we certainly parity, get see patient goal, starts speed might markets. would and various there. to ibrutinib those with in ambition like new we terms The our of

believe helped I relapsed into that gotten experience had I space for refractory the with we pretty I there with We In the cell acknowledge the US, I within can But opportunity But which don't are It's think it's see best already BTKI. to this in CLL. have why that opportunity then do early use, more that that the gave same situation has think relevant indications, datasets lymphoma relevant US, certainly reasons the experienced US. we've is in haven't the like think studies that in those is Calquence with early launch us ex-US. ELEVATE-RR Calquence the mantle us and to reason important. they the medicine, markets previous had as quickly. so even would

Pascal Soriot

Leon the want Thank, Dave. address do question? And China you to

Leon Wang

Sure. Thank you, Tim your for question.

try number maximizing we the selling is And even the different well. speeding think I which targets. portfolio, assets And the all And market. and oncology XX quite of I same competition. time, doing of multinational roxa we I a AstraZeneca all doing are very reduction on into is severe launching drug think in Hutchison are with hit a to so competition is Farxiga, mean, ahead well. at also years. from rapid have And volume competition. And one AstraZeneca the but next our especially we And though to whole our for Quarter CMED XX it's by company our best up new price market up China companies, our ahead order local local very portfolio. we in the ramping X, in coverage. oncology now wider the But supplement products quite stay from local already XX will also are

big we our locally, the in-licensing along are think way also leveraging deals I some in presence commercial doing So China. deals,

a deals to significant fee service commercial booking but not within So maybe sustain line, and reflecting presence the some order in definitely China. on our quite of top

able slow But are the CASPIAN, approval think ramping in years multiple two, AstraZeneca think to hospital the in get same are we on at we like the launching entry and ADAURA getting the decline retail bypassing to quite down and channels and Quarter of and And X, I is also NRDL VBP, the Tagrisso. loss. get within in from has I a which we time, the up maybe three VBP these pharmacy channel selling So also new tender challenge. indication we capability new

So and Lynparza. we also from are profound getting

to of exciting in oncology. we lot So approval are a recent quite getting penetration order up speed of our

well. I think horses and having ride some horse to some we declining fast have as

commercial I we balance. that a we sure with stabilize I definitely But and make our think continue it's capability, So, think growing. can will

Tim Anderson

Thank you.

Pascal Soriot

Thanks, Leon.

China So, still in just, the Tim, in sure question? what the position And you ask But have the we to the can next we to course. and growth pace, future continue a Joe. want grow experienced rates of believe [ph], Watson] [Joe at for in not maintain will past. we be do slower our

Unidentified Participant

second a on Thank is you. a One follow-on China, vaccines. one on and then

lower that that get ever can Will that And to an more second China, the in question sense with this vaccines. So, going these? the the be from just a it's very know, talking you're China I in if roxa lower is same implementation for the timing of on of sales X. wonder implement will roxa about, how in and product? terms terms lowering aggressive on in from your profit we in now that sales way, to you be of of would way both knows wondered be VBP everyone And you even recovery is help sales that implementation VBP? theme, important you price could us you additional share on than the still And think the whether minimal, whether see my

relationship in more could timing if and work broadly. wonder from of your update involved on a you for not-for-profit I when appetite lot the a to on variants. Many us of doing vaccines You're the move thanks. profit getting full could

Pascal Soriot

Thank you, Joe.

the then on front, could let So, work cover done on And in vaccine question me price you or And the Leon cover X China. to we question. VBP the the return just question variants. post-pandemic could Mene, the for the

we're delivering - the Joe, pandemic very orders. our question, post-pandemic, still focused on the On

But a pricing also we And the a we affordable bit because believe forever, to we some pandemic have and a by more we we that have to to taken X than quite remain will remain future year, now, time contribution of orders on those global of move structure pricing the can't health ago. focused to And doses of at billion huge course, made will still far these conditions, we the But are same, of so took X end so pricing. were But be profit will period. never And the orders huge orders. deliver. the we delivering billion. actually a delivering orders affordable no by going for are for the in an profit, profit, with but some

the over that, the variants? to Leon work we question. Mene, want then VBP on you with do And hand for to cover So the do

Mene Pangalos

across end hopefully as regions as the of course running Data readouts that some we're of naive. have rest where also both that in people that file. the that the happen the and Phase updates the give which of doing And studies vaccinated we're already year, want Joe, will concern sometime people towards response. will we of hopefully year with are during just broader the variant where vaccine, a of that the immune starting will variants filings to well been Nexium appropriate in II, III just for be which studies all cover

Pascal Soriot

Leon? Mene. Thanks,

Leon Wang

products for some I And think of lost also Yeah. X, we tenders. The VBP timing X included. batch AstraZeneca have the

price And XX% I the a cut. get it's at procurement, will think we we volume-based right. when look volume, So a

look is of So at volume, actually sales. we our volume XX% volume, current the of when to XX% the most

months XX% volume-based only but us volume different and of means, XX%, space it XX%, the to even XX% a be leaving XX% And that tender, in So a several will wider XX% last for the XX% of compete. of we - procurement. of XX%, leaving then compete that can of freely on XX%, that

user need too and I - we is winning I to it the or matter much. of down think, So also not losing But winning maximize really think sales. tender, decline our it loyal doesn't slowing

we no So, the can But to of curve. - can able definitely course, manage we think longer I we grow.

also haven't coming. think the I think yet. I X VBP announced will be been But So it

year later the roxa or Lokelma - it in in promoted because same be with early a China new X important class being going this is sometime is year. drug. remain next And team So brand, to is the very and

and So the in and also government then X launch all having China in developed And proud in the class Beijing. Beijing new countries. in of other drug Beijing first afterwards, formulated very and Korea this Japan is and approved and

brand post-NDD I and growing So - think NDD the remain will it important indication, nicely quite in quarter-by-quarter.

important run. in it So brand. will profit of make remain I the will a course, And, we long good an think

Pascal Soriot

Exane. Richard Parkes you, Richard Thank Leon. - with

Richard Parkes

Hopefully me, you Hi, questions. taking the can for thanks hear okay.

Just two questions.

not I'm like them that. asking think that guidance you headwinds to more than don't and you XXXX Obviously, exposed billion with Crestor. China on define give to from bit Firstly difficult which a I you historically is more maybe because $X our faced VBP, experience

XXXX. headwind So terms overall despite last XXXX do can of you still in you pro in that deliver growth double-digit Group of the guidance think forma

billion. and sales think consensus forma of is $XX revenue growth I looking for XX% pro

starting So you issues on following what the convince FDA roxadustat - worst safety just be data? might the addressed FDA result can much. a Then what and dose case? delay panel's that how Advisory secondly, broadly, with with adapting are that? that those And based you Thanks you to that see if might opportunities your sort be of feedback you talk just in post-marketing and the panel about comfortable wondered could Panel, on very lower

Pascal Soriot

Thanks, Richard.

know, said So guidance even cannot at one. in like always do. and then a of any on And can't next though there's beginning for We XXXX. ups give plan. guidance ask rightly We'll for downs always XXXX year that you give that you we the a we do you

this cover And doing we give in So next products year Mene, hard want to have early one? you also quite roxa. the to will we On we roxa, of downward well. - guidance do to have today, course, have, but wait for pressures, yeah, overall, it's come

Mene Pangalos

I'll we're the in outcome very just Yeah, way think clearly, sure. say the disappointed I went.

we the it's our soon think what at need thinking what the bit this. and traveling give on FDA, on still meetings those have had they're implications too I clarity then think, meetings of you, soon can bit too little what I we're yet. with tell now. versus right we we those more have a It's thinking look are We interactions to and direction a to haven't once

Pascal Soriot

of ahead. Parekh Goldman go Keyur Sachs. Mene. Thanks, Keyur,

Keyur Parekh

afternoon. thank my taking I Pascal questions. for you, may. And please, Two if Good

business. think the a the you'll translates the options for of that, to helpful. any XX such that Ruud's points business come been around now weeks saying your The attributable you the your of And press this quoted the are would exploring so revenue is so that's growth, one to and it the you're as low low-teens. going for continuing separating That end own And Alexion wondering percentage at of vaccines businesses about this future you of incremental billion kind morning about first to year for. $X.X If vaccines' quarter. decision by consensus to $X.X to kind or we if compares billion an the a on vaccines about potentially on I be for is that color of then want billion that Is was the from Astra COVID-XX this the $X pre there year. be XX to player? color comment. of add growth full guidance XXs separately, revenue percentage to assume points to Or And I Astra might business more this

able So just help might wondering consensus? $X.X of gap that if on bridge kind billion Thank and to you. between billion you us $X be

Pascal Soriot

Keyur. Thanks,

working And think working was on been are so going I new we busy forward. vaccine course, Mene maybe what options orders hasn't the look and to that we've ago, a the haven't been do and to at misquoted, delivering going the variant on But we're of any we've priority timeline specific we to moving that at look suddenly So described for forward. got the way our minute Ruud got this.

colleagues but early immunization whether want and you course, the this sure have gone of business, look you for wanted of to passive to question? with it's the as make antibodies, it's the months on timeframe few guidance we'll successful tell do direction cover all over Alexion integration suddenly, of the to has Marc, we vaccine of very also too Of very well. to next And any travel immunization or this.

Marc Dunoyer

Yes.

for Keyur this question. So thank you,

see XXXX, in we put look be that the in we of the the COVID I company the perspective, prior XXXX. larger the We a look the period of also the for at some acceleration for seen it this acceleration further lower If quarter. 'XX. of COVID also uncertainty, that growing slower made this July half I numbers, flattered say announcement, first impacted we obviously, a we need And I Alexion XXXX. have the is we add double-digit half first lot reference of quarter the acquisition a done, business second CX second we - to would going would of therefore low in half, valid Alexion see there And from XX% an if of to obviously comparison I is the you the AstraZeneca this because the still XXXX, saw the grow And continue in there we need are think depends presented say have therefore, but to growth All not second first some although first which in growth earlier still I by in going this, And base, the think the but acquisition, at XXXX. I to when will rate rate. from a half. So, the believe of sort acceleration grow when at new the - are in in half, was in you on to the Andexxa to franchise, of on the to recovery that these then of by take XXXX. half, crisis. second the If by half growth Alexion second of absence said was for may been the rate Portola on may a XX% they

including pro a on low - grow XXXX. XXXX, plus will the for So forma Alexion, double-digits basis AstraZeneca

Pascal Soriot

Marc. Thanks,

Keyur Parekh

you. Thank

Pascal Soriot

your second at it think the Marc half Alexion I correct. Keyur growth. So, think - as grew second will a math I explained. correct. for a suddenly first for are experience Alexion with with grow is good it business lower the actually don't for mean, not But it I business half half the will And in the your calculation and rate reasons

Sachin. Bank Jain, Sachin from Go ahead, of is question America. Next

Sachin Jain

Hi, questions. one pipeline there. and Thanks margins. for one on my product taking And

call, called which I first was Lynparza it on the as first-line think which first indication, on single prostate So that in we obviously the puts the guess data upcoming billion. quarter it out north biggest success. data $X will on within data And comment of variables pending, headline one remains beyond could should success, just commercial focus I the of you gate the

points feedbacks our benefit then ADT of need prior in to the subgroup, some a And and physician therapy. all for a versus comers HRR

question on So I a margins two guess Dave. second that be commercial may for in And is parts. question

vaccine affiliate the give gross XX%. around margin, you us any consensus the of XX%, can Marc affiliate is Firstly, including indication impact,

as high in There from make for a can looking are mantra be going and operating XH I'm And and not just fast you growth underlying comments XQ invest the but growth big level margin clearly concern, consensus may has R&D mask year, next investor to SG&A then leverage. by secondly, to on used picture, Alexion into some follow-on but been try to in very XQ. for any accretion there? question, and however So guide, there's improvement Richard's

points of year. of to investing basis as you one that delivering XXX noting how margin expansion operating comment about growth balance So consensus has next leverage, Thanks. you for just versus

Pascal Soriot

Thanks, Sachin.

Marc to question, and take So one? do the take first Susan this then second the you could want maybe

Susan Galbraith

thanks. Sure,

And I All based on so think both the Obviously, homologous is that saw for panel Phase PROpel. we'll we in comers the into and study, we've saw this. obviously PROpel in in that has II mutations come patients that out all the potential an of recombination seen II they already at looking data we that PROfound. element with in in those Phase genes results from groups both be as that study in the led that the the

we mechanism prior of do that that data have in ADT. activity action terms of Obviously, with got in In this patients prior we've PARP shows ADT. with had inhibition have the already benefit

So antigen that the to receptor And resistance something receptor in the inhibition of is antigen helps PARP you to that plus continue. inhibition. would fact, of inhibition, combination expect to emergence overcome

populations. stratification that So forward we're in have to forward seeing the the a results, we're in channel factor to different again, well within but to look and the profile we It's obviously powered that we'll at look trial, looking results. the

Pascal Soriot

Marc? Susan. you, Thank

Marc Dunoyer

Yes.

you thank the Sachin So, question. for

Let the me start first of gross all margin. with

three negative have the gross margin, on we So impacts.

the the The as from negative This gross you margin. clearly is mentioned vaccine dilution the first one, contributor. largest. clearly is the This is biggest

and impacts NRDL situation VBP negative And both other impact the negative are from China, the is lynparza pricing the the third the The perspective. in and on roxadustat.

is gradual So with side, these positive mix gradual And clearly productivity have are clearly improvements. the impacts. But mechanical the margin. other The negative due we factors. largest the oncology also, sales. for on the the to the to positive. the there improvement a the larger dilution the negative is gross vaccine due positive than clearly, That's the are And negative the margin bigger

to years to greater I whether I mask, three quarter the expansion, you have margin intention to think margin we mask going the we leverage, continue have a the Alexion expansion, be leverage company following for for And the the setter the good come. margin of think is seen think of it's a results issue a the been to working the don't going operating to operating is that expansion last On of the the years. question in bolt-on on doing second that to I of have going it's as

Pascal Soriot

Marc. Thanks,

business. so Baum by Andrew AZ at I as definitely also you expect question? expansion suggesting But And to expansion we question to an your in is Citi. business. will investor be Marc will suspect this. margin R&D. And Sachin that much margin I the ask from on driven said, we think that, about no external answer, There's the Alexion Andrew, our not Sachin continue line be the an want was add to certainly will of this.

Andrew Baum

A you. couple. Thank

rare I in China affected adversely of Dave, also spoke and Calquence. Soliris historically in it's oncology to Marc for his ESI in somewhat he on, the I numerous the on in approved, business new When role early without opportunities It unaccustomed broadly, diseases. then is contracted to the NDRL. transaction the the is is oncology environment the is imbruvica, Pascal rebating looks where going Alexion question. we're various highlighted followers it's the think other for And a you a one have did rebating they're of oncology. patients don't More which But followed EQRx the given with novelty. [indiscernible] first market. how authorities obviously, disease they Chinese categories to the is So in patterns about future with is current as similar with the legislation of think that to patients up forward? oncology has and like open many coming So scattered. the past US, first second this it's know complex to see question do and

into government can think you. or Chinese place build? that some this real the allow how market to you you quickly to openings do the advantage Thank has of take put of So how

Dave Fredrickson

you the to like me - first question would on Pascal, take

Pascal Soriot

the one maybe want Go you could Marc add Leon Dave ahead, and the second take If also, and could to Dave. view. go, to Chinese

Dave Fredrickson

probably competition perhaps of Andrew, best your lever therapeutic indeed, any not pressures. particularly that price also in we've it within relative growth increases, response magnitude again, and expect as is to over also evidence-based one that said, expect to we've that perhaps ago, increase the US does the play and is less right, we been the has certainly true increases look efficacy that - areas very So, that, about in are historically that you seen much I it another what know, past therapeutic beginning you're said you That's a if at where gross-to-net rebating talked time that don't role, seeing set we oncology I would that that where to the is US. things to decisions. is long value clinical and class of than to the more quite a have US, we think same areas. of other first oncology, remain a just in already though, recognizing take today need much generate pricing and certainly rebating will in the say in an With we time, areas that, of only clinical

I observation the think do clinical to think I having to and so And that. that advanced the strategies we plans making macro the of that development innovative accurate you're that is And stay and lifecycle really an reason is that best one. management that ahead can

Pascal Soriot

Thanks, Dave. And Marc?

Marc Dunoyer

the Let China. me disease rare in give me a stab at

So are for sure there elements. - the I think three

China developed reimbursement economies. all, and not other condition many as is of has for advanced it in as in legislation the been the First

But market the and authorities disease drafted So very within years recognition are the itself which XXX a they on rare there list some of China still a their already is is specific small. the to disease rare focusing attention. have of they growing ago

China oncology at were And think what the if don't market speed all question We by grew - the at markets rare the than So disease the speed is I in faster grows take that even the is, China. to to this be surprised which at any place? going same rare the the speed at we it grow of likely expect world. speed, is which will disease the in other I

or you kicks be in well our it the to disease really rare So prepare positioned innovation want we, the AstraZeneca to, Alexion, products know, for when we for and we time new want, China.

it want the than market has it an it we one the to will important taken But to of oncology. the So be due way size longer take a other prepared, may population. or bit certainly become in

Pascal Soriot

Marc. Leon, you to add? Thanks, anything want And

Leon Wang

Yeah, sure.

for portfolio Alexion in regulatory for approval. priority doing us China So I is the first the think

of speed approval we Area. studies into think Bay the I spend disease Island including rare on and waiving I Great efforts will is think, diseases I and secondly, the disease, the the up and first list brokerage priority. where And Hainan the think also

and will the Province, in products the sold listed province Hong be in ready China. can soon whatever is So Guangdong Kong be which selling in largest

the this might second think I So one. be

the rare and a whenever insurance. disease commercial support on without Third so will chance to in China, we also NRDL, one portfolio launch we program have focus disease, patient I in is, first think the

support And for province on scheme, provinces what include the disease at still are and like doing think rare this - good have I insurance the a be program the stipulate commercial shaping, into working to be largely support not also will beginning a a do rare China at we're today helping patient those we not on do a Imfinzi. in a the think guidance patient reasonably on I dependent coverage. their NRDL that coastal-rich to price. with ultimately, commercial how But included disease providing program have insurance can Authority we market So

Pascal Soriot

Thanks, Stanley. to your want Leon. Mark ask Mark, Morgan at you do question? Purcell

Mark Purcell

Thank Pascal. have well. two I as you,

year. of question. to then I in what HRR of on around Dave, kind scenarios, us based moved secondly implications understand, took X and positive of PROpel of the LOE And all trial, PARP next result this bigger chemo? of forward camizestrant, us XX, know, the outcomes given side, on back to perhaps it in those the could own March if if the the off opportunity Type November going two versus Firstly, selective the sort could SERENA-X different help you commercial all as Lynparza R&D completion population that terms Lynparza help mutation year And looks R&D has wondered you potential like then understand XX, two from primary you your consult for combination comers. are comer the for in a Susan with

patients, doses trial when trial would II the that Phase XXX to of what if file? you able three could But and It's to is And have trial. look So faslodex. I a wondered faslodex at standard confirm versus design to show we you filable? this versus be different

Pascal Soriot

Susan you start and - Dave, want to

Dave Fredrickson

to. happy Yeah,

Susan on of off similar think that gave some builds this commentary of I a questioning. of line the So earlier

So to that an factor to that do HRD is to patients. I and In opportunity. a think order things patient in before that Obviously, to remember question outside to realized, benefit see do really the think able of Sachin important I need that and the population. urologists PROpel do up does get is multi-blockbuster that's significant an to realization. a in even It play one opened represent also for that bit it we full And order a get about also to that of that. we posed that be these would then need is, HRRm to was treating think gets role important the populations by

And education so difference with that and subset be treaters There by successful we order just the setting be be if durations opportunity there. PROfound that we work a that's benefit limited the less going need drive in will have to really an in is also an we're an to population, to that all we're going on something comers to of make if to it's sure in that than but therapy, of it able group if the a what comers population, have all we study obviously with hand. would likely lead longer moving much than of earlier into

Susan Galbraith

on been we do this can have that PARP-X tolerability not combine which to do agree Okay, with thanks. that that is doses. the And seen compound able this is, the Selective, us pre-clinically we've chemotherapy, question general, something on at in gives potent with PARP which the other optimism I that profile full trappers

that that with, currently compounds. think open of could as know, there's care populations know, to ADCs of can combine standard available, rationale so for as particular, And where I chemotherapies. think, potentially jumping potent PARP well example patient than the other broader you this some you In see up they're you you

is In terms study question doses randomized, looking versus the about study is Phase fulvestrant. of camizestrant the of to II SERENA-X different at you referring a camizestrant, which were

reflect this event which on this of is class studies all that that an what of is on in very we are just, and constantly the I on Obviously, interest well, in then the and know, just the going those the and readout accrual - depending are you agents demonstrates You profile. dependent know, see. SERENA molecule, there dates updated rates

Pascal Soriot

Phase question the think was data. the potential II about for I Susan filing the

Susan Galbraith

terms the randomized for It's and Phase into But registration and I efficacy yeah. in it's not filing. the do for profile doses II different at safety of Yeah, early think phase of a confidence important designed studies. the study. understanding It's moving

Mark Purcell

you. Thank

Pascal Soriot

you. Baker. to Simon over Simon, Susan. Thanks,

Simon Baker

Thanks, Pascal. I please. Two questions, if

type noticed give Firstly added addressable as on the first-line, you and as And also of the in buckets, the Hatch-Waxman just a adding of on terms in I color probably AstraZeneca that that countries reimbursement in I early well on June, Tagrisso. your which population in and on implementation a impact XX stands thoughts countries added to you've in patent bit the of Dave, of the the both to characteristics adjuvant, China want seven it US three question have where terms of of I in in in second-line? been stage what suspect, system patient of approval of few versus then are fourth exclusivity. the a law imports to the

see market going perspective? your that's I'd So from Thanks change be much. think to interested the to just how you so

Pascal Soriot

want Thank first take the you, Simon. one? do you to Dave,

Dave Fredrickson

Sure.

seeing Simon is Front-line, the through. most that also significant terms from saw Luxembourg Europe came So, the come those Russia, where UK, and those setting, obviously, that the we're of we from are of the coming the in expansions China adjuvant and it's in approval through.

front-line, with think able make think So, the by be foothold work care, and marketplace, team I it's pretty that there. the important quite on we're about off to a really some we Tagrisso to of you're pleased UK able through that lots of the great hard established to am progress I I were and within well we're good markets. But that really last to quite think of picking the see standard in work horizon starting we as competition have

Pascal Soriot

second you much, Thanks address very question? to Dave. Leon, the Okay. want do

Leon Wang

Yeah.

I AstraZeneca think of to the their to positive, in there's - property cut I law, timeline that And short that is impact China direction impact recently is right. impacts, China think bring long-term a think protection but I intellectual mid-term protect too I course of don't patent a think off many there's published the innovation. of the but patent will the clear

So protected. products when, are after certain that date which

actually really our law protection. products covered under patent So are by - this most of not this

for future now, a but - is the positive the included. always So quite for is limited I impact think it impact

Simon Baker

much. so Thanks Okay.

Pascal Soriot

not that and but is Leon. deadline deadline mean, the fresh the that the notice June I think Thanks, I XX. at

it's any very attractive. not patent, So

the for be no So future, it substantial as products. have improvement. will existing on But will Leon it a impact the said

that and and is moving five structure. forward term that patent are years shows will introduced IP it up to supporting extensions be So protection. will China modernizing of its IP There add that

said, as for The question positive changes. long-term. And Gordon. very are those of all next want the But you is James, Leon to James they're So more ahead? go

James Gordon

Gordon, questions. taking James JPMorgan, it's for the thanks Hello,

in end, the had in we've China questions was of bit lot about they've a is question quite One quantitative, more China. VBP headwinds about flagged been first in the as a The that at or second half. XX, medium-term that. about that there's look than growing at, in the if the to for comment But than I the think Slide mid-to-high grow I faster continuing fast

of implication, it year. though despite headwinds to grow the the Astra together, continue up, still So by put of concerns CFO? meet all these into call. is second and the and priorities become second on half the please. the Aradhana, there can days, what So initial And medium-term are know rest next year even challenges the saying I Astra nice very And EM, question, that's do can for you this and early double-digits question, first some into year coming the China that EM all once double-digit to these next that class it's of year? you opportunities The grow and but in this

Pascal Soriot

you Maybe flavor specific you, know Leon country. a is But then by second Two, ask the can for to can we'll you. don't give on We question. to Thank grow you Leon great actually comment position bit difficult which And certainly what's over moving you James. guidance more question, We question. it's leadership. China. you. give take our maintain to of But to in growth slower Aradhana, no come. China be - can going we But there Aradhana, of forward. a and is believe a much continue

Aradhana Sarin

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

think I We're years through the remain XXXX. you double-digit committed definitely growth next several same. much know, for You the priorities know the very to

I think that beyond XXXX. also productive us focusing on innovation grow can know, you

remains programs You know, different a in we're and the lot stage very of late pipeline mid investing rich. and

a to of we as we've with of times margin the sort the looking evolving know, well on I And questions and lot and evolve operating with models. operating need seen performance our you business China. and improve region. at continuing also And think managing models the as our the to

excited. So at But continuing It's company. to to that. I'm very really time the overall, look join a exciting

stuff R&D part the look I and Leon? of forward. going lot to now in of being forward side happening I a great story there's think Alexion the and with

Pascal Soriot

the difficulty] China. rate in growth [Technical

and but more I is is in challenging not think the I it and more day we our it tackling think more China, that getting more challenge. and - are this difficult first

are though But still And than think grow still think number it's we it XX%. have to not Not Quarter the think of lot I way. one I think along year, the of before. growing the in in China, we'll like X% if only pay think outside opportunity. I remain but attention divestment, X, China also shows close it, even I Pascal China. faster only in we put actually a learning second actually And remove of position also X% half we solid we I should we a

and Synagis, launching also portfolio. new So outside China developed in are oncology I also more - launching Calquence developed the we think and are country some

So we opportunity for growth outside have a China. also

the sure half. And quite we'll double-digit for definitely China. maintain second outside So be growth for also can China in we

to try think though best to value I growth try And grows Imfinzi is being into down momentum. decline even our I VBP Tagrisso, we slow Translate Lynparza batch this will X quickly in maximizing and think, the implemented the enough. volume - September, growth year.

confident batch So is X can be the booking next also even give as don't we a growth in but growth, team low but But a we service before, of not it to we'll I drug China. new background promoting in course, of sales year, our year. next VBP. our think We can second on can double-digit And, AstraZeneca to the products, a in good fee in-licensing as still need the mind. be that good, booking continuing think guidance VBP. though quite in half be continue good to current for support have we bear mainly will considered not still I

quite So China there And well. team team. team a good a we are in quite are as quite and large resilient

enough we this mid-term confidence and current have with challenge. actually, short cope So to and

Pascal Soriot

Thank Leon. you.

or more and covered questions? see if we've So, Emmanuel, questions. Maybe have questions. do Actually, me separately. ahead? any can't think you hear we any do Nick that question We question from I I want to Simon have Papadakis. could go a any more Emmanuel you? came missed Can't Thomas I've James' Thomas? help

Emmanuel Papadakis

Emmanuel from the implications, and I'll down Thank the while DB. line competitive the have since conference months held franchise on Maybe call, news take you a in. we just has of to a a good months been see lot Alexion last four been it's since gotten a in for it's me squeezing follow-up CX six out.

in on thoughts But given see group developments presumably that implication 'XX $X $XX billion to adjusting, target we molecules the [indiscernible]. sales you've by billion pro your the reiterated of some double-digit need validity should and just Alexion. XXXX So the doing forma

as will more So announced as of we've one you would any CDK for could maybe contemplating trial follow-up haven't you interaction adjuvant helpful. be in initiation peers could And of on that take thoughts be just have very thoughts do the an a Susan, you. approach done you nuanced you space. on Thank setting the drug be more your we a confirm X/X just some taking done. if another That or going welcome. has other yet? event your seen the not of molecules could has you all maybe whether there broadly into us your give camizestrant, comer then And just just your of should I

Pascal Soriot

Thanks, Emmanuel.

first So up or well, it I Marc question was due with hope moving think the the Aradhana Alexion heard bit. do the that I a competition. to breaks line to growth of forward

of Aradhana then and Marc you is course. second you, for both So Susan, of the and question maybe comment,

Marc Dunoyer

at stab a take me this. let So

franchise, growth is all, but not it of first franchise we is this So going regarding as it's of that as a to the see today. CX the franchise stay durable,

for you - more III few And and market and challenges have As the has will biology. products obtained grow will are Phase But be this that is complement done of the on is with formulation other new being AstraZeneca the be basically Phase Alexion in franchise. grow ultomiris you indicate, opportunity the III and this that to complement seen it positive seen indications one with recently the the for that Alexion ultomiris will myasthenia there gravis be to biology. to into needs of into what

So, there will we double-digit with the but company with in done indications revenues franchise. that through time, also or new AstraZeneca, the grow the are for as announcement there be to XXXX. - competition, will will be bigger therefore And larger have continue AstraZeneca CX the low confirming the we at

Pascal Soriot

Aradhana, Marc. you, anything Thank you want add? to

Aradhana Sarin

strategy atypical a the be population. only around with on would is will call gMG NMO. add patient haven't long since just always HUS. conversion, opportunity not thing The only we knew I ultomiris next horizon. study exact exactly for expanding along always think we competition. be and and hopefully But and I expanding the on which the was had in Yeah. converting we that'll And know competition time. Marc converting would And to. help conversion given on and well very Again, had haven't that is the PNH conversion you But the a we to what also results numbers in MG alluded been but announced the And that

indications. franchise. the the opportunity then complement And have existing the III market for new further on we that Phase indications that's expand trials with So several ongoing

Pascal Soriot

Susan, respond Thank one question? the you. do ultomiris cover you of to the want

Susan Galbraith

sure. Yeah,

all. for thanks So of question the first

treatments is of of seen potential that course, disease. this backbone molecules You really great good enhance benefit endocrine the for a is there having the know, class treatment from in early to of

confirm got PK for that we've with the those don't CDK inhibitors. you, to to posed ambition happy trials a into go about share I that are have be question your stage. X/X the interaction design CDK interaction early trial can't So have once we with this to X/X we sure, And the

Pascal Soriot

Thank Susan. you,

is ahead. Seamus, Seamus from go question Next Fernandez.

Seamus Fernandez

question. Great, for the thanks

so update this get a a we the kadcyla So think wanted still expectations the just that street little conviction quarter? of know think And then we are earlier, to know the confirm anticipating had are communication at where I know but there? prospects half, event second was says just high Susan, study, the as very I beating across the look I it a you the Are can at Daiichi think can you been bit but data to of going quick lies just the And if of for that there about give an wanted asked as in don't see in be timing ones on at us anticipated I this couple that result. just outcome you that think quick for this HFpEF Sankyo heading we sometime this a third separately, question DESTINY-XX. Susan. enthusiastic point third just study, presented an that into interim had ESC. that quarter study, is Emperor to for opportunity, previously update

Farxiga SDLTX assumes in could Just how know, know, class of the wondering class what overall the part agents assuming are of you further Thanks. of that accelerate, use that thoughts opportunity to HFpEF for benefit an you and on that market? there's the

Pascal Soriot

Thanks, Seamus.

HFpEF one be is would first the would one, cover if opportunity, I you great. think I - want the Susan that that to you and So for then

Susan Galbraith

question. the for Seamus thanks, Okay,

in DESTINY-BreastXX, course, that of that was and data optimism already with DESTINY-BreastXX off the the So shared data San is based Antonio we've for about shared December XXXX. latest the

median months. if trastuzumab around data the median you there EMELIA was X have PFS the And XX a at months for responses We data of the DMX duration with nearly XX look months. with rate and PFS of XX% response

confidence the you of hence success. know, know, You the in probability technical

you to course, look. It's correct. going are event-driven. know it's of exact an interim readout And be the You

Pascal Soriot

Thanks, Susan. Ruud?

Ruud Dobber

Yeah.

all, has making XXXX course indication. we're the our of shown strong preserved the with of the fact we and the are of of very quite expecting midst in regions. CKD are fraction sales let of XXXX. the molecule And beginning based me preserved we optimistic the the in on as positive already about results. We're across well the are of the HFpEF reiterate course, that the all ejection we competitive as pleased, First very that current out progress rolling Clearly, fraction ejection outcome

will substantial. there we This has United an are many approval X well ejection roughly preserved million placed. in the of HFpEF patients, failure specific know results. very heart Of potentially population, X in but There Entresto are a this is too not are think opportunity reduced you the fraction, course, soon and million the never half in is The approved I patients drugs competitive have seen And the opportunity States are product. in you the till But are substantial. them ejection fraction. also

in So to for very drug. sense, opportunity substantial good order those in very patients it's us a treat that a with

Pascal Soriot

Thank you, Ruud.

to more. questions. I know a be there's want few great But So And so we respectful time. your many there of are

And a try take minutes we'll we'll to about in XX couple So then more. or so. close

Scala. So question the next Steve, is go Steve ahead.

Just question - one

Steve Scala

Thank you. I have -

Pascal Soriot

may ask. If I

Steve Scala

questions. short three have I

percent revenue to you a of time. has decline this over company as Marc, said First, mentioned The previously. divestments

larger protracted. company has you was launch expectation going are just Or steady? the Is and an to you trajectory post repeating new the very previously? what be for The Benlysta going said base? help So to be some anifrolumab can create Or there given rollout Secondly, could it revenue particularly be is approval? quick? a this us slow

or down diagnoses look we and/or that oncology And should you. something what were So Dave, Thank percentage like in then for visits better? QX? lastly,

Pascal Soriot

Steve. Thanks,

first and take diagnosis Marc, Dave question. the then the you could So

Dave Fredrickson

pre-COVID here and levels. to why diagnosis, this talk on we'll I baseline So don't US

quarter talked pre-COVID trajectory maybe improvement. in pretty fourth the that's watch. we below levels, a on would quarter, to XX% But there. we halfway that of to continue dynamic and pre-COVID positive diagnoses, need something a past are to were in But terms of below the and how I seen have XX% So still we're we we'll again, first say we

Marc Dunoyer

you. Thank

we that it Regarding explained time. have for policy basically the is a disposal, of quite some continuation the

other So we said will that the disposal, over time. reduce the income

and trend, of But I think an year, for medium-term longer reduction income. Viela. of the unusual clearly had disposal to the of as other a trend consider bit trends the was XXXX we is little

Pascal Soriot

The Marc. Naresh. is next question Naresh, ahead. Thanks, go

Ruud Dobber

was it Pascal, one anifrolumab, Sorry, you me. question on allow still about if

Pascal Soriot

ahead. Absolutely Okay, sorry. sorry, go

Ruud Dobber

So quickly. very

will But the quite have course, say FDA. you a we final profile. steeper very very stuff. what verdict we're launch think see a that we of thing we good do ourselves only years the job. the spend we can hence, And are all, it's of XX ambition. I trajectory we ago, the time, for we than this a profile. First the inclined some hoping best-in-class are I clearly for I'm expecting have to to about need seen crucial be this competitive clearly And preparing of That's to tell is But

Pascal Soriot

Naresh. Ruud. Thanks,

Naresh Chouhan

Hi. Thanks for taking my question.

Alexion doesn't one have the deal for that closed outlook of some Obviously, [Synagis] the understand either now Chinese trying geographic would But Alexion's please. opportunity. sale the incredibly end sale the Just on Alexion? the [ph], of about helpful Synagis of does and be is to quantification in you. potential Thank you've talked reach

Pascal Soriot

one? Marc, to you do want this cover

Marc Dunoyer

Yes.

we talked So double-digits the AstraZeneca And I we through rate I including We and it XXXX. of continue quantification growth know provided also for confirm today. when we'd Alexion that confirming about double-digit early XXXX, XXXX. these to apply think we low you have grow a new the to we said will are low on,

a you double-digit So, I and that less will can more will same know, XXXX. confirm only at synergies, or through we that be companies the combination low go rate, this both

Pascal Soriot

Thanks, Marc.

So remaining we'll will team the take follow-on question IR questions. last one and the

go Sandberg, Viktor, Viktor So, ahead.

Viktor Sandberg

question. Yeah, hi taking thank and my for you

one. Just

will should going broader business, via Thank forward? of well, R&D outside rare that that either expand be you you as make will Alexion's a rare areas specs franchise key acquired disease newly Alexion and area or building acquisitions internal your the you. business For disease

Pascal Soriot

Marc?

Marc Dunoyer

Yeah.

as obviously try to make will successful So Alexion as we possible.

approved products. You very a know that disease of and the diversified rare our disease large are set only by are of a is covered few that presently they percent disease,

large. So and also the growth key strong try try we But room the that of base and to of is build Alexion. for the future on Alexion from expansion construct competencies extremely to

Pascal Soriot

Marc. Thanks,

to follow-up So, sorry you wanted points we and we'll address questions, the the sure about remaining but raise. make

say we integration of moving closing business moving going again you thank we to it, and disease be Just stronger - now a forward and Alexion this had our driver in is comments, force We're forward. very QX, growth wanted it's very will your of to you to saw completed. be continue in investing for that the much building interest rare just

will came pandemic and the So I last I develop in much back. some case sure. reflects hopefully second are we know, can our for only And would the be the impact. remember I case, that it's the will a believe guidance, But second questions about But we the I time. don't year big better remain good. year, be through it economy year, there's strong continue second this we really mean, the a thought, we'll that realized as certainly how growth had vaccines are guidance you for to half. very not looks the an half going unsure mean, to half because so. do some that everybody making the we to and delivering hope thing overall, be the still and discussion, are see to you, you we cautious this midway have

for your Thank very close thank so again, So and here. you you much much. interest we'll

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