AstraZeneca PLC (AZN) 2024 Q2 法說會逐字稿

Good morning to those joining from the UK and US. Good afternoon to those in Central Europe, good evening to those listening in Asia. Welcome to AstraZeneca's half year and Q2 results 2024 webinar for investors and analysts.

來自英國和美國的與會者早安。中歐聽眾下午好，亞洲聽眾晚上好。歡迎參加阿斯特捷利康為投資者和分析師舉辦的 2024 年半年和第二季業績網路研討會。

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.

在我移交給阿斯特捷利康之前，我想閱讀安全港聲明。該公司打算利用 1995 年美國私人證券訴訟改革法案的安全港條款。

Although we believe our expectations are based on reasonable assumptions, by their very nature, forward-looking statements involve risks and uncertainties and may be influenced by factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements.

儘管我們相信我們的預期是基於合理的假設，但就其本質而言，前瞻性陳述涉及風險和不確定性，並且可能受到可能導致實際結果與這些前瞻性陳述明示或暗示的結果存在重大差異的因素的影響。

Any forward-looking statements made on this call reflect the knowledge and information available at the time of this call. The company undertakes no obligation to update forward-looking statements. Please also carefully review the forward-looking statements disclaimer in the slide deck that accompanies this presentation. (Operator Instructions)

本次電話會議中所做的任何前瞻性陳述均反映了本次電話會議時可獲得的知識和資訊。該公司不承擔更新前瞻性陳述的義務。請同時仔細閱讀本簡報附帶的幻燈片中的前瞻性聲明免責聲明。 （操作員說明）

And with that, I would now like to hand the conference over to the company.

至此，我現在想將會議交給公司。

A warm welcome to AstraZeneca's half-year and second-quarter 2024 presentation conference call and webcast for investors and analysts. I'm Andy Barnett, head of Investor Relations. And before I hand over to Pascal and other members of our executive team, I would like to cover some important housekeeping points. Firstly, all the materials presented today as additional and additional resources including updated epidemiology tables and our recent Investor Day materials are available on our Investor Relations website.

熱烈歡迎阿斯特捷利康為投資者和分析師舉辦的 2024 年半年和第二季度演示電話會議和網路廣播。我是安迪‧巴尼特，投資人關係主管。在我向帕斯卡和我們執行團隊的其他成員移交之前，我想先介紹一些重要的內務要點。首先，今天作為額外資源提供的所有資料，包括更新的流行病學表和我們最近的投資者日資料，均可在我們的投資者關係網站上取得。

This slide contains our safe harbor statement, which I'd encourage you to take time to read. We will be making comments on our performance using constant exchange rates, or CER, core financial numbers, and other non-GAAP measures. A non-GAAP to GAAP reconciliation is contained within the results announcement and all numbers quoted are in millions of US dollars unless otherwise stated.

這張投影片包含我們的安全港聲明，我鼓勵您花時間閱讀該聲明。我們將使用固定匯率（CER）、核心財務數據和其他非公認會計原則衡量標準來評估我們的績效。業績公告中包含非公認會計原則與公認會計原則的調節，除非另有說明，所有引用的數字均以百萬美元為單位。

This slide shows the agenda for today's call. And following our prepared remarks, we'll open the line for questions. We will try and address as many questions as we can during the allotted time, although I did ask the participants to limit the number of questions you ask to allow others a fair chance to participate in the Q&A.

這張投影片顯示了今天電話會議的議程。在我們準備好的發言之後，我們將開通提問熱線。我們將嘗試在規定的時間內解決盡可能多的問題，儘管我確實要求參與者限制提出的問題數量，以便其他人有公平的機會參與問答。

And with that, Pascal, I'll hand the floor over to you.

接下來，帕斯卡，我將把發言權交給你。

Thank you very much, Andy. Good morning, good afternoon, good evening, everybody. In the first half of the year, total revenue grew by 18%, driven predominantly by strong underlying demand for our medicines across key therapy areas and geographies. We recorded a record second quarter with almost $13 billion of revenue.

非常感謝你，安迪。大家早安，下午好，晚上好。今年上半年，總收入成長了 18%，這主要是由關鍵治療領域和地區對我們藥品的強勁潛在需求所推動的。我們第二季的營收創歷史新高，接近 130 億美元。

Core operating profit increased to $8.4 billion, while core EPS increased 5% to $4.03. On both measures, it is important to recall that in the first half of 2023, the company benefited from onetime -- other core operating income totaling $1.1 billion. Adjusting for other operating income, growth in core operating profit and core EPS in the first half would have been higher. And this shows that we continue to work on leverage with faster operating margin growth and revenue.

核心營業利潤增至 84 億美元，核心每股收益成長 5% 至 4.03 美元。就這兩個指標而言，重要的是要記住，2023 年上半年，該公司受益於總計 11 億美元的其他核心營業收入。調整其他營業收入後，上半年核心營業利潤和核心每股盈餘的成長將會更高。這顯示我們持續努力提高槓桿率，實現更快的營業利潤率和收入成長。

With the strength of our underlying business, I'm pleased to announce we've upgraded our full year guidance. We now expect both total revenue and core EPS to increase by mid-teens percentages. It is a strong upgrade. They rely on our underlying -- the underlying strength of our business. Collaborative revenue, as you've not probably noted, are not growing. Aradhana will provide you with additional detail shortly in our prepared remarks. Please move to the next slide.

憑藉我們基礎業務的實力，我很高興地宣布我們升級了全年指導。我們現在預計總收入和核心每股盈餘都將成長百分之十左右。這是一次強而有力的升級。他們依賴我們的基礎——我們業務的基礎實力。正如您可能沒有註意到的那樣，協作收入並沒有成長。 Aradhana 很快就會在我們準備好的評論中為您提供更多詳細資訊。請移至下一張投影片。

Taking a closer look at our total revenue performance in the first half, we continued to benefit from our diverse broad-based business. We delivered double-digit growth in the US, in Europe, in emerging markets, ex-China, and in China, we delivered a growth of 15%, nearly 30% ex-China. Oncology biopharmaceuticals and rare disease all delivered double-digit growth in the first half of the year, supported by increasing demand for our leading medicines. Please move to the next slide.

仔細觀察我們上半年的總收入表現，我們繼續受益於多元化、廣泛的業務。我們在美國、歐洲、新興市場（中國除外）實現了兩位數成長，在中國實現了 15% 的成長，（中國除外）接近 30%。在我們主導的藥物需求不斷增長的支持下，腫瘤生物製藥和罕見疾病藥物在上半年均實現了兩位數成長。請移至下一張投影片。

We saw continued pipeline momentum in the first half of the year, delivering several potentially transformative Phase III trials readout and new approvals across our therapy areas. Since our Investor Day in May, we reported positive results for the Phase III NIAGARA trial of Imfinzi which marks an important step toward building our presence in bladder cancer.

今年上半年，我們看到了持續的研發勢頭，在我們的治療領域提供了多項潛在變革性的 III 期試驗結果和新的批准。自 5 月的投資者日以來，我們報告了 Imfinzi 的 III 期 NIAGARA 試驗的積極結果，這標誌著我們在膀胱癌領域邁出了重要一步。

We received FDA approval for Imfinzi in endometrial cancer based on the DUO trial, and we received breakthrough designation for ADRIATIC in limited stage cell lung cancer -- small cell lung cancer. Additionally, breakthrough designations were granted for Tezspire in COPD, following the encouraging results from the Phase IIb course trial and enibroparatide in high-property design with Phase III results expected in the first half of next year.

基於 DUO 試驗，我們的 Imfinzi 治療子宮內膜癌獲得 FDA 批准，ADRIATIC 治療有限期細胞肺癌（小細胞肺癌）獲得突破性指定。此外，繼IIb 期試驗取得令人鼓舞的結果以及高性能設計的enibroparatide 取得令人鼓舞的結果之後，Tezspire 在慢性阻塞性肺病(COPD) 治療中獲得了突破性指定，預計明年上半年將獲得III期結果。

Taken together, the collection of Phase III readouts and new launches listed on this slide will support underlying momentum in the future growth potential of our business. With that, please advance to the next slide, and I will hand over to Aradhana, who will take you through our financials.

總而言之，這張投影片上列出的第三階段數據和新產品的集合將支持我們業務未來成長潛力的潛在動力。接下來，請轉到下一張投影片，我將把工作交給 Aradhana，他將帶您了解我們的財務狀況。

Thank you Pascal, and hello, everyone. Next slide, please. As usual, I will start with our reported P&L. As Pascal just highlighted, we have had a very strong start to the year with total revenue increasing 18%. This was driven largely by substantial product sales growth across the portfolio. Alliance revenue also increased by 50% in the first half, mainly driven by an increase in HER2 sales in regions where Daiichi Sankyo records revenue. Please turn to the next slide.

謝謝帕斯卡，大家好。請下一張投影片。像往常一樣，我將從我們報告的損益表開始。正如 Pascal 剛才強調的那樣，我們今年開局非常強勁，總收入成長了 18%。這主要是由整個產品組合的產品銷售大幅成長所推動的。上半年聯盟收入也成長了 50%，主要是由於第一三共 (Daiichi Sankyo) 有收入的地區 HER2 銷量增加。請翻到下一張投影片。

This is our core P&L. In the first half, total revenue grew 18%, as I just mentioned, and our core product sales gross margin was 82.4%. We've previously said that we anticipate a slightly lower core product sales gross margin for the full year versus 2023, and we expect downward pressure in the second half driven by the usual seasonal impact of medicines such as FluMist, as well as increased before supply, which comes at a lower gross margin.

這是我們的核心損益。上半年，我剛剛提到了總收入成長了18%，我們的核心產品銷售毛利率是82.4%。我們先前曾表示，預計全年核心產品銷售毛利率將較 2023 年略有下降，並且預計下半年將面臨下行壓力，原因是 FluMist 等藥品通常的季節性影響，以及供應前的壓力增加，其毛利率較低。

In the first half, both SG&A and R&D costs increased 15%. We expect R&D expense for the full year to be towards the upper end of our indicated low 20s percentage range due to accelerated trials and the inclusion of expenses following closure of various business development transactions, including Gracell, Fusion and Amolyt.

上半年，SG&A 和研發成本均成長 15%。由於加速試驗以及包括 Gracell、Fusion 和 Amolyt 等各種業務開發交易結束後的費用，我們預計全年研發費用將接近我們所指出的 20% 百分比範圍的上限。

All operating profit in the first half increased by 7% despite a significant decline in other operating income. Recall that in the first half of 2023, other operating income was $1.1 billion related to the gains by the disposal of the US rights of Pulmicort Flexhaler and the amended before this agreement. Reflecting the aforementioned substantial decline in other operating income, core EPS grew 5% at CER to $4.03. Please turn to the next slide.

儘管其他營業收入大幅下降，但上半年所有營業利潤仍成長了7%。回想一下，2023年上半年，其他營業收入為11億美元，與出售Pulmicort Flexhaler的美國權利以及本協議之前修訂的收益相關。反映上述其他營業收入大幅下降的情況，以固定匯率計算的核心每股收益成長 5%，達到 4.03 美元。請翻到下一張投影片。

In the first half, net cash inflow from operations grew by around 15% to $700 million. Net debt increased by $3.8 billion to $26.3 billion, driven by the recent acquisitions, which created a total cash outflow of over $5 billion. We also made the final payment to the former shareholders of Acerta and paid the second interim dividend in the first quarter.

上半年，營運淨現金流入成長約15%，達7億美元。在近期收購的推動下，淨債務增加了 38 億美元，達到 263 億美元，導致總現金流出超過 50 億美元。我們也向 Acerta 的前股東支付了最後一筆款項，並支付了第一季第二次中期股利。

We continue to expect a roughly 50% increase in tangible CapEx in 2024 as we invest in both increased capacity and new capabilities. Tangible CapEx of $799 million in the first half included maintenance CapEx as well as investments in our new API facility in Ireland, a new inhaled manufacturing site in Qingdao, China, and our new cell therapy manufacturing site in Rockville, Maryland.

隨著我們對增加產能和新功能的投資，我們仍然預期 2024 年有形資本支出將增加約 50%。上半年的有形資本支出為 7.99 億美元，包括維護資本支出以及對愛爾蘭新 API 工廠、中國青島新吸入生產基地以及馬裡蘭州羅克維爾新細胞療法生產基地的投資。

In May, we announced plans to build a new end-to-end ADC manufacturing site in Singapore. As previously communicated, we anticipate deal payments related to past transactions to be in the same range as last year or at around $2 billion. Finally, our current net debt to adjusted EBITDA ratio is now at 1.8 times. Please move to the next slide.

5 月，我們宣布計劃在新加坡建立一個新的端到端 ADC 製造基地。正如之前所傳達的，我們預計與過去交易相關的交易付款將與去年持平，約 20 億美元。最後，我們目前的淨負債與調整後 EBITDA 的比率為 1.8 倍。請移至下一張投影片。

As you can see on this slide, strong performance of our leading medicines across key therapy areas supports our full year guidance upgrade. In the first half, eight of our medicines delivered total revenue above $1 billion. Next slide, please.

正如您在這張幻燈片中看到的，我們的領先藥物在關鍵治療領域的強勁表現支持了我們全年指導的升級。上半年，我們有八種藥品的總收入超過 10 億美元。請下一張投影片。

We now anticipate total revenue and core EPS to increase by a mid-teens percentage at constant exchange rates, up from our previous guidance of a low double-digit to low teens percentage. Importantly, this upgrade does not include any increase in collaboration revenue. Last year, we booked $594 million in collaboration revenue which reinforces this upgrade as entirely driven by an improvement in underlying performance from our product sales and alliance revenues.

我們現在預計，以固定匯率計算，總收入和核心每股收益將成長中位數百分比，高於我們先前指導的低兩位數百分比至低十幾位數百分比。重要的是，本次升級並不包括協作收入的任何增加。去年，我們預訂了 5.94 億美元的合作收入，這強化了這項升級，這完全是由我們產品銷售和聯盟收入的基礎績效改善所推動的。

Based on average June FX rates, we continue to anticipate a low single-digit adverse FX impact on total revenue and a mid-single-digit adverse impact on core EPS.

根據 6 月的平均匯率，我們繼續預期外匯對總收入的不利影響較低，為個位數，對核心每股盈餘的不利影響為中個位數。

With that, please advance to the next slide, and I will hand over to Dave, who will take you through our oncology performance.

接下來，請轉到下一張幻燈片，我將把時間交給戴夫，他將帶您了解我們的腫瘤學表演。

Thank you, Aradhana. Next slide, please. Oncology total revenues grew 22% to $10.4 billion in the first half, driven by strong demand for our key medicines and building on momentum gained from the first quarter. Tagrisso Global revenues grew 12% in the quarter, reflecting further global demand for ADAURA, initial launch uptake for FLAURA2 in some of our markets and continued expansion of treatment duration in the frontline setting.

謝謝你，阿拉達納。請下一張投影片。受對我們主要藥物的強勁需求以及第一季成長動能的推動，上半年腫瘤學總收入成長了 22%，達到 104 億美元。 Tagrisso 全球營收在本季度增長了 12%，反映出全球對 ADAURA 的進一步需求、FLAURA2 在我們的一些市場的首次推出以及一線治療持續時間的持續延長。

Calquence's total revenues increased 22% in the second quarter with sequential growth of 10%, driven by sustained BTK inhibitor leadership in frontline CLL and continued international expansion. Imfinzi total revenues grew 18%. As expected, growth was impacted by the 25% price reduction in Japan, and we anticipate a second mandatory price reduction of 11% in Japan, which reflects the shift from weight-based to fixed dosing to take effect from August. We continue to see strong demand for Imjudo in combination with Imfinzi in both liver and non-small cell lung cancers, demonstrating total revenue growth of 19% in the quarter. Lynparza remains the leading PARP inhibitor globally across all tumor types, delivering sales growth of 7%.

在 BTK 抑制劑在一線 CLL 領域的持續領先地位以及持續的國際擴張的推動下，Calquence 第二季度總收入增長 22%，環比增長 10%。 Imfinzi 總營收成長 18%。如預期，成長受到日本降價 25% 的影響，我們預計日本將第二次強制降價 11%，這反映出從 8 月起生效的從基於體重到固定劑量的轉變。我們繼續看到對 Imjudo 與 Imfinzi 聯合治療肝癌和非小細胞肺癌的強勁需求，顯示本季總收入成長 19%。 Lynparza 仍然是全球所有腫瘤類型中領先的 PARP 抑制劑，銷售額成長 7%。

On in HER2, total revenues increased 49% in the second quarter with sustained market share leadership in second-line HER2-positive breast cancer. We also received positive feedback from the medical community following the presentation of DESTINY-Breast06 data last month, which we believe support continued expansion in HER2 low.

在 HER2 方面，第二季總收入成長了 49%，在二線 HER2 陽性乳癌領域保持市佔率領先地位。上個月發布 DESTINY-Breast06 數據後，我們也收到了醫學界的正面回饋，我們相信這些數據支持 HER2 low 的持續擴張。

Following in HER2's tumor-agnostic approval in April, we saw encouragingly early launch signals in the quarter with 13 NCCN guidelines updated and a rapid increase in physician awareness. Taken together, we expect to see a return to sequential growth into the third quarter for HER2.

繼 4 月 HER2 獲得腫瘤無關批准後，我們在本季度看到了令人鼓舞的早期發布訊號，更新了 13 項 NCCN 指南，並且醫生意識迅速提高。總而言之，我們預計 HER2 將在第三季恢復環比成長。

Finally, our recently launched novel AKT inhibitor, Truqap, delivered $92 million in the second quarter for total revenues, reflecting strong adoption in the biomarker altered population. Looking ahead, we're pleased with the US approval of DOE expanding Imfinzi into the endometrial setting.

最後，我們最近推出的新型 AKT 抑制劑 Truqap 在第二季度實現了 9,200 萬美元的總收入，反映出生物標記改變人群的廣泛採用。展望未來，我們對美國能源部批准將 Imfinzi 擴展到子宮內膜環境感到高興。

Additionally, we look forward to bringing the benefit of FLAURA2 to more patients globally following approvals in Europe, Japan and China and further cementing Tagrisso as a backbone standard of care in EGFR-mutated non-small cell lung cancer. And finally, the recent approval of CAPItello-291 in Europe will help to build additional launch momentum for Truqap.

此外，我們期待在歐洲、日本和中國獲得批准後，為全球更多患者帶來 FLAURA2 的益處，並進一步鞏固 Tagrisso 作為 EGFR 突變非小細胞肺癌治療的骨幹標準。最後，CAPItello-291 最近在歐洲獲得批准將有助於為 Truqap 建立額外的上市動力。

With that, please advance to the next slide, and I'll hand over to Susan to cover key R&D highlights from the quarter.

接下來，請前往下一張投影片，我將由 Susan 介紹本季的主要研發亮點。

Thank you, Dave. Over the past quarter, we've presented several practice-changing data sets. At ASCO, we had two back-to-back plenary sessions for LAURA and ADRIATIC, demonstrating our leadership in early stage lung cancer. The strength of these data were reinforced by the inclusion of LAURA as a Category 1 recommendation in the NCCN guidelines within 12 days of data presentation and its acceptance for priority review in the United States.

謝謝你，戴夫。在過去的季度中，我們提出了幾個改變實踐的資料集。在 ASCO，我們為 LAURA 和 ADRIATIC 連續舉行了兩次全體會議，展示了我們在早期肺癌領域的領導地位。在數據提交後 12 天內，將 LAURA 作為 1 類推薦納入 NCCN 指南，並在美國接受優先審查，這些數據的強度得到了加強。

We also presented the data for DESTINY-Breast06 in a special oral session at ASCO. DESTINY-Breast06 is the first Phase III trial of a HER2-directed therapy or an antibody drug conjugate to show benefit across both the HER2 low and HER2 ultra-low breast cancer population. And this data set represents the opportunity both for more patients to receive on HER2 and for them to receive it earlier prior to chemotherapy. Finally, at EHA, we shared the results from Echo, extending the reach of Calquence earlier into mantle cell lymphoma.

我們也在 ASCO 的特別口頭會議上展示了 DESTINY-Breast06 的數據。 DESTINY-Breast06 是第一個針對 HER2 的療法或抗體藥物偶聯物的 III 期試驗，顯示出對 HER2 低和 HER2 超低乳癌族群的益處。此資料集代表了更多患者接受 HER2 治療以及在化療前更早接受治療的機會。最後，在 EHA，我們分享了 Echo 的結果，將 Calquence 的治療範圍更早擴展到了套細胞淋巴瘤。

These data show that Calquence in addition to standard of care chemo immunotherapy improved progression-free survival and had an early trend for improved overall survival, the first BTK inhibitor to show an overall survival trend in this setting.

這些數據表明，除了標準護理化療免疫療法外，Calquence 還改善了無進展生存期，並具有改善總生存期的早期趨勢，這是第一個在這種情況下顯示出總生存期趨勢的BTK 抑制劑。

The positive high-level results from Niagara are trial for Imfinzi plus chemotherapy, followed by Imfinzi maintenance in the muscle invasive bladder cancer setting, signals our potential expansion into bladder cancers. There are approximately 120,000 patients with muscle-invasive bladder cancer globally. And even after cystectomy, patients still experience high rates of recurrence and a poor prognosis.

Niagara 試驗 Imfinzi 合併化療，隨後在肌肉層浸潤性膀胱癌中進行 Imfinzi 維持治療，取得了積極的高水平結果，這表明我們有可能擴展到膀胱癌。全球約有 12 萬名肌肉浸潤性膀胱癌患者。即使在膀胱切除術後，患者的復發率仍然很高，預後也很差。

This makes the positive event-free survival and overall survival results from Niagara incredibly important, and we look forward to sharing these data at an upcoming congress. Beyond Niagra, our broader program targets all stages of bladder cancer as we look to redefine the outcomes for patients with this challenging disease.

這使得尼亞加拉的積極無事件生存和整體生存結果變得異常重要，我們期待在即將召開的大會上分享這些數據。除了 Niagra 之外，我們更廣泛的計劃還針對膀胱癌的所有階段，因為我們希望重新定義患有這種具有挑戰性的疾病的患者的結果。

And with that, please advance to the next slide, and I'll pass over to Ruud to cover biopharmaceuticals performance.

接下來，請轉到下一張投影片，我將由 Ruud 介紹生物製藥的業績。

Thank you so much, Susan. Next slide, please. Our biopharmaceuticals medicines delivered total revenue of $10.4 billion in the first half of 2024, representing growth of 17%. Total revenue growth for both CVRM and R&I was 22%, and we were very pleased to see Farxiga had $1 billion of revenue versus the first half of 2023, further strengthening our franchise in cardiorenal diseases.

非常感謝你，蘇珊。請下一張投影片。 2024年上半年，我們的生物製藥總收入達104億美元，成長17%。 CVRM 和 R&I 的總收入成長了 22%，我們很高興看到 Farxiga 的收入較 2023 年上半年達到 10 億美元，進一步加強了我們在心腎疾病領域的專營權。

In the second quarter, Farxiga delivered 49% growth in Europe and 38% growth in the emerging markets. We saw 16% growth in the US compared to prior year, though sequential growth was impacted by inventory movements following the launch of North line generic in the first quarter.

第二季度，Farxiga 在歐洲實現了 49% 的成長，在新興市場實現了 38% 的成長。儘管環比成長受到第一季推出 North line 仿製藥後庫存變動的影響，但我們看到美國市場與去年相比成長了 16%。

Following Wainua's approval in ATTR polyneuropathy at the end of 2023, we have seen encouraging launch uptake for this ultra-rare disease, which can be fatal if left untreated. New starts includes a mix of patients who are new to treatment, some who have switched from other medicines and some who are using Wainua as an add-on to their existing medication.

繼 Wainua 於 2023 年底批准 ATTR 多發性神經病治療後，我們看到這種極其罕見的疾病的上市應用令人鼓舞，如果不及時治療，這種疾病可能會致命。新的開始包括剛開始接受治療的患者、一些已經放棄其他藥物的患者以及一些正在使用 Wainua 作為現有藥物的附加藥物的患者。

In the second quarter, R&I was our fastest-growing therapy area, up 26%. We saw strong growth across the portfolio with global sales from the Tezspire alliance on track to achieve blockbuster status this year. Equally, Brezstri saw strong growth of 51% in the first six months, and like Tezspire is on track to achieve blockbuster status.

第二季度，R&I 是我們成長最快的治療領域，成長了 26%。我們看到整個產品組合的強勁成長，Tezspire 聯盟的全球銷售額今年有望實現重磅炸彈地位。同樣，Brezstri 在前六個月實現了 51% 的強勁增長，與 Tezspire 一樣，也有望實現重磅炸彈的地位。

Finally, it has been another strong quarter for Symbicort in the United States and emerging markets. And Airsupra continues to see strong volume uptake following its launch at the start of the year. with revenues reflecting introductory discounts as access builds. Next slide, please.

最後，這是 Symbicort 在美國和新興市場的另一個強勁季度。自今年年初推出以來，Airsupra 的銷量持續強勁。隨著准入的增加，收入反映了介紹性折扣。請下一張投影片。

I will now hand over to Sharon to discuss the latest developments from the biopharmaceutical pipeline.

現在我將請 Sharon 討論生物製藥管道的最新進展。

Thank you, Ruud. We have had several exciting data presentations in the first half across our biopharmaceuticals R&D portfolio. In the second quarter, we presented two key data sets from our CVRM portfolio that support our confidence in their multi-blockbuster potential. At EAS, we presented the Phase I data for AZD0780, our oral PCSK9 inhibitor for hyperlipidemia.

謝謝你，路德。上半年，我們在生物製藥研發組合中進行了許多令人興奮的數據展示。在第二季度，我們展示了 CVRM 產品組合中的兩個關鍵數據集，這些數據集支持了我們對其多重重磅炸彈潛力的信心。在 EAS 上，我們展示了 AZD0780 的 I 期數據，AZD0780 是我們用於治療高血脂症的口服 PCSK9 抑制劑。

In this trial, AZD0780 delivered a statistically significant LDL-C reduction of 52% on top of standard-of-care statin resulting in a 78% reduction from baseline. This efficacy, combined with the excellent bioavailability of the compound means that we can dose once daily with no food effect or need for fasting. Nearly 70% of patients with cardiovascular disease are not meeting their guideline-directed LDL-C target despite high-intensity statin use. This potential best-in-class profile may offer patients a convenient option to achieve LDL-C targets. We are now moving at pace with AZD0780 into the next stage of development with a Phase IIb trial ongoing and data expected in the first half of 2025.

在這項試驗中，AZD0780 在標準治療他汀類藥物的基礎上使 LDL-C 降低了 52%，具有統計學意義，較基線降低了 78%。這種功效與該化合物出色的生物利用度相結合，意味著我們可以每天服用一次，而不會受到食物影響，也無需禁食。儘管高強度使用他汀類藥物，但近 70% 的心血管疾病患者仍未達到指引指引的 LDL-C 目標。這種潛在的同類最佳特徵可能為患者提供實現 LDL-C 目標的便捷選擇。我們現在正與 AZD0780 一起進入下一階段的開發，IIb 期試驗正在進行中，預計將於 2025 年上半年獲得數據。

In May, we presented data from the Phase IIb MIRACLE trial of balcinrenone with dapagliflozin for heart failure and CKD. This is one of three novel combinations we are developing that leverage dapagliflozin as a foundational treatment. The combination offers the benefit of SGLT2 therapy and leverages the unique mechanism of action and selectivity profile of balcinrenone, an MR modulator that has been shown to retain the organ protective effects of MR antagonists without increasing hyperkalemia.

5 月，我們公佈了 balcinrenone 與 dapagliflozin 治療心臟衰竭和 CKD 的 IIb 期 MIRACLE 試驗的數據。這是我們正在開發的三種新型組合之一，利用達格列淨作為基礎治療。該組合提供了SGLT2 療法的優勢，並利用了balcinrenone 的獨特作用機制和選擇性特徵，balcinrenone 是一種MR 調節劑，已被證明可以保留MR 拮抗劑的器官保護作用，而不增加高鉀血症。

The MIRACLE trial showed this combination resulted in a numerical decrease in UACR compared to dapagliflozin alone. And importantly, did not increase hyperkalemia at the doses selected for Phase III. These data inform the ongoing Balance HF Phase III trial in heart failure patients with kidney disease. Currently, only 25% of patients with heart failure and CKD, Stage 2b or an MR antagonist as standard of care due to the risk of hyperkalemia. By combining balcinrenone and dapagliflozin, we aim to deliver an innovative mechanism to treat a broader population with heart failure and CKD.

MIRACLE 試驗表明，與單獨使用達格列淨相比，這種組合導致 UACR 數值降低。重要的是，在 III 期選擇的劑量下，並沒有增加高血鉀症。這些數據為正在進行的針對患有腎臟疾病的心臟衰竭患者進行的 Balance HF III 期試驗提供了資訊。目前，由於高血鉀的風險，只有 25% 的心臟衰竭合併 CKD、2b 期或 MR 拮抗劑的患者作為標準治療。透過結合 balcinrenone 和 dapagliflozin，我們的目標是提供一種創新機制來治療更廣泛的心臟衰竭和 CKD 族群。

Let's move to the next slide, and I will now hand over to Marc, who will cover our rare disease portfolio.

讓我們轉到下一張投影片，我現在將把時間交給 Marc，他將介紹我們的罕見疾病組合。

Thank you, Sharon. Can we go to the next slide, please? Rare disease grew 15% to $4.2 billion in the first half, driven by growth in neurology indications, increased patient demand and continued global expansion. As per the previous quarter, the growth rate at CER includes a small benefit from countries with high inflation. In the second quarter, Ultomiris revenue grew 36% with the vast majority of growth coming from neurology indications, generalized myasthenia gravis and NMOSD.

謝謝你，莎倫。我們可以轉到下一張投影片嗎？受神經學適應症成長、患者需求增加和全球持續擴張的推動，罕見疾病上半年成長 15%，達到 42 億美元。與上一季相比，固定匯率的成長率包括高通膨國家帶來的小額收益。第二季度，Ultomiris 營收成長了 36%，其中絕大多數成長來自神經學適應症、全身重症肌無力和 NMOSD。

In PNH, we achieved over 80% conversion to Ultomiris across major markets. and the recent launch of VOYAGER is progressing well, providing benefits for the PNH patients who experienced clinically significant extravascular hemolysis. Beyond complement, Strensiq and Koselugo grew 14% and 45%, respectively, driven by continued patient demand and new launches. Please advance to the next slide.

在 PNH，我們在主要市場上實現了超過 80% 的 Ultomiris 轉換率。最近推出的 VOYAGER 進展順利，為經歷臨床顯著血管外溶血的 PNH 患者帶來益處。除了補充之外，在持續的患者需求和新產品上市的推動下，Strensiq 和 Koselugo 分別成長了 14% 和 45%。請前進到下一張幻燈片。

In July, we closed our acquisition of Amolyt Pharma, which expands our rare endocrinology portfolio with the addition of eneboparatide, currently in Phase III for patients with hypoparathyroidism. Hypoparathyroidism is characterized by the deficiency in paratoid hormone production, which results in significant disregulation of calcium and phosphate. This can lead to life-altering symptoms and potentially chronic kidney disease. Hypoparathyroidism most commonly occurs post next surgery, often related to thyroid disease.

7 月，我們完成了對 Amolyt Pharma 的收購，該公司增加了目前處於治療甲狀旁腺功能減退症患者的 III 期臨床試驗的 enboparatide，從而擴大了我們的罕見內分泌產品組合。副甲狀腺功能減退症的特徵是副甲狀腺素產生不足，導致鈣和磷酸鹽的顯著失調。這可能會導致改變生活的症狀和潛在的慢性腎臟疾病。副甲狀腺功能低下症最常見於下次手術後，通常與甲狀腺疾病有關。

Many of these patients are women and over half of the patient with hypoparathyroidism are pre or post menopausal women who are at greater risk of osteoporosis. It is one of the largest known rare disease with over 250,000 patients across the US, EU and Japan.

這些患者中許多是女性，超過一半的副甲狀腺功能減退症患者是停經前或停經後的女性，她們罹患骨質疏鬆症的風險更大。它是已知最大的罕見疾病之一，在美國、歐盟和日本有超過 25 萬名患者。

Clinical priorities for hypoparathyroidism include a normalization of serum and urine calcium level, a reduction of dependence on delicalcium, and vitamin D supplement as well as restoring normal bone turnover and preserving bone mineral density. In May 2024, eneboparatide received fast track designation from the FDA, reflecting the seriousness of the disease and the potential for eneboparatide to address the urgent unmet need.

副甲狀腺功能低下症的臨床重點包括血清和尿鈣水平正常化、減少對鈣的依賴、補充維生素 D 以及恢復正常骨轉換和維持骨礦物質密度。 2024年5月，eneboparatide獲得FDA的快速通道指定，反映了疾病的嚴重性以及eneboparatide解決緊迫的未滿足需求的潛力。

We anticipate data from the Phase III CALYPSO trial in the first half of 2025. And as a reminder, we expect eneboparatide to be a blockbuster opportunity.

我們預計 III 期 CALYPSO 試驗的數據將於 2025 年上半年公佈。

Advance to the next slide, and I will hand back to Pascal for closing remarks.

轉到下一張投影片，我將交回帕斯卡進行結束語。

Thank you, Marc. Next slide, please. At our recent Investor Day, we outlined a new ambition for our company to deliver $80 billion in total revenue by 2030. While this target is ambition -- ambitious, it is risk-adjusted, meaning we did not assume all of our programs would be successful.

謝謝你，馬克。請下一張投影片。在最近的投資者日上，我們概述了公司的新目標，即到2030 年實現800 億美元的總收入。認為我們的所有計劃都會成功的。

Importantly, this ambition doesn't assume future M&A. We also reaffirmed our ambition to achieve a mid-30s percentage core operating margin by 2026, and we are on track to achieve this. Beyond 2026, we will target at least a mid-30s percentage core operating margin. Further progression there will depend on our pipeline and our portfolio evolution.

重要的是，這項雄心壯志並不假設未來會發生併購。我們也重申了到 2026 年核心營業利潤率達到 30% 左右的目標，並且我們正在實現這一目標。 2026 年之後，我們的目標是核心營業利益率至少達到 30% 左右。進一步的進展將取決於我們的產品線和產品組合的演變。

Finally, given our ongoing pipeline momentum, we upgraded our previous ambition, and we now expect to launch at least 20 -- 20 enemies by the end of the decade and are already well on our way. Next slide, please.

最後，鑑於我們持續不斷的研發勢頭，我們升級了先前的雄心，現在我們預計在本世紀末推出至少 20 - 20 個敵人，並且已經在順利進行中。請下一張投影片。

Illustrated on these slides are the medicines, compounds, and areas that we believe have peak revenue potential greater than $5 billion. Importantly, a large number of these are already on the market and the majority of those still in development are in registrational trials.

這些幻燈片上展示的是我們認為高峰收入潛力超過 50 億美元的藥物、化合物和領域。重要的是，其中大量已經上市，而大多數仍在開發中的產品正處於註冊試驗階段。

In addition, we believe that by 2030, we will have over 25 medicines delivering at least $1 billion in annual revenue, almost double the number of blockbusters today. Turn to the next slide, please.

此外，我們相信，到 2030 年，我們將有超過 25 種藥物帶來至少 10 億美元的年收入，幾乎是目前重磅藥物數量的兩倍。請翻到下一張投影片。

In the first half of the year, we delivered five positive Phase III trials and several important new approvals and launches. Looking ahead, we anticipate readouts from over 40 Phase III trials before the end of 2025, mainly for assets that we believe have greater than $5 billion peak revenue potential.

今年上半年，我們進行了五項積極的三期試驗以及多項重要的新藥批准和上市。展望未來，我們預計在 2025 年底前將公佈 40 多項 III 期試驗的數據，主要針對我們認為峰值收入潛力超過 50 億美元的資產。

Importantly, we will be sharing data later this year from multiple early-stage trials that support investment in potentially high-value disruptive technologies. This includes data for our bispecific antibodies and in-house antibody-drug conjugates as we seek to extend our lead in this important innovative areas of oncology, as well as emerging data for our portfolio of medicines to address weight management and we look forward to sharing data from our oral GLP1 -- GLP-1/glucagon and long-acting Amarin Phase I trials. These are a few of the important investments that will fuel growth in 2030 and beyond.

重要的是，我們將在今年稍後分享多個早期試驗的數據，這些試驗支持對潛在高價值顛覆性技術的投資。這包括我們的雙特異性抗體和內部抗體藥物偶聯物的數據，因為我們尋求擴大我們在腫瘤學這一重要創新領域的領先地位，以及我們用於解決體重管理的藥物組合的新數據，我們期待分享來自我們的口服 GLP1——GLP-1/胰高血糖素和長效 Amarin I 期試驗的數據。這些是推動 2030 年及以後成長的一些重要投資。

And as I've said before, by the end of 2025, it will be clear to investors that we are on track for the 2030 goal we've set ourselves. And of course, I realize on the assumption many of those trials, not necessarily all of them, but many will succeed.

正如我之前所說，到 2025 年底，投資者將清楚地看到，我們正在實現我們自己設定的 2030 年目標。當然，我意識到這些試驗中的許多（不一定是全部）的假設，但許多都會成功。

With that, please advance to the next slide, and we will go to the Q&A. (Event Instructions)

接下來，請前進到下一張投影片，我們將進入問答環節。 （活動須知）

(Operator Instructions) And with that, let's move to the first question, which is from Mark Purcell at Morgan Stanley. Over to you, Mark.

（操作員說明）接下來，讓我們討論第一個問題，這個問題由摩根士丹利的 Mark Purcell 提出。交給你了，馬克。

Two questions. Could you help us understand what you perceive the sustainability is of growth in the legacy products that did incredibly well in the second quarter? So I guess I'm talking Symbicort, Pulmicort, Crestor, Brilinta, Zoladex, and Forxiga. So that's a sort of a mix of different drivers there, but emerging market revenue growth was strong in all of these. And so hopefully, you could help us gain some perspective there.

兩個問題。您能否幫助我們了解您對第二季度表現出色的遺留產品成長的可持續性的看法？所以我想我說的是 Symbicort、Pulmicort、Crestor、Brilinta、Zoladex 和 Forxiga。因此，這是不同驅動因素的混合，但新興市場收入成長在所有這些因素中都很強勁。希望您能幫助我們獲得一些觀點。

And then secondly, a question for Susan. For Imfinzi in bladder cancer, obviously, you'll weigh on NIAGARA data. Can you help us understand the opportunity in the two other trials that I can read out in the next 12 months to focus that in NIPC but also the non-muscle-invasive bladder cancer trial, Protomatic, which looks very interesting.

其次，問蘇珊一個問題。顯然，對於 Imfinzi 治療膀胱癌的情況，您需要考慮 NIAGARA 的數據。您能否幫助我們了解另外兩項試驗的機會，我可以在接下來的 12 個月內宣讀這兩項試驗，重點關注 NIPC 以及非肌肉浸潤性膀胱癌試驗 Protomatic，該試驗看起來非常有趣。

Thank you, Mark. Two great questions, and I'll ask Susan to answer the second one, maybe let me try to address the first one, which really allows me to make maybe a broader comment on our upgraded guidance. You've seen our upgraded guidance for the whole year. I think it's important to keep in mind that in this upgraded guidance, we expect -- in the second half, we expect continued strength and the same momentum of growth in our core strategic products.

謝謝你，馬克。這是兩個很好的問題，我會請蘇珊回答第二個問題，也許讓我嘗試解決第一個問題，這確實讓我能夠對我們升級後的指南做出更廣泛的評論。您已經看到了我們升級後的全年指引。我認為重要的是要記住，在這項升級後的指引中，我們預計下半年我們的核心策略產品將繼續保持強勁勢頭並保持同樣的成長勢頭。

Many of our older products, we also expect to continue growing. There is an area of uncertainty around two products, Symbicort and Farxiga. Farxiga particularly in China because we -- I'm not yet sure of the timing of the VBP process. And Symbicort, Ruud could comment on this a little later if necessary. But in the US, in particular, there's some uncertainty around the durability of the ongoing -- the ongoing trend.

我們也期望我們的許多舊產品能夠繼續成長。 Symbicort 和 Farxiga 這兩種產品存在不確定性。 Farxiga 特別是在中國，因為我們——我還不確定 VBP 流程的時間表。如果有必要的話，Symbicort、Ruud 可以稍後對此發表評論。但特別是在美國，當前趨勢的持久性存在一些不確定性。

Now those uncertainties could resolve to the positive, in which case we would definitely have an upside versus what we expect today. But this is important to keep in mind that the core strategic products are very much on track in the second half, a good trend, and the area of uncertainty, which we've reflected in our guidance for the year, mostly related to those two products, Symbicort and Farxiga. With this, Susan?

現在，這些不確定性可能會轉化為積極的一面，在這種情況下，與我們今天的預期相比，我們肯定會有上行空間。但重要的是要記住，核心策略產品在下半年非常步入正軌，這是一個良好的趨勢，而不確定性領域，我們已經在今年的指導中反映出來，主要與這兩個相關產品，Symbicort和Farxiga。有了這個，蘇珊？

Yeah. Thank you. So I appreciate the question, Mark. The opportunity for I-O in bladder cancer, I think, is actually significant. And we've obviously seen other trials that are positive, but I'm excited by the NIAGARA data, not just because we've hit on EFS but OS. And I think this bodes well for the VOLGA study. Obviously, EV, enfortumab vedotin has shown activity both as monotherapy also exciting data in combination with pembro in the first line of bladder cancer. And I think the opportunity for that combination with durvalumab and with gefitinib in the VOLGA study in the perioperative setting is really exciting.

是的。謝謝。所以我很欣賞這個問題，馬克。我認為 I-O 在膀胱癌中的機會實際上是巨大的。顯然，我們已經看到了其他積極的試驗，但我對 NIAGARA 的數據感到興奮，不僅因為我們已經擊中了 EFS，還擊中了 OS。我認為這對 VOLGA 研究來說是個好兆頭。顯然，EV、enfortumab vedotin 作為單一療法也顯示出活性，而且與 pembro 聯合治療膀胱癌的一線治療也顯示出令人興奮的數據。我認為在圍手術期 VOLGA 研究中與 durvalumab 和吉非替尼聯合使用的機會確實令人興奮。

The non-muscle invasive bladder cancer is also a really important indication. And again, given the NIAGARA data, I think that has to increase the probability that there's a good opportunity there also for Imfinzi. So we're excited about all of this in totality coming together and seeing what the opportunity is to further improve on the outcomes of patients with bladder cancer at all stages of the disease.

非肌肉層浸潤性膀胱癌也是一個非常重要的適應症。再說一遍，鑑於 NIAGARA 的數據，我認為這必須增加 Imfinzi 也有良好機會的可能性。因此，我們對所有這些綜合在一起感到興奮，並看到有哪些機會進一步改善膀胱癌患者在疾病各個階段的結果。

Thanks, Susan. Maybe, Dave, you could add some further insights on this indication and -- and then Ruud, if you want to comment on Symbicort in particular, I think Farxiga have covered it. But if there is anything you want to add on Symbicort, over to you, Dave.

謝謝，蘇珊。也許，Dave，你可以對這個適應症添加一些進一步的見解，然後 Ruud，如果你想特別評論 Symbicort，我認為 Farxiga 已經涵蓋了它。但如果您想在 Symbicort 上添加任何內容，就交給您了，Dave。

Thanks. So just, Mark, building off Susan's commentary on the studies and the unmet need and the opportunity. If we take a look at bladder cancer in aggregate. So NIAGARA, VOLGA together with POTOMAC, I think -- and obviously, we need to see positive study results. But this is a blockbuster plus opportunity in aggregate from these.

謝謝。馬克，以蘇珊對研究以及​​未滿足的需求和機會的評論為基礎。如果我們從整體來看膀胱癌。我認為尼亞加拉、伏爾加和波托馬克——顯然，我們需要看到積極的研究結果。但這是一個重磅炸彈，加上這些機會的總和。

And I think that NIAGARA, as Susan says, gives good reason to believe in Imfinzi within this bladder cancer setting. I'd also say that importantly, these are catalysts that are coming within the '24, '25 period in terms of the news flow. So we don't have to wait a long time to understand whether those opportunities will materialize or not. Ruud?

我認為，正如 Susan 所說，NIAGARA 提供了充分的理由在膀胱癌治療中相信 Imfinzi。我還想說，重要的是，就新聞流而言，這些是 24 世紀 25 年代期間出現的催化劑。因此，我們不必等待很長時間才能了解這些機會是否會實現。路德？

Yeah. Thank you, Dave. So three remarks regarding the Symbicort performance. So first of all, the brand remains doing very well, not only in the United States, as you have seen, but also in the emerging markets. Clearly, emerging markets, there's no reason to believe that that will slow down anytime soon. There's a lot of loyalty across the markets and the brands.

是的。謝謝你，戴夫。關於 Symbicort 效能的三點評論。首先，該品牌仍然表現出色，不僅在美國（如您所見），而且在新興市場也是如此。顯然，對於新興市場來說，沒有理由相信這個趨勢會很快放緩。整個市場和品牌都有很高的忠誠度。

United States is slightly more complex. We saw generic competition entering in the market in 2023. We have launched our own authorized generic some years ago. And equally -- and I think that's an important event. We have reduced our list price in the beginning of this year. And we -- as a result of all those 3 factors, we have seen a very substantial increase of the volumes, but also regarding our price. Whether that is sustainable, time will tell. But at least in the short term, we still hope that Symbicort will remain a very strong brand in the United States.

美國的情況稍微複雜一些。我們看到仿製藥競爭於 2023 年進入市場。同樣，我認為這是一個重要的事件。我們在今年年初降低了標價。由於所有這三個因素，我們看到銷量大幅增加，而且我們的價格也大幅增加。這是否可持續，時間會證明一切。但至少在短期內，我們仍然希望Symbicort在美國仍然是一個非常強大的品牌。

Thank you, Ruud. So as you can see, there is, of course, uncertainty on Farxiga and Symbicort. As I said before, if those uncertainties resolve positively over the next few months, then there is certainly upside. But for now, that's how we see the trend.

謝謝你，路德。正如您所看到的，Farxiga 和 Symbicort 當然存在不確定性。正如我之前所說，如果這些不確定性在未來幾個月內得到積極解決，那麼肯定會有上漲空間。但就目前而言，這就是我們對這趨勢的看法。

James Gordon, JPM. James, over to you.

詹姆斯·戈登，JPM。詹姆斯，交給你了。

Hello. James Gordon, J.P. Morgan. A question about collaboration revenues because I noticed within the guidance that it's no longer expected to increase this year. And I can see two elements that look that might have changed. So firstly, for PARP1 and a potential partnership, it looked like the previous guidance may be allowed for a contribution for that. But you've now started Phase III for prostate and breast, and you're doing that so low. So is that fair that you're now assuming that you are going to end up doing this product by itself?

你好。詹姆斯‧戈登，摩根大通。關於合作收入的問題，因為我在指導中註意到今年預計不再增加。我可以看到兩個元素看起來可能已經改變。因此，首先，對於 PARP1 和潛在的合作夥伴來說，先前的指導似乎可能會被允許為此做出貢獻。但你們現在已經開始了攝護腺和乳癌的第三階段，但進展卻很低。那麼，您現在假設您最終將自己開發這個產品，這公平嗎？

And how should we read that? Is that a lack of interest from external partners? Does that mean the asset doesn't look as exciting? Or are you still as excited about -- as a product even if it's just you doing it by yourself? And the other element, I think, could be that you could have got a milestone from Merck on Lynparza passing through a sales threshold.

我們該如何解讀它？這是外部合作夥伴缺乏興趣嗎？這是否意味著該資產看起來不那麼令人興奮？或者，即使只是您自己做，您仍然對產品感到興奮嗎？我認為另一個因素可能是默克在 Lynparza 上取得了突破銷售門檻的里程碑。

So is that right that that could be Lynparza getting just pushed out a year for hitting $3 billion? Or could it be that Lynparza is not stepping up? Because I don't think you gave a peak sales for Lynparza at the Investor Day. Is that because there's some other things to be weary of, like, for instance, the pattern might go in China at the end of this year? Or do you think it's just you get there but just a year later to get that milestone? Thanks.

那麼，Lynparza 可能因達到 30 億美元的銷售額而被推遲一年，對嗎？或者說 Lynparza 沒有採取行動？因為我不認為您在投資者日給出了 Lynparza 的銷售高峰。是因為還有其他一些事情需要擔心，例如今年年底中國可能會出現這種模式嗎？或者您認為只有一年後您才能實現這一里程碑？謝謝。

A couple of very quick comments, actually, James. Freat questions. But quick comments before I hand over to Susan in terms of our confidence in the PARP1, which is very strong. No question about it. And maybe Dave in term of Lynparza trend.

實際上，詹姆斯，我有一些非常簡短的評論。奇怪的問題。但在我將我們對 PARP1 的信心移交給 Susan 之前，請快速發表評論，這是非常強烈的。毫無疑問。也許戴夫（Dave）就林帕扎（Lynparza）趨勢而言。

Very quickly, Lynparza. In China, you really get impacted when you go VBP, not necessarily when you lose patent protection as you know very well. So I don't think that's really a factor. A general comment on collaboration revenue. It's not visible from the outside, of course, but I can tell you any deal we do, whether it's a licensing in or a partnership deal.

很快，林帕扎。在中國，當你採用 VBP 時，你確實會受到影響，而不一定是當你失去專利保護時，你很清楚。所以我認為這並不是一個真正的因素。對協作收入的一般評論。當然，從外部看不出來，但我可以告訴你我們所做的任何交易，無論是許可交易還是合作交易。

Typically, we work one year, sometimes two years on those deals before we conclude them. And the reason is basically, we want to make sure that we set up a partnership that is both strategically valuable and also creates value for our shareholders, but also is structured in a way that enables the partnership to be successful.

通常，我們會在完成這些交易之前工作一年，有時甚至兩年。原因基本上是，我們希望確保我們建立的合作關係既具有戰略價值，又能為我們的股東創造價值，而且其結構也能夠使合作夥伴關係取得成功。

We don't want really to get into partnership when we cannot operate successfully together with our partners and all our partnerships, quite frankly, are extremely successful. We have great relationship with our partners, whether it's Merck, whether it's Amgen, Daiichi Sankyo, And each time we really make a special effort to make sure that the whole thing is operationally structured. So this is going to be successful.

當我們無法與合作夥伴成功合作時，我們不想真正建立合作關係，坦白說，我們所有的合作關係都非常成功。我們與我們的合作夥伴有著良好的關係，無論是默克、安進、第一三共，每次我們都會付出特別的努力來確保整個事情的運作結構良好。所以這將會成功。

So the consequence of this is the timing of these partnerships is a little bit unpredictable. And so we don't guide specifically on the contents of the collaboration revenue line, just like we don't guide specifically on the individual product sales. But at this point in our guidance, we concluded the best is to assume a relatively stable collaboration revenue overall and things can always change, of course, as we go through the year. But that we thought was the best reflection of where we are at this point.

因此，這樣做的後果是這些合作關係的時機有點難以預測。因此，我們不會具體指導合作收入線的內容，就像我們不會具體指導單一產品銷售一樣。但在我們的指導中，我們得出的結論是，最好的方法是假設整體協作收入相對穩定，當然，隨著時間的推移，情況總是會改變。但我們認為這最好地反映了我們目前所處的情況。

Dave, do you want to cover the Lynparza specific question? And then Susan, you could talk about the confidence we have in the PARP1.

Dave，您想回答 Lynparza 的具體問題嗎？然後 Susan，您可以談談我們對 PARP1 的信心。

Sure. So I was pleased in the second quarter with Lynparza to see that sequentially, we saw 7% growth in Q2 versus Q1. And I think that -- what's important to note there is we know that in the US, in particular, we've seen some real negative class pressure, particularly as second-line label modifications were made just in terms of all of the class going through those elements.

當然。因此，我很高興看到 Lynparza 第二季連續第二季比第一季成長了 7%。我認為，值得注意的是，我們知道，特別是在美國，我們已經看到了一些真正的負面階級壓力，特別是當二線標籤修改是根據所有類別進行的時通過這些元素。

And so I think that in the US, Q1 marks the bottom of where we were and that you see sequential US growth coming into the quarter. And I think that's coming from strength that we're seeing on driving within breast cancer, continued strength in the areas of frontline ovarian cancer and I'm optimistic that we'll continue to see sequential growth in the US moving forward.

因此，我認為在美國，第一季標誌著我們所處位置的底部，並且您會看到美國在本季度連續增長。我認為這來自於我們在乳癌領域看到的強勁勢頭，以及一線卵巢癌領域的持續強勁勢頭，我樂觀地認為，我們將繼續看到美國的連續成長。

As we take a look at Europe and Japan, we also saw sequential growth in those regions. And I think that's really, really important as well. On Lynparza, international, for the quarter, there's some stocking dynamics in both Brazil. And within Russia, those happen to be our two largest international markets as we kind of take a look at Lynparza performance. But I'm optimistic that Lynparza has a good solid second half sequentially in front of us, and we continue to focus on our areas. And I look forward to driving DUO-E and the opportunities that we have to do that. And I think that that's my outlook for the medicine.

當我們觀察歐洲和日本時，我們也看到這些地區的連續成長。我認為這也非常非常重要。在 Lynparza 國際市場上，本季巴西和巴西都有一些庫存動態。在俄羅斯境內，這些恰好是我們最大的兩個國際市場，因為我們看看 Lynparza 的表現。但我對 Lynparza 的下半場表現持樂觀態度，我們將繼續專注於我們的領域。我期待著推動 DUO-E 以及我們必須這樣做的機會。我認為這就是我對醫學的看法。

Yes. Thank you. And just to add, I'm really very pleased with the development of sipavibart, first of all, because in terms of the discovery, it's come from our understanding of how we can improve on the great medicine that Lynparza is. And secondly, as the data maturing in both our PETRA and [PETRONA] trials, we have presented most recent updates earlier this year.

是的。謝謝。補充一點，我對 sipavibart 的開發感到非常滿意，首先，因為就這一發現而言，它來自於我們對如何改進 Lynparza 這一偉大藥物的理解。其次，隨著 PETRA 和 [PETRONA] 試驗數據的成熟，我們在今年稍早提供了最新的更新。

As the data mature, both the efficacy and safety data look really very encouraging to deliver on what we're hoping for from this medicine. And we do have a broad clinical development plan. You've got two trials that already posted, the EvaPAR-Prostate01 and the initial breast cancer study, but there's multiple other opportunities that are being developed. And I think there's going to be a great opportunity for this to be a very important medicine moving forward.

隨著數據的成熟，功效和安全性數據看起來都非常令人鼓舞，能夠實現我們對這種藥物的期望。我們確實有一個廣泛的臨床開發計劃。您已經發布了兩項試驗，即 EvaPAR-Prostate01 和最初的乳癌研究，但還有多個其他機會正在開發中。我認為這將是一個很好的機會，使其成為一種非常重要的藥物。

Thank you, Susan. So I think the key message here in the end is, it's very good to see that we are actually able to upgrade substantially the guidance whilst considering collaboration revenue will remain stable. So that really reflects a strong momentum in our core business, in particular, our core strategic products. But also our more traditional products in the emerging markets.

謝謝你，蘇珊。因此，我認為最終的關鍵訊息是，很高興看到我們實際上能夠大幅升級指南，同時考慮到協作收入將保持穩定。這確實反映了我們核心業務的強勁勢頭，特別是我們的核心策略產品。還有我們在新興市場上的較傳統的產品。

And as I said, uncertainty around Symbicort and Farxiga, those may resolve positively. We'll have to see over the next two to three months. And the collaboration revenue, of course, as always, like for products, there's always movements and noise in this total forecast, but could also vary around what we are forecasting today.

正如我所說，Symbicort 和 Farxiga 的不確定性可能會得到積極解決。我們必須在接下來的兩到三個月內拭目以待。當然，協作收入一如既往，就像產品一樣，整體預測中總是存在變動和噪音，但也可能與我們今天的預測不同。

Let's move to the next one, which is a question from Gonzalo Artiach, Danske. Gonzalo, over to you.

讓我們進入下一個問題，這是來自丹斯克銀行的貢薩洛·阿蒂亞赫 (Gonzalo Artiach) 的問題。貢薩洛，交給你了。

Hi. Gonzalo Artiach from Danske Bank. Thank you for taking my questions. I have a couple. The first one on Dato-DXd. Is there any detail you could provide us in terms of interactions with the idea head of the PDUFA meeting on TROPION-Lung01 potential approval, have you had any sign of a potential -- potential outcome meeting any detail here would be appreciated.

你好。丹斯克銀行的貢薩洛‧阿蒂亞赫 (Gonzalo Artiach)。感謝您回答我的問題。我有一對。 Dato-DXd 上的第一個。您是否可以向我們提供有關與 PDUFA 會議創意負責人就 TROPION-Lung01 潛在批准進行互動的任何細節？

And the second one on Truqap, the launch seems that it's going very good. And I was wondering if you have any hypothesis for it failing also in the biomarker population in the triple-negative cancer study? And if you have any pullbacks from your failed study here the approved indication?

Truqap 上的第二個專案的發布似乎進展順利。我想知道您是否有任何假設認為它在三陰性癌症研究的生物標記群體中也失敗了？如果您對失敗的研究有任何退縮，那麼批准的適應症是什麼？

Thank you, Gonzalo. Can I suggest, Susan, you covered that, but also Truqap from a sort of a scientific viewpoint. And Dave, you could say a few words about the trend we see in the market.

謝謝你，貢薩洛。我可以建議，蘇珊，你涵蓋了這一點，而且從某種科學的角度也涵蓋了 Truqap。戴夫，您可以談談我們在市場上看到的趨勢。

Thank you. So the TROPION-Lung01 filing remains under review. Discussions with the FDA are ongoing. And I don't have any new updates to share with you on this filing at the moment. The -- what I would say in terms of the second half of this year is that in congresses later this year, we will -- we've already announced the TL01 OS high-level results, but we'll share those data at an upcoming congress. And just as a note, we're also finalizing and making progress on the biomarker work for TL01. And again, I think we mentioned this before, but we'll also share updated data on the biomarker at a congress later this year.

謝謝。因此 TROPION-Lung01 的申請仍在審查中。與 FDA 的討論正在進行中。目前我沒有關於這份文件的任何新的更新可以與大家分享。關於今年下半年，我想說的是，在今年稍後的大會上，我們將——我們已經宣布了 TL01 作業系統的高級結果，但我們將在即將召開的大會上。需要說明的是，我們也正在敲定 TL01 的生物標記工作並取得進展。再說一次，我想我們之前提到過這一點，但我們還將在今年稍後的一次大會上分享生物標記物的最新數據。

In terms of Truqap, First of all, yes, it was disappointing that we didn't meet the primary end point for the data in the triple-negative breast cancer setting. But I think the data that we've already got with CAPItello-291 and what we're looking forward to for the CAPItello-281 trial in prostate cancer is looking at the interaction of AKT and endocrine signaling both in breast cancer and prostate cancer.

就 Truqap 而言，首先，是的，令人失望的是我們沒有達到三陰性乳癌數據的主要終點。但我認為我們已經透過 CAPtello-291 獲得的數據以及我們預期的 CAPtello-281 前列腺癌試驗的數據是研究 AKT 與內分泌訊號在乳腺癌和前列腺癌中的相互作用。

So in both settings, there's a kind of a reciprocal relationship between the endocrine signaling. So as ER is inhibited, you're signaling through the AKT pathway goes up and vice versa, and the same with the antigen receptor and AKT. So I think one of the things that gives us confidence in the CAPItello-281 indication, which is very significant, is the data that we've seen from the CAPItello-291 setting in the endocrine breast cancer setting.

因此，在這兩種情況下，內分泌訊號之間都存在著一種相互關係。因此，當 ER 受到抑制時，透過 AKT 途徑發出的訊號就會上升，反之亦然，抗原受體和 AKT 也是如此。因此，我認為讓我們對 CAPtello-281 適應症充滿信心的因素之一是我們從 CAPtello-291 在內分泌乳癌環境中看到的數據，這一點非常重要。

And again, what we also know is that in the [P10-O] group of prostate cancer, that's a group that has particularly poor prognosis and that's the group that we're focused on for CAPItello-291. So overall, I think we're very encouraged by the uptake that you've seen with the Truqap launch following the 291 results, and we look forward to seeing the full potential for this medicine as the other trials read out.

再說一次，我們還知道，在前列腺癌的 [P10-O] 組中，這是一個預後特別差的組，也是我們 CAPtello-291 重點關注的組別。因此，總的來說，我認為我們對 Truqap 在 291 個結果之後推出的採用感到非常鼓舞，並且我們期待著隨著其他試驗的結果看到這種藥物的全部潛力。

So just coming on to the performance. In short summary, the uptake has been strong. the adoption of biomarker testing has been also impressive. And I think that the tolerability profile for the medicine has been really well received. The uptake was very rapid in the prevalent population, which you see oftentimes with a late line approval, second line plus, like the one that we had.

那就來參加表演吧。簡而言之，人們的接受度非常高。生物標記測試的採用也令人印象深刻。我認為該藥物的耐受性非常受到好評。在流行人群中，這種藥物的吸收速度非常快，你經常會看到這種藥物的批准較晚，二線加，就像我們所擁有的那樣。

But very importantly, we see that the incident population, new starts is also strong, and that's going to be what allows us to continue to grow moving forward into the half. And just to reiterate on what Susan said, certainly is a near-term news flow. We look forward to the 281 data for CAPItello-281. Opportunity to, if positive, expand into prostate cancer, which is an important opportunity for this medicine.

但非常重要的是，我們看到事件數量、新的啟動也很強勁，這將是我們能夠繼續成長進入一半的原因。重申蘇珊所說的，這肯定是近期的新聞流。我們期待 CAPtello-281 的 281 數據。如果呈陽性，有機會擴展到前列腺癌，這對這種藥物來說是一個重要的機會。

Thanks, Susan and David. Let me just add that those antibody-drug conjugates are often called a smart chemo smart -- smart chemo. Smart had to be -- has to be targeted. Entirely it means you need a biomarker, and it's really good to see the progress we're making with the test that Susan was describing because that could really express substantial value for data and the use of its agent in lung cancer in particular, if we could put in place targeted treatment to get a strategy.

謝謝，蘇珊和大衛。讓我補充一點，這些抗體-藥物偶聯物通常被稱為智慧化療—智慧化療。聰明必須是－必須有針對性。完全這意味著你需要一種生物標誌物，很高興看到我們在蘇珊所描述的測試中取得的進展，因為這確實可以表達數據的巨大價值，特別是其藥物在肺癌中的應用，如果我們可以採取有針對性的治療以獲得策略。

Next question is Rajan Sharma at Goldman Sachs.

下一個問題是高盛的 Rajan Sharma。

So firstly, could you just maybe discuss potential implications to Wainua's cardio transform trial in ATTR-CM following some competitor data that we saw last month. Essentially, does that positive data for vitro increase your confidence in cardio transform? And can you just remind us on time lines for that trial? I think your partner talked about potentially seeing data in 2025. It'd be good to get your perspectives on that.

首先，您能否根據我們上個月看到的一些競爭對手數據，討論 ATTR-CM 中 Wainua 有氧運動改造試驗的潛在影響。從本質上講，體外的正面數據是否會增加您對有氧運動改造的信心？您能否提醒我們該審判的時間表？我認為您的合作夥伴談到了 2025 年可能會看到的數據。

And then secondly, just on automorous. Could you maybe just to the dynamics that you're seeing in myasthenia gravis. There's been a couple of your competitors who've also reported strong market growth in the setting this morning. So some color on source of patients for automorous and how you see this evolving on the forward will be helpful.

其次，關於自主性。您能否了解一下在重症肌無力中看到的動態？今天早上，您的一些競爭對手也報告了強勁的市場成長。因此，有關自律患者來源的一些資訊以及您如何看待這種情況的未來發展將會有所幫助。

Thank you very much, Rajan. Sharon, do you want to cover the first question?

非常感謝你，拉詹。 Sharon，你想回答第一個問題嗎？

Thank you for the question. It's a nice opportunity to draw attention to eplontersen which is currently in an ongoing study cardio transform to evaluate the efficacy of eplontersen in ATTR cardiomyopathy. As you mentioned, the HELIOS-B trial read out earlier this year, which we view as validation of the silencing mechanism to address ATTR amyloidosis, and we are continuing to progress our own cardio transform study together with our collaborators, Ionis. This is the largest ever study run for ATTR cardiomyopathy and is powered to be able to evaluate a number of subsets within the study.

感謝你的提問。這是一個引起人們對 eplontersen 關注的好機會，該公司目前正在進行一項心臟轉化研究，以評估 eplontersen 在 ATTR 心肌病變中的療效。正如您所提到的，今年早些時候公佈的HELIOS-B 試驗，我們認為這是對解決ATTR 澱粉樣變性的沉默機制的驗證，我們正在與我們的合作者Ionis 一起繼續推進我們自己的心臟轉化研究。這是有史以​​來規模最大的 ATTR 心肌病變研究，能夠評估該研究中的多個子集。

We want to be sure to give eplontersen the greatest chance to demonstrate its potential for these patients. And so with regards to the timing of trial readout, we are currently tracking toward our previously anticipated timelines and are actively in discussion with our collaborators. As we evaluate the data emerging from HELIOS-B at the upcoming ESC conference.

我們希望確保為 eplontersen 提供最大的機會來展示其對這些患者的潛力。因此，關於試驗讀出的時間，我們目前正在追蹤我們先前預期的時間表，並正在與我們的合作者積極討論。當我們在即將召開的 ESC 會議上評估 HELIOS-B 產生的資料時。

I would also remind you that we have additional reasons for optimism. In our polyneuropathy study and a planned subset analysis, we looked at readouts of cardiac structure and function for eplontersen and demonstrated a positive benefit within that set analysis.

我還要提醒您，我們還有其他樂觀的理由。在我們的多發性神經病變研究和計劃的子集分析中，我們觀察了 eplontersen 的心臟結構和功能讀數，並在該組分析中證明了其積極的益處。

So we look forward to the full readout of cardio transform.

因此，我們期待有氧運動轉換的完整讀數。

Thank you, Sharon. Marc, for Ultomiris?

謝謝你，莎倫。馬克，烏爾托米里斯？

From the beginning of 2023, the growth of the branded market in myasthenia gravis in the United States, but also around the world has been very dynamic. And this is accelerating with the arrival of new clinical options for patients. So we have mentioned in my prepared remarks that the growth of Ultomiris for the second quarter was -- is 36%. And I also said that predominantly, this growth came from myasthenia gravis and the launch in NMO in the United States.

從2023年開始，美國乃至全球重症肌無力品牌市場的成長一直非常活躍。隨著新的臨床選擇的出現，這種情況正在加速。因此，我們在我準備好的發言中提到，Ultomiris 第二季度的成長率是 36%。我還說過，這種成長主要來自重症肌無力和美國 NMO 的上市。

So we are continuing to have a very sustained growth on neurology indications, both of them. And obviously, that of myasthenia gravis together. We anticipate the growth rate of branded medicine in the myasthenia gravis to remain very solid and robust in the months and years to come with the arrival of many clinical options.

因此，我們在神經病學適應症方面繼續保持非常持續的成長。顯然，重症肌無力是一起的。我們預計，隨著許多臨床選擇的到來，重症肌無力品牌藥物的成長率在未來幾個月和幾年內將保持非常穩定和強勁。

Thank you very much, Marc. Next question is from Sachin Jain of Bank of America. Sachin, over to you.

非常感謝你，馬克。下一個問題來自美國銀行的 Sachin Jain。薩欽，交給你了。

Thanks for taking the question. Thanks for your questions. Just a couple on upcoming pipeline data. So one for Sharon and then one for Susan. So firstly, for Sharon on obesity, given the moves in the sector there's obviously a lot of focus ahead of you presenting days later in year. So I wonder if you could just comment first on Eccogene and remind us why you think it's best-in-class. And how would you think about data relative to the 6% weight loss we saw from Roche.

感謝您提出問題。感謝您的提問。只是一些即將發布的管道數據。一份給莎倫，一份給蘇珊。首先，對於沙龍的肥胖問題，考慮到該行業的動向，您在今年稍後的演講中顯然有很多焦點。所以我想知道您是否可以先對 Eccogene 發表評論並提醒我們為什麼您認為它是同類中最好的。您如何看待與我們從羅氏看到的 6% 體重減輕相關的數據。

And then on Amylin, I wonder if you could just touch on the commentary on mechanism around calcitonin potentially better safety relative to the Zealand data, which looks very tolerable.

然後關於胰淀素，我想知道您是否可以談談對降鈣素機制的評論，相對於新西蘭的數據，其潛在的安全性更好，這看起來非常可以忍受。

And then for Susan, just a follow-on on TL01. As we look today to (inaudible) lung, I wonder if you could comment on the importance of the non-squam subset being normally significant and where the FDA is focused there at all in your recent interactions. Thank you.

然後對於 Susan，只是 TL01 的後續版本。當我們今天關注（聽不清楚）肺部時，我想知道您是否可以評論非鱗狀亞群通常很重要的重要性，以及 FDA 在您最近的互動中重點關注的地方。謝謝。

So thank you, Sachin. Should we start with Dato and Tier 1, Susan?

謝謝你，薩欽。我們應該從拿督和一級開始嗎，蘇珊？

So obviously, the FDA are interested in seeing the OS data and following the readout that we shared the OS data with the FDA. And as I've said, we will share the OS data at an upcoming congress in the second half. So I think we can answer the questions once we share the data really on that point.

顯然，FDA 有興趣查看作業系統數據並關注我們與 FDA 共享作業系統數據的讀數。正如我所說，我們將在下半年即將召開的大會上分享作業系統資料。所以我認為，一旦我們真正分享了這方面的數據，我們就能回答這些問題。

Thank you, Susan. Sharon, obesity, two sub-questions. Sachin likes the sub questions. So one is Eccogene best-in-class; and the second is Amilyn and the safety profile and in particular the calcitonin dimension to this.

謝謝你，蘇珊。 Sharon，肥胖，兩個分問題。薩欽喜歡子問題。因此，Eccogene 是同類中最好的；第二個是 Amilyn 及其安全性，特別是降鈣素方面。

Yeah. Thank you, Sachin, for the questions. And thank you for the focus on our weight management portfolio. So your first question was about AZD5004 the molecule that we in-license from Eccogene and together are bringing forward with our collaborators at Eccogene.

是的。謝謝薩欽提出的問題。感謝您對我們體重管理產品組合的關注。所以你的第一個問題是關於 AZD5004，我們從 Eccogene 獲得了許可，並與我們在 Eccogene 的合作者一起提出。

So I'll remind everyone that this is an orally bioavailable GLP-1 receptor agonist that is suitable for once-daily dosing and has demonstrated a very positive PK/PD profile. We move forward into a Phase I study, which read out earlier this year. That was a highly controlled inpatient four-week study in monotherapy.

因此，我要提醒大家，這是一種口服生物可利用的 GLP-1 受體激動劑，適合每日一次給藥，並且已表現出非常積極的 PK/PD 特性。我們正在推進第一階段研究，該研究已於今年稍早公佈。這是一項高度對照的住院患者為期四週的單一療法研究。

And we look forward to sharing the full results of that study at a major medical conference later this year. That study, like all Phase Is, was designed to demonstrate safety and target engagement. We saw no red flags in that study, and we are encouraged to move forward with two Phase IIb studies, launching later this year, one in type 2 diabetes and one in obesity.

我們期待在今年稍後的一次重要醫學會議上分享該研究的全部結果。與所有第一階段一樣，該研究旨在證明安全性和目標參與。我們在這項研究中沒有看到任何危險信號，我們受到鼓勵繼續推進兩項 IIb 期研究，將於今年稍後啟動，一項針對第 2 型糖尿病，另一項針對肥胖。

I would note that 5004 is not our only focus in weight management and that we are exploring both incretin and non-incretin pathways. And you referred to this when you asked about our Amylin molecule. So AZD6234 is a long-acting Amylin agonist. And we, like others in the field are aware that balancing selectivity between Amylin and calcitonin is a really important feature for these molecules.

我要指出的是，5004 並不是我們體重管理的唯一重點，我們正在探索腸促胰島素和非腸促胰島素途徑。當您詢問我們的胰淀素分子時，您提到了這一點。因此AZD6234是一種長效Amylin激動劑。我們和該領域的其他人一樣都意識到，平衡胰淀素和降鈣素之間的選擇性對於這些分子來說是一個非常重要的特徵。

We know that Amylin itself promotes satiety and protects lean muscle mass, and we think that selectivity for Amylin over calcitonin offers a better tolerability profile. Now as a field, we're trying to understand how exactly to dial in that selectivity, but to date, the profile that we have generated with AZD6234 looks very positive. And we will be sharing updates on Phase I progress for AZD6234 as well as AZD9550, which is our dual GLP-1 glucagon agonist at an upcoming meeting.

我們知道胰淀素本身可以促進飽足感並保護肌肉質量，我們認為胰淀素相對於降鈣素的選擇性提供了更好的耐受性。現在，作為一個領域，我們正在嘗試了解如何準確地調節這種選擇性，但到目前為止，我們使用 AZD6234 生成的配置文件看起來非常積極。我們將在即將舉行的會議上分享 AZD6234 和 AZD9550（我們的雙 GLP-1 胰高血糖素激動劑）第一階段進展的最新資訊。

Thank you, Sharon. Next question is from Tim Anderson at Wolfe. Tim, over to you.

謝謝你，莎倫。下一個問題來自 Wolfe 的 Tim Anderson。提姆，交給你了。

Thank you. A couple of questions on Dato. You have a Phase III TROPION-Breast02 front-line triple-negative data coming out this year and it's on a similar time line of is Gilead Phase III ASCENT 3 trial. These are fairly similar in design. So that means we should be able to do reasonably like-for-like comparison of your drug to TRODELVY which will help test whether your drug is better as far often claims it is. So can you just frame out what you think we'll see and whether in side-by-side comparison, are we likely to conclude that your drug is better?

謝謝。關於拿督的幾個問題。今年將公佈 III 期 TROPION-Breast02 一線三陰性數據，它與吉利德 III 期 ASCENT 3 試驗的時間線相似。這些在設計上非常相似。因此，這意味著我們應該能夠對您的藥物與 TRODELVY 進行合理的同類比較，這將有助於測試您的藥物是否像人們經常聲稱的那樣更好。那麼，您能否列出您認為我們會看到的情況，以及透過並排比較，我們是否可能得出您的藥物更好的結論？

And then second question on emerging markets, notable because in aggregate, they are higher in sales than what your European sales are, and the growth is high. My question is on margins in emerging markets. You had, at one point, given some metrics on operating margins. How do those compare today? How margin dilutive are they going forward?

然後是關於新興市場的第二個問題，值得注意的是，總的來說，它們的銷售額高於歐洲的銷售額，而且成長速度很高。我的問題是關於新興市場的利潤率。您曾一度給了一些營業利潤率的指標。與今天相比如何？他們未來的利潤攤薄程度如何？

Thank you, Tim. Maybe a quick comment on the first one. We said before that the emerging markets, they're not uniform. It varies by subregion to subregion. But if you look at them in aggregate, you don't get there the level of operating margin you typically get in the US, of course, as we can -- as we can expect. But we got operating margins that are certainly viable and supportive of continuing to invest in this region. It's probably closer to a European setup than the US setup. But definitely driving a lot of growth and a lot of profit and cash flow ultimately.

謝謝你，提姆。也許對第一個進行快速評論。我們之前說過，新興市場並不統一。各次區域的情況各不相同。但如果你從總體上看，你會發現你無法達到通常在美國獲得的營業利潤水平，當然，正如我們可以——正如我們所期望的那樣。但我們的營業利潤率肯定是可行的，並支持繼續在該地區投資。它可能比美國的設定更接近歐洲的設定。但最終肯定會推動大量成長、大量利潤和現金流。

So good place to be and especially when you consider products like cardiovascular products or obesity products that you can deliver in an oral form, and then you're not talking about addressing the needs of patients in the US primarily and a little bit in Europe, but you can address the needs of patients around the world.

這是一個很好的地方，尤其是當您考慮可以以口服形式提供的心血管產品或肥胖產品等產品時，您並不是在談論主要滿足美國患者的需求，也有一點歐洲患者的需求，但您可以滿足世界各地患者的需求。

And then the volume upside enormous. As you can see every day with Farxiga and its development or even a Symbicort or Tezspire. So overall, I think it's -- we are very happy to be in the emerging markets. It drives our growth, and the margin aspect is included in our outlook anyway. So Susan, did I give you enough time for the Dato question? Go ahead.

然後成交量上漲巨大。正如您每天所看到的 Farxiga 及其開發，甚至是 Symbicort 或 Tezspire。總的來說，我認為我們很高興進入新興市場。它推動了我們的成長，無論如何，利潤率方面都包含在我們的展望中。蘇珊，我給你足夠的時間回答拿督問題嗎？前進。

Thank you, Pascal, and thank you for the question. So first of all, just as a reminder, the things that are different about Dato-DXd versus some of the other TROP2 ADCs is that because we've got a stable linker, stable in the peripheral circulation, cleavable in the microenvironment that means that you've got a longer half-life with this drug. And it also means that as the drug is delivered to the cancer cells that express TROP2 that the internalization is an important factor in the activity.

謝謝你，帕斯卡，也謝謝你提出的問題。首先，提醒一下，Dato-DXd 與其他一些 TROP2 ADC 的不同之處在於，因為我們有一個穩定的連接子，在外周循環中穩定，在微環境中可裂解，這意味著這種藥物的半衰期更長。這也意味著當藥物被遞送到表達 TROP2 的癌細胞時，內化是活性的重要因素。

What that reflects is lower free payload in the peripheral circulation. And that leads to lower bone marrow toxicity events. And we've already shown that in multiple trials that you can do in the style comparison. So you've got low discontinuation rates, lower bone marrow related adverse events, and that, I think, will also translate through to in terms of the durability on treatment.

這反映出外周循環中的自由有效載荷較低。這會導致骨髓毒性事件降低。我們已經在多次試驗中證明了您可以進行風格比較。因此，停藥率較低，骨髓相關不良事件也較低，我認為，這也將轉化為治療的持久性。

Now we have seen already that we know -- and we know that the levels of sensitivity to TROP2-based ADCs is high in the breast cancer setting, particularly in the triple-negative breast cancer setting. So we are optimistic about the results of the TROPION-Breast02 data. And I hope that this will confirm that we have what is a best-in-class TROP2 ADC in that setting and in other settings as well.

現在我們已經知道，我們知道，在乳癌環境中，特別是在三陰性乳癌環境中，對基於 TROP2 的 ADC 的敏感性水平很高。所以我們對 TROPION-Breast02 數據的結果持樂觀態度。我希望這將證實我們在該設置和其他設置中擁有一流的 TROP2 ADC。

Reminder that, of course, in lung cancer, one of the advantages of that lower bone mower toxicity profile is also that you can combine it with chemotherapy, which I think some of the other TROP2 ADC struggle to do.

提醒一下，當然，在肺癌中，較低的除骨器毒性的優點之一還在於可以將其與化療結合使用，我認為其他一些 TROP2 ADC 很難做到這一點。

So overall, very confident about the profile that we have with this drug and the opportunity for it in multiple settings, not just in lung and breast cancer but other settings as well. And I do think that the biomarker work that we've done in lung cancer is something that will also help us differentiate this molecule across a range of other different indications.

總的來說，我們對這種藥物的概況以及它在多種情況下的機會非常有信心，不僅在肺癌和乳腺癌方面，而且在其他情況下也是如此。我確實認為，我們在肺癌中所做的生物標記工作也將幫助我們區分該分子在一系列其他不同適應症中的作用。

Thank you, Susan. Also, a good opportunity to remind everybody that Dato is also under review for the breast cancer indication. And that's included in our outlook for the next few months. The next question is Emmanuel Papdakis at Deutsche Bank.

謝謝你，蘇珊。此外，這是一個很好的機會提醒大家，拿督也正在接受乳癌適應症的審查。這也包含在我們對未來幾個月的展望中。下一個問題是德意志銀行的 Emmanuel Papdakis。

Thank you for taking the question. Maybe a question on Imfinzi and lot of the advisory committee taking place this week. Just your anticipation on the decision we might see today in light of those agency ADC briefing documents. And in particular, I'm just to understand your -- the company's decision to effectively ignore long-standing agency advice on that perioperative trial design? And what it might imply in terms of the outlook for the asset in early lung cancer in light of the BR31 miss.

感謝您提出問題。本周可能會有一個關於 Imfinzi 和許多諮詢委員會成員的問題。根據這些機構 ADC 簡報文件，您對我們今天可能看到的決定的預期。特別是，我只是想了解您的公司決定有效地忽略長期以來機構對圍手術期試驗設計的建議？鑑於 BR31 的失敗，這對早期肺癌資產的前景可能意味著什麼。

So give us some thoughts in terms of midterm growth indications where we'd see a negative decision on the approval of the gene. And then a quick follow-on for Farxiga. Just your latest expectations on the potential timing and magnitude in terms of range of potential price reduction we could be looking at under VBP inclusion?

因此，請給我們一些關於中期成長跡象的想法，我們會看到對該基因批准的負面決定。然後是 Farxiga 的快速後續行動。您對我們在 VBP 納入下可能考慮的潛在降價範圍的潛在時機和幅度有何最新預期？

Thank you. Susan, do you want to cover the first one? Will you take the second one? Or Leon, if we are sure we have Leon on the line because I can't see him. Right. Is he here? Okay, cool.

謝謝。蘇珊，你想報道第一個嗎？你會選擇第二個嗎？或者萊昂，如果我們確定萊昂在的話，因為我看不見他。正確的。他在這裡嗎？好吧，酷。

Okay. So maybe Susan, you start and Leon will cover the second question.

好的。所以也許蘇珊，你開始，萊昂將回答第二個問題。

Yeah, sure. Thank you. So as you've noted, Emmanuel, the ODAC, Oncology Drug Advisory Committee for discussing perioperative trial designs is happening later today. So it's probably best not to make too many comments apart from the fact that gene has met its primary endpoint in both pathologic complete response and a statistically significant and clinically meaningful improvement in event-free survival which is also recognized in the briefing document.

好，當然。謝謝。正如您所指出的，Emmanuel，ODAC 腫瘤藥物諮詢委員會今天晚些時候將討論圍手術期試驗設計。因此，除了基因在病理完全緩解和無事件生存方面具有統計顯著性和臨床意義的改善（簡報文件中也承認這一點）達到其主要終點這一事實之外，最好不要做出太多評論。

I do think there's a discussion that the FDA wants to have about the future design of perioperative trial designs, in general, as you have the opportunity for add-on designs and potentially an increase in pathologic complete response rate. Then there's a debate about the relative contribution of continuing combination treatments into the adjuvant setting.

我確實認為 FDA 希望就圍手術期試驗設計的未來設計進行討論，一般來說，因為您有機會進行附加設計，並有可能提高病理完全緩解率。然後，關於持續聯合治療對輔助治療的相對貢獻存在爭議。

The other note, I would say is, of course, we've got a very well-established safety profile for Imfinzi in the treatment of early stage lung cancer built off the PACIFIC data that we've had. And so I think the profile for Imfinzi is well established in that setting, and we look forward to the discussion. And I think that will help inform future trial designs.

我想說的另一點是，當然，我們已經根據我們掌握的太平洋數據，對 Imfinzi 治療早期肺癌的安全性有了非常完善的認識。因此，我認為 Imfinzi 的概況在這種情況下已經很完善，我們期待著討論。我認為這將有助於為未來的試驗設計提供資訊。

Very good. Leon, if you're still on the line, can you cover the second question, Farxiga?

非常好。 Leon，如果您還在通話中，您能回答第二個問題嗎，Farxiga？

Yeah. I think there's still uncertainty about when Farxiga will have VBP. But if it does come, it should be late this year. So I think there usually will be some price cut, but there's no exact -- it will be different product by product, usually less than 30%, but different product by product.

是的。我認為 Farxiga 何時推出 VBP 仍存在不確定性。但如果真的到來，應該會在今年晚些時候。所以我認為通常會有一些降價，但沒有確切的——不同產品的降價會有所不同，通常低於 30%，但具體的降價幅度會有所不同。

All right. Thank you, Leon. The next question is Peter Welford at Jefferies.

好的。謝謝你，萊昂。下一個問題是傑富瑞 (Jefferies) 的彼得·韋爾福德 (Peter Welford)。

Hi. Yeah, thanks for taking my question. Two, first of all, just for Brad, if I can, just on the costs. I wonder if you could just talk a little bit about how we should think about the phasing and perhaps not as especiallly the specific, but any specific in terms of how we should think about the relative weighting of the cost do you think about this year, both SG&A and R&D in the first versus the second half. You gave some helpful commentary on the gross margin for us.

你好。是的，謝謝你回答我的問題。兩個，首先，只是為了布拉德，如果可以的話，只是為了成本。我想知道您是否可以談談我們應該如何考慮分階段，也許不是特別具體，但您認為今年我們應該如何考慮成本的相對權重方面的任何具體問題，上半場和下半場的SG&A 和研發。您對我們的毛利率給了一些有用的評論。

And then secondly, just going back to Dato. I wonder if we can press Susan, has the FDA definitively said yet there will not be an ADCOM for TL01? Or is that question still open? And I'm wondering if you could just a little bit set the scene for us for AVANZAR, please, going into next year? Obviously, potentially an important study for the future of this molecule. You talked a bit about the biomarker work. I guess, when you look at that biomarker work, how that sort of impacts your thinking now for the Avanza analysis or there's nothing really changed there?

其次，回到拿督。我想知道我們是否可以向 Susan 施壓，FDA 是否已經明確表示不會為 TL01 提供 ADCOM？或者這個問題仍然懸而未決？我想知道您能否為我們為明年的 AVANZAR 做好一些準備？顯然，這對該分子的未來可能是一項重要的研究。您談到了生物標記物的工作。我想，當您查看生物標記工作時，這對您現在對 Avanza 分析的想法有何影響，或者那裡沒有任何真正的改變？

Susan, do you want to start and then Aradhana?

蘇珊，你想先開始然後是阿拉達納嗎？

Yes, sure. So I think, obviously, you're aware of the PDUFA date for Dato-DXd and our experience with the announcement of advisory committees is that that can happen at any point during the review period. So -- and as I said, I don't have any updates to share with you today on the Dato-DXd filing for TL01. In terms of AVANZAR, I do think this is an important study.

是的，當然。因此，我認為，顯然，您知道 Dato-DXd 的 PDUFA 日期，並且我們在諮詢委員會公告方面的經驗表明，這可能在審查期間的任何時候發生。因此，正如我所說，我今天沒有任何關於 TL01 的 Dato-DXd 備案的更新資訊可以與您分享。就 AVANZAR 而言，我確實認為這是一項重要的研究。

And I do think that we will be sharing at a congress later this year some of the data from our near COAST 2 trial, which is in the neoadjuvant setting of non-small cell lung cancer including the combination of Dato-DX and Imfinzi.

我確實認為，我們將在今年稍後的一次大會上分享我們的近 COAST 2 試驗的一些數據，該試驗是在非小細胞肺癌的新輔助治療中，包括 Dato-DX 和 Imfinzi 的組合。

And again, you'd be aware that we've previously shared the data from the BEGONIA study in triple-negative breast cancer, and that combination in that setting had an unprecedented 79% response rate and very durable responses. So those data together with the TL02 and the TL04 data give us encouragement about, first of all, the safety and combined ability, not just with (inaudible) but also with a platinum-based chemotherapy.

再說一遍，您會知道，我們之前已經分享了三陰性乳癌 BEGONIA 研究的數據，在這種情況下，這種組合具有前所未有的 79% 的緩解率和非常持久的緩解。因此，這些數據以及 TL02 和 TL04 數據首先讓我們感到鼓舞的是安全性和綜合能力，不僅是（聽不清楚），而且是鉑類化療。

And I think that's important because that can enhance the response rate in that setting. But I also think that the biomarker work is important for because it can potentially give us an opportunity to focus on the optimal benefit risk profile within both the AVANZAR study and the TROPION-Lung10 studies, which obviously looks at the combination with rilvegostomig, our PD-1 TIGIT molecule.

我認為這很重要，因為這可以提高該環境下的回應率。但我也認為生物標記工作很重要，因為它可能使我們有機會關注 AVANZAR 研究和 TROPION-Lung10 研究中的最佳獲益風險狀況，這些研究顯然著眼於與我們的 PD rilvegostomig 的組合-1 TIGIT分子。

So I am optimistic about the potential for the combination of Dato plus IO in the frontline setting. I'm optimistic about the potential for the optimization of the benefit risk using the biomarker data, and I look forward to the COAST 2 data sharing some of that optimism as we move this combination into the earlier lines.

所以我看好Dato+IO結合在前線的潛力。我對使用生物標記數據優化效益風險的潛力持樂觀態度，當我們將此組合移至早期系列時，我期待 COAST 2 數據分享一些樂觀情緒。

Thank you, Susan. I would just add that what Susan said in terms of the better or improved benefit risk profile with the biomarker, certainly it would be a great help also in countries where access is more challenging, especially in Europe, where you can show higher value for your medicine. So lots of reasons to expect to need these AVANZAR data in the long run for Dato and the reimbursement. On cost phasing.

謝謝你，蘇珊。 I would just add that what Susan said in terms of the better or improved benefit risk profile with the biomarker, certainly it would be a great help also in countries where access is more challenging, especially in Europe, where you can show higher value for your藥物.因此，從長遠來看，Dato 和報銷需要這些 AVANZAR 數據的原因有很多。關於成本分階段。

Sure. Thanks for the question. So just to give you a little more color, I talked a little bit about gross margins. And as you know, there are a couple of products that are more seasonal and that have some impact on gross margins.

當然。謝謝你的提問。為了讓大家有更多的了解，我談了一些關於毛利率的問題。如您所知，有一些產品更具季節性，對毛利率有一定影響。

In terms of R&D, we likely will be on the higher end of the low 20s that we've always signaled. And it's also because we're adding we're accelerating a number of our studies, which you've seen in the clinical trial appendix, but also because we've added a number of projects with the closing of the Amolyt transaction, Fusion, Gracell, etc. And so all of those are accelerating. But again, well within the range that we've always signalled will be included.

在研發方面，我們可能會處於我們一直暗示的 20 多歲的高端。這也是因為我們正在加速我們的一些研究，您可以在臨床試驗附錄中看到這些研究，而且還因為我們隨著 Amolyt 交易 Fusion 的結束而添加了一些項目， Gracell 等。但同樣，這完全在我們一直表示將包含在內的範圍之內。

So I think you can get there. In terms of SG&A, Again, we -- in terms of the second half, we'll be sort of lockstep with how the revenue growth is driven. We continue to invest behind many of the brands we have launched with Airsupra and Wainua, will also move into new areas like with bladder cancer and NIAGARA, so there will be some market-shaping investments. In addition, the companies we've acquired that I just mentioned, we're also operating them a little bit independently in keeping those capabilities. So there's some SG&A that comes with that.

所以我認為你可以到達那裡。就SG&A而言，我們再次強調，就下半年而言，我們將與營收成長的驅動方式保持同步。我們將繼續投資我們透過 Airsupra 和 Wainua 推出的許多品牌，也將進軍膀胱癌和 NIAGARA 等新領域，因此將會有一些市場塑造投資。此外，對於我剛才提到的我們收購的公司，我們也在保持這些能力的同時稍微獨立地運作它們。因此，隨之而來的是一些SG&A。

Thank you, Aradhana. Maybe just a last quick comment is that, if you remember last quarter, we had a sort of a bump in expenses that came as a surprise to some of you. And we don't expect this year to have the same pattern in Q4. The other thing that I would like to add maybe is building on what Aradhana said in terms of study moving well is.

謝謝你，阿拉達納。也許最後一個簡短的評論是，如果您還記得上個季度，我們的支出有所增加，這讓你們中的一些人感到驚訝。我們預計今年第四季不會出現同樣的情況。我想補充的另一件事可能是建立在阿拉達納所說的「學習進展順利」的基礎上。

In the last couple of years, the teams have done a lot of work to increase the speed and also look at the cost of the way we conduct clinical trials and that the result of it is that both in oncology and outside of oncology in biopharma, we are also moving very fast with many of our clinical trials that are quite ahead.

在過去的幾年中，團隊做了很多工作來提高速度，並研究了我們進行臨床試驗的方式的成本，其結果是，無論是在腫瘤學領域還是在生物製藥的腫瘤學領域之外，我們的許多臨床試驗也進展得非常快，而且進展相當順利。

Now the upside of this is we will launch our medicines earlier if the studies are positive. But of course, it means the costs are more upfront than we might have expected Overall, I think we should all read this as a positive. Our studies are moving very well and in many cases, much faster than we had expected.

現在的好處是，如果研究結果是正面的，我們將更早推出我們的藥物。但當然，這意味著成本比我們預期的要高。我們的研究進展順利，在許多情況下，比我們預期的要快得多。

The next question is Seamus Fernandez. Seamus, go ahead.

下一個問題是謝默斯·費爾南德斯。西莫，繼續吧。

Thanks very much for the question. So just one on HER2 and then a second on obesity and the CDMA portfolio. On -- in HER2, Dave, I was hoping you could comment on the growth of in HER2, I think there was some impact in China that you mentioned in the quarter, but historically, I think expectations were for this to be growing to a $10 billion to $15 billion product potentially as additional indications come through. We've seen a number of those indications certainly come through in ['16], but the question, I think, that we're getting from investors is why the growth isn't stronger given the very robust sort of PFS data set.

非常感謝您的提問。因此，只有一篇關於 HER2，然後是關於肥胖和 CDMA 產品組合的第二篇。關於 HER2，戴夫，我希望您能評論一下 HER2 的增長，我認為您在本季度提到的對中國產生了一些影響，但從歷史上看，我認為預期這一影響會增長到隨著更多跡象的出現，可能會推出價值100 億至150 億美元的產品。我們在 ['16] 中確實看到了許多這樣的跡象，但我認為，我們從投資者那裡得到的問題是，考慮到非常強勁的 PFS 數據集，為什麼增長並不強勁。

So I think there's just a little confusion as to where we are in the life cycle of an HER2 and kind of the next drivers that we see going forward. And then the question on obesity is really just more strategic. And this is for Pascal as much as anything, how are you thinking about the overall obesity space strategically?

因此，我認為對於 HER2 生命週期的哪個階段以及我們未來看到的下一個驅動程式的類型，存在一些困惑。然後，關於肥胖的問題實際上更具戰略意義。這對帕斯卡來說同樣重要，您如何策略性地考慮整體肥胖領域？

Some are moving very aggressively forward jumping perhaps before really defining the clinical profile of the asset. Others are pushing dosing very aggressively in Phase I to try to achieve more weight loss. What do you see as perhaps the problems with some of these development decisions? But separately, how do you think about the broader opportunity for AstraZeneca in this space with your oral programs and your injectables.

有些人可能在真正定義資產的臨床概況之前就非常積極地向前跳躍。其他人在第一階段非常積極地推動劑量，以試圖實現更多的減肥效果。您認為其中一些開發決策可能存在哪些問題？但另外，您如何看待阿斯特捷利康在這個領域透過您的口服項目和注射劑獲得的更廣泛的機會。

Thank you, Seamus. Two great questions. Dave, do you want to cover the first one?

謝謝你，西莫。兩個很好的問題。戴夫，你想報道第一個嗎？

Yes. Seamus, I have an outlook for the second half of the year on an HER2 to return to more robust sequential growth. And I can go into why on that in terms of the where we are in the life cycle, I think we're in the early innings. And so I'll go into more on that as well.

是的。 Seamus，我預計 HER2 將在今年下半年恢復更強勁的環比成長。我可以從我們在生命週期中所處的位置來解釋為什麼，我認為我們正處於早期階段。所以我也會對此進行更多討論。

for the quarter itself sequentially, we see that the U.S. had underlying growth and sequential demand growth. I think that some of the effects that you see sequentially within the quarter, and you alluded to this, come to that we had quite a bit of destocking happening in China following a stock up in Q1. We talked about that last quarter. We saw that come through. I expect all of China, Europe and US to be growing as we move into the second half. Now in order to get that growth, I think a couple of things come into play.

就本季本身而言，我們看到美國有潛在的成長和連續的需求成長。我認為，您在本季連續看到的一些影響，以及您提到的這一點，是在第一季庫存增加後，我們在中國發生了大量去庫存的情況。我們上個季度討論過這個問題。我們看到了這一點。我預計，隨著進入下半年，中國、歐洲和美國都將成長。現在，為了實現這種成長，我認為有幾件事可以發揮作用。

We know that we need to continue to move into some of the harder yards with DBO3. We've seen nice progression. We're now probably between 55% and 60% share with DBO3 and need to continue even further into clear standard of care zone. With HER2 low, really nice progression within Europe.

我們知道我們需要繼續使用 DBO3 進入一些更難的場地。我們已經看到了良好的進展。我們現在可能擁有 DBO3 55% 到 60% 的份額，並且需要繼續進一步進入明確的護理標準區域。由於 HER2 較低，在歐洲取得了非常好的進展。

Again, I think that we need to continue to work on changing some of the inertia and embedded behaviors that have existed in the past to get to the share gains that we have. DBO6 has not yet been included in the NCCN guidelines. We expect that when the committee meets that, that's something that will happen. I think that that will be a catalyst I mean then obviously, as we take a look at the road ahead and Susan alluded to this before, in 2025, we have an opportunity for early metastatic and adjuvant readouts with DESTINY-Breast09, DESTINY-Breast11.

我再次認為，我們需要繼續努力改變過去存在的一些慣性和固有行為，以獲得我們所擁有的份額收益。 DBO6尚未納入NCCN指南。我們預計，當委員會召開會議時，就會發生這樣的事情。我認為這將是一個催化劑，我的意思是，顯然，當我們看看前方的道路時，Susan 之前提到過這一點，在2025 年，我們有機會透過DESTINY-Breast09、DESTINY-Breast11 進行早期轉移和輔助讀數。

We're also in the early innings with outside of breast cancer with the progress that I mentioned on good early awareness on tumor agnostic. And I think that we'll continue to see nice growth there. as well. So in HER2 remains an area where we expect this to be a very important medicine, both for us and also for oncology.

我們在乳癌以外的領域也處於早期階段，我提到了對腫瘤不可知論的良好早期認識方面取得的進展。我認為我們將繼續看到那裡的良好成長。以及。因此，在 HER2 領域，我們期望它成為一種非常重要的藥物，無論是對我們還是腫瘤學。

Thanks, Dave. So the -- let me try with your second question, actually, Seamus, a great question and then maybe Ruud or Sharon, if you want to add. So let me just make two overall points, first of all. First of all, we look at this beyond obesity.

謝謝，戴夫。所以，讓我試著回答你的第二個問題，實際上，Seamus，這是一個很好的問題，如果你想補充的話，也許是 Ruud 或 Sharon。首先，讓我簡單提出兩點。首先，我們要超越肥胖來看待這個問題。

We actually look at it in the context of what has been recently called CKM cardiac, kidney, metabolism. So you really have to look at the patients holistically and that is what we have been working on for years. The pipeline we have today, not only for weight management, obesity, but also for hypertension, for kidney disease, etc, is actually a pipeline that we've been working on for quite some time, of course, also the oral PCSK9, which we think has enormous potential. So that's the first comment.

我們實際上是在最近所謂的 CKM 心臟、腎臟、代謝的背景下看待它。所以你真的必須從整體上看待患者，這就是我們多年來一直在努力的方向。我們今天的產品線，不僅是體重管理、肥胖，還有高血壓、腎臟病等，實際上是我們已經研究了很長一段時間的產品線，當然還有口服PCSK9，它我們認為有巨大的潛力。這是第一條評論。

The second is we have a plan. We have a plan for weight management, obesity. And I'm really excited because we have already the plan for Phase II, Phase III. We've approved this plan. Of course, we will unlock Phase II at the appropriate time when we see our Phase II results, but we're very confident we have a plan.

第二是我們有一個計劃。我們有一個體重管理和肥胖計劃。我真的很興奮，因為我們已經有了第二階段、第三階段的計畫。我們已經批准了這個計劃。當然，當我們看到第二階段的結果時，我們會在適當的時候解鎖第二階段，但我們非常有信心我們有一個計劃。

I'm also very excited because the person in charge of that plan is the person who built Crestor historically to and develop a fantastic clinical plan and same person who led the team who actually developed Farxiga in renal disease, in heart disease and built it to -- essentially from a clinical viewpoint, of course, built it to what we have today. And now she is going to do with -- together with the team in charge, doing the same. I'm sure is with this franchise.

我也非常興奮，因為該計劃的負責人是歷史上構建 Crestor 並製定出色臨床計劃的人，也是領導團隊實際開發 Farxiga 治療腎臟疾病、心臟病並將其構建為——當然，本質上是從臨床角度來看，將其構建為我們今天所擁有的。現在她將與負責的團隊一起做同樣的事情。我確信這支球隊是這樣的。

So going into more details, the way we look at it is that there are really two markets, in our view, in my view. One is what I would call the weight management, weight management is people who have a BMI below 28, 30, that's actually many of us above maybe the edge of 45, 50 we need to lose a few kilos, and maybe people have additional risk factors.

因此，更詳細地說，我們看待它的方式是，在我們看來，在我看來，確實存在兩個市場。一是我所說的體重管理，體重管理是指BMI低於28、30的人，實際上我們很多人都在45、50的邊緣，我們需要減掉幾公斤，也許人們還有額外的風險因素。

It could be hypertension, it could be diabetes, could be dyslipidemia. And these people, they really need a simple regimen, oral regimen with a simple dose and then combine this with a number of medicines we have in development, whether it's back prostate, DAPA, and a number of others, of course.

可能是高血壓，可能是糖尿病，可能是血脂異常。而這些人，他們確實需要一個簡單的治療方案，簡單劑量的口服治療方案，然後將其與我們正在開發的許多藥物結合，無論是後前列腺、DAPA，當然還有許多其他藥物。

So that's one part. The other market is what people call obesity and everybody calls the old group of patients or obesity. Obesity is clearly defined. It's people who have a higher BMI.

這就是一部分。另一個市場就是人們所說的肥胖族群，大家都稱之為老年患者或肥胖族群。肥胖有明確的定義。指的是 BMI 較高的人。

And in that group, you need a titration up. You need higher doses of GLP-1. You need combinations because you need to improve the quality of the weight loss, more fat loss, less weight loss. And in that context, we need combinations, and that's what Sharon was talking about, we're looking forward to presenting new data, additional data for some of our other products in this franchise.

在該組中，您需要進行滴定。您需要更高劑量的 GLP-1。你需要組合，因為你需要提高減肥的質量，減更多的脂肪，減更少的體重。在這種情況下，我們需要組合，這就是莎倫所說的，我們期待為該系列中的其他一些產品提供新數據和附加數據。

So really to two separate parts. And then the last part is, of course, diabetes, traditional diabetes for GLP-1. So we have a plan for all those segments. We're ready to go. Phase II will start very soon. And then as soon as we have the results, of course, we unlock Phase III. And our team has proven in the past that they are really excellent at delivering cardiovascular studies. We've done it with Dato many times.

所以其實是兩個獨立的部分。最後一部分當然是糖尿病，傳統的 GLP-1 糖尿病。因此，我們對所有這些細分市場都有一個計劃。我們準備出發了。第二階段很快就會開始。當然，一旦我們得到結果，我們就會解鎖第三階段。我們的團隊過去已經證明，他們在心血管研究方面確實非常出色。我們已經和拿督做過很多次了。

We've done it before in the old days with Crestor and other medicines, and we are really -- you have a great team to run this. So that's really how we see it. And sort of we have optionality around the pipeline. But really, what we're trying to do is what we presented to you at the Investor Day is leverage the strength of the pipeline.

過去我們已經用 Crestor 和其他藥物做過這件事，我們真的有一個很棒的團隊來運作這個計畫。這就是我們的看法。在某種程度上，我們對管道有選擇性。但實際上，我們正​​在努力做的是我們在投資者日向您展示的內容，即利用管道的優勢。

Some people say you have a broad pipeline. Well, it's on purpose because we want to -- in cardiovascular disease, we want to treat patients holistically, not only help them lose weight but also treat the other factors, the same as we do in oncology.

有人說你有廣泛的管道。嗯，這是故意的，因為我們想要——在心血管疾病方面，我們希望對患者進行全面治療，不僅幫助他們減肥，而且還治療其他因素，就像我們在腫瘤學領域所做的那樣。

Anything you guys would like to add Ruud or Sharon?

你們有什麼想補充的嗎？

No. The only piece is, and it's obvious, but if you look at the percentage of diagnosed patients with comorbidity and more than 60% of the diagnosed obese, overweight patients have one or more comorbidities. And I think we are somewhat in a unique position with our pipeline with an oral PCSK9 clearly with dapagliflozin. There's more and more scientific evidence that the two mechanisms of action are really synergistic in order to protect the heart, the kidney and the pancreas, hence our enthusiasm bodes combinations.

不。我認為我們在口服 PCSK9 顯然與達格列淨的管道方面處於獨特的地位。越來越多的科學證據表明，這兩種作用機制確實具有協同作用，可以保護心臟、腎臟和胰腺，因此我們的熱情預示著兩者的結合。

Thank you. And maybe one last point is that some people I saw have speculated because we talk about risk factors, we are not confident in our GLIP-1. I mean nothing could be further from the truth. We're very confident in the GLP-1 what we want to tell everybody is that we need a simple regimen for the GLP-1 in the weight management segment, people with lower BMI, but still need to lose weight.

謝謝。也許最後一點是，我看到的一些人猜測，因為我們談論風險因素，所以我們對 GLIP-1 沒有信心。我的意思是，沒有什麼比事實更離譜的了。我們對 GLP-1 非常有信心，我們想告訴大家的是，我們需要一個簡單的 GLP-1 治療方案，用於體重管理領域，即 BMI 較低但仍需要減肥的人。

And then here, you need a simple regimen in a combination with other agents. The higher BMI group you need to titrate up, you need to combine with other weight loss agent. So those are really two separate segments, and we are addressing both with a very ambitious plan.

然後在這裡，您需要一個簡單的方案與其他藥物的組合。 BMI越高的族群需要滴定，則需要與其他減肥劑結合。因此，這實際上是兩個獨立的部分，我們正在透過一個非常雄心勃勃的計劃來解決這兩個問題。

So moving to the next question, maybe Matt Weston at UBS.

那麼，轉向下一個問題，也許是瑞銀的馬特‧韋斯頓(Matt Weston)。

Thank you, Pascal. Two questions, please. The first is a follow-up to Aradhana on James question about collaboration income. I understand there may be a degree of uncertainty. But given that we had a lump sum in our model, is that something we should think about now falling into 2025 or it's something we should just stop considering? Full stop.

謝謝你，帕斯卡。請教兩個問題。第一個是阿拉達納關於詹姆斯關於合作收入問題的後續行動。我知道可能存在一定程度的不確定性。但考慮到我們的模型中有一次性付款，那麼我們現在應該考慮到 2025 年還是應該停止考慮？句號。

And then secondly, either for Dave or Pascal, there continues to be a lot of investor debate on the secondary consequences of Medicare Part D reform as insurers take on 60% of catastrophic risk. Companies that have commented seems to have very different views ranging from no impact to a meaningful increase in rebates. Where does Astra stand based on your current interactions with insurers and PBMs ahead of the January 1st date?

其次，無論是對戴夫還是帕斯卡來說，隨著保險公司承擔 60% 的災難性風險，投資者對於醫療保險 D 部分改革的次要後果仍然存在著許多爭論。發表評論的公司似乎有非常不同的觀點，從沒有影響到回扣有意義增加。根據您目前在 1 月 1 日之前與保險公司和 PBM 的互動，Astra 的立場如何？

So Dave, maybe you could cover the second part. I mean, I think maybe a quick comment on this Part D piece actually, Matt, is that I think you're going to hear different responses from different companies based on the type of products, portfolio they have. because it affects more some products than others. And we see this in our own company, different products are affected differently.

戴夫，也許你可以講第二部分。我的意思是，我認為實際上，馬特，我認為對 D 部分的快速評論是，我認為你會聽到不同公司根據他們擁有的產品類型和產品組合的不同反應。因為它對某些產品的影響比其他產品更大。我們在自己的公司也看到了這一點，不同的產品受到的影響也不同。

So you're going to have low impact to a high impact to major impact. So it really, really depends on the overall portfolio we have. In our case, we have a portfolio that, as you know, covers primary care all the way to more expensive specialty care products. So we are kind of a mix of things.

因此，您的影響將會從低影響到高影響再到重大影響。所以這真的非常取決於我們的整體投資組合。就我們而言，如您所知，我們的產品組合涵蓋初級護理一直到更昂貴的專業護理產品。所以我們是多種事物的混合體。

So maybe, Dave, you want to cover this in more detail. And then Aradhana, will you cover the CR question, collaboration revenue?

戴夫，也許您想更詳細地介紹這一點。然後，Aradhana，您能談談 CR 問題，即協作收入嗎？

Matt, on your primary question around how Part D contracting is going. We're still in the midst of finalizing Part D contracting for 2025. I think that within that context, as ever, the importance on a differentiated product profile is the most important element as we enter into those discussions. Certainly, we've seen more focus on the payers on how they think about clinical differentiation and competition.

Matt，關於您關於 D 部分合約進度的主要問題。我們仍在敲定 2025 年 D 部分合約。當然，我們看到更多的注意力集中在付款人對臨床差異化和競爭的看法上。

But again, these are the same discussions that we've always been having with payers and where it's incumbent upon us to make sure that we're differentiating our medicines and showing the clinical value that they can provide. And I think that our oncology portfolio, in particular, is well suited for that.

但同樣，這些也是我們一直與付款人的討論，我們有責任確保我們的藥物與眾不同並展示它們可以提供的臨床價值。我認為我們的腫瘤學產品組合特別適合這一點。

Well, not necessarily part of your question. I think it's also worth noting on Part D that we are seeing the improvements in patient affordability or the reduction in patient out-of-pocket to be translating into more patients being able to have access to medicines within what I would call kind of your normal distribution channels, so outside of free programs.

好吧，不一定是你問題的一部分。我認為 D 部分還值得注意的是，我們看到患者負擔能力的改善或患者自付費用的減少正在轉化為更多的患者能夠在我所說的正常範圍內獲得藥物分發渠道，因此免費節目之外。

We're also seeing signs of improvements within abandonment. So I think that these are positive aspects that come out of IRA. And so while in aggregate, I think that I represents a couple of headwinds that we've spoken through. I think that they're manageable, and I think we've got a portfolio that allows us to grow through it.

我們也看到廢棄率有所改善的跡象。所以我認為這些都是 IRA 帶來的正面面向。因此，總的來說，我認為我代表了我們已經討論過的一些阻力。我認為它們是可以管理的，而且我認為我們擁有一個可以讓我們透過它成長的產品組合。

A couple of additional points, if I may, is that next year, we'll see additional improvements to the challenges that Dave was talking about in terms of access. One is the total co-pay -- annual co-pay will drop to $2,000 from $3,600, I believe, this year or $3,500, so it would drop. The second one, which is I think really meaningful is you'll have the smoothing. So the $2000 will be delivered by 12, this year people are still hit by the $3,500 upfront. So those really changes should further improve access to our medicines. I would hope and that's why we believe, as Dave said, that it's manageable.

如果可以的話，還有一點是，明年，我們將看到戴夫所談論的訪問方面的挑戰得到了進一步的改進。一是自付費用總額——我相信今年每年的自付費用將從 3,600 美元降至 2,000 美元，即 3,500 美元，所以它會下降。第二個，我認為真正有意義的是你將會得到平滑。因此，2000 美元將在 12 點之前交付，今年人們仍然受到 3,500 美元預付款的影響。因此，這些真正的變化應該會進一步改善我們獲得藥物的機會。我希望這就是為什麼我們相信，正如戴夫所說，這是可以管理的。

Aradhana, could you cover collaboration revenue?

Aradhana，您能支付協作收入嗎？

Yes, on the collaboration revenue, again, we're obviously not going to give guidance for 2025. But the upgrade that we did on our guidance is, again, based on the strength of our underlying business and the performance in both product sales and alliance revenue. The collaboration revenue generally includes things like sales-based milestones or potential transactions. And again, they remain uncertain.

是的，關於合作收入，我們顯然不會再給出 2025 年的指導。協作收入通常包括基於銷售的里程碑或潛在交易等內容。再次，他們仍然不確定。

Our guidance is -- updated guidance is based on the assumption that there's no increase in CER versus last year. But again, we've considered various scenarios, including a decline, and we've based our revised guidance based on our current best estimates.

我們的指導意見是——更新的指導意見是基於 CER 與去年相比沒有增加的假設。但我們再次考慮了各種情況，包括下降，我們根據當前的最佳估計修訂了指導。

Thank you, Aradhana. Next question is from Mattias Haggblom at Handelsbanken.

謝謝你，阿拉達納。下一個問題來自 Handelsbanken 的 Mattias Haggblom。

Thanks so much for taking the question Which is related to IRA any early effects in terms of development decisions affecting your pipeline. A leading CRO recently called out the in cancellations of large planned clinical trials within big pharma in response to RA.

非常感謝您提出問題，這與 IRA 在影響您的管道的開發決策方面的任何早期影響有關。一家領先的 CRO 最近呼籲取消大型製藥公司內計劃的大型臨床試驗，以應對 RA。

I'm curious if AstraZeneca already at this stage has made similar decisions to sacrifice certain small molecule assets, perhaps at the benefit of a biological or more complex molecule due to IRA. And if so, maybe you could share any concrete examples with us. But in addition, we talk about how IRA has changed the way you think about business development as well as resource allocation internally.

我很好奇阿斯特捷利康是否已經在這個階段做出了類似的決定來犧牲某些小分子資產，也許是為了 IRA 帶來的生物或更複雜分子的利益。如果是這樣，也許您可以與我們分享任何具體的例子。但除此之外，我們也討論了 IRA 如何改變您對業務發展以及內部資源分配的思考方式。

So maybe let me and this one is that the (inaudible) challenge was more molecules, there is no question. And -- but as you can see from our pipeline and our investments, what we've communicated, as we move forward, we're investing in biospecifics, cell therapy, ADCs, radioconjugates, and all of those agents are, of course, stating the obvious non-small they're not small molecules. So the in a way we are shifting a little bit away from small molecules. It doesn't mean we're not going to be in small molecules we would be.

所以也許讓我來說，這一點是（聽不清楚）挑戰是更多的分子，這是毫無疑問的。而且，正如你從我們的產品線和投資中看到的，我們所傳達的訊息，隨著我們的前進，我們正在投資生物特異性、細胞療法、ADC、放射性結合物，當然，所有這些藥物都是，說明明顯的非小分子，它們不是小分子。因此，在某種程度上，我們正​​在遠離小分子。這並不意味著我們不會成為小分子。

Now what I will mean for us is -- and that's really unfortunate, actually, but it will mean we will develop those -- if you think of a product that has a small indication to start with, we will develop these smaller indications. We will launch them around the world. But in the US, we will have to wait before we file because we can't start the clock for a small indication that where we would record low sales for a couple of years or three years. Impaza would have been a good example of this. So that's one issue.

現在我對我們的意思是——實際上，這確實很不幸，但這意味著我們將開發這些——如果你想到一種產品一開始就有小適應症，我們將開發這些較小的適應症。我們將在世界各地推出它們。但在美國，我們必須等待才能提交申請，因為我們無法開始計時，因為有一個小跡象表明我們將在幾年或三年內創下低銷售記錄。 Impaza 就是一個很好的例子。所以這是一個問題。

The other issue is on the back end of it, if a product is, for instance, an orphan medicine, and a new indication will change that status when we consider not launching it in the U.S. So those are some of the implications of the IRA and those are quite unfortunate. But this is what it is, and we're working now to advocate for change for fix to the IRA that would address this issue of what we call orphan indications or orphan diseases. Anything any of you want to add? No?

另一個問題是在它的後端，例如，如果一種產品是一種孤兒藥，當我們考慮不在美國推出它時，新的適應症將改變這種狀態。是非常不幸的。但事情就是這樣，我們現在正在努力倡導對 IRA 進行修改，以解決我們所說的孤兒適應症或孤兒疾病的問題。你們有什麼想要補充的嗎？不？

Good? Peter Verdult at Citi. Peter?

好的？花旗銀行的彼得‧韋爾多 (Peter Verdult)。彼得？

Yeah. Sorry. hopping from one conference call to another. Peter Verdult from Citi. Thanks for taking my questions. Just two. I think I just want to round out some of the points that you've been making through the day. Just first for Dave, I know it's barely seven weeks since ASCO, and you've not yet got NCCN updates for DESTINY-Breast06. But are there any early KPI changes you can point to for Tagrisso, Imfinzi, and -- or in HER1 post those planetary data drops?

是的。對不起。從一個電話會議跳到另一個電話會議。花旗銀行的彼得‧韋爾多 (Peter Verdult)。感謝您回答我的問題。只有兩個。我想我只是想補充您今天提出的一些觀點。首先，戴夫，我知道距離 ASCO 還不到七週，你還沒有收到 DESTINY-Breast06 的 NCCN 更新。但是，您可以指出 Tagrisso、Imfinzi 和 HER1 中的任何早期 KPI 變化嗎？

And then lastly for Aradhana, just -- I know you've talked to some of these points, but just so everyone is actually clear. Am I right to assume you've assumed flat collaboration revenue, but risks are probably to the upside for this year. You haven't assumed these gross to net paper dynamics are continuing even though they might. And you have assumed that Farxiga is getting hit by VBP this year. I know you don't want to probably go through every assumption at [Norziam], but just any help on those three points would be gratefully received.

最後，對於 Aradhana，我知道您已經談到了其中一些觀點，但實際上每個人都很清楚。我的假設是否正確，您假設協作收入持平，但今年的風險可能會上升。你並沒有假設這些總體紙質動態會持續下去，儘管它們可能會持續下去。您已經假設 Farxiga 今年會受到 VBP 的打擊。我知道您可能不想仔細檢查 [Norziam] 的每一個假設，但只要對這三點有任何幫助，我們將不勝感激。

Thank you, Peter. Maybe unless you understood Aradhana, the second question, I was not clear about the gross to net, what you actually meant by this.

謝謝你，彼得。也許除非你理解第二個問題 Aradhana，否則我不清楚淨值，你的實際意思是什麼。

The favorable adjustment -- I think there's some favorable gross-to-net dynamics on Symbicort in the US.

有利的調整－我認為 Symbicort 在美國有一些有利的總淨值動態。

I see. Okay. Aradhana, do you want to cover that?

我懂了。好的。 Aradhana，你想報這件事嗎？

Yes. So as I mentioned, we have assumed that we have flat collaboration revenue. As Leon mentioned, there is still some risk to the Farxiga VBP that we've assumed in our plan. And I think the -- we've again assumed some risk in terms of uncertainty from the Symbicor pricing dynamics as well in our latest guidance.

是的。正如我所提到的，我們假設我們的協作收入持平。正如 Leon 所提到的，我們在計劃中假設的 Farxiga VBP 仍然存在一些風險。我認為，我們再次在 Symbicor 定價動態以及最新指南中承擔了一些不確定性風險。

Thank you. David?

謝謝。大衛？

So I think that the first point to highlight is that LAURA resulted in guideline changes within 12 days. So I think that's a very first clear indicator of a good response, an outstanding response to one of the key presentations that we had at ASCO. ADRIATIC, we've heard good interest from our medical interactions. Obviously, we're not approved yet for ADRIATIC, and so there's good enthusiasm there.

所以我認為首先要強調的一點是 LAURA 在 12 天內導致了指南的改變。所以我認為這是良好反應的第一個明確指標，是對我們在 ASCO 上的一次關鍵演講的出色反應。亞得里亞海，我們從我們的醫療互動中聽到了濃厚的興趣。顯然，我們尚未獲得亞得里亞海的批准，因此人們對此充滿熱情。

We're still looking forward to the manuscript being published for that. Similarly, on DBO6, I mentioned before, we're waiting for guidelines to change their I think that those guideline changes will be important elements to seeing a change from an interest and awareness and excitement translating then into KPIs that suggest utilization. I would also say that within the DBO6 setting, we know that based on the DBO4 results, we had already seen utilization happening spontaneously in that setting from others. In fact, it could be as much as one in four to one in five that we're seeing there.

我們仍然期待著為此發表的手稿。同樣，在 DBO6 上，我之前提到過，我們正在等待指導方針的改變，我認為這些指導方針的改變將是看到興趣、意識和興奮轉變為建議利用的 KPI 的重要因素。我還想說，在 DBO6 設定中，我們知道根據 DBO4 結果，我們已經看到其他人在該設定中自發性地使用。事實上，我們看到的比例可能高達四分之一到五分之一。

Thank you, Dave. Next question, maybe we'll take the last one with Luisa Hector at Berenberg. Luisa, over to you.

謝謝你，戴夫。下一個問題，也許我們會和貝倫貝格的路易莎·赫克託一起回答最後一個問題。路易莎，交給你了。

Okay. Thanks for taking my question. Maybe just a couple left. So you had some Phase II starts in oncology, where I was curious to just understand the hypothesis. So that's the fusion asset in prostate cancer and also the anti-folate ADC in ovarian. And I think I'm happy to hear what you hope to show with those trials.

好的。感謝您提出我的問題。也許只剩下一對了。所以腫瘤學已經開始了一些第二階段的研究，我很想了解這個假設。這就是前列腺癌中的融合資產，也是卵巢中的抗葉酸 ADC。我想我很高興聽到你希望透過這些試驗展示什麼。

Susan?

蘇珊？

Thanks, Luisa. So the folate receptor alpha product is one of the ADCs that we have come out of our own proprietary in-house portfolio of linker and topoisomerase I payload, so we have a B7H4 and the folate receptor alpha and the EGFR met bispecific plus a CD123 for AML in hematologic malignancies. So we're actually seeing encouraging data across all of these projects. We look forward to sharing some of those data in upcoming congress later this year.

謝謝，路易莎。因此，葉酸受體α 產品是我們從我們自己專有的內部接頭和拓樸異構酶I 有效負載產品組合中推出的ADC 之一，因此我們有B7H4 和葉酸受體α 和EGFR met 雙特異性加上CD123血液系統惡性腫瘤中的 AML。因此，我們實際上在所有這些項目中看到了令人鼓舞的數據。我們期待在今年稍後即將召開的大會上分享其中一些數據。

Folate receptor alpha is already a validated target in ovarian cancer, and we've shared previously some preclinical data that suggest that we have activity at lower levels of folate receptor alpha expression and the current approved medicine mirvetuximab in that setting.

葉酸受體α 已經是卵巢癌的一個經過驗證的靶點，我們之前分享過一些臨床前數據，這些數據表明我們在較低水平的葉酸受體α 表達下具有活性，並且目前批准的藥物mirvetuximab 在這種情況下具有活性。

So preclinically, this looks differentiated, and we look forward to showing the clinical data as we're excited about the profile that we've seen. For the lead asset from the Fusion portfolio, which is FPI-2265, this is an alpha emitting actinium-225 radio conjugate with the PSMA target. And again, PSMA is already a validated target in prostate cancer, highly expressed in prostate tissue with the -- obviously, the approval of Pavecto in that setting.

因此，在臨床前，這看起來有所不同，我們期待展示臨床數據，因為我們對所看到的概況感到興奮。對於 Fusion 產品組合中的主導資產 FPI-2265，這是與 PSMA 標靶結合的 α 發射錒 225 無線電結合物。再說一次，PSMA 已經是前列腺癌的一個經過驗證的靶點，在前列腺組織中高度表達，顯然，Pavecto 在這種情況下得到了批准。

We presented some data from the TATCIST data, so to say, our Fusion colleagues presented data from the TATCIST data. earlier this year, which showed activity in patients that have had prior Pavecto as well as patients that were naive. And I think this reinforces the confidence that alpha-emitting particles can actually be differentiated and beta. The reason for that, I described a little bit at the Investor Day, but as a reminder, alpha particles are much heavier.

我們提供了來自 TATCIST 數據的一些數據，也就是說，我們的 Fusion 同事提供了來自 TATCIST 數據的數據。今年早些時候，該研究顯示，既往接受過 Pavecto 治療的患者以及未接受 Pavecto 治療的患者均表現出活性。我認為這增強了人們的信心，即α發射粒子實際上可以區分和β發射粒子。我在投資者日描述了其中的原因，但提醒一下，阿爾法粒子要重得多。

They don't travel as far and they give up their energy over a very short distance, which mean they don't treat as much normal tissue, and they give a lot of the dose to the cancer cells. So we have the opportunity to be different in this space, and that's why we're excited. The Phase II start there is for a study called Alpha break, which is a Phase II, but potentially fileable from that setting. So this is a very exciting project.

它們不會移動那麼遠，並且會在很短的距離內放棄能量，這意味著它們不會治療盡可能多的正常組織，並且會向癌細胞提供大量劑量。因此，我們有機會在這個領域與眾不同，這就是我們感到興奮的原因。第二階段的啟動是一項名為「阿爾法突破」的研究，這是第二階段，但可能可以從該設定中歸檔。所以這是一個非常令人興奮的項目。

We look forward to showing all of those data in the coming one to two years.

我們期待在未來一到兩年內展示所有這些數據。

Thank you, Susan. So we'll stop here. And before we close, let me just make a few closing remarks. First of all, is that we are very pleased to upgrade our guidance and it's, as I said before, based only on the strength of our business, and we believe our key medicines will continue to perform well in the second half.

謝謝你，蘇珊。所以我們就停在這裡。在我們結束之前，讓我做一些總結演講。首先，我們很高興升級我們的指導，正如我之前所說，這僅基於我們的業務實力，我們相信我們的關鍵藥品將在下半年繼續表現良好。

There is some uncertainty around a couple of products, as I mentioned, and the collaborative revenue also could vary. But at this point, we thought this is a reasonable guidance to provide the market. And of course, these things result to the positive on some of those products, we definitely would look to an upside.

正如我所提到的，有些產品存在一些不確定性，協作收入也可能會有所不同。但在這一點上，我們認為這是為市場提供的合理指導。當然，這些事情對其中一些產品產生了積極的影響，我們肯定會看到積極的一面。

We're very much on track with our strategic ambitions, whether it's top-line revenue for 2030 or profitability, or the number of NMEs to deliver by 2030, hopefully, this second quarter demonstrate we are on track.

無論是 2030 年的營收還是獲利能力，還是到 2030 年交付的 NME 數量，我們都非常符合我們的策略目標，希望第二季能證明我們已經步入正軌。

In terms of catalysts, let me comment a little bit on those. First of all, catalysts for the second half of this year. We have TROPION-Breast02 that will read out. We have capivasertib, CAPItello-281, and we also have -- we haven't talked about this one. We also have the Tezspire WAYPOINT study that we read out. We'll also present data. And this data, we believe, important. First of all, we'll -- we have TL01 OS.

就催化劑而言，讓我對此進行一些評論。首先是今年下半年的催化劑。我們有 TROPION-Breast02 可以讀出。我們有 capivasertib、CAPtello-281，我們還有──我們還沒有討論過這件事。我們也宣讀了 Tezspire WAYPOINT 研究。我們還將提供數據。我們認為這些數據很重要。首先，我們有 TL01 作業系統。

We also have NIAGARA. We'll also present our QCS biomarker data for Dato, which we believe will create potential substantial value (technical difficulty) definitely differentiate us in the top two market with very differentiated strategy in terms of testing. We also will present data with our bispecific, volrustomig and rilvegostomig in lung cancer and eVOLVE in gastric at Congress this year. And we also present data with our ADCs, B7H4 and folate receptor alpha.

我們還有尼亞加拉。我們還將展示 Dato 的 QCS 生物標記數據，我們相信這將創造潛在的實質價值（技術難度），絕對使我們在測試方面具有非常差異化的策略，從而在前兩個市場中脫穎而出。我們也將在今年的國會上展示我們的雙特異性、volrustomig 和 rilvegostomig 用於肺癌治療以及 eVOLVE 用於胃癌治療的數據。我們也提供了 ADC、B7H4 和葉酸受體 α 的數據。

On the biopharma side, we will also present at a relevant congress related to obesity later this year. We'll present the data for our GLP-1, but also additional data for our two injectables, the Amylin and the GLP-1 glucagon. And all of those three together, they represent $5 billion big revenue opportunities each. So a very important franchise.

在生物製藥方面，我們也將在今年稍後出席與肥胖相關的相關大會。我們將展示 GLP-1 的數據，以及我們兩種注射 Amylin 和 GLP-1 胰高血糖素的附加數據。這三者加在一起，分別代表著 50 億美元的巨大收入機會。所以這是一個非常重要的特許經營權。

And then if you move forward into 2025, we have AMPLIFY, which I think is a very important indication that is blockbuster indication actually. So we are looking forward to this data. They're very important. We'll have SERENA-6, which will give a first view of camizestrant in its potential, a very important product for the future for us.

然後，如果你進入 2025 年，我們會看到 AMPLIFY，我認為這是一個非常重要的跡象，實際上是重磅炸彈跡象。所以我們很期待這個數據。它們非常重要。我們將擁有 SERENA-6，它將讓我們首次了解 camizestrant 的潛力，這對我們來說是未來非常重要的產品。

We'll have AVANZAR results. As Susan mentioned before, a very important set of data. We will have early stage results in -- with HER2, DBO09, and DBO11. And finally, in biopharma, we have baxdrostat in hypertension and controlled health retention.

我們將會得到 AVANZAR 結果。正如蘇珊之前提到的，一組非常重要的數據。我們將透過 HER2、DBO09 和 DBO11 獲得早期結果。最後，在生物製藥領域，我們有治療高血壓和控制健康維持的baxdrostat。

There's more to the news flow, of course, but those are the most important ones. And as you can see, we have a rich news flow coming up over the next few months. So with this, let me thank you very much and wish you a good rest of the day.

當然，新聞流還有更多內容，但這些是最重要的。正如您所看到的，我們將在接下來的幾個月內推出豐富的新聞流。在此，我向您表示衷心的感謝，並祝您有個愉快的一天。