AstraZeneca (AZN) 11 Feb 222021 Q4 Earnings call transcript

Company Profile

Participants

Chris Sheldon	Head of Investor Relations
Pascal Soriot	CEO & Executive Director
Aradhana Sarin	CFO & Executive Director
David Fredrickson	Executive Vice-President of Oncology Business Unit
Susan Galbraith	EVP of Oncology Research & Development
Ruud Dobber	Executive Vice-President of BioPharmaceuticals Business Unit
Menelas Pangalos	EVP of BioPharmaceuticals R&D
Marc Dunoyer	CEO of Alexion
Leon Wang	Executive VP of International & China President
Timothy Anderson	Wolfe Research
Simon Baker	Redburn
Sachin Jain	BofA Securities
James Gordon	JPMorgan
Mark Purcell	Morgan Stanley
Stephen Scala	Cowen and Company
Richard Parkes	BNP Paribas Exane
Emmanuel Papadakis	Deutsche Bank
Keyur Parekh	Goldman Sachs
Jo Walton	Credit Suisse
Michael Leuchten	UBS
Luisa Hector	Berenberg
Peter Welford	Jefferies
Seamus Fernandez	Guggenheim
Viktor Sundberg	Nordea Markets

Call transcript

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Chris Sheldon

Thank you, Martin, and good afternoon, everybody. I'm Chris Sheldon, Head of Investor Relations at AstraZeneca. I'm pleased to welcome you to AstraZeneca's Full Year 2021 Conference Call. All materials presented are available on our website, and Slide 2 has the usual safe harbor statements. We'll be making comments on our performance using constant exchange rates, or CER, core financial numbers and other non-GAAP measures. reconciliation in within the USD XXXX, otherwise GAAP numbers results full to unless are used million stated. non-GAAP is the contained announcement, year A and for X. Slide to advance Please senior slide executive This speakers today's from team. shows our In a to Pascal to Soriot, you our CEO, begin. I'll moment, hand over turn X. Please to Slide Instructions]. [Operator Please advance to X. Slide to And over you. that, with Pascal, please

Pascal Soriot

Thank and everyone. hello, you, Chris,

medicines. also Vaxzevria if the certain high-risk This in our whole from a year people. you an was exceptional our of delivery move immunocompromised So the recent Evusheld COVID-XX COVID-XX populations, across delivery, included to use a but X.X XXXX portfolio of for execution Slide of of authorization of and X, please. doses emergency commercial pipeline prevention billion the vaccine

accelerates want people so development. fantastic and Importantly, to globe. we bring world our have world across completed strategic across the this really the life-changing team deliver of thank to the I the around amazing the for XXXX worked who this which financial hard acquisition patients and to Alexion, results medicines of

I'm XX%. And were the those end we our guidance. And inclusion including from Revenues revenue $XX as here, revenue, the total July, delivered of we achieved year by Vaxzevria increased the of for you we gave only an Alexion QX the by numbers they QX. guidance because increased quoting XX%. Vaxzevria the increase of at billion, of excluding can XXst XX%. of see With the over

overachieved QX. we fact, it to for In as Vaxzevria relates revenue, total it including

an core if guidance we CER. overachieved you viewpoint. And was look growth from CER, XX% also at Our at our EPS $X.XX, EPS

the We've XX unprecedented forward of resulted in care multiple III in across positive the with X to in the diseases. in news follow the new X to change with potential science molecular the commitment XXXX readouts standard medicines Phase flow entity seen year. Our

revenue observed and total of the geographies. in Slide with Europe In established strong the exclusive diversified some half VBP our this the the world, was Vaxzevria in performance growth the areas we importantly, X%. in the Total multiple And strong of overall The year declined full of growth for driven double-digit associated in pressure. for to the a quarter, out of revenue we period overall, The We resulted in despite markets, strong growth and Moving emerging in XX% year. China in business pricing by NRDL China please. X% performance in headwinds the X, China in full had U.S., and also China. to in declined markets this -- the across China the growth programs. pricing the of emerging year. of by our second due And revenues fourth rest revenues

I guidance, XXXX overall, our we provided updated markets. as we when revenue for of Vaxzevria QX last So the emerging Vaxzevria made, quarter the our good revenue. total guidance Overall, in here revenue. included And excluding XXXX still totality very the growth said, we exceeded the

growth of outlook in the durable portfolio. part So confident our if to Slide the we're we for to X, business in due large long-term the move

or robust We several with geographic diversified area We're This and late-stage strength diverse depending have blockbusters. the have not we pipeline. a portfolio our a a on is model, presence, large of and the X products. weighted X

across pretty other Europe the slack. the the still to China it's also faces important U.S., challenges, strong a because geographies whole up deliver face have pick And We in that's enabled fact, happened when in blockbuster geographies company. diversified the footprint. of And range the and world, have rest challenges, geographical we XXXX us a products. what growth of a as And

X. Slide to move we if So

opportunities our on-market in long-term life the XXXX, for additional Beyond growth cycle management strategy activities already status. many several should expect deliver growth our First, with robust at sustainable future we of of them to provide multiple blockbuster's for medicines

late-stage and or invest in stage continue XX with we our pipeline. NMEs development to in NMEs Secondly, Phase II large major XXX our combined LCM III Phase pipeline, development and will projects in

Some confident or quality overall we're potential in occur, the standards represent many of redefine with programs these that prospects of course, first-in-class will attrition current to but best the care. of

to opportunities continue we Thirdly, through to look reinforce development. portfolio our business for value-enhancing

partnership in our Beyond for they our and belief Rare [indiscernible] our amyloidosis with that recent happen Alexion Diseases, of the focus certify isolation. acquisition Sankyo Dato-DXd deals, oncology best Daiichi doesn't

and Finally, important point. an that's portfolio, our current

of Our exclusivity of profile. current has loss marketing industry-leading portfolio an medicines

less sales XXXX. you or If XX% I past most are it, of XXXX. XXXX it's loss of by are about than protection before patent expiries exclusivity, affected should And that look at our products say, of our patent

on of broadcast achieve dependent our please. including, activities new margin we of So growing. evolution launches, time. with to and we're execution post-XXXX, confident over products able growth operating mid- high factors, well mid- to the over be XXs products, pipeline a and additional continue long successful course, our a term, as as to these should the percentage reinforce XX, ambition of Slide additional of of continued which this, our to commercial And that mix number is business the

our in approval use Lastly, last a emergency to Saphnelo, and CHMP for reflecting for for who Aradhana. financial to opinion pipeline on U.S. like Tezspire delivery you, Aradhana authorizations to EU, U.S. XXXX our guidance. Over walk our performance Slide you X late-stage CFO, highlight hand quarter take our recent now through Sarin, exceptional Please move decisions I medicines over to you positive regulatory financial the for Evusheld. XX. I'd and with will through

Aradhana Sarin

everyone. hello, and Pascal, you, Thank

our reported I usual, with will P&L. XX. Slide to As Please turn start

revenue by Pascal XXXX. total highlighted, XX% has in increased As

by total vaccine, revenue in increased COVID-XX the our year. XX% Excluding

decreased an economic as has purchase $X.X billion operating intangibles in year over we loss quarter. the numbers The the profit life. with operating their in fourth reported amortize impacted to the Our reported useful transaction our Alexion

value And this fair post impact approximately at AstraZeneca's uplift at previously cost Alexion of affects of transaction. line as valued at also goods are see previous to had numbers with the have the books to acquisition comments, we reported fair We last in acquisition. that the value of sold. In this closure time months anticipate was XX mentioned inventory the the

Following manufacturing review optimizing of undertook across operational the the aimed end systems and footprint of global portfolio. organization, our acquisition towards and looking the rest XXXX, across we Alexion integrating resource a the at our comprehensive at allocation

on some to be tax Vaxzevria, charges approximately costs the will higher As this capital to is $XXX XX. costs versus points vast core year XXXX, restructuring, are the the Slide $X.X in previously. majority QX review which of of costs for billion impacted line of declined that end was to. COVID-XX XXXX. cash restructuring vaccine, Please the reinvestments million. booked noncash rate, announced X.X impacted we come of $X.X before our core negatively in restructuring margin this established This relating investments about back by which excluded We P&L costs XXXX. $X.X are XXXX in contributing benefits the activities incurring a quarter, from synergy numbers result in previously a The measures. anticipate and what by initial onetime non-GAAP the I'll approximately turn financial Alexion our realize we which our are billion with billion approximately run Consistent to by These also of and which to anticipate benefits QX include billion XXXX, full gross have of costs percentage pretax of with basis. remain non-for-profit rate these costs and These and practice, communicated $X.X

the downward from on VBP and We previously in see our gross programs have to margins some also continue pressure highlighted China. that we NRDL

the arrangements of a In has been success gross margin pressure of addition, medicines, have on have downward percentage. higher profit-sharing margin. addition including the put partly whose by products This additional and the Alexion continued our the Lynparza offset gross partner pressure

costs broadly steady total $X and over close Our were billion of we R&D the indicated. XX% just in core have is line revenue, this state to of with

expect we in committed remain future We forward as growth. to going investing

Our core includes not XXXX end Alexion AstraZeneca July increased stand-alone $XX.X XXXX, like-for-like costs This of XX% comparison. it by from so a versus is SG&A to billion.

pipeline has invest and resulted investments Saphnelo, have continued some Enhertu. launches recent prelaunch launch also in increased positive including data and Tezspire new to and We the behind

manage as which growth However, business, our SG&A and spend the operating defined expenses. in we in operating in exceeding leverage to revenue we growth continue drive

tax tax rate core XXXX, from partly gain in Viela nontaxable by reported XX.X% XXXX. full the was the core the year and impacted both for rate divestment, Our which impacted

statutory We limitations the recur also quarter. tax which reductions rate in from the prior items both to settlements the in some one-off these following of estimates had fourth tax updates impacted liabilities, period core in liabilities don't of the We expiry anticipate to and tax XXXX. and reported authorities arising with tax

EPS Our was full $X.XX. core year XXXX

CER was especially to the quarter. that our basis some impact rates exchange of for Our negative core core EPS range growth during EPS were in a the XX%, $X.XX. year implying at year, the on guidance seen $X.XX full there Note, FX fourth constant above

Some a of on to that in quarter side, exposed FX of the full indication versus our quarter possible key constant are guidance to Today, XX. FX revenue our the British in to versus we're on the depreciated, while negative fourth currencies contributed currencies sterling XXXX XXXX, including some dollar the appreciated fourth which manufacturing to a our where year exchange impact. turn rate quarter. XXXX. and we basis, for we Please Note Slide is to pleased provide try guidance always announce on impact

low in Evusheld Total area. a being expected sales by contracts. high teens year of in and percentage revenue grow growth revenues of by constant to core from therapies with full business offset from rates. our The our come XXXX of vaccines the majority sales. revenue immune total to of an the includes contribution to percentage COVID-XX our and disease decline now in anticipated is the decline expect COVID-XX a at vaccine partially We to mid-XXs following is Alexion This medicines business expected by non-for-profit Vaxzevria part a from medicines establishment exchange the

expected, margin the previously gross year the to be relatively company ex-COVID lower mentioned. COVID-XX stable last puts from takes gross expected the and margin than As medicines anticipated given versus is the is be to The average. profit

percentage Core to mid-teens a make FX will are XXXX. to a both on actual EPS for percentage expected grow exchange percentage core includes single-digit in XXs on January investment revenue adverse the XXXX. This low shareholder we to impact by operating to on EPS rates, We in average full continued FX anticipate franchise. maximize is basis. investments low a continue to mid- Based total high expenses to our constant disciplined Core by and year COVID-XX grow expected rate order in value.

for Our to be rate XX% and core XX%. tax XXXX between is anticipated

to see both are course and As year. over some headwinds we the usual, the of anticipating tailwinds

ex-China see to XXXX. emerging compared whole. markets to to XXXX in anticipate emerging in revenue in be across and in a growth continue is as by pricing in China a XXXX markets see we The anticipate We mid-single-digit mid-single-digit expected and to pressure strong decline decline the a in offset percentage growth China region

remains ambition long-term single of emerging overall growing Our in high by intact. digit a markets

In on speak further continue some and There to pricing of and are impact Dave COVID-XX of that our will oncology respiratory treatment addition, dynamics medicines see rates. we are impacting that also about. diagnosis

side, positive year the full On be the ownership. of Alexion XXXX will first

growth momentum see strong and expect Farxiga, emerging some key Calquence of including we strong Enhertu, We continued for to markets. Tagrisso, in and ex-China our medicines, continue

we're our protection Evusheld, opportunity Slide populations. COVID-XX offers Finally, about high-risk excited certain to the for of XX. Please which turn antibody

$XX.X of of with relating the Our at beginning Alexion. increase up billion, billion current debt acquisition $XX.X the is net the year, to the from

net debt EBITDA X.Xx. Our to current is

to value fair EBITDA If adjust inventory, you Alexion uplift, is debt X.Xx. our the net for

Also Our line XXXX, have debt. including payments out worth we flow X the It and this reducing in to shareholders former first year, committed of to is improved made that net operating committed highlighting to in our cash also do remain of some with Acerta. Sankyo. BD-related we expectations, payments January Daiichi we has

we priorities allocation reinvest business. to keep to and strong capital a unchanged. investment-grade remain in Our the keen continue rating, We're will

will sense business to do we continue it so. also when to We makes do development value-enhancing believe

generation, payable in $X.XX $X.XX. the fiscal to confidence XXXX pleased by growth Reflecting to that a to increase March in future cover intend Oncology. March. the as that, interim in continue to as to in the Board the increased We $X.XX of for dividend Board and Dave interim to annual dividend will over annual I dividend payable intends ratio and hand of interim We year X/X the dividend With to to dividends are to the in XXXX. the second balance share cash payable has approved broadly September declared X/X first second

David Fredrickson

launches the pleased report Slide total year new we you, of the Last diagnosis fourth performance XX% quarter, from commented Thank our oncology the during that to in a global headwinds quarter. oncology of improving. that XXXX That portfolio grew growth face strong Aradhana. in speaks and the diversity rates XX, revenue please. to year-on-year momentum were finishing COVID-XX. XX% note of We're our with on the continued

return impacted rates stalled and With backdrop, has lung a X% robust that impact and showed from from Slide this billion performances and quarter in billion and passed lesser commercial $XX.X in which CLL. U.S. Tagrisso of and below emerging Tagrisso year. anticipated, third lung Tagrisso in in for movements growth quarter that hope time, China the based $X the same continues cross now passed we $X to first-line $X and XX, strong estimate In this in with this and China, EM as pleased number is XXXX Omicron of run a strong Tagrisso oncology and may billion declining on growth medicine year were execution and At growth exceeds the that recovery billion. use, annual MHLW Calquence application impact are oncology quarter. second-line increased the In fueled year, Europe, billion, XX%, the trigger assess baseline XX% JPY However, milestones Japan, levels at Japan's with to to in for execution notably based adjuvant On price to grew billion versus second ovarian use against We for approved was to by on of respectively. both most sales a demand pre-COVID a in treatment annual which use revenues first-line year-end for Tagrisso in still to with markets, that fourth XX% formulaic growth the X% remain and see year growth sales Enhertu. Lynparza duration the future diagnosis offset Tagrisso lower aforementioned our franchise, we strong ADAURA, the in share half growth to NRDL Imfinzi, of and said, Japan, $X growth Several, that Calquence for cut diagnosis. could the of was second commercial quarter for a a after $XXX to grow in milestone X% XXX compensating impacted first annual year which rule. mandatory this bringing million. by accelerated the performance. QX XXXX the strong Lynparza, sequential on rate, the fully spending price Imfinzi is In on line nearing and which important year is and a and cancer last for the that of increasing however, quarter in total inventory XX% catalysts rising pandemic partially breast

future of in Slide position turn Growth greater the Merck in launches sales growth supported and increased million HIMALAYA U.S. at to growth Europe, Please benefit data continues Beyond increasing and Slide of to types from trial of our this and rates sales anticipated increasing cancer standard III China, and reimbursement castrate-resistant recently We world to a use continues global in Imfinzi turn of cancers first-line for HRD and that to which new breast continued XX. ovarian care month. XX% China were PROpel solidify Tagrisso to its the billion up continued across from GI. testing. sets sharing Please the in partner, by XX%, TOPAZ-X settings, and many notably foundation the by ASCO the ASCO as prostate CASPIAN rest look testing PACIFIC cancer. on by milestone sales data metastatic XX. $XXX discussed GU triggering in with deliver we prostate in for ovarian, driven and the the to tumor you to product strong and Lynparza based $X.X later gastrointestinal quarter. at from established in in forward was launches cancer. markets territories, Phase

from see We indication pleased the quarter, in in by launches Europe. the robust a blockbuster new continues new pleased driven share our to in continued status the leukemia blockbuster chronic in to to momentum patient by Calquence momentum We Calquence in achieve in are see and performance as lymphocytic well achieve new were robust the U.S. as our XX% share the share launches quarter, in driven of Calquence from status be leading BTKi with in performance continued CLL around Europe. where U.S.

we partner, Moving to line breast on were the to indications Enhertu of our in second-line Enhertu, now with XXXX particularly for global momentum, XXXX efforts Together both ESMO gastric saw we hand the of as care Sankyo, guidelines eagerly XXXX. DESTINY-BreastXX. discuss third R&D as in were that encouraged opportunities updated in a approvals Enhertu-positive are in NCCN cancer our cancer. in and Susan progress prepare swing U.S. Daiichi and the include new to and it over breast metastatic to full launch the standard good anticipated and I'll

Susan Galbraith

bring Dave. you, relapsed in or efforts to fantastic with lymphocytic durable exemplary Phase results as investigator-assessed the in care standard and triple-negative to ASCEND now XX% naive progress what mission [indiscernible] ADC Cancer prolonged development disease significantly was with through Calquence patients showed in cancer, from Breast continue to conjugate follow-up I'll encouraging impressive of San we inhibitor-based At types topoisomerase deruxtecan, Antonio We who response new in refractory patients survival our XX. X-year hematology, progression-free year tumor research median III to breast clinical combinations an a highlights are the datopotamab objective of and Please of leukemia. the take step-change busy antibody-drug XXXX biology. benefits Thank which treatment medicines oncology. multiple our efficacy Symposium, through delivered of season. trial, conference another for understanding In autumn our was in of Slide turn we you saw across some rate updated main the TROPX-targeted versus chronic therapies.

the for now inhibitors tablet Calquence data option immediate-release maleate and Europe, for U.S. Calquence's patients plus addition, proton and with ELEVATE In that the for in therefore, we pump will coadministration allow have reach. providing a submitted formulation new expanding

as possible. a HIMALAYA trials, Lastly, immuno-oncology investor data cancers results to saw forward look data TOPAZ-X ASCO just remarkable we our as showcased soon GI regulators franchise positive for as in ago, the and in hepatobiliary and few with weeks with event the discussing our

at with response We our also Enhertu as XX.X XXXX hand to progress. of as objective survival DESTINY-CRCXX ASCO news Phase exciting an including cover informing of of AstraZeneca, over trial you median rate months. XX.X% from to Ruud data well II for from the saw look impressive results forward now flow of and biopharmaceutical. I GI, I'll to is a full overall

Ruud Dobber

much, Susan. you Thank so

to continues strong to and also turning Now inhibitor trajectory metabolism, growth XX% disease as growth billion failure up emerging from Farxiga's X% arena In AstraZeneca's leader Farxiga performance. $X SGLTX continued XX fastest-growing the the globally with total were vast the in Slide the from market to billion #X and is its with $X now revenues majority kidney heart and in Farxiga revenue respectively. the year approvals, year contributor markets. cardiovascular sales chronic over billion, of remains coming successful to and $X XXX XX. with remarkable in launches the following grew coming the

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Menelas Pangalos

their demonstrate the Vaxzevria's of continued XX such against Omicron prevention variant. to Similarly, that in on for as efforts U.S. months the comparing vaccines Thank us offer to Please severe and approval neutralizing which COVID-XX, Ruud. Xst FDA asthma molecular and analyses several Biopharmaceuticals was Vaxzevria has response to enable both broadly Evusheld COVID-XX. lupus approvals start AZDXXXX our of progress Vaxzevria for you, only for analyses recent with the antibody erythematosus, emergency year remains with program, retains in busy against showed program productive an authorized systemic way. Saphnelo the extensive cycle to Slide Saphnelo made R&D regulators for Farxiga's setting and XXXX And a the Europe. U.S. in in extremely similar and QX variant. XX. multiple with Results against have COVID-XX quarter for published and on positive Tezspire Evusheld Omicron enabling including authorized was Vaxzevria. been for was the in new variants turn Washington of authorization activity AstraZeneca's life an shown ability the use the more received the therapy institutions X Tezspire a focus concern, with immune protection Evusheld Evusheld us will by to that were good now management pediatric recommendation from CHMP the prophylaxis and countries granted entities, to University

X will drug Ionis added trials our we Phase partnership cover by late-stage to will eplontersen how amyloidosis orphan QX, of in and of the I Marc through provide III Eplontersen diseases, over portfolio. in is to fits recently details Pharmaceuticals. on forms more was treatment AstraZeneca Finally, rare and with eplontersen the for pipeline within he a to FDA. hand the designation now granted also transthyretin

Marc Dunoyer

geographies COVID-XX of XXXX delivered a revenue revenues XX. close. of period acquisition pro over the driven Soliris neurology pro across in continues basis Ultomiris. growth franchise CX volume successful level a total date of date durable forma, the fourth a increase by to and XX% despite and X% strong for were product rate deliver XXXX, revenue on calculated is the pro Slide of hospital in forma new was rata in pro or $X The Alexion's acquisition in for impacting on to atypical Ultomiris billion entrants to predominantly Total durable growth all growth indication competitive HUS, X% complement of by and since rata headwinds quarter emergency XX%. quarter growth in the fourth which Rare treated conversion and turn conversion the Please ongoing in PNH NMO leading in Disease since and year-on-year settings. total

of Beyond the continue demand increased Kanuma and complement Strensiq driving XX%, in in with the XX% metabolic pro performance growth portfolio franchise, we and to strong forma respectively. see pro rata

XX. disease, on includes We amyloidosis our fraction, spectrum currently their adjacency silencer disease further and of treatment misfolded collaborations add portfolio severity. presence necessary Amyloidosis Please With overlap turn Phase address to given in with Japanese to AL one cardiomyopathy, rare we X amyloidosis, including growing Neurimmune medicines. full and Slide heart in will the with amyloidosis be of the broader X comprehensive right believe acoramidis the and point for the newly leverage ATTR our presents TTR ejection TTR commitment continue amyloidosis our ATTR preserved of strategy stabilizer rights eplontersen recently settings. which Within TTR failure modalities biological have including in new heart Ionis amyloidosis, We deposit, to heart significant collaborations we global AstraZeneca failure depleter go-to-market and address there failure and In CAEL-XXX another for in call in TTR action, NI-XXX. stabilizers, with amyloidosis also multiple of rare misdiagnosed which portfolio, to with amyloidosis with assess opportunity our Farxiga. amyloidosis need. depleters. treatment expanded TTR high reinforced to of cardiovascular our are reach to the the opportunity for to geographic modalities These an synergies amyloidosis. leverage expansion III Commonly market in silencers as [indiscernible] for Alexion unmet to mechanism new deferring a represents disease of a with relevant and broaden expertise

trials represents about of forward a update for excited are disease and ongoing while to in the reinforced life turn we strength bring opportunity Please programs to innovative weighted our Rare Alexion which innovation, Slide space. We late-stage with XX. and amyloidosis management and potential late-stage key with as for we go to meaningful with you science-led AstraZeneca cycle of AstraZeneca robust forward. development the also growing medicines leveraging outside of complement to by look providing potential number growth pipeline a is complement patients

of development establishment this Barcelona. European We my in in the development the a my of opportunity and of service at fourth transition amyloidosis year level continue our colleagues patients research progress Haven to and their a facility our gratitude the Alexion made myasthenia as gravis, rare hub integration. for business to well expansion in disease as Ultomiris express New take to invest quarter, activities maintaining for in in of I to in planned prelaunch

call Now and back Pascal. to I'll to XX, Slide please turn turn the

Pascal Soriot

DESTINY-BreastXX year cancer the comment coming now And data slide, flow news Marc. trial, please, anticipate In company you, I Thank the Enhertu ahead. XX. oncology, Enhertu breast briefly across will we from upcoming on important quarter. next in low this for

CVRM, PACIFIC-X from disease, in from for the with studies multiple And HFpEF. the we we across in Farxiga readouts liver have In also Imfinzi lung, and rare year. CALLA Ultomiris PEARL, will and trial cervical the anticipate NMOSD. in EMERALD-X We DELIVER data during cancers expect data

with We eplontersen hATTR also partnership forward in to from through Ionis. polyneuropathy look data our

lots a XXXX rich as As again you more a will of very than into have pipeline lot news flows we of quoted, news can have XXXX, and is in rich I series what and a there see, well. very

XX. Slide to Moving

We growth are on pleased year well strong and XXXX. positioned a long-term growth exceeded the to on have note. We years for XXXX and basis a believe we come. guidance, to are in finished deliver to to the we committed double-digit We're our CAGR goals durable

at another today. double-digit mid- Thank Chris. to many high for attractive and high back an to marketing long medicines, In XXXX, robust innovative internal in XXs, with with together [indiscernible] an of continue XXs for take growth about our margin to have this back year of industry-leading in to the questions, the We questions. profile from for after revenue our go also anticipate of Beyond maintain the exchange all to mid- we I'll go we constant operating all mid- growth we'll of our smart business I pipeline, to ambition And you joining will believe now high development percentage teens, us our medicines. rate. supplemented of growth -- exclusivity XXXX, in We'll term.

if open please. can questions, So I the

Pascal Soriot

the So ahead. Anderson question Research. is go Tim Wolfe at Tim, first

Timothy Anderson

I of have a couple questions on China.

thought about about that X talking that being few of and growing X we're in this quarters single-digit than emerging in to emerging market point. high faster for what's over markets question is, you're years? digits non-China on it's markets at be that is And China. the Is would So high emerging past, markets the the second the I think, case? is growth, I percent. next half My said question China guidance that China then percent. last also still the long-term China emerging specifically you long-term single growth seeing, the are really what for

because I'm issue. in of it ramifications when fraud for brick of commercial company over of no involved can what at been obviously bribery have the ran guys into now. this XXXX us You case number in and back wondering has a Glaxo wall China months a give assurances thinking for a to blows you in this

Pascal Soriot

Thanks, Tim.

have do to We China in want for you questions? emerging Leon, markets the take Leon our Wang, VP those online.

Leon Wang

the you Thank question. Yes. for

I I growing are batch cuts But our are but XXXX, obviously, in innovative time. X And price I loss VBP. think China for uptake also some takes we guidance, portfolio X. think exchange down, and facing regarding growth volume, is in still really the also volume quite slowing in VBP in China part offsetting think quarter rapidly, tender

So it's a movement. gradual

least case. single-digit -- next still we'll faster. China, growth And outside believe think the I So think China be in at I years, growing be X will I

the together, growth emerging be next including X single-digit years. putting markets, China, So in high will

registered been So being And many and TOPAZ, confident. we indications and also haven't are Imfinzi Sankyo still, even also registered. -- [indiscernible] Daiichi Enhertu HIMALAYAS are Lynparza China ongoing. And is also quite having Tagrisso, opportunities being and launched XXXX we and and yet have study testing,

and in China think I Europe. So a U.S. has been bit after approval little behind lagging

of like are digest we product to also opportunities But we're and these So [indiscernible] significant ahead quite need Pulmicort I doing think going VBP. biggest also laying us. still, which our portfolio, mature well very and

to is term. in short something this So have digest we

been Shenzhen Central with working Bureau and and already X we National is -- to Government an for and think case, case Insurance Medical really months. I So closely a X have in individual fraud the

internally we sure responsibility have we all measures making So that individual similar sure proactively claim to make the and have to we again. a cases take don't

rather individual risk GSK the XXXX. the it's to I still risk. don't more think for to risk the We the So any bribery has than kind minimize of client this kind of think company, similarity company in a

Pascal Soriot

Simon Baker, Redburn. you, to Over Simon.

Simon Baker

there, that, if I growth before you the whether just you then follow-up quick margin. missed China, Just on I single-digit when talked for gross couldn't medium would hear, Leon. or a couldn't And a that quick about then, low high helpful. question be I the very said

that if gross You could the But COVID versus give that, some the will obviously of I to and headwinds you within 'XX in are of tailwinds. hopefully similar said any just relative XXXX. factors the wonder gross us be XXXX? there the idea magnitude affecting ex margin margin

Pascal Soriot

Thanks, Simon.

and to Aradhana. Leon, question will first So to second one the be

Leon Wang

Yes.

getting are we cuts exchange gradually in actually, growth NRDL China volume. the for of So out price

than more been has volume doubled. Tagrisso So

also quite has I and volume self-pay. good capturing been also think -- growth, Imfinzi Lynparza, Imfinzi even

We have one after indication a another. launch new

hit confidence same cut to grow. are us loss. we gives side a time, tender the and oncology VBP But good think I at price the by quite So

all in things put approval you so indication -- long run, of if run together. having product So new us. But lots mid-long the we're these ahead of

So past for X the doing X mature or the But in good have successful we suffering quite are China products, years. business quite are confident still well. of we but quite next the the been the of part

Aradhana Sarin

our point, to gross the XXXX. COVID-XX we or sort so expect margin gross group The relative margin, marginally we non-COVID margins of ex the so pre-COVID-XX On stable to so group piece gross versus expect be improve margins the the to improve up them COVID-XX XXXX. be compare and impact would going expected. on below as that there gross back basis margins company really And to factors franchise comparison. average, year-by-year margins year-on-year a or are our you down when are The several gross

up the So the have oncology biologics, shift full to higher of products and addition some of our Alexion things in which that margins driving the mix are more of mix margin. year products, a specialty are

some are the margins the we COVID-XX given and just gross I discussed that of which China lower that The contracts, gross lower, things the of sales, has government Some cetera, in as percentage while lower the of for mentioned pricing programs, profitable the which, to successful et very some more Tagrisso basis on prices, they're of well, discounted a they're as look U.S. at much margins driving pricing some franchise, which now. just that relating comments and dynamics Japan. Dave non-for-profit other his are example, said partnered the then

Pascal Soriot

Aradhana. you, Thank

Next question you. is over to [indiscernible]

Unidentified Analyst

This on Andrew. of here is behalf Vineet

adverse patients? on any if any the you one on PROpel trial make you quick Lynparza combination events. Just question. in comment the could of fragile could tolerability wondering comments elderly And the if was given just I [indiscernible]

Pascal Soriot

details, not And I I'm sure ... you question it? the But maybe maybe got say. not, got Susan, must if I Sorry,

Susan Galbraith

wasn't Are to trial? which sure trial. I you the PROpel referring

Unidentified Analyst

Yes.

Susan Galbraith

for question. Thanks Yes. the

a think couple things. I So of

is more week. at GU details all, the next ASCO the much indication. an important We look of First Propel of very sharing forward to conference

is due tolerability it's olaparib of I olaparib. that that as have something the profile inhibited being best-in-class, think as we bear to actually of are in to of terms view and the PARP in of a you the by sort that spectrum monotherapy, terms in mind

other Some more of molecules off-target the have inhibition.

profile you of presented specific adverse for And we're the I overall following week. of us questions because the again, the we're And medicines something combination say of that that details abiraterone. combination with is the happy pleased answer But with. next So have to events the be just a that presentation give those confident all in that gives the good about be next will results the week. you I'll data. presentation basis the uptake any that I on And would potential can't the

Pascal Soriot

Thanks, Susan.

you, to America. at of question Bank Next Jain Over Sachin Sachin. is

Sachin Jain

a events you interested wondering you could and just of 'XX about. most flag reference made margin you're from to once Just of I I onetime a highlight lot X of obviously Alexion the fleeting of are the I number most some to X the Pascal, some just that you've to just how think we've that if I so sorry, you margin us the you're gross pressure goes gross that's X absorbing just to a wonder in? forward. want or got onetime give 'XX. pipeline, wondering And The a secondly, thanks of pressures. moving go for excited wonder accretion question -- it's color if you reason X event. some very questions. is beyond. could ask way just then X for I'm there, busy and large that XXXX know reason a got in There you on but benefit out, 'XX about I looking giving back there could the parts if XXXX, rather the

Pascal Soriot

want Mene comment Thanks, maybe And Sachin. question? respective Susan take on their Aradhana, you then would to do first the pipelines. and

Aradhana Sarin

Yes.

and And definitely margins, some I again, there So that But the year have is full from we just gross from Alexion. several the on one mentioned, of puts will that's factor contributing. are over takes. benefit the as and Clearly, years. that launches determinant success have a pipeline the shifts as several next how of mix the commercial our our of really it new be margin all we the evolves

Susan Galbraith

we've given data. looking that DESTINY-BreastXX we data to we've JXXX the the this saw level read is particularly have DESTINY-BreastXX out, readouts obviously, into I've everybody Obviously, DAISY going the forward read good And data the of to to, results. trial out we a which seen on quarter. and the expected the we're wait the from And confidence is got focused that with that that trials and for of terms in DESTINY-BreastXX, pipeline

We're plus which in EMERALD-X, plus at I'd remind regimen. plus tremelimumab with draw plus arms, Imfinzi to plus Imfinzi, that in study combination STRIDE with local Imfinzi the TACE. that trial we've data to and attention with EMERALD-X the trial Another with there's TACE was to your HIMALAYA you hepatocellular TACE looking combination I is that the given as forward Imfinzi in referred seen looking cancer versus regional now placebo. BEV TACE X

obviously, in So we're the good action, trial data forward think those There are we're and got We've that the mechanisms for they've that. reading to. looking are referred PEARL And forward CALLA to PACIFIC-X. the cervical looking data prior trial. that I the out also trials that to, in of results also of that we Imfinzi given confidence got other also cancer

Pascal Soriot

Sachin about XXXX. asking was

Susan Galbraith

of opportunity and into settings. Well, results camizestrant, were with we'll 'XX, the more we'll datopotamab Obviously, terms in different with readouts with capivasertib. to with emerging readouts plus 'XX deruxtecan see trial progress There's beyond the combinations the DESTINY-BreastXX Imfinzi, from out data Enhertu, with start trials see reading Lynparza out. 'XX, reading in multiple with many there see to in further

out in 'XX. there's So breadth a huge really, portfolio that the read will of

Menelas Pangalos

the 'XX, HFpEF mention have behave the and population. given did how we're with liver, is in SGLTXs from then a hugely think we confidence which important And just increasing obviously, the you biopharm the perspective, because Farxiga franchise that I just for seeing I'll

we about got as of 'XX an 'XX, Phase we've the sort of readout that important Beyond Dato combinations. for into then II sort talk

readouts inhibitors to Our for hopefully these in of going tezepelumab think in COPD. some way MPO biologics CKD. I and pave like that molecules drugs HFpEF got COPD also are the and we've our for FAP Fasenra And

Pascal Soriot

JP Next question Morgan. is at Gordon James

James Gordon

James JPMorgan. Gordon,

First question, inherent to in Destiny-BreastXX.

looks result, there? So be pretty low from is and IHC study have something And is Will the different just really you a all versus vaccine imminent. or it on groups? the we it tell going as The 'XX. it's get success or matter? headline like either efficacy commercial X COVID-XX, what would of the for is the trends question, the I because data the in we please. to not X Or comment, us it ASCO? mentioned, for wait That's or second going one, labeling commentary still Is nothing? profitability IHCX on some like patients view? -- for not I mainly first profit is going important to be it for heard it's to we does to point When to And are get about

about in thinking much in this 'XX contribution boost and that sort be that year it on we're more in it at saying, low very Evusheld. next could like you're you're like sounds only billion guidance it, from is And COVID of when just fair from this something based vaccine So of line what profitable might billion single-digit recur X year? this what X the it getting sales not begs could terms the potentially not like year bottom a be you assume something to of are about COVID getting wouldn't it Or that recur year? is

Pascal Soriot

So much, thanks very James.

-- U.S. margin the Let guided But typically consider question. we by could you said, terms at the of the the of a me know, have we recognition And -- The current shared, we in declining. non-profit. vaccine, for inputs, lower of delivered And the of have of as of And sales as will you to try drives a sales price Susan additional the question, maybe the all, product. COVID question costs. that, first you as first take to then guide development don't we government doses down. could in course, the your and total then number be quite majority funding we the

on Susan, where forward, of at then, stage profitability will is commercial margin why those want are sell Vaxzevria to you and to... we a we not that's and So we in sustainable in But as price as course, a a high. do Evusheld move world increase. XXXX, for get we the products

Susan Galbraith

Yes.

terms X+ DESTINY-BreastXX, positive survival in includes just the factors the of receptor the study endpoint obviously status. IHC So in including progression-free a hormone is And stratification primary the patients. reminder, X+

on a would as high-level expect, the data of you the the details primary reporting results, as be terms we as in So expect. would -- to at And we're coming will you going would endpoint. conference present be the we

of the of that clinical J-XXX from you've care the current is seeing terms activity I on lower still seen relevance that chemotherapy. based improved the group with already of in the data think of we're end in the X+ the DAISY compared the the standard IHC estimates Study,

regimen we see it's improve differentiated we of expect the to clinically results obviously, that would how testing that. relevant and patient we're So going can the the population. by aspect But upon across

We using pathology. results for we'll computational and have improving detail the patient scoring and the this continue to improving on to to techniques wait in potential And of see work discuss those. selection lab

Pascal Soriot

Thanks, Susan.

Morgan is Mark Next Purcell, Stanley.

Mark Purcell

couple. Got a

thinking if does hazard ADC you say, In the just strong terms I'm and secondly, conducted platform what being mean getting Enhertu? opportunities terms in what III that number are year. remarks? we in a we validate things where guess of loading of [X and sort start of to into lines And versus the fairly trials where a then this below, you as pan saying, PACIFIC, of colorectal significant then obviously the new molecules going in about crowded the bystander adjuvant ratio, a platforms. were terms we of And opportunity? with You or of I of get of where mentioned What to X.X of the the in are Stage in DESTINY with along for really pan-tumor sort data this the data end areas, are are the back there's this effect tumor the cancer, X] just the and moving trials toxic see for basis other setting. towards does well? differentiation prepared ADC thinking the on to are the

studies, And [indiscernible] started just for pulls help Imfinzi plus in understand TIGIT then I [indiscernible]. VBP You here could the of you X. Imfinzi and PACIFIC-X, with you last the and the us modeling terms Leon help one and interesting on and wondered the our sort PACIFIC top Imfinzi really X family. remains us opportunity, for considering just PACIFIC-A, if pushes Could in of how China. the

obviously volume, the products legacy such timing is So dynamics understand and China, there, that pharmacy really but of you of the the the retail beginning sort price there. end we if a the help us of help in It as should like the could in significant headwinds this factors modeling feels consider opportunity. it's

Pascal Soriot

Mark. Thanks,

you it to So a good not I before because can actually of see for than But Leon that more in cover and then first I successful question do could is our that's Susan, interest China? lot the cover Chris want was asking question. shows pipeline. one

Susan Galbraith

molecules terms it's of clinic heterogeneity do feature address important for datopotamab into of right also microenvironment, cleavable these system is you the the design that need I And one of in surface conjugates just design the to for deruxtecan, the that of elements in the So that antibody-drug X worth but that we of helps that relevant in tumor circulation, is a peripheral get stable inevitable absolutely that and optimize. is to that expression to linker tumor. the the receptor the putting across molecule has been the probably and we reflecting Enhertu think for design -- decades. of understand now the the industry about And complex over

elements marker piece right another importance the underpinned patients But design the but Obviously, I been is shown data of the the also It's of warhead just differentially data overall has J-XXX to of attached terms has think effect is point is surface the been the in heterogeneity it think that cancer and and of out to is as shown of efficacy. the important highly and important. that's of is number So with expressed delivering And important, there different also profile. internalized in are the rapidly final mechanisms that the the have tumor deliver then important. exposed are in not ex-vivo feature that with And ability samples. that is kind it on action And from been of I mechanism other preclinically. that's already of this by that the human been the seen previously. also of molecules terms important. selection you The expressed that tissue

XX across you do about indicate, just the expression there settings in we as tumor population evolve seeing where think and is work patient that the other us months. over XX not see by I through. activity, selection as exact those the data of to studies. pan we'll HERX we why the to the internalization. So give in also, type, But elements tumor from rapid types, to and those are say, The these DESTINY-BreastXX need tumor differ multiple looking high setting, confidence but may design of you forward that's next And

And was would Your the there's I the a at next beginning. PACIFIC around comments of setting. think question I say again, couple

immunotherapy-directed greater into the of of moving there's stages long-term that earlier from cancer, is opportunity First potential maximizing treatments improve that patients a of the have for for the survival proportion we the cure. of to opportunity mechanism and think action

the the on Imfinzi X that's the and data. recently both we're arm investing based X arm monalizumab another is very why And study, So CDXX patient first randomized PACIFIC-X, with and PACIFIC neoadjuvant in coast and pleased , antibody II Stage setting our one oleclumab [indiscernible], important. Phase with dosed that the in we've we're combining in on

of settings I yes, lot activity trial a do the there. whilst, having are So see that

Phase we've selection. the data PACIFIC-X that the got one I where think only actually Phase setting II is III randomized supporting

seen the the in so Imfinzi confident we've with setting. to And further that activity on about great we're ability improve

I a don't wants In to about opportunity that the the comment commercial make terms overall of setting. Dave opportunity, know in if

David Fredrickson

Thanks, Susan. couple to important of do I mean a that think it. there's dimensions here. I Happy

strive benefits and through continue therapy the opportunity, of of the there's data and hope, PAC-X bring to do I to first Stage more we is think that. be the that of IO And COAST PAC-X unresectable to kind to able III patients. promising we in to them

therapy in of times. long-term of And out and impressive we've Of survival JCO. course, free recently we PFS in duration fact, benefit a PACIFIC there's progression really seen long-term that study presented also if longer the get

X also the suggestive think included moving LOE but are good well able past there's Imfinzi allows has there. then duration fairly combinations that be that to and exclusivity protection lastly, to also towards so to its is while And is periods and within that patients, next longer have relevant periods a certainly them decade. I going stay XXXX, Stage potentially for within space certainly the us into long And opportunities

Leon Wang

Yes.

pharmacy treatment with happens. relatively the I already and their quite the are own VBP, the from individual a sticking to retail length well-established brand law of Crestor the accounts pharmacy, to in store and are business, starting know self-pay Crestor outflow to the is and that brand. of also longer has And most and QX XX%, a we think China Crestor XX% So VBP still XXXX, the keeping of question, price and users

limited and in year first it decline, a XXXX it still in year the So has impact, a but 'XX. XXXX, after quite decline actually stabilized

shorter So of actually has length year. treatment, Brilinta one a only

the is home the center, is of And nebulization. hospitalized Brilinta significant year. So is last drop drug, and nebulized hospitalized half drug Pulmicort it quite half them is of of in

to the So pediatric self-paid family. by

think in between. somewhere I Pulmicort So is

[indiscernible]. low So Batch the X next is [indiscernible] the and also

actually reducing So high [Silicon] and heart is pressure CHD is rates. drug, blood so actually

So -- China. very and in already it's cheap

long So quite a big in very, sales and a very lot of patients time use in a China.

brand. strong very So

quite typical after with less actually VBP a the drop loss. So [indiscernible] drug. will will like we big hospital use [Silicon] drop the brands expect the have compared tender

Pascal Soriot

Thanks.

Cowen. Next Scala, question Stephen is

Stephen Scala

to -- outlook I'm outcome just change your in And guidance I it to documents parts, a terms, ADCOM for Tagrisso. Dave, absolute $X.XX. moving distill prefer In would $X.XX if terms, be ODAC briefing implies of dollar curious EPS not to for helpful. absolute think, does the did the why. secondly, With then guidance, something in FDA range how conviction all you And today's XXXX the

Pascal Soriot

want do Aradhana and Dave, one? the take the one first take to you second

David Fredrickson

data that life that clinical care, regulatory Tagrisso ADAURA, kind cycle overall I've clear with settings wanting the China with risks. think raise ahead Thanks, don't And and with earlier old to of And plan the been have survival that I LAURA, bring with some into only that survival them of profile standard of metastatic the that continues we the see established to an so overall fact Sure. that protection. Steve, with on just stay is moving of CNS compare against well fairly frontline consistently the NeoADAURA. studies

but perfect more may to It stay my sentiment the ODAC because briefing competitors to today analog from ODAC a me hurdles confidence certainly, Tagrisso on the than some seen. that come regulatory is that So that though of vigilant that competition not in we've be do Steve, for improved, the there we in -- but how I document the certainly, therapy the from seeking gives the of we'll still see outlook, continue has think targeted goes a the pediac front is space space, and different ODAC later today. that's

Aradhana Sarin

evolve and hopefully, guided and which obviously But Steve, we to that There's do to rate enough things planning some around the detail EPS on planning your rate get lot to able do a of provided during will But have to moving versus dollar as growth year, so for around we've on the a know, regarding a done which lot foreign I There EPS. the provide, as and parts. as also think that. well so question, scenario value be are guidance. I you on revenue exchange guiding to percentage a we of detail we a we forth. percentage think forth particular don't movement today, growth and we've

Pascal Soriot

are percentage the Aradhana. remember And growth rates EPS I are so But it's same. those more Steve, they think you, to less I the you yourself is important the or too Thank from calculated young. mean,

don't when remember numbers, And are. we give those people sometimes

remind everybody the hopefully [indiscernible]. percentages we'll So

BNP. is question Next at Richard Parkes

Richard Parkes

to Firstly, margin that Is operational margin dilutive margin? and then well assume fair as this that, on appreciate. just as clarification. I will program think very first year will profitability. So investors efficiency question it the on to which EBIT a much And COVID gross clarification quick just the be a the that's ambition,

XXX drops basis improvement. all that. the of $X.X implies billion margin So line, for thanks points it that If bottom to about of

going might you that continued look some reinvest leverage also Now but see operating I of to realize forward. you're to likely improvements

time. So effect -- and we'll wash see the effect of out over of revenues -- dilutive COVID

So ambition XXs high it lower of end margin makes conservative. the mid- to look your

drop and how versus talk through So could the you pulls the I balancing to pushes if investment and think wondered the that about margin term long through? just for you letting

Pascal Soriot

you take those? of both Thanks, Aradhana do Richard. to want

Aradhana Sarin

you, Thank Richard. Sure.

profitability, margins. of which operating and for margins the we one of vaccine to COVID for So franchise, below And operate down the as the every are you in antibody difficult is terms to whole sort company We the of will mentioned, get as on sort element. both COVID growth as gross know, be profit, it's -- the I business. the the COVID corporate

We imagine, commitments, COVID you have are long-term do also We investing behind business. studies, R&D as the pharmacovigilance. can

costs point COVID the your relating there'll medicines. the with So be also restructuring. second associated On to

everything guidance, integrating maybe high say our the mentioned we business and savings what to our is we as So relating our I said expect to the wouldn't result opportunities that the The and of and look Alexion contract And or to sort at as and other this mid- of there. we operating relating let's ambition network portfolio that this would sort in-sourcing et have AstraZeneca essentially to time. be to contracts is manufacturing is journey activities, and sort ambition of relating we operating to back Pascal. margins. that of areas Group at cetera. might supply margins. that opportunity that, certain guidance our took said, And of XX% will whole now distribution have a we it's reinvestment prioritization can go before a from we and to What includes we've -- a with say, billion -- part there our towards our $X.X getting of, -- step I to optimization

Pascal Soriot

Aradhana. Thanks,

Next question is from Papadakis. Emmanuel

Emmanuel Papadakis

one Deutsche. conversion incumbent from this gains we Enhertu. the DESTINY-BreastXX Papadakis or quick And to commercial achieve? or what line, second in off launch Perhaps of in year, hoping Emmanuel you speed More share question on should anticipate I'll from the the for of a a of with just clarification. are terms expectations kick just then

The assets. conversion have the initiated the somewhat. study. And adjuvant forward second You've setting? question was planning taking stalled adjuvant an into around Should not still the to assume autonomous we you're Alexion that Enhertu yet to not seems then

setting conversion to in indications. the just indication approved perhaps where in for can pandemic-related but update from patient you us? impact into on numbers helpful be an you are alluded headwinds uptake need Any as give Any in numbers FCR approvals well. you could give of of Soliris You some us Soliris, where helpful MG. sense early from to particular, terms then on in aHUS that would And we around provide

Pascal Soriot

-- take Marc, and Soliris thanks, want Dave question maybe Marc, you to you the one? to Emmanuel. could Enhertu cover the do do want

Marc Dunoyer

Yes.

-- question. just me Ultomiris. issue Soliris of a And to thank the cover the Let you for from conversion let me

high, not conversion phase high XX%. say conversion Ultomiris. explained go that it ago. that the in think bar type due above we was that is in Soliris in prepared which passed We CX and slowed today I the in this in we during in PNH, is gone also is down In sales and COVID has Therefore, as particular, some the Soliris is on first products, has faster-acting I to you where conversion often a from treatment. the known the more remarks to is emergency from well. Ultomiris atypical The setting are the time inhibitor of And of Soliris, atypical must better my the are where to early I HUS, administered. It more HUS. and this very impact,

of to going is enter Ultomiris Now now linked neurological which second be in our the approval indication. to to we phase going are of conversion,

myasthenia with gravis, all, and submitted of U.S., been First which already Europe has in Japan.

to of legacy in going continuing also is be Ultomiris whole indication. of Ultomiris growth today this So of the but is for indication, this world reimbursing in for engine sort Ultomiris not another geographic a the expansion legacy the

-- for about have you But well is talking been yet for and So then atypical second of HUS. will first completed I is has the slowdown think successful Ultomiris. nearly but phase not conversion. PNH of And the the phase

Ultomiris in XX%. remind, by grown the quarter, you Let fourth has

that still very this Ultomiris that a fast-growing is very which is brand -- a So neurology, is indication is a And category. received growing fast. any in before

quite So I is fast. doing -- growing think is Ultomiris

Pascal Soriot

Marc. Dave? Thanks,

David Fredrickson

on reasons the And So expect, short, DB-XX. in that. rapid Emmanuel, I to there's uptake for X be based

think compares efficacy I that think standard of is seen have very to which we it an one remarkable I Kadcyla. data active the favorably from that study. is truly really And care, that first

to the been fact AstraZeneca a third top approvals standard DS DB-XX that have done even the the the further line of is agent within NCCN in face the commercial choice thought I secondly, U.S. to reflect to And leaders setting how both think the the the teams and care of in ESMO in to that and both updated are think testimony between receiving as clinicians execution I that is prior respectively. alliance have guidelines of competition the and the establish that Europe, in third-line testimony. and

So positive my and on the which uptick. drive outlook we quite can speed XX is with

life cycle on early a in on is there, we last trial Pascal, do beyond HERX-positive, study could nonmetastatic cancer in in already high-risk the thing, the certainly CTA study quickly appendix. breast have the early maybe that is Just planning But That DESTINY-BreastXX the follow. listed is clinical that.

Pascal Soriot

ahead. Keyur Parekh. Thanks, Keyur, Dave. go

Keyur Parekh

you one for one Pascal, and Leon. clarification from

kind First asking of of on is, they similar think PD-X, kind and out current release broadly all, of reason and you XX% pricing the more how the drugs. come that AstraZeneca, -- pricing the in lower documents kind kind thinking see response I I of for not for just but just love than pricing dynamics said to ODAC that the do I'm your thoughts were of

this you kind of dynamics that product X. mentioned longer-term how of, shift kind see I X, older then growth. But you current of drive from are China the to this which over next And earlier next mentioned newer year products, drag you continuing you pricing? So the just that confident separately, you oncology X as in broadly X, more we guess, drug or the Leon, think years, also should over see the

So could for here your decline well? low XXXX say, a and to or expect should you expected perhaps we to business, 'XX year a be growth push be as China is I

Pascal Soriot

Thanks, Keyur.

pricing. January on to then we'll talk China have say I 'XX, give Leon, to we February So and for I'll go do then. about you you or want meet a so and 'XX guidance

Leon Wang

Yes.

time threshold in of billion And passed on think environment. course, quite the China. we first I AstraZeneca challenges China are and And quite USD X been external focused successful. we it's has

we has well products many been we doing in been so past, have also mature growing but So the well. then carry

Pulmicort, Byetta, it's a like Seloken Crestor, list of So names. long

So list late year. or or more this will this long go less get this year -- VBP into

such less see we impact. kind XXXX, of So

for establish indication new have the products. of cycle indication and a in cycle lot -- more life -- new and extension we new life So XXXX, Enhertu approval product like

even So in for CKD as and I year antibody this neuro-oncology, registering well. think this are we treatment for our year

of Fasenra PT-XXX [indiscernible] Pro launching and and Symbicort the version So Saphnelo. and the

the new to the -- So really market also only ultimately our successfully I in of all is think very operation because in commercial remote will these big area. products good channels machine shape very, China multiple help not new products, launch but AstraZeneca a city, in and and the

Pascal Soriot

Thanks, Leon.

comment specific and safe quick that -- a I that's a into a maybe mandate sure discussion. that the I'm pricing, I'm effective sure good the not is get and not On FDA's mean that more declining pricing to price strategy. one. is and would then general not I dragged drugs are approve before

the quite that not questions. not lack have a by frankly. I'm requests companies particular well different in it of that, that U.S. known to done really and populations. community single of been the diverse source request there a and it is sure are to some has right of in by lot from in data well work one approach, are you the centers issues the But creates most lot data relates the in So data as of populations, important of pharmaceutical course, course, correct is, in in One And There U.S. of is provide detailed. data, been country diversity the X Chinese necessarily a And

and So to product does to they pure would data I a approve based data not in a be single countries. want for if way, from many call Chinese the it appropriate other on come of quite it, By fact, type population.

a the diverse think data, of diversity has population. I to industry work provide to

-- see the difficult products, a really we'll have I think to to FDA, FDA course, makes So and it but decision-maker. that type to ODAC it regulations, for with approve of decides this what of

that cetera. In differentiated they've in and will today, it's price but pressure, Lynparza, good products pricing, oncology pricing I pressures there of I be reimbursement we that oncology. lived are will including Calquence, course, good continue with whether on et beyond, mean, to experienced of believe this in terms on general, attract or

do the overall, But is the achieve prices And to employing. slightly Europe, price So well in are situation reasonable lower. continue to fact, accepted. in is in have I will be in U.S. able Prices Europe think we Innovation we pressures.

with risk a to BBB of I So see gets version still that we the X down mean, approved have version on -- focuses pricing. course, that is the slim drug

think you the entire to risk that if the will for pricing So to it's But I fair industry. stable. don't David, I assume that's being, know want for add anything to this? time remain a

David Fredrickson

in think D said, in our going the moving We I think future. time, is the is Part that mean certainly, I would differentiated add main Pascal, some is, reiterate, you had long-term into which thing And acknowledged high own just I I we've would that certainly what about unmet past pressures of need. same are negotiation medicines calls, that the elements that areas gross and at to net to planning. create in

within reflected to I U.S. to believe have to value. even We in policies good we're continue think And the that, opportunity see of that challenging an that's some going do the get we

the place I important we some expect it U.S. relative the but rest to certainly good globe. course. remains So a for an relative think I basis a for us, will of value, think still today, of on still And to stay pressures, market

Pascal Soriot

Jo Dave. Walton, you go Thanks, ahead.

Jo Walton

Just one. quick and SG&A R&D a

with issue FcRn just got an do Syntimmune expect you and platform So second that still dropped the Syntimmune FCR you like just my -- an question going acquired that looks marketing. individual it's program something forward? and to you the not that's And on product that have been checking the with has is it to with one

to what SG&A control to I'm back able your you And So in able in as do how to wondering as was how with keep tight and to cost limit bounce and are would much you just historically? expect you've could change, 'XX there XXXX, things level that the expenses been 'XX? done have a at you marketing obviously COVID are how much

Pascal Soriot

the and one, do to the first Marc, Jo. Thanks, cover want one. Aradhana, second you

Marc Dunoyer

for thank Joe, very Yes. question. you much the

confirm the which reasons of in due our development the that So to that molecule. we I the suspended from had are, Syntimmune, we view, specific licensing have FcRn to

Aradhana Sarin

question expenses, expect in which On is low our the to SG&A, XXXX. R&D to mid-teens total -- operating we mid-single and increase relating have to your to OpEx, low

we working However, keep have is well go so and some to terms forth, to of your in some those of hybrid approaching and we learnings of methods marketing marketing trying and point of make sure ways enhance as absolutely taken forward. and of that evolved we digital our we're ways HCPs that

Pascal Soriot

Aradhana. Thanks,

few yourself if a So have more we to to can Michael take time. Leuchten. but questions, you question. one We'll really limit try

Michael Leuchten

I'll do VBP. situation but one, NRDL, the other it's just same on where going one are mechanism the back China, to [Forxiga] products in you're in of

come Your of high on level? Did you where were abnormally had pricing that sort retain with Or comment to NRDL. process? quasi-match BBP about the able relisting a an high concession you the the price

Pascal Soriot

one? want you do to Leon, this Michael. cover Thanks,

Leon Wang

Yes.

reasonable in number think we level one, renegotiated last also for year. think And year diabetes get is NRDL market. contract. indication I we we'll the strong, product I entry failure we momentum to now, and achieved And right Farxiga, indication CKD think I a price is, be heart continuing and and Farxiga continued quite the get last this year.

X X catalysts lot years. coming I good So think a or in of next the

-- we as continue [indiscernible] next I launching success, this success. be think year, we initial will beyond to well really

Pascal Soriot

Thanks, Leon. Luisa Hector?

Luisa Hector

medium-term the for really It's outlook.

the team So line done excellent filling for drive launch to top really the job decade. your is has Pascal, a

growth. cost as you're said, and profile you savings on today, assets You're opportunities. the sales flagging the that track through is external a brings the LOE incremental to And there But away. of shift profit for decade. double-digit towards shares is And pay benign end

really, the So the that confidence? the question signal growth growth are term, and for cash generation we as is to look top to comfortable dividend and the double-digit medium profit from how is line around level the in of whether you watch my simply strong the

Pascal Soriot

a those are our on and few one? that number times. think us. quite me products have, working course, we of to growth that operating few we and owned we the overall, we that -- I And of we can are to want a a could are you that deliver driving add, let I we've improvement our products. XXX% Aradhana very continue but products just confident by this of you mixture this cover do partnered are Aradhana, about growth, on words margin But and talked mean say have a

today, with else. not know sure tell we with So today, it I'm are in confident to know what confident exactly forecast. I we could the in But we we of Aradhana, course, quite what our want anything you, things are environment, change. as

Aradhana Sarin

Yes.

talked as think have exciting we we frame, of I sort pipeline. think the beyond a about I really time XXXX

driving that We not And reemphasize, LOE we're lot risk a And our is focus frame. of balance growth. of more think again, be to pipeline. of I in just time have sort on And lot disciplined opportunity improvements. And for will with to going sort upsides there the operational of that always in growth. a

Pascal Soriot

Welford. Peter. Peter Aradhana. Over you, Thanks, to

Peter Welford

A question, please, on the spend.

the sort very we 'XX, when are XX% there we I'm sales how efficiencies, particularly going about pushes you as wondering about were your trend. commentary what But should for us about we top beyond will pulls forward. be of get going frame be growth, should And a year, rate sensible line. with to about SG&A. on the rate think fighting You just SG&A helpful sort things R&D going think you're of consider 'XX, think could and it lower I this margins? appreciate you SG&A and help than given should to the forward the said of

Pascal Soriot

more that established of XXs, of way promotion Peter, new margins in also redeployment R&D of low become deliver don't said And well going much from this we've products to line products. that efficiency a operating will remain as basically, in I require this sales deploying XX%, And are actually, of XX% mean as and [indiscernible] do the for the that but SG&A by our percentage to revenue. with we're we will to the improvements, is Yes. our peers. resources to reducing a

the many often expanded when geographically a and comes time high, of launched that portfolio a lot I at been so to company. promoting portfolio more mix get when new products China. rebuild balanced, they I they that we've new established our in we've to look a that But our products now And a forget products forget that you is think being going we course, quite products. people SG&A and portfolio mean, want, changes. of are we're if to mostly between

a have around we'll greater -- SG&A resources be the shift portfolio. ability we'll So to

Fernandez. Seamus is one Next

Seamus Fernandez

Great.

So just ones. X quick actually

heard to there. commentary the Amgen Tezspire opportunity we lot as Pascal, First, a relates of and from it

obesity category Just the approach then as it you in frame one the And that really There on X were anti-IL-X can in kind of was separately, by well other Asco or some was the highlighted hoping outside were category, Glaxo. competition opportunity. commented commented things thing PD-X price a think some differentiated that Astra that took a although others having viewed in been as of is little one multibillion-dollar aligned rest created of the bit opportunity folks game, the guys characterized as though were category. a with the by has to durable I you space potential. even being PD-X late kind The

I higher other are Farxiga, a have taking would opportunities with incretins we guys You you're combine is out risk there with and approach there. to say know MTO, what that oral

how the in disease. wondering opportunity space thinking incretins for and Just is the about obesity cardiovascular AstraZeneca

Pascal Soriot

cover could Maybe, Seamus. Tezspire Ruud, you second question the and one. Thanks, Mene

Ruud Dobber

the absolutely. for so Yes, thank you much question. And

of fill of the in the in speak well, excited a fill you or will think high population middle of substantial. us low highs this I reduction It's the XX% mode in level unmet need in asthma completely the Roughly patient low fact, we behalf mid- fields population. and as is because compete the First to in XX%, know, irrespective in the infills. a of very unique is yes, there's also a of total as severe is on ex think But all, Amgen opportunity in medical with new Tezspire. action. years I And by can it's we of that the level, in are I

that's future. foreseeable we people pressure but seeing little shift expect self-injection, pricing D in commenting in a equally additional of our Yes, a in moment, the the it's So and Part manageable, of don't clearly focus on space. normal we at are and massive in absolutely level bit are that. confidence the That's and the

Menelas Pangalos

With metabolic think regards obesity obviously, I our cardiovascular comorbidities is CVRM look renal heart has to at of disease, components. to disease obesity really with and the and approach comorbidities and been in associated disease, one those failure,

So in into or but and GLP-Xs interesting, also we're -- of that play, got get there's in. in that the the development are oral some in in, that there's combinations know, we clinic you have happened DAPA obviously, we phase interested the some are sort have as preclinical that -- that are Perry

We know, have validation GPR-XX, of also risk. genetic burdened also with and it's is terms area. around around big number And you a have way challenging [indiscernible] have actually partnership very What say area a got obesity program. programs NASH. historically long-acting obesity. in a has Regeneron I about across called we been a in a this would we a of the a And benefit People which other have as target

medical need I we to needs unmet an the really after go really we subsets obesity population patient think of fulfillment show a demonstrate need can a So in really where of and therapy. that

So that's taking. the that we're approach

Pascal Soriot

Thanks, go do Mene. want you to ahead? We'll question. take last one Viktor,

Viktor Sundberg

sure. Yes,

on being just health get the CAGR these secondly, amount insurance China, consensus on future growth base And in this? of from reimbursement XXXX. And a to defrauded a the said Where have fraud individuals estimates payments feel that as compared So that perhaps just extent see of indicate case, level, is bit a shy do growth? the you consensus bit see for for you could more you you to I a double-digit your little conservative growth. until double-digit guess, looks your then XXXX.

Pascal Soriot

involved over Leon, Viktor. of want cover you mean you, money amount X to do I extremely the questions. Thanks, to is this? small. Leon,

Leon Wang

Yes.

the I -- think very, very fraud, the amount is it question, first think is I small. the

I is think the other I number and the not. it's indication think of also people the very one is reimbursement And for involved approved limited. -- and really also indication

the some -- I also think very, So small. and it's asking very are patients

way. I let's go this So think right? minimal,

it's very, as small. we So ongoing. know investigation very far we still But the don't because is know, is as amount

the is it the China So second question, growth? about

Pascal Soriot

think. I

Leon Wang

Okay.

we think many past years. I in like investing said, have quite Pascal So been China in the

China So also been of many price -- are And on growing consistently. already, and this a the and for but that's lot NRDL material quite then products. number facing rounds why VBP more with tender VBP batch many, we we policy loss X cuts quite have we products new quite now of and negotiation

is is up patent in cliff it So China. -- there

-- approved and successfully of participation even AstraZeneca think many of China the new indication and I and So investment or into have -- simultaneous launches quite in China lots locally, past in ahead the globally approval of and new offset gap. a trial global clinical product close products global studies actually actually years by

-- products, products fast. make new but very our to need accelerating still new So we on approving efforts

next a double-digit X. the is single-digit need China attention quarter China, And historical in growth, growth. in for achieving more we is especially is actually, So X to outside years, actually good pay CAGR the actually

lot So of medical actually, market outside China has a needs.

next together. So X grow will then growth double-digit more in putting and they the years,

outside offset slower So China's growth. China

X a in like years. more are growth we single-digit next So high the

Pascal Soriot

of there to it for reimburse And China was reimbursed It in mutation but line. today, it's TXXXM be in Viktor, for months TXXXM mutation, course, first mGFR when dates of because back on past. was on the growth. time of was very to medical there question who line, And was product about a first this issue when it many was, in a in something the try just were clear, is the limited could so may some and handful have misunderstood the representatives incentive to cases, an mGFR company. have may your I small been they requalify total patients It very Shenzhen benefit. and But

so did, if quickly, it. you we can repeating question I So mind your address

Viktor Sundberg

Yes. Yes, total sorry. Yes, AstraZeneca. it was on for revenue growth the

just use I the bit So double-digit when of double-digit you year little that there if a when growth base And shy that XXXX. I calculate said CAGR a XXXX growth. look growth the at you until out is looked

where a future than there's anywhere just bit wonder consensus more for So your growth. conservative I estimate if is

Pascal Soriot

is our that repeat double to ambition CAGR by only in starting our 'XX. can I and digit low forecast as XXXX, a until Well, grow

talked I as quite new the comment to launch that have cannot of on have today, repeat -- a only consensus. definitely guided quite what and indications products we I we this can And will a So number about number new to. of we growth. support

Pascal Soriot

That me into maybe meeting good to link a actually bringing gives this close. a

just pipeline positive your year and how First from last all of viewpoint will all III clinical year. a come your And and we've this into all, much next secondly, launches reminding great you Phase year this questions. and everybody thanking interest for delivered trials

there's -- to So come, about. as talked and we've more

we us patent the in to on patent add. told achievement year enormous there's working now limited pipeline, and carry what XXXX. looking continue that last the So are we And post-'XX. we We've exposure, have exposure, at expiry all growth we'll we way you can

improvement next not ambition. So high-growth to only our is continue we to XXXX. X, operating our drive company post years, we also importantly, in the X but an be margin really X over a This

wish you a you thank of much, I rest this, and good day. the with so So

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