AstraZeneca PLC (AZN) 2024 Q3 法說會逐字稿

Joining from the US.

從美國加入。

Good afternoon to those in the UK and Central Europe and good evening to those listening in Asia.

英國和中歐的聽眾下午好，亞洲的聽眾晚上好。

Welcome, ladies and gentlemen, to AstraZeneca's nine months and Q3 Results 2024 webinars for investors and analysts.

女士們、先生們，歡迎參加阿斯特捷利康為投資者和分析師舉辦的九個月和 2024 年第三季業績網路研討會。

Before I hand over to AstraZeneca, I'd like to read the Safe Harbor statement.

在我移交給阿斯特捷利康之前，我想閱讀安全港聲明。

The Company intends to utilize the Safe Harbor provisions of the United States Private Securities Litigation Reform Act of 1995.

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。

Participants on this call may make forward-looking statements with respect to the operations and financial performance of AstraZeneca.

本次電話會議的參與者可能會就阿斯特捷利康的營運和財務表現做出前瞻性陳述。

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本質上是基於合理的假設，但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有重大差異的因素的影響。

Any forward looking statements made on this call risk the knowledge and information available at the time of this call.

本次電話會議中所做的任何前瞻性陳述都可能會影響本次電話會議時可用的知識和資訊。

The Company undertakes no obligation to update forward looking statements.

本公司不承擔更新前瞻性陳述的義務。

Please also carefully review the forward-looking statements disclaimer in the slide deck that accompanies this presentation.

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。

There will be an opportunity to ask questions.

將有機會提問。

After today's presentation, please use the raise a hand feature to indicate you wish to ask a question at any time and remember to submit a written question using the Q&A tab on your screen.

今天的演示結束後，請使用舉手功能來表明您希望隨時提問，並記得使用螢幕上的「問答」標籤提交書面問題。

And with that, I will now hand you over to the Company.

現在我將把你交給公司。

A warm welcome to AstraZeneca's year-to-date and third quarter of 2020 for Presentation Conference Call and Webcast for Investors and Analysts, I mean, the Barnett, Head of Investor Relations.

熱烈歡迎阿斯特捷利康今年迄今和 2020 年第三季為投資者和分析師舉行的演示電話會議和網路廣播，我是指投資者關係主管巴尼特。

And before I hand over to Pascal and other members of the executive team, I would like to give us an important housekeeping points.

在我將工作交給帕斯卡和執行團隊的其他成員之前，我想向我們提出一個重要的內政要點。

Firstly, all of the materials presented today are available on astrazeneca and investor relations website.

首先，今天提供的所有資料都可以在阿斯特捷利康和投資者關係網站上找到。

Next slide, please.

請下一張投影片。

This slide contains our safe harbor statements have been carried to take time to read will be making comments on our performance using constant exchange rates will see our core financial numbers and other non-GAAP measures and non-GAAP to GAAP reconciliation is contained within the results announcement.

這張投影片包含我們的安全港聲明，需要時間閱讀，我們將使用固定匯率對我們的業績發表評論，我們將看到我們的核心財務數據和其他非GAAP 指標，以及結果中包含非GAAP 與GAAP的對帳公告。

All numbers quoted are in US dollars unless otherwise stated.

除非另有說明，所有引用的數字均以美元為單位。

Next slide, please.

請下一張投影片。

This slide shows our agenda for today's call.

這張投影片顯示了我們今天電話會議的議程。

Following our prepared remarks, we'll open the line for questions.

在我們準備好的發言之後，我們將開通提問熱線。

As usual, we will tried to address as many of the questions you have driven the allocated time, although please limit the number of questions you asked to allow others a fair chance to participate in the Q&A.

像往常一樣，我們將盡力解決您在分配時間內提出的盡可能多的問題，但請限制您提出的問題數量，以便其他人有公平的機會參與問答。

And with that, Pascal, I'll hand over to you next slide, please.

帕斯卡，接下來我將把下一張投影片交給您。

Thank you, Randy.

謝謝你，蘭迪。

And why Welcome everyone.

以及為什麼歡迎大家。

In the third quarter, total revenue grew by 21%, driven by strong underlying growth.

在強勁的基礎成長的推動下，第三季總營收成長了 21%。

Global demand for our medicines.

全球對我們藥品的需求。

Core EPS increased 27% to $2.8, reflecting our continued focus on profitability.

核心每股收益成長 27% 至 2.8 美元，反映出我們對獲利能力的持續關注。

If you want to move to the next slide, please.

如果您想移至下一張投影片，請移至下一張投影片。

In the year to date, total revenue grew 19% and core EPS grew 11%.

今年迄今，總收入成長 19%，核心每股收益成長 11%。

As a reminder, total revenue and core EPS in the first nine months of 2023 benefited from one-time collaboration revenue and other core operating income totaling $1.1 billion, which makes the 2020 for you to the growth rate even more impressive.

提醒一下，2023 年前 9 個月的總收入和核心 EPS 受益於一次性合作收入和其他核心營業收入總計 11 億美元，這使得 2020 年的成長率更加令人印象深刻。

Importantly, this performance is across all of our focus our PROs with each delivering double digit growth in both the third quarter ending the year to date.

重要的是，這一業績貫穿了我們所有專業人士的關注點，截至今年為止的第三季度，每個專業人士都實現了兩位數的成長。

Given the strength of our underlying business, I'm pleased to announce we have upgraded our full-year guidance, and we now expect most of our revenue and core EPS to increase by high 10s percentages.

鑑於我們基礎業務的實力，我很高興地宣布我們已經升級了全年指導，我們現在預計大部分收入和核心每股收益將實現高達 10% 的增長。

Have now will provide you with additional detail.

現在將為您提供更多詳細資訊。

Please move to next slide.

請移至下一張投影片。

Taking a closer look at our revenue performance in the first nine months of the year, we continue to benefit from our global, a broad global presence.

仔細觀察我們今年前九個月的收入表現，我們繼續受益於我們廣泛的全球業務。

Our company is growing across all region and will continue to strengthen our capabilities in many markets around the world, most notably in emerging markets outside of China, where for another quarter of performance is standing out from our peers with 30% growth in the year to date.

我們公司在所有地區都在不斷發展，並將繼續增強我們在全球許多市場的能力，尤其是在中國以外的新興市場，這些市場的業績又一個季度在同行中脫穎而出，今年增長了 30%。

And you can see now the very good distribution of our revenue across the world, 43% in the US, 21% in Europe, 13% in China.

現在你可以看到我們的收入在全球的分佈非常好，43% 在美國，21% 在歐洲，13% 在中國。

It's very pleasing to see the emerging markets outside of China and are bigger than China was 14% of our revenue and 9% for the established rest of the world.

很高興看到中國以外的新興市場規模比中國大，占我們收入的 14%，佔世界其他地區的 9%。

So very strong distribution.

所以分佈非常強大。

But we want to see even more growth in the U.S. over the next few years as part of our 2030 ambition.

但作為我們 2030 年雄心壯志的一部分，我們希望看到美國在未來幾年實現更多成長。

And this is why we did started today here in New York to announce this $3.5 billion investment in the US in manufacturing and R&D.

這就是為什麼我們今天在紐約開始宣佈在美國的製造和研發領域投資 35 億美元。

U.s. is, of course, a very important market and that supports innovation.

我們。當然，這是一個非常重要的市場並且支持創新。

And we will continue to invest to grow fast in this in this part of the world.

我們將繼續投資，以在世界這一地區實現快速成長。

But very, very good growth across the world in the emerging markets in China, but also very much outside of China.

但全球範圍內，中國以及中國以外的新興市場的成長非常非常好。

And with this chart, I'd like to take a moment to address recent developments in China, which, of course, has been a business.

透過這張圖表，我想花點時間談談中國最近的發展，當然，這一直是個商業領域。

So the subject of a lot of speculation, we are actually not privy to the details of any of these investigations, if requested will cooperate fully as we have in the past.

因此，作為許多猜測的主題，我們實際上並不了解任何這些調查的細節，如果有要求，我們將像過去一樣充分合作。

As you can imagine, I personally Douglas matters very seriously.

正如你可以想像的那樣，我個人對道格拉斯非常重視。

And the whole company also takes it, of course, very, very seriously.

當然，整個公司也非常非常重視它。

It's important to realize we don't have many details.

重要的是要認識到我們沒有太多細節。

We haven't been a part of the company.

我們還沒有成為公司的一員。

We will, of course, collaborate with the authorities have requested to do this, but we have very limited information.

當然，我們會與當局的要求進行合作，但我們掌握的資訊非常有限。

And today, we would like to focus on Q. three to the extent possible.

今天，我們想盡可能關注問題三。

Unless there are questions relating to China, I have been answered before by hand last week when Qiagen has become more importantly, we remain committed to our presence in China, and we will continue to invest in the country to support the discovery in the delivery of our life-changing medicines.

除非有與中國有關的問題，否則上週我已經親自回答過，當時 Qiagen 變得更加重要，我們仍然致力於在中國的存在，我們將繼續在中國投資，以支持發現交付我們改變生活的藥物。

And finally, we're doing what we can support our employees in China.

最後，我們正在盡我們所能支持我們在中國的員工。

They all how that work.

他們都是如何運作的。

They're all very focused and continuing to develop our pipeline, but also our portfolio of marketed products.

他們都非常專注並繼續開發我們的產品線以及我們的行銷產品組合。

I just wanted to take a moment to thank all employees for their continued dedication to our purpose.

我只是想花一點時間感謝所有員工對我們目標的持續奉獻。

We have 17,000 employees in China.

我們在中國擁有 17,000 名員工。

And in all all this, these employees are working very hard and making us all happy with how they have developed our presence in China over the last few years.

在所有這一切中，這些員工工作非常努力，讓我們都對他們過去幾年在中國發展的業務感到滿意。

Please advance to the next slide.

請前進到下一張幻燈片。

Already.

已經。

This year, we deliver multiple high-value Phase three readouts.

今年，我們提供了多個高價值的第三階段讀數。

Lower expands the reach of Tagrisso in earlier stage lung cancer.

Lower 擴大了 Tagrisso 在早期肺癌中的作用範圍。

Calquence advances into mantle cell lymphoma with a call and will amplify now has the potential to be the only medicine in frontline CLL approved for both fixed and extended durations of treatment DESTINY Breast oh six broke new ground for and a half to moving into one line earlier into chemo-naive metastatic breast cancer.

Calquence 透過電話進入套細胞淋巴瘤領域，現在有潛力成為一線 CLL 中唯一被批准用於固定和延長治療時間的藥物 DESTINY Breast oh 6 開闢了新天地，提前進入一線轉化為未經化療的轉移性乳腺癌。

And it showed clear benefit in how to Ricardo disease and Imfinzi Imfinzi set to begin the new wave of growth in small cell lung cancer and bladder cancer following positive readouts for either a periodic and negotiable.

在定期和可協商的陽性讀數後，它對如何治療里卡多病和 Imfinzi Imfinzi 顯示了明顯的好處，Imfinzi 將開始小細胞肺癌和膀胱癌的新一波增長。

Finally, I shared earlier today come it has potential to extend for Silego use beyond pediatric NF1 PN patients to adults and Waypoint has the potential to bring a first-in-class mechanism of action to patients with severe nasal polyps.

最後，我今天稍早分享了 Silego 的用途有可能從兒科 NF1 PN 患者擴展到成人，而 Waypoint 有可能為嚴重鼻息肉患者帶來一流的作用機制。

If approved, these opportunities represent over $5 billion in comeback in combined pickier revenues on a non-risk adjusted basis.

如果獲得批准，這些機會將在非風險調整的基礎上帶來超過 50 億美元的收入回報。

With that, please advance to the next slide, and I will now hand over to add now will take you through our financials.

現在，請前進到下一張投影片，我現在將向您添加現在將帶您了解我們的財務狀況。

Thank you, Pascal, and hello, everyone.

謝謝帕斯卡，大家好。

Next slide, please.

請下一張投影片。

I will start by highlighting our broad-based growth across our focus areas.

首先，我將強調我們在重點領域的廣泛成長。

As you can see on this slide, we delivered strong total revenue growth across the portfolio blockbusters and all key therapeutic areas delivering strong growth in the year to date period.

正如您在這張幻燈片中看到的那樣，我們在投資組合重磅炸彈和所有關鍵治療領域實現了強勁的總收入增長，在今年迄今實現了強勁增長。

Next slide, please.

請下一張投影片。

This is our reported P&L.

這是我們報告的損益表。

Total revenue increased by 19% in the first nine months.

前 9 個月總收入成長 19%。

Product sales also increased by 19%, with strong growth across major regions.

產品銷售也成長了 19%，主要地區成長強勁。

Alliance revenue increased by 50% to $1.5 billion, driven by increased sales for Enhertu and Catch Fire in regions where our partners book product sales.

由於 Enhertu 和 Catch Fire 在我們的合作夥伴預訂產品銷售的地區銷售增加，聯盟收入增加了 50%，達到 15 億美元。

In order to remain focused on our growth products, we undertake Renner portfolio prioritization and in the third quarter.

為了繼續專注於我們的成長產品，我們在第三季對 Renner 投資組合進行了優先排序。

This resulted in an impairment and related charges for AndexXa.

這導致 AndexXa 減損和相關費用。

Next slide, please.

請下一張投影片。

This is our core P&L.

這是我們的核心損益。

As anticipated, our core product sales gross margin declined slightly in the third quarter versus the first half.

如預期，第三季我們的核心產品銷售毛利率較上半年略有下降。

We anticipate a lower product sales gross margin in the fourth quarter, partly due to the seasonality of FluMist and increased before to supply to Sanofi following very successful launch.

我們預計第四季度產品銷售毛利率較低，部分原因是 FluMist 的季節性，並且在推出非常成功後向賽諾菲供貨之前有所增加。

We have previously said that for the full year, we expect a slightly lower product sales gross margin percentage compared to 2023.

我們先前曾表示，預計全年產品銷售毛利率較2023年略有下降。

Operating expenses increased by 15% year to date, well below the pace of total revenue growth.

今年迄今為止，營運支出成長了 15%，遠低於總收入成長速度。

R&d expenses increased by 18% in part due to the integration of recent acquisitions, including greater fusion and Analex for which we incurred additional costs this year.

研發費用增加了 18%，部分原因是最近收購的整合，包括今年我們產生了額外成本的更大整合和 Analex。

We have also accelerated a number of R&D projects and saw rapid patient enrollment across many of our clinical trials.

我們也加速了許多研發項目，並在許多臨床試驗中看到了快速的病患入組。

This is expected to continue in the fourth quarter.

預計這種情況將持續到第四季。

For the full year, we still anticipate R&D costs to be towards the upper end of the previously indicated low 20s percentage range of total revenue.

就全年而言，我們仍然預計研發成本將接近先前指出的佔總收入 20% 左右的百分比範圍的上限。

This would imply a step-up in R&D cost in the fourth quarter.

這將意味著第四季度研發成本的增加。

Sg&a costs increased by 13%, partly driven by investments behind our new launches and growth brand, including air, supra, breast three and TrueCar.

SG&A 成本增加了 13%，部分原因是我們新推出和成長品牌背後的投資，包括 Air、supra、breast Three 和 TrueCar。

However, as we've previously highlighted, while we expect to see some growth in SG&A costs in the fourth quarter, we did not anticipate it would be the same extent as this signed.

然而，正如我們之前所強調的那樣，雖然我們預計第四季度的銷售、管理及行政費用將出現一些增長，但我們預計其幅度不會與簽署的相同。

The fourth quarter of 2023 core EPS of $6.12 represents a growth rate of 11%.

2023 年第四季核心每股收益為 6.12 美元，成長率為 11%。

Recall than the comparative period last year benefited from almost $1.1 billion in one-time collaboration revenue and other operating income impacting year-over-year growth rate.

回想一下，去年同期受益於近 11 億美元的一次性合作收入和其他影響年成長率的營業收入。

Please turn to the next slide.

請翻到下一張投影片。

Our net cash inflow from operating activities improved by 989 million in the first nine months, driven by improved business performance.

受經營績效改善帶動，1-9月經營活動現金流量淨流入增加9.89億元。

We still expect CapEx for 2024 to increase by about 50% versus 2020 to play and have incurred 1.2 billion year to date.

我們仍預期 2024 年的資本支出將比 2020 年成長約 50%，今年迄今已產生 12 億美元。

This includes investments in our new cell therapy manufacturing plant in Rockville, Maryland, and new manufacturing plant in Qingdao, China for inhaled respiratory portfolio, net debt increased by $3.8 billion, mainly reflecting the acquisitions completed earlier this year.

這包括對我們位於馬裡蘭州羅克維爾的新細胞療法製造工廠以及位於中國青島的吸入呼吸產品組合新製造工廠的投資，淨債務增加了 38 億美元，主要反映了今年稍早完成的收購。

And 4.6 billion and dividend payments one four times.

46億，股利支付一、四倍。

As previously indicated, finance expenses are expected to be higher in 2024 compared to 2023.

如前所述，2024 年的財務費用預計將高於 2023 年。

Given the 6.5 billion of bond issuances earlier this year, which came at higher interest rates.

鑑於今年稍早發行了 65 億美元債券，且利率較高。

As Pascal mentioned, following strong performances from both product sales and alliance revenue year to date and increased confidence in achieving certain sales-based milestones, we are upgrading our fiscal year guidance today.

正如帕斯卡所提到的，繼今年迄今為止產品銷售和聯盟收入的強勁表現以及對實現某些基於銷售的里程碑的信心增強之後，我們今天升級了我們的財年指導。

We now anticipate total revenue and core EPS to grow by high 10s percentage at CER., an increase from our prior expectations for mid 10s growth, which was upgraded at half year heading into 2025.

我們現在預計總收入和核心每股收益將按固定匯率計算增長 10 %左右，高於我們先前對 10 %左右增長的預期，我們在進入 2025 年的半年中上調了這一預期。

We expect to continue to see strong underlying revenue growth, driven by indication expansion opportunities and continued strong global demand for our medicines and are entering a catalyst recipe and for our company, we remain focused on creating P&L leverage and taken together, we are confident in our 2025 outlook.

在適應症擴張機會和全球對我們藥品持續強勁的需求的推動下，我們預計將繼續看到強勁的潛在收入增長，並且正在進入催化劑配方，對於我們公司來說，我們仍然專注於創造損益槓桿，總的來說，我們有信心我們的 2025 年展望。

As usual, we will issue guidance for next year in February at our full-year results.

與往常一樣，我們將在二月的全年業績中發布明年的指引。

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

接下來，請前進到下一張投影片，我將把時間交給戴夫，他將帶您了解腫瘤學的表現。

You're right now.

你現在就對了。

Next slide, please.

請下一張投影片。

In the first nine months of the year, oncology total revenues grew 22% to $16 billion, driven by strong demand in the U.S., Europe and emerging markets.

今年前 9 個月，在美國、歐洲和新興市場強勁需求的推動下，腫瘤學總收入成長了 22%，達到 160 億美元。

Turning to our key metrics and performance in the third quarter to aggressive global revenues grew 17% with sequential growth of 4%, reflecting strong demand for adoption and lengthening duration of therapy in the metastatic setting in the U.S., initial adoption for Florida has been encouraging in the first nine months following launch, Calquence total revenues increased 25% in the third quarter, driven by sustained BTK inhibitor leadership in frontline CLL and continued international expansion.

轉向我們第三季度的關鍵指標和業績，積極的全球收入增長了17%，環比增長了4%，反映出美國轉移性環境中對採用和延長治療持續時間的強烈需求，佛羅裡達州的初步採用令人們鼓舞在推出後的前九個月中，受 BTK 抑制劑在一線 CLL 領域持續領先地位以及持續的國際擴張的推動，Calquence 第三季度總收入增長了 25%。

Imfinzi delivered 16% and in June of 22% growth in the third quarter, supported by adoption GI cancers.

在胃腸道癌症收養的支持下，第三季 Imfinzi 實現了 16% 的成長，6 月實現了 22% 的成長。

Topaz has rapidly achieved peak market share as the standard of care in biliary tract cancer and Himalaya continues to make gains in advanced liver cancer.

作為膽道癌的護理標準，黃玉已迅速達到高峰市場份額，而喜馬拉雅山在晚期肝癌方面繼續取得進展。

As expected, we realized an impact from the two mandatory price reductions in Japan earlier this year, which is reflected in established Rest of World performance in the first nine months, we look forward to a new wave of Imfinzi growth, driven by key indication expansion opportunities, including a GM and once approved Adriatic Niagara, which will come contribute meaningfully to revenues.

正如預期的那樣，我們意識到今年早些時候日本兩次強制降價的影響，這反映在世界其他地區前九個月的既定表現中，我們期待在關鍵指標擴張的推動下，Imfinzi 出現新一波成長機會，包括總經理和一旦獲得批准的亞得里亞海尼亞加拉，這將對收入做出有意義的貢獻。

Lynparza remains the leading PARP inhibitor globally across all tumor types, delivering product sales growth of 13%, driven primarily by demand growth in the US and Europe in HER2 is now the established standard of care across both HER two positive and HER2 low metastatic breast cancer, delivering total revenue growth of 55% and sequential growth of 8% in the third quarter, we saw some spontaneous use in the chemo naive setting following presentation of the DESTINY Breast oh seven data at Asco and publication in the New England Journal of Medicine in September, NCCN guideline inclusion and potential approval will be important catalysts for expanded adoption.

Lynparza 仍然是全球所有腫瘤類型中領先的 PARP 抑制劑，產品銷售額增長了 13%，主要受到美國和歐洲需求增長的推動，HER2 現已成為 HER 兩陽性和 HER2 低轉移性乳腺癌的既定護理標準第三季總營收成長55%，季增8%，在Asco 展示DESTINY Breast oh 7 數據並在《新英格蘭醫學雜誌》發表後，我們看到在未接受化療的環境中出現了一些自發使用。月，NCCN 指南的納入和潛在批准將成為擴大採用的重要催化劑。

Finally, we continue to see encouraging early uptake in tumor-agnostic, particularly in gynecologic tumors.

最後，我們繼續看到腫瘤不可知論的早期採用令人鼓舞，特別是在婦科腫瘤中。

True cap delivered 125 million in the third quarter, supported by strong adoption and the biomarker altered population and further use in the late-line setting.

在強勁採用和生物標記改變人群以及後期環境中進一步使用的支持下，真實上限在第三季交付了 1.25 億。

Since half year results, we received a number of key regulatory approvals, including a GM and more in the U.S., which accelerate Imfinzi Integris.

自半年業績公佈以來，我們獲得了多項關鍵監管批准，包括美國的通用汽車等，這加速了 Imfinzi Integris 的發展。

So and early-stage lung cancer.

早期肺癌也是如此。

In Europe, we received approval, for instance, the among Parsa in endometrial cancer.

在歐洲，我們獲得了批准，例如，Parsa 治療子宮內膜癌。

And in China, we received additional and Her two approvals in gastric and lung cancers taken together with the performance of our existing medicines.

在中國，結合我們現有藥物的性能，我們在胃癌和肺癌領域獲得了另外兩項批准。

These new indication expansion opportunities give us confidence in the continued growth of our global oncology portfolio in 2012.

這些新的適應症擴展機會讓我們對 2012 年全球腫瘤產品組合的持續成長充滿信心。

five.

五。

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，請前進到下一張投影片，我將交給 Susan 介紹本季的主要研發亮點。

Thank you, Dave.

謝謝你，戴夫。

In September, we showcased important data the World Congress on Lung Cancer and the European Society for Medical Oncology oncology congresses with five presidential primaries and eight simultaneous publications, including three in the New England Journal of Medicine.

9 月，我們在世界肺癌大會和歐洲腫瘤醫學學會腫瘤學大會上展示了重要數據，其中包括五項總統初選和八項同時發表的出版物，其中三篇發表在《新英格蘭醫學雜誌》上。

It is now presented the results from the Phase three Niagara trial of in terms of the presidential session.

現在，總統會議將公佈尼亞加拉第三階段審判的結果。

This is the first peri-operative I-O regimen to show a significant improvement in overall survival versus standard of care in muscle-invasive bladder cancer, together with the ongoing Volga Phase three trial of in terms or in combination with enfortumab vedotin, incentive-based regimens will look to address the full spectrum of muscle-invasive bladder cancer.

這是第一個圍手術期I-O 方案，與正在進行的Volga 三期試驗（基於激勵的方案）或與enfortumab vedotin 聯合使用，顯示肌層浸潤性膀胱癌的總體生存率與標準護理相比顯著改善將著眼於解決全方位的肌肉浸潤性膀胱癌。

We continue to advance our next-generation IO bispecifics as well as our novel and has ADC programs, and we shared key updates to updates of both of these are both well Congress on Lung Cancer and asthma.

我們繼續推進我們的下一代 IO 雙特異性藥物以及我們的新型 ADC 項目，並且我們在肺癌和氣喘大會上分享了這兩個項目的重要更新。

We've now initiated 10 Phase three trials with our IR bispecific Spotless to make and will the customer make.

我們現在已經啟動了 10 個三期試驗，使用我們的 IR 雙特異性 Spotless 來製造並將客戶製造出來。

And we continue to progress our late stage ADC portfolio.

我們將繼續推進我們的後期 ADC 產品組合。

Importantly, we share the key data update for our novel KCS technology.

重要的是，我們分享了我們新穎的 KCS 技術的關鍵數據更新。

A retrospective analysis of the European Lung one dataset showed a trip to QCS. NMR.

對歐洲 Lung one 資料集的回顧性分析顯示了 QCS 之旅。核磁共振。

Biomarker is predictive of progression-free survival outcomes with Dato-DXd and recent analysis shows.

最近的分析顯示，生物標記可以預測 Dato-DXd 的無惡化存活結果。

It's also predictive of OS. outcomes.

它還可以預測作業系統。結果。

We look prospectively validate this biomarker in multiple ongoing Phase three trials.

我們希望在多個正在進行的三期試驗中前瞻性地驗證該生物標記。

We believe that that's novel advancements in the field of computational pathology will have applications across our ADC portfolio, enabling better patient identification and unlocking opportunities in multiple tumor types.

我們相信，計算病理學領域的新進展將在我們的 ADC 產品組合中得到應用，從而更好地識別患者並釋放多種腫瘤類型的機會。

We will share data from the Phase three Amplify trial at the American Society of Hematology meeting in December.

我們將在 12 月的美國血液學會會議上分享第三階段 Amplify 試驗的數據。

This trial, six duration Calquence in chronic lymphocytic leukemia delivered a clinically meaningful improvement in progression-free survival trend to overall survival and differentiated safety in an all oral regimen.

這項試驗在慢性淋巴細胞白血病中進行了六期 Calquence 治療，在全口服方案中，從無進展生存趨勢到整體生存和差異化安全性方面取得了具有臨床意義的改善。

A key pays preferred finite therapy for around 50% of patients, including those that are more fit or have IGHB. mutations.

一鍵支付約 50% 患者的首選有限治療費用，包括那些身體狀況較好或患有 IGHB 的患者。突變。

Amplify has the opportunity to drive BTK inhibitor class expansion in frontline CLL by offering both fixed and extended duration options as monotherapy and in combination.

Amplify 有機會透過提供固定和延長療程選擇作為單一療法和聯合療法，推動第一線 CLL 中 BTK 抑制劑類別的擴展。

Also at ASH, we'll be sharing new data for our CD19 CD. three T cell engager HIDO. four eight six in relapsed refractory diffuse large B-cell lymphoma.

同樣在 ASH 上，我們將分享 CD19 CD 的新資料。三個 T 細胞接合者 HIDO。四八六復發難治性瀰漫性大 B 細胞淋巴瘤。

And in follicular lymphoma, CD19 has expressed across a broad range of B cells compared with CD20.

在濾泡性淋巴瘤中，與 CD20 相比，CD19 在廣泛的 B 細胞中表現。

And therefore, this asset has the opportunity to be differentiated from CD. 20 engages also designed to have lower affinity to CD. three would hope that this improves tolerability compared with other engaged platforms.

因此，該資產有機會與 CD 區分開來。 20 嚙合也被設計為對 CD 具有較低的親和力。三人希望與其他參與平台相比，這可以提高容忍度。

We believe that either the oh four eight six has the potential to be a foundational therapy across multiple hematologic indications.

我們相信「哦四八六」有潛力成為多種血液學適應症的基礎療法。

Next slide, please.

請下一張投影片。

So it also remains the backbone TKI. for the treatment of EGFR mutated lung cancer.

因此它仍然是 TKI 的支柱。用於治療EGFR突變肺癌。

Spanning early to late metastatic settings.

跨越早期到晚期的轉移情形。

Earlier this year, we received US approval for the lower study in stage three unresectable lung cancer.

今年早些時候，我們獲得了美國批准針對第三階段不可切除肺癌的較低研究。

Expanding took us a presence in early-stage disease.

擴展使我們出現在早期疾病中。

Last month, we've had at the registrational Phase two Savannah trial of DeGrussa with ore passes in second line EGFR-mutated lung cancer.

上個月，我們在 DeGrussa 的註冊二期薩凡納試驗中通過了二線 EGFR 突變肺癌的治療。

This all oral regimen demonstrated a durable high response rates.

這種全口服療法顯示出持久的高反應率。

Importantly, the addition of our path as well as the continued use of Tagrisso in the roughly one-third of patients that have Hi MET expression.

重要的是，在大約三分之一具有 Hi MET 表達的患者中添加了我們的途徑以及繼續使用 Tagrisso。

We shared these data with regulatory agencies and await the readout of the confirmatory Phase three SOPHIA trial in the second half of next year.

我們與監管機構分享了這些數據，並等待明年下半年確認第三階段 SOPHIA 試驗的結果。

Simona is one of several trials that looks to explore novel combinations, which can extend to go so use across multiple lines of therapy.

西蒙娜是尋求探索新穎組合的幾項試驗之一，這些組合可以擴展到多種療法的使用。

We're also exploring sequester and Dato-DXd in first and second-line settings with the European Lung, 14 and 15 trials.

我們也在歐洲肺、14 和 15 試驗的一線和二線環境中探索隔離劑和 Dato-DXd。

We see potential to replace system systemic chemotherapy whilst maintaining to Chris, who used to patients with EGFR mutated lung cancer.

我們看到了替代系統全身化療的潛力，同時維持 Chris 的治療，Chris 曾治療 EGFR 突變肺癌患者。

Finally, I'd like to provide an update on the European Lung oh one filing.

最後，我想提供有關歐洲肺組織申請的最新資訊。

Following discussions with the FDA, we submitted a biologics license application for approval in later-line EGFR-mutated non-small cell lung cancer with the encouragement of the FDA is also apply for breakthrough therapy designation for this indication.

在與 FDA 討論後，我們提交了一份生物製劑許可申請，​​以批准用於晚期 EGFR 突變非小細胞肺癌，並在 FDA 的鼓勵下申請該適應症的突破性治療指定。

In parallel, we've decided to withdraw the application for the broader non-squamous non-small cell indication.

同時，我們決定撤回更廣泛的非鱗狀非小細胞適應症的申請。

As Gary noted, the favorable benefit risk profile in EGFR mutated lung cancer based primarily on the data from the single-arm Turpin under five trial with supportive data from the European consumer one and the randomized data from the European Lung oh one EGFR-mutated subset.

如 Gary 指出的，EGFR 突變肺癌的有利獲益風險狀況主要基於五項試驗中單臂 Turpin 的數據，以及歐洲消費者一項試驗的支持數據和歐洲肺癌一項 EGFR 突變子集的隨機數據。

The ongoing European Lung 15 study will serve as a complementary trial oil.

正在進行的歐洲 Lung 15 研究將作為補充試驗油。

Also, we plan to conduct an additional registrational trial in the second line chip to TCS NMR biomarker-positive population, complementing the ongoing of Amazon and European Lung 10 Charles in first line non-small cell lung cancer.

此外，我們計劃對 TCS NMR 生物標記陽性人群的二線晶片進行額外的註冊試驗，以補充亞馬遜和歐洲 Lung 10 Charles 在一線非小細胞肺癌方面正在進行的研究。

We remain committed to our ongoing Dato-DXd program in lung cancer and look forward to next year's readout for events or the first Phase three data for Dato-DXd in first line lung cancer.

我們仍然致力於我們正在進行的肺癌 Dato-DXd 計劃，並期待明年的事件讀數或一線肺癌 Dato-DXd 的第一個三期數據。

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

接下來，請轉到下一張投影片，我將轉到介紹生物製藥性能的路線。

Thank you so much, Susan.

非常感謝你，蘇珊。

Next slide, please.

請下一張投影片。

Biopharmaceuticals medicines delivered total revenue of $15.9 billion in the first nine months of 2024, representing growth of 20% in the third quarter.

2024 年前 9 個月，生物製藥總收入達 159 億美元，較第三季成長 20%。

Every biopharma therapy area growing in every major region.

每個生物製藥治療領域在每個主要地區都在成長。

Sivaram, total revenue increased 20% in the third Board after for Seeger Deliver 2027%.

Sivaram，第三屆總營收成長了 20%，僅次於 Seeger Deliver 2027%。

Growth was double digit growth in all major regions, driven by continued market leadership in the expanding SGLT-2 class.

在不斷擴大的 SGLT-2 類別中持續保持市場領先地位的推動下，所有主要地區均實現了兩位數成長。

In the third quarter, our recently launched medicine for ATTR polyneuropathy.

第三季度，我們最近推出了針對 ATTR 多發性神經病變的藥物。

We knew our grew 44% sequentially to $23 million was prescribers coming from a broad range of specialties.

我們知道，我們的處方醫生來自各個專業領域，季增了 44%，達到 2,300 萬美元。

We knew our secure a positive CHMP opinion in Europe during the quarter as well as multiple approvals in other markets.

我們知道本季我們在歐洲獲得了 CHMP 的正面評價，並在其他市場獲得了多項批准。

I&i business is expected to be a substantial driver of our growth through 2030.

預計到 2030 年，I&I 業務將成為我們成長的重要推動力。

R&i delivered total revenue of $2 billion in the quarter, an increase of 29%.

R&i 本季總營收達 20 億美元，成長 29%。

Growth was particularly strong in the United States at 43%, Europe, 30%, reflecting increased demand for our biologic and inhaled medicines.

美國的成長尤其強勁，成長了 43%，歐洲成長了 30%，反映出對我們的生物製劑和吸入藥物的需求增加。

The strong growth momentum we have seen for the spine industry continued with both medicines on track to achieve around $1 billion sales in global sales in 2024.

我們看到脊椎產業的強勁成長勢頭仍在繼續，這兩種藥物預計在 2024 年實現全球銷售額約 10 億美元。

The long-term outlook for grocery is very promising, was potential to expand into asthma, and we also progressing the development of our next-generation propellants was near zero global warming potential.

食品雜貨的長期前景非常有希望，有可能擴展到氣喘領域，我們也正在推動下一代推進劑的開發，全球暖化潛力接近零。

Our ongoing follows outcomes trial is the only in the class is done on both pulmonary and cardiac endpoints them if successful could be transformative for this medicine.

我們正在進行的追蹤結果試驗是同類中唯一針對肺部和心臟終點進行的試驗，如果成功，可能會對該藥物產生變革。

Our other inhaled medicines, Symbicort and our super are also experiencing is experiencing strong demand.

我們的其他吸入藥物 Symbicort 和我們的 super 也經歷著強勁的需求。

Well, it is unclear to what extent Symbicort recent recent growth in the United States will continue in 2025.

目前尚不清楚 Symbicort 最近在美國的成長將在 2025 年持續到什麼程度。

We expect to see continued strong demand in emerging markets That's super.

我們預計新興市場的需求將持續強勁，這太棒了。

Revenues grew 50% sequentially and the launch is progressing very well, was more than 50,000 health care practitioners in the U.S. having prescribed a super today.

收入環比增長了 50%，推出進展順利，今天美國有超過 50,000 名醫療保健從業者開出了 Super。

Lastly, we are very pleased to see VNI returned to growth in the quarter was 49% increase in total revenue demand for before, it is a strong supported by a real world evidence of before there's value in presenting incident hospitalizations and also the recent clinical data from the Harmony throw, which demonstrates it's just hints of efficacy to 180 days.

最後，我們非常高興地看到 VNI 在本季度恢復增長，總收入需求比之前增長了 49%，這得到了真實世界證據的有力支持，表明之前呈現住院事件的價值以及最近的臨床數據來自Harmony 投擲，這表明它只是180 天功效的暗示。

We are highly encouraged to see such a strong performance from all areas of biopharmaceuticals in the year to date, and we anticipate this growth momentum will continue into 2025.

看到今年迄今生物製藥所有領域的強勁表現，我們感到非常鼓舞，我們預計這種成長勢頭將持續到 2025 年。

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

現在我將請 Sharon 討論生物製藥管道的最新進展。

Next slide, please.

請下一張投影片。

Thank you heard today, I'm excited to share more about our ambitions to build the next wave of transformative medicines, addressing cardiovascular, renal and metabolic diseases.

謝謝你們今天聽到的消息，我很高興能更多地分享我們的雄心壯志，即開發下一波變革性藥物，解決心血管、腎臟和代謝疾病的問題。

We've established a robust foundation with Farxiga, our leading SGLT2 inhibitor in heart failure, chronic kidney disease and type two diabetes.

我們已經透過 Farxiga 奠定了堅實的基礎，Farxiga 是我們在心臟衰竭、慢性腎臟病和二型糖尿病領域領先的 SGLT2 抑制劑。

And we are progressing a number of key and any We remain focused on delivering novel targeted monotherapies, including the extra are selected aldosterone center ACE inhibitor, which we believe has the potential to be the first-in-class medicines, uncontrolled hypertension.

我們正在取得一些關鍵的進展，我們仍然專注於提供新穎的標靶單一療法，包括額外選擇的醛固酮中心ACE抑制劑，我們相信它有潛力成為一流的藥物，不受控制的高血壓。

And we look forward to a Phase three readout next year.

我們期待明年的第三階段讀數。

Earlier this year, we presented results from our Phase one trial for AZD. seven eight zero, our oral PCSK9 inhibitor, demonstrating an additional 52% reduction in LDL-C on top of standard of care statins.

今年早些時候，我們公佈了 AZD 一期試驗的結果。七八零，我們的口服 PCSK9 抑制劑，在標準治療他汀類藥物的基礎上，LDL-C 進一步降低了 52%。

Furthermore, we are investigating multiple modalities and cardiac amyloidosis, including two molecules for ATTR cardiomyopathy, Patterson, TTR gene silencer and Alex and 20 to 20, a TTR protein depleter, which has the potential to address the broad spectrum of cardiac amyloidosis to pioneer in an evolving landscape, we have intentionally built our pipeline to investigate novel combinations to simultaneously target complex conditions and address co-morbidities.

此外，我們正在研究多種模式和心臟澱粉樣變性，包括用於ATTR 心肌病變的兩種分子，Patterson、TTR 基因沉默劑和Alex 和20 至20，一種TTR 蛋白消耗劑，它有潛力解決廣泛的心臟澱粉樣變性問題，從而在不斷變化的環境中，我們特意建立了我們的管道來研究新穎的組合，以同時針對複雜的情況並解決合併症。

We recently presented early data from three assets across our weight management pipeline and obesity.

我們最近提供了體重管理管道和肥胖方面的三個資產的早期數據。

We earlier this month, promising Phase one data from AZD. five zero zero for our small molecule oral GLP-1 receptor agonist demonstrated good target engagement, safety and tolerability as a once daily option AZD. five zero zero four is being developed as both monotherapy as well as in combination with other small molecules in our portfolio, such as dapagliflozin and AZD. seven, you know our oral PCSK9 inhibitor, we are rapidly progressing AZD. five zero zero four in Phase IIb trial in type two diabetes and obesity and overweight data from AZD. 63 for Ireland, as peptide also demonstrated encouraging safety and tolerability as well as a robust profile designed to promote fact, specifically the US while preserving lean muscle mass.

我們本月稍早承諾從 AZD 獲得第一階段數據。我們的小分子口服 GLP-1 受體激動劑五零零作為每日一次的 AZD 選項，表現出良好的標靶參與性、安全性和耐受性。 5 0 0 4 正在開發作為單一療法以及與我們產品組合中的其他小分子（例如達格列淨和 AZD）的組合。七、你知道我們的口服PCSK9抑制劑，我們正在快速進展AZD。五零四二型糖尿病和肥胖以及超重數據的 IIb 期試驗來自 AZD。愛爾蘭排名第 63，因為勝肽也表現出令人鼓舞的安全性和耐受性，以及旨在促進事實的強大特性，特別是在美國，同時保留瘦肌肉質量。

We have progressed AZD. 63 for into Phase IIb to evaluate body weight reduction for those living with obesity and overweight.

我們已經進步了 AZD。 63 進入 IIb 期，以評估肥胖和超重患者的體重減輕情況。

Additionally, we believe the triple mechanism combination of AZD. 63 for with AZD. nine five five zero.

此外，我們相信AZD的三重機制組合。 63 與 AZD 一起使用。九五五零。

Our GLP-1 glucagon dual agonist has the potential to achieve optimal weight loss mean Matt bearing and organ protection.

我們的 GLP-1 胰高血糖素雙激動劑有潛力達到最佳的減肥效果，即馬特軸承和器官保護。

We are working at pace to deliver the next wave of transformative medicines across cardiovascular, renal and metabolic diseases across a range of modalities and pathways designed to address the interconnectedness of disease.

我們正在努力透過一系列旨在解決疾病相互關聯性的模式和途徑，提供針對心血管、腎臟和代謝疾病的下一波變革性藥物。

Please move to the next slide.

請移至下一張投影片。

Last week, we announced positive results from the Waypoint Phase three trial of classifier in patients with chronic rhinosinusitis with nasal polyps.

上週，我們宣布了 Waypoint 第三期分類器試驗在慢性鼻竇炎伴隨鼻息肉患者中的正面結果。

There is a significant burden and unmet need for patients living with nasal polyps with over 7 million patients treated for this disease, of which EUR3 million are uncontrolled test by our demonstrated statistically significant and clinically meaningful reductions in both co-primary endpoints, reducing the size of nasal polyps and the level of nasal congestion.

鼻息肉患者面臨著巨大的負擔和未滿足的需求，超過700 萬患者接受了這種疾病的治療，其中300 萬歐元是非對照測試，我們證明了兩個共同主要終點具有統計顯著性和臨床意義，從而減少了規模鼻息肉和鼻塞程度。

We look forward to sharing these data with regulatory authorities and an upcoming medical meeting beyond nasal polyps, we have several other Phase three trials ongoing or announced across multiple indications, including severe asthma, eosinophilic esophagitis and COPD, and we look forward to updating you on our progress.

我們期待與監管機構分享這些數據以及即將召開的除鼻息肉之外的醫學會議，我們還有其他幾項正在進行或宣布的針對多種適應症的三期試驗，包括嚴重氣喘、嗜酸性食道炎和慢性阻塞性肺病，我們期待向您通報最新情況我們的進步。

And with that, please move to the next slide, and I will hand over to Mark to cover rare disease portfolio.

接下來，請轉到下一張投影片，我將把工作交給馬克來介紹罕見疾病組合。

Thank you, Sharon.

謝謝你，莎倫。

And I guess the next slide, please.

我想請看下一張投影片。

Rare Disease grew 14% to $6.4 billion in the first nine months of the year, driven by growth in neurology indications, increased patient demand and continued global expansion.

在神經病學適應症的增長、患者需求的增加以及持續的全球擴張的推動下，罕見疾病在今年前 9 個月增長了 14%，達到 64 億美元。

Dimitris achieve its first blockbuster quarter with revenue growing 35%, primarily driven by neurology indication.

Dimitris 實現了第一個重磅季度營收成長 35%，這主要是由神經科適應症推動的。

The name with the launch is progressing very well.

名稱的推出進展非常順利。

And by the end of the year, we expect the majority of patients in major markets will not switch from Soliris to Ultomiris.

到今年年底，我們預計主要市場的大多數患者不會從 Soliris 轉為 Ultomiris。

In Europe, we saw minimal increase possibilities, biosimilar utilization across PNH and atypical HUS.

在歐洲，我們看到 PNH 和非典型 HUS 的生物相似藥利用率增加的可能性很小。

Beyond complement, Strensiq and consumable grew 21% and 39% respectively, driven by continued patient demand and new launches.

除了補充之外，在持續的患者需求和新產品推出的推動下，Strensiq 和消耗品分別增加了 21% 和 39%。

We are highly encouraged by the strong performance from a rare disease medicine in the year to date, and we anticipate this growth momentum to continue into 2025.

罕見疾病藥物今年迄今的強勁表現令我們深受鼓舞，我們預計這種成長勢頭將持續到 2025 年。

Please advance to the next slide.

請前進到下一張幻燈片。

Today, we announced positive results from the first week of a trial in adult patients with NF1 PN, the largest placebo-controlled Phase three trial ever conducted in the disease.

今天，我們宣布了針對 NF1 PN 成年患者的試驗第一週的積極結果，這是迄今為止針對該疾病進行的最大的安慰劑對照三期試驗。

And if PLN1 is aware, progressive genetic condition impacting multiple Body Systems characterized by benign tumors that develop Belong nerve, she's throughout the body.

如果 PLN1 意識到，進行性遺傳狀況正在影響多個身體系統，其特徵是出現屬於神經的良性腫瘤，那麼她就會遍布全身。

And if one PNFX. over 60,000 in both the US and EU, 80% of whom we estimate our models in the COMET trial, consumable showed a statistically significant and clinically meaningful reduction in patient volumes as well as the non-core averaging effect across sensibilities, rapid response from patients and low discontinuation rates.

如果有一個 PNFX。美國和歐盟超過60,000 名患者（其中80% 是我們在COMET 試驗中估計我們的模型）消耗品顯示出患者數量具有統計顯著性和臨床意義的減少，以及跨敏感性的非核心平均效應、患者的快速反應且停藥率低。

These days.

這些日子。

Thus, we book the potential to expand consumer go into the adult population with forward to sharing the data was regulators globally, and we'll present at an upcoming conference.

因此，我們預計將消費者擴大到成年人口，並與全球監管機構分享數據，我們將在即將舉行的會議上展示。

And with that, please advance to the next slide, and I will hand back to Pascal.

接下來，請前進到下一張投影片，我將交還給帕斯卡。

Thank you, Mark.

謝謝你，馬克。

Next slide, please.

請下一張投影片。

In addition to the high valued, I hope value trial readouts that I mentioned at the start of this call, we are entering a remarkable catalysts which built for our company.

除了我在本次電話會議開始時提到的高價值、我希望有價值的試驗讀數之外，我們正在進入為我們公司打造的卓越催化劑。

Within the coming year.

來年之內。

We will see the results of significant indication expansion opportunities for our marketed medicines, including took up on our two to Imfinzi and for Cerner as well as pivotal trial readouts for several important potential best in class novel medicines shown here on this slide.

我們將看到我們已上市藥物的重大適應症擴展機會的結果，包括我們對 Imfinzi 和 Cerner 的兩項研究，以及本幻燈片中顯示的幾種重要的潛在同類最佳新藥的關鍵試驗結果。

We are also making excellent progress advancing key disruptive technologies with potential to drive growth well beyond 2030, and we look forward to multiple earlier stage data readouts over the course of 2025.

我們在推動關鍵顛覆性技術方面也取得了巨大進展，有可能推動 2030 年後的成長，我們期待在 2025 年期間獲得多個早期階段的數據。

Next slide, please.

請下一張投影片。

As I mentioned earlier, our strong delivery in the first nine months of this year, together with our growth for the full year 2024 guide on such a strong foundation for continued growth next year.

正如我之前提到的，我們今年前 9 個月的強勁交付，以及我們 2024 年全年的成長，為明年的持續成長奠定了堅實的基礎。

And while we will provide formal guidance was for your results in February, we're confident that the headwinds we anticipate next year will be substantially offset by lower demand for our portfolio of medicines.

雖然我們將在 2 月為您的結果提供正式指導，但我們相信，我們預計明年的不利因素將被對我們藥物組合的需求下降所抵消。

Strong commercial performance, together with continued pipeline delivery and our focus on profitability.

強勁的商業表現、持續的管道交付以及我們對獲利能力的關注。

We are on track to achieve the strategic ambitions laid out at our Investor Day this past May.

我們可望實現今年五月投資者日所製定的策略雄心。

We remain confident in our ability to generate $80 billion in total revenue by 2030.

我們對 2030 年創造 800 億美元總收入的能力仍然充滿信心。

And as a reminder, this is a risk adjusted number.

提醒一下，這是一個風險調整後的數字。

We're also managing our P&L to deliver the mid 30s percentage operating margin by 2026.

我們也正在管理損益表，以期到 2026 年達到 30% 左右的營業利潤率。

As we previously communicated.

正如我們之前溝通過的。

Of course, pipeline regeneration is critical to delivering leading growth and long-term value creation.

當然，管道再生對於實現領先成長和長期價值創造至關重要。

To the point, we've launched six enemies towards our goal of at least 20 by 2030.

到目前為止，我們已經向 2030 年至少 20 個敵人的目標發射了 6 個敵人。

And with that, please advance to the next slide.

接下來，請前進到下一張投影片。

We will go to the Q&A.

我們將進入問答環節。

As Andy mentioned, at the start of the call, please limit the number of questions you asked to allow us a fair chance to participate for those online.

正如安迪所提到的，在電話會議開始時，請限制您提出的問題數量，以便我們有公平的機會參與線上活動。

Please use the raise hand function on Zoom and restart will move to the first question, which is from Tim James Gordon, JPMorgan.

請使用 Zoom 上的舉手功能，然後重新啟動將轉到第一個問題，該問題來自摩根大通的 Tim James Gordon。

Over to James Follo.

交給詹姆斯·福洛。

James Gordon, JPMorgan.

詹姆斯‧戈登，摩根大通。

Thanks.

謝謝。

Taking my two questions.

回答我的兩個問題。

First question was US election applications and why we're investing.

第一個問題是美國大選申請以及我們為何投資。

So do you see any impact from the U.S. presidential election asset business in terms of higher tariffs?

那麼您認為美國總統選舉資產業務對關稅上漲有何影響？

So maybe the lower corporate tax appeals and also the 3.1 billion U.S. investment in manufacturing research, is there any connection that you're going to ship more of your investment into the U.S.?

那麼，也許較低的企業稅收吸引力以及美國在製造業研究方面的 31 億美元投資，與您打算將更多投資轉移到美國之間有什麼聯繫嗎？

Is that even more the focus now I see in front of the UK election doesn't make much difference that we potentially less investment.

我現在看到的焦點是，在英國大選之前，我們可能會減少投資，這並沒有太大區別。

And the second question was, I'm confident in the 2025 outlook.

第二個問題是，我對 2025 年的前景充滿信心。

So if all of the 2025 consensus of the new updated 2024 and five EPS level is looking for low double digit EPS growth.

因此，如果新更新的 2024 年和 5 個 EPS 水準的所有 2025 年共識都在尋求低兩位數的 EPS 成長。

So how comfortable are you with our growth outlook?

那麼您對我們的成長前景感到滿意嗎？

I can hear comments on top-line strength and leverage over SG&A, but also we've had a pull forward of an important milestone.

我可以聽到有關營收實力和SG&A影響力的評論，但我們也取得了一個重要里程碑的進展。

This questions on China, Array financial expense, maybe the election, depending what you said.

這個問題涉及中國、Array 財務費用、也許是選舉，取決於你所說的。

The first question, should we be a bit more cautious than that one 2025?

第一個問題，我們是否應該比2025年更謹慎一點？

Or is that achievable?

或者說這是可以實現的嗎？

Okay.

好的。

Thanks.

謝謝。

Thanks, themselves.

謝謝，他們自己。

And so the first questions, you know, the pharmaceuticals typically are not subject to those import duties.

所以第一個問題，你知道，藥品通常不需要繳納這些進口關稅。

Having said that, it's academic in our case because we don't import pharmaceuticals into the U.S. firms from China.

話雖如此，這對我們來說是學術性的，因為我們不會從中國向美國公司進口藥品。

So that is really a question that doesn't apply to us because we we source our products for the U.S.

所以這確實是一個不適用於我們的問題，因為我們的產品是從美國購買的。

We saw them either from the U.S. directly or from Europe typically.

我們直接從美國或通常從歐洲看到它們。

So there's really no issue of sourcing products from from China.

所以從中國採購產品確實不存在問題。

So that's the first point.

這是第一點。

And as we explained in the past, we've really tried over those few years to build supply chains that on the one hand, supply, what you might call the Western world, U.S. Europe and a few others.

正如我們過去解釋的那樣，這幾年我們確實嘗試過建立供應鏈，一方面供應西方世界、美國、歐洲和其他一些國家。

And then we have a separate supply chain for China and some of the emerging markets.

然後我們為中國和一些新興市場提供單獨的供應鏈。

So that's that's the answer to the first question is the second question, Alexia.

這是第一個問題的答案，也是第二個問題，Alexia。

And your first question about the US elections.

你的第一個問題是關於美國大選的。

I mean, the the reason we invest very substantially in the US is that, you know, we all know the US is a very important market, both in terms of providing our pace of medicines to patients, but also in terms of innovation.

我的意思是，我們在美國進行大量投資的原因是，我們都知道美國是一個非常重要的市場，無論是在向患者提供藥品的速度方面，還是在創新方面。

And we really want to be at the heart of this country in terms of manufacturing, but also R&D.

我們真的希望成為這個國家在製造和研發方面的中心。

I mean, we are building this new site in Kendall Square in Boston because it's an important location for research and development.

我的意思是，我們正在波士頓肯德爾廣場建造這個新工廠，因為它是研發的重要地點。

We see the economy should actually continue to grow strongly in the US next year on year after and I'm in a number of economy.

我們認為明年美國經濟實際上應該會繼續強勁成長，而且我在多個經濟體中。

Can you give a number of participants in the new economies seem to be?

您能否給出一些新經濟體的參與者似​​乎是什麼？

There is a two and a strong economy will support strong healthcare, which of course, assumingly will support the delivery of medicines.

有兩個，強勁的經濟將支持強大的醫療保健，當然，這假設將支持藥品的交付。

So all of those smokers This makes us really on or to just think about the US market in our plan, the U.S. should increase its participation to our total revenue.

因此，所有這些吸煙者這使我們真正關注或只是在我們的計劃中考慮美國市場，美國應該增加對我們總收入的參與。

The other area that is growing very nicely, of course, in the emerging markets outside of China.

當然，另一個成長非常好的領域是中國以外的新興市場。

In terms of your other question was just trying to 25 is relatively simple.

就你的其他問題而言，只是嘗試 25 相對簡單。

Actually, I mean, look at where we are today, we are growing almost 20% top-line growth.

事實上，我的意思是，看看我們今天的處境，我們的收入成長了近 20%。

So we've got enormous momentum moving into the Q4 was also next year.

因此，我們在進入第四季時也有巨大的動力，明年也是如此。

So we've got this momentum into next year running at sort of 20% growth rate that we know what the headwinds.

因此，我們明年將保持 20% 的成長率，我們知道會遇到什麼阻力。

I mean, we know, but I we know about the VBP first figure in China.

我的意思是，我們知道，但我們知道中國的 VBP 第一個人物。

We know we don't know exactly when, but we know it's it's going to happen next year.

我們知道我們不知道確切的時間，但我們知道它會在明年發生。

And so those are headwinds.

所以這些都是逆風。

But on the other hand, we have enormous momentum across the entire portfolio, but also across the entire world.

但另一方面，我們在整個投資組合乃至整個世界都擁有巨大的動力。

So I'm not saying next year with all by the same amount of this, of course, not but even if you this, or is this a little bit?

所以我並不是說明年所有的人都會有同樣的數量，當然不是，但即使你是這樣，還是只是一點點？

And then you assume some leverage because we've been working on P&L leverage for many years.

然後你假設一些槓桿，因為我們多年來一直致力於損益槓桿。

It's relatively easy to get to a conclusion that confirms what I have no was saying before.

相對容易得出一個結論來證實我之前沒有說過的話。

We are very confident with the outlook for next year, not only for next year, but they are the after surely.

我們對明年的前景非常有信心，不僅是明年，而且肯定是明年。

So net-net is we are actually confident for the outlook next year.

因此，我們對明年的前景實際上充滿信心。

I know you want to add anything to that?

我知道你想補充什麼？

I think our government very well.

我認為我們的政府做得很好。

And also just to make sure that the investments we announced in the US today, we've been working on them for several years.

而且為了確保我們今天在美國宣布的投資，我們已經為此努力了好幾年。

And the incremental investment that was announced is again partly this year, partly the next two years.

而且宣布的增量投資又一部分是今年的，一部分是未來兩年的。

And it's really driven by the growth and the momentum that we see, whether it's in clinical trials and clinical trial supply or the cell therapy.

它確實是由我們看到的增長和勢頭推動的，無論是在臨床試驗和臨床試驗供應還是細胞治療方面。

And it's really a continued process.

這確實是一個持續的過程。

And we made the announcement today since we are in New York, but that's been part of the plan.

我們今天在紐約宣布了這一消息，但這已經是計劃的一部分。

And maybe just going back to the US question is if you think about the I mean, if you if you look at our position around the world, in most cases were in the top three companies and mass market, not market a market that actually rewards innovation the most.

也許回到美國的問題是，如果你考慮我的意思是，如果你看看我們在世界各地的地位，在大多數情況下我們處於前三名公司和大眾市場，而不是營銷一個真正回報的市場創新最多。

And but to do this to be rewarded for your innovation, you have to have new products.

但要做到這一點，你的創新才能得到回報，你必須擁有新產品。

And that's what we've done with oncology.

這就是我們在腫瘤學方面所做的事情。

But there's more to come outside of oncology in the next few years.

但在接下來的幾年裡，腫瘤學之外還有更多的事情要做。

And so that's why we believe that the share of global revenue coming out of the US over the next year should go up because in our participation in the U.S. and hopefully, our ranking in the US were improving to remove the next question, which help us.

因此，這就是為什麼我們認為明年來自美國的全球收入份額應該會上升，因為我們在美國的參與，希望我們在美國的排名正在提高，以消除下一個問題，這有助於我們。

Thanks for taking my questions.

感謝您回答我的問題。

Richard Parkes from BNP Paribas exam.

法國巴黎銀行考試的理查德帕克斯。

So a couple of questions.

有幾個問題。

Firstly, just one for you, Pascal, just wondered if you could comment on what you would suggest investors assume in terms of materiality of impact to your China business at this stage of the investigation.

首先，帕斯卡，我想知道您是否可以評論一下您建議投資者在調查的現階段對您的中國業務影響的重要性方面的假設。

Obviously, we've got very little visibility on Chart on us.

顯然，我們在圖表上的知名度非常低。

So it's safer to assume that will be some negative implications.

因此，更安全的做法是假設這會產生一些負面影響。

And how would you characterize the materiality of that at this stage?

您如何描述現階段這問題的重要性？

And I'm just wondering what you would assume if you have to present an update to 10-year plan to the Board tomorrow.

我只是想知道，如果您明天必須向董事會提交十年計劃的更新，您會怎麼想。

For the China and our outlook.

為了中國和我們的前景。

Then secondly, on Dato-DXd, one for Susan.

其次，在 Dato-DXd 上，為 Susan 準備的。

I just wondered if there's if there's anything that was raised in during the FDA review that investors should be aware of that maybe on-demand your confidence in Dato-DXd or the Trop two QCS. biomarker.

我只是想知道 FDA 審查期間是否提出了任何問題，投資者應該意識到，也許按需您對 Dato-DXd 或 Trop 兩個 QCS 的信心。生物標誌物。

Obviously, the decision to withdraw the filing rises question as confidence in your hypothesis of where the drug works.

顯然，撤回申請的決定引起了人們對你對該藥物起作用的假設的信心的質疑。

Well, just wondering if we should assume that or was the FDA's requirement for approvals simply a higher bar than you originally assumed?

好吧，只是想知道我們是否應該假設 FDA 的批准要求只是比您最初假設的更高？

Okay.

好的。

So the first question, which I'll thank you for for China.

第一個問題，我要代表中國感謝你們。

I think really the answer to answer to your question is it's too early to judge.

我認為回答你的問題的真正答案是現在判斷還為時過早。

I think it's reasonable to assume that there will be some impact, but today we can adjust that.

我認為假設會產生一些影響是合理的，但今天我們可以對此進行調整。

I mean, it's much too early.

我的意思是，現在還太早。

We don't have enough data.

我們沒有足夠的數據。

We need to wait a little longer.

我們需要再等一會兒。

And so the trend and on top of it than we would have to see if if there was an impact, visitors shortlisting or long lasting impact.

因此，除此之外，我們還要看看是否有影響、訪客入圍或長期影響。

So you know much too early to judge, but I think maybe what I can say is that the China today's, but was up 10% of our total revenue.

所以你現在判斷還為時過早，但我想也許我能說的是，今天的中國，但增長了我們總收入的 10%。

I said the US will continue to grow.

我說美國將繼續成長。

Europe is growing.

歐洲正在成長。

Joe China will go for sure.

喬中國一定會去。

But next year, we know we have Farxiga VBP.

但明年，我們知道我們有 Farxiga VBP。

So selling the next year, there was in China, in any case will be slower than what we see it this year, which shows a very good growth by the way.

因此，明年中國的銷售無論如何都會比我們今年看到的要慢，順便說一下，這表明了非常好的成長。

So we have the assumption is the share of services not going to be the 20% we saw years ago.

所以我們假設服務的份額不會是我們幾年前看到的 20%。

We are 1213% today and the rest of the world will go much more.

我們今天已經達到了 1213%，世界其他地區的比率還會更高。

So I guess what I'm saying is we will navigate this difficult period and we think we can actually manage to continue to grow across the world, even if there was some impact in in China, we hope there won't be also an impact and selling your team in the country in China is working very hard to continue moving our products.

所以我想我想說的是，我們將渡過這個困難時期，我們認為我們實際上可以設法在世界範圍內繼續增長，即使在中國受到一些影響，我們希望也不會受到影響你們在中國的銷售團隊正在非常努力地繼續銷售我們的產品。

We know our research level of plant in China is very appreciated.

我們知道我們在中國的植物研究水平是非常值得讚賞的。

We are probably I think we are the largest company in terms of R&D investment is well appreciated.

我們可能是我認為在研發投資方面最大的公司，我們很受讚賞。

So we believe that we should be able to manage this difficult period.

因此，我們相信我們應該能夠度過這個困難時期。

But again, as I said, very, very difficult to comment that the very early stage, Suzanne, you want to capture.

但同樣，正如我所說，蘇珊娜，你想要捕捉非常早期的階段，這是非常非常困難的。

And so thanks for the question.

謝謝你的提問。

So obviously, with that, we view this ongoing discussions.

顯然，我們看待正在進行的討論。

I think it's fair to say that over the last period of time, the FDA has been increasingly interested in looking at subgroups within clinical trials.

我認為可以公平地說，在過去一段時間裡，FDA 對研究臨床試驗中的亞群越來越感興趣。

And this isn't the only example of that.

這並不是唯一的例子。

So the FDA is interested in that particular subgroups where the greatest benefit seen.

因此，FDA 對獲益最大的特定亞組感興趣。

Of course, this not just within the Taylor one study, but obviously within the single-arm, Taylor five city really very robust activity that would seem within the AMI patients with actionable genomic alterations and in particular those with EGFR mutations.

當然，這不僅在泰勒一項研究中，而且顯然在單臂、泰勒五項研究中確實非常活躍，在具有可操作的基因組改變的AMI 患者中，特別是那些有EGFR 突變的患者中，似乎表現得非常強勁。

And so I think what you're seeing is a reflection on trying to focus initially on the subgroup, whereas the greatest benefit.

因此，我認為您所看到的是對最初關注子群體的反思，而不是最大的好處。

I think this is also and interest in the potential of the patients that have the biomarker positive subgroup that we've seen in the Champion longer one.

我認為這也是對具有生物標誌物陽性亞組的患者潛力的興趣，我們在冠軍更長的亞組中看到了這一點。

And we've had ongoing discussions about and the but the potential with the validation of that biomarker, of course, we've incorporated those plans into our ongoing Phase one trials of which events has said is the first one that will readout next year.

我們一直在討論該生物標記的驗證潛力，當然，我們已將這些計劃納入我們正在進行的第一階段試驗，事件稱這是明年將讀出的第一個試驗。

But European Lung and 10 is another example.

但歐洲肺10是另一個例子。

And then again, in combination with osimertinib in Japan on 14 and 15 and studies, so that we build out really a robust set of indications for Dato-DXd in lung cancer.

然後，結合日本 14 日和 15 日的奧希替尼研究，我們為 Dato-DXd 建立了一套真正強大的肺癌適應症。

So your question was about confidence in the profile that we have with us at a six day.

所以你的問題是關於我們對六天的個人資料的信心。

As I said, a number of times, I think we've learned to not from the European Lung oh one data set, not just about the level of activity in EGFR-mutant, but there's potential for the broader patient population with things that we didn't understand at the time that the original JPM under one study was and was designed.

正如我多次說過的，我認為我們已經從歐洲肺哦一個數據集學到了這一點，不僅僅是關於 EGFR 突變體的活性水平，而且我們的研究對於更廣泛的患者群體具有潛力。不明白一項研究中最初的JPM 是被設計出來的。

And that's the nature of development that Elan and as she goes, what we've done is taken those learnings and adapted the the the the program to maximize the potential benefit.

這就是 Elan 發展的本質，正如她所言，我們所做的就是吸取這些經驗教訓並調整該計劃，以最大限度地提高潛在利益。

What I would say is in terms of looking to the first line, which is obviously the biggest indication that we've got for non-small cell lung cancer that given the safety and efficacy that we've seen and from the European one or two and the European Lung of four studies and for combination and the ability to combine with platinum-based chemotherapy as well as I am very confident about the profile.

我想說的是，就第一線而言，這顯然是我們對非小細胞肺癌的最大跡象，考慮到我們已經看到的安全性和有效性以及來自歐洲一兩個國家的研究和歐洲肺的四項研究以及聯合和與鉑類化療聯合的能力以及我對這一概況非常有信心。

And also, as I indicated as well, the biomarker data that we've seen in European longer one, we've locked in other data sets as well.

而且，正如我也指出的那樣，我們在歐洲較長的生物標記數據中看到了，我們也鎖定了其他數據集。

We also think we've got it evidence that that will translate across different data sets, including from internal data sets in earlier line settings as well.

我們還認為，我們已經有證據表明，這將在不同的資料集之間進行轉換，包括早期生產線設定中的內部資料集。

So I think the overall profile that we have with us at extending the potential to maximize the benefit is in the biomarker and broader patient populations is something that we're now probably increasingly confident about given the latest would that have emerged?

因此，我認為我們在擴大生物標記和更廣泛的患者群體方面的整體概況，考慮到最新出現的情況，我們現在可能越來越有信心？

Thanks.

謝謝。

I guess events for the next question is from Sachin Jain, Bank of America.

我猜下一個問題的事件來自美國銀行的 Sachin Jain。

So I'll ask similar questions.

所以我會問類似的問題。

I'm saying two topics, if I may, please, SFS, it says on that.

我說的是兩個主題，請允許的話，SFS，它對此有說明。

So you indicated at World Lung hearing, but with the FDA around changing events, our stat plan, I just wonder how far progress you are with us on whether the shallow water basin for Salix.

因此，您在世界肺臟聽證會上表示，但隨著 FDA 圍繞事件變化、我們的統計計劃，我只是想知道您與我們在淺水盆地是否適合柳樹方面取得了多大進展。

All the second one is just back on 25, it's going to be more colorful activity from past our outlets, but you've lifted to main headwinds, Farxiga, VVP. and IRA., where you could just give us your best quantification or expectation around those.

第二個活動剛剛在 25 號回來，過去我們的商店將會有更加豐富多彩的活動，但您已經面臨主要逆風，Farxiga，VVP。和 IRA。

Please ask your question.

請提出你的問題。

Crestal did better than expected and VBP IRA, you've historically frame is manageable.

Crestal 的表現比預期要好，VBP IRA，您的歷史框架是可控的。

So neither seem like material wins, high 10s growth suggests that revenues could continue to double digits next year.

因此，這兩者似乎都不是實質的勝利，十多點的高成長表明明年的收入可能會繼續達到兩位數。

So just any perspective, I think it so maybe let me cover the second one.

所以無論從什麼角度來看，我認為也許讓我談談第二個角度。

And I think through then we can go back to the two of them.

我想到那時我們就可以回到他們兩個了。

And then if you want to comment on the oil sands, China cider, you know the what you should expect for Farxiga is what we saw with Crestor, which is a decline and then stabilization and growth because our plan is to do with Farxiga what we did with Crestor.

然後，如果你想評論油砂、中國蘋果酒，你知道你應該對Farxiga 的預期是我們在Crestor 上看到的，這是下降，然後穩定和增長，因為我們的計劃是與Farxiga 一起做我們的事情和克雷斯託一起做的。

And there is some market for this of products that patients actually buy directly in line with the electronic prescriptions essentially.

患者實際上直接根據電子處方購買的產品本質上是有一定市場的。

And I'm going to get it delivered to their home sales will not be it the same level as they are today for sure.

我將把它交付給他們的房屋銷售，肯定不會達到今天的水平。

I'm just like happened with Crestor, but we believe we can go down and then grow again and you know, keep Farxiga for quite some time to come.

我就像 Crestor 的情況一樣，但我們相信我們可以走下坡路，然後再次成長，你知道，在未來相當長的一段時間內保留 Farxiga。

But next year, you should expect a decline.

但明年，你應該預期會出現下降。

I mean, we can't give you a specific indication for for 2025 figure, but you should expect a substantial decline.

我的意思是，我們無法為您提供 2025 年數字的具體指示，但您應該預期會大幅下降。

And then or do you want to cover ION, anything that you would want to add?

然後或是想報道 ION，有什麼想補充的嗎？

Yes, of course.

是的當然。

And once again, currently, we are not assuming that procedure in our guidance for this year.

目前，我們在今年的指導中並未假設該程序。

That's the figure will be in the VPI.

這就是 VPI 中的數字。

It's not it hasn't been announced with us a clear assumption and see let's see how it works for for 2025, as Pascal mentioned, something regarding the array, I think it's a lot a bit of a mix.

這並不是說我們還沒有宣布一個明確的假設，讓我們看看它在 2025 年的表現如何，正如 Pascal 提到的，關於陣列的一些事情，我認為它有點混合。

The mix Backer, on one hand, we noticed the out of pocket course, there will be lower.

混合Backer，一方面，我們注意到自付費用當然會更低。

You'll also be smoothed over the full year in the course of 2025 to a patient adherence probably will be better than what we have seen in the past.

2025 年全年，患者的依從性可能會比我們過去看到的更好。

But of course, the liability for some of our products.

但當然，我們的某些產品的責任。

And I will Hanover in the second to Dave regarding the on call it, the oral oncology products, we will see a certain impact was when we will give the guidance in the beginning of 2025.

我將在第二次漢諾威向戴夫介紹有關口服腫瘤產品的待命問題，我們將在 2025 年初提供指導時看到一定的影響。

That will be part of the way we will guide for for for that specific year.

這將是我們為該特定年份制定的指導方式的一部分。

But overall, I think it's fair to say that from a biopharma space, the IRE, the IRA impacts will be will be manageable.

但總的來說，我認為可以公平地說，從生物製藥領域來看，IRE、IRA 的影響將是可控的。

We have good programs in place to drive further volume.

我們制定了良好的計劃來進一步推動銷售。

The seamless clearly with the Symbicort performance, but decreased for Seagate is still performing very well in the U.S. markets, and we don't think that as well.

與 Symbicort 的表現明顯無縫，但希捷在美國市場的表現仍然非常好，但有所下降，我們也不這麼認為。

So substantially slowdown in the course of 2025.

因此，2025 年將大幅放緩。

Thanks for such.

謝謝這樣的。

And I think that again, we've talked about this in the past, but I also believe that that the IRA is manageable coming into next year.

我再次認為，我們過去已經討論過這個問題，但我也相信 IRA 明年是可以管理的。

We know that Iran has resulted in important improvements in affordability for Medicare patients in the United States.

我們知道，伊朗大大提高了美國醫療保險患者的負擔能力。

That's resulted in increased adherence, also lower our reliance on free drug programs.

這提高了依從性，也降低了我們對免費藥物計畫的依賴。

We've seen that.

我們已經看到了。

I think that you've also seen that and other our earnings announcements that have come out from other companies on their oral, if you will, kind of more expensive specialty medicines.

我認為您也已經看到了其他公司發布的有關其口服（如果您願意的話）更昂貴的特種藥物的收益公告。

I mean, you've seen across the board, obviously, next year, we taken on the 20% liability in the catastrophic phase for the first time.

我的意思是，你已經全面看到，顯然，明年我們將首次在災難階段承擔 20% 的責任。

So that's a mechanic that we haven't experienced in 2024.

所以這是我們在 2024 年還沒有經歷過的機制。

But also within that, the affordability improved even further.

但同時，負擔能力也進一步提高。

And I think that we would hope and expect more patients to be able to afford to be on commercial drug and the capping of something that can benefit.

我認為我們希望並期望更多的患者能夠負擔得起商業藥物的費用，並限制可以受益的藥物。

And I think importantly, our oncolytics, Pascal talked about this as did Susan and the slides, we've got really excellent growth drivers on Tegra, so and Calquence.

我認為重要的是，我們的溶瘤藥物 Pascal 和 Susan 以及幻燈片都談到了這一點，我們在 Tegra、Calquence 上擁有非常出色的成長動力。

And I think that that's where I'm focusing my efforts are in the year ahead on making sure that we get those to patients as quickly and rapidly as we can read is important, as I said, to consider the new indications because as we launch those new indications for, for instance, figures or Calquence patients, we have the ability to benefit from those indications without having to us for free products.

我認為這就是我在未來一年的重點工作，確保我們盡快將這些藥物提供給患者，正如我所說，考慮新的適應症很重要，因為當我們推出時對於那些新的適應症，例如數字或Calquence 患者，我們有能力從這些適應症中受益，而無需向我們提供免費產品。

So we really have a impact only, of course, a partial shield to the negative effect of I that's why we keep I mean, we've never quantified it externally, but we've said many times, it's manageable and will continue to believe it's manageable.

當然，我們實際上只是產生了影響，部分屏蔽了我的負面影響，這就是為什麼我們保留我的意思是，我們從未在外部量化過它，但我們已經說過很多次了，它是可控的，並將繼續相信這是可以管理的。

Having gone through our planning process.

完成了我們的規劃流程。

Now in our budgeting process, we continue to believe it's manageable.

現在，在我們的預算過程中，我們仍然相信它是可以管理的。

There is there's an online question coming from Christoph odor consisted of.

Christoph odor 提出了一個線上問題。

Sorry, sorry, sorry, go ahead, Mr. Sachin, Heather, and thank you for the question on industrial, but I've answered so just as a reminder, once we saw the initial results from chip in Lung oh one, we made some modifications to advance our income.

抱歉，抱歉，抱歉，請繼續，薩欽先生，希瑟，謝謝您提出有關工業的問題，但我已經回答了，只是作為提醒，一旦我們看到肺芯片的初步結果，我們就做了一些修改以增加我們的收入。

We kept the numbers squamous patients so that we ensured that we had some good power within the non-squamous and patient population and in both the ITT. and biomarker and spent groups within within of answer.

我們保留了鱗狀細胞癌患者的數量，以便確保我們在非鱗狀細胞癌和患者群體以及 ITT 中擁有一定的實力。以及答案內的生物標記和消耗組。

And to answer your question specifically, have we discuss those changes with the FDA as cost we've discussed this year?

為了具體回答你的問題，我們是否與 FDA 討論了這些變化作為我們今年討論過的成本？

And just with the FDA sort of what you were discussing further changes to our first of all, the SEB and that you have covered.

就在 FDA 的討論中，您正在討論我們首先涉及的 SEB 的進一步改變。

But the question is the second question is Lynparza, and that's an online question.

但問題是第二個問題是 Lynparza，這是一個線上問題。

It says, What are you seeing in ovarian in the wake of Prima bombing bonding on, though is probably more a question for Dave.

它說，在 Prima 爆炸事件發生後，你在卵巢中看到了什麼，但對戴夫來說可能更多是一個問題。

Actually, what share do you think you can capture?

事實上，你認為你能佔多少份額？

And how confident are you in a positive outcome from Motorola as well as you all and one much we expect to see our results.

您對摩托羅拉以及大家的正面成果有多大信心，我們也非常希望看到我們的成果。

So a bit of Dave and a bit for sources and uses.

戴夫（Dave）的一些知識以及來源和用途的一些知識。

But I don't I start first on Lynparza, um, I think very importantly, when we take a look at the year following second half of last year, where the class, particularly in the US was really undergoing a lot of second line headwinds from FDA mandated changes to labels.

但我不先從 Lynparza 開始，嗯，我認為非常重要的是，當我們回顧去年下半年之後的一年時，這個班級，特別是在美國，確實經歷了很多二線逆風FDA 強制要求更改標籤。

We've now seen in 2020 for two consecutive quarters of sequential growth in Q2 and Q3.

我們現在已經看到 2020 年第二季和第三季連續兩季連續兩季成長。

We've got at the highest levels of sales arm for Lynparza globally that we've experienced to date.

我們擁有迄今為止所經歷過的 Lynparza 全球最高水準的銷售部門。

And historically, and I think we're on a good drove growth trajectory.

從歷史上看，我認為我們正處於良好的成長軌道上。

That growth is predominantly coming from ovarian cancer and from breast cancer.

這種增長主要來自卵巢癌和乳癌。

And that's true across the globe.

在全球範圍內都是如此。

Of course, within Europe, we are seeing seeing uptake within prostate cancer or less on prostate within the US.

當然，在歐洲，我們看到前列腺癌的使用率或美國前列腺癌的使用率較低。

I'm certainly the Prima.

我當然是Prima。

Our news represents an important opportunity, and we do already have pretty substantial market share in that ovarian setting.

我們的消息代表了一個重要的機會，我們在卵巢領域確實已經擁有相當大的市場份額。

But we're also at a place where this medicine, where are we are leaving no stone unturned, and that represents an opportunity and one where we believe that we've got a great story to tell and a differentiated one with power one, and we'll stay focused in on that to continue on our growth trajectory from parcel.

但我們也處於這樣一種境地，這種藥物在哪裡，我們正在千方百計，這代表著一個機會，我們相信我們有一個偉大的故事要講，一個具有力量的差異化故事，並且我們將繼續專注於此，繼續我們的成長軌跡。

You want to address them at all on the DOERN. two O. office using job and the M mature is anticipated in 2025.

您想在 DOERN 上向他們發表講話。兩個 O. 辦公室使用工作和 M 預計在 2025 年成熟。

I don't think we've guided and more specifically before that, of course, that will be event driven MOS. and in a number of our ovarian cancer studies with Lynparza, we we face and slowing event, right?

我認為我們在此之前沒有進行過更具體的指導，當然，這將是事件驅動的 MOS。在我們對 Lynparza 進行的多項卵巢癌研究中，我們面臨著減緩事件，對吧？

So it depends a little bit on the event like coming in about the timing of that for the Motorola study.

因此，這在一定程度上取決於事件，例如摩托羅拉研究的時間安排。

I also think that the latest clinical trial appendixes the latest timelines for that, which is really in the second half of next year.

我還認為最新的臨床試驗附上了最新的時間表，實際上是在明年下半年。

Thank you, Susanne.

謝謝你，蘇珊。

Next question is from cancer.

下一個問題是關於癌症的。

Gonzalo FTR shut down.

貢薩洛 FTR 關閉。

That sounds like we don't have the connection to Gonzalo.

聽起來我們與貢薩洛沒有聯繫。

Let's move to the scale-out Cohen over to Steven will come back to Gonzalo maybe later.

讓我們轉向橫向擴展 Cohen，Steven 可能稍後會回到 Gonzalo。

Thank you so much.

太感謝了。

two questions.

兩個問題。

Dave, you spoke on the second quarter call about a robust and her to acceleration in the second half of the year.

戴夫，您在第二季度電話會議上談到了下半年的強勁成長和加速發展。

In Q. three, do you think a robust acceleration was achieved?

在問題三中，您認為實現了強勁的加速嗎？

And should we look for further acceleration in Q4?

我們是否應該在第四季尋求進一步的加速？

So that's the first question.

這是第一個問題。

Second question is, could you give us some clarity on the likely regulatory timing of data DXC with the addition of TLO five, for instance, one was it filed and given FDA is familiar with some of the data and presumably the filing strategy, this new filing strategy was their idea could approval come by mid 2025 or is that completely unrealistic?

第二個問題是，您能否給我們一些關於添加 TLO 5 的數據 DXC 的可能監管時間的一些說明，例如，一項已提交，鑑於 FDA 熟悉一些數據和大概的提交策略，這一新的提交策略是他們的想法可以在2025 年中期獲得批准還是完全不切實際？

Thank you.

謝謝。

So, Steve, on your question on in her to I think, Tom, we remain very focused in the quarter on driving against both DESTINY Breast oh three and the Her two positive setting as well as with DESTINY Breast oh four.

所以，史蒂夫，關於你向她提出的問題，我想，湯姆，我們在本季度仍然非常專注於對抗“命運乳房”三號和她的兩個積極設置以及“命運乳房”四號。

What I was hoping that we would see in the quarter and we haven't seen yet is a inclusion of DESTINY Breast oh six into the guidelines.

我希望我們能在本季看到但我們還沒有看到的是，將 DESTINY Breast oh 6 納入指南中。

I think that that is a catalyst that is important to be able to really see a change in the growth trajectory.

我認為這是一個重要的催化劑，能夠真正看到成長軌蹟的變化。

I wouldn't her to that.

我不會讓她這麼做。

Maybe begs the question then why do I think that we haven't seen yet the guidelines are change yet.

也許有人會問，為什麼我認為我們還沒有看到指導方針發生變化。

And I think that the primary reason and the answer on that is that I do think that in instances of a new biomarker population were ultra low is I think while something we've talked a lot about something that is really a new population think oftentimes the guidelines we are both for FDA and also for the pathology community to play more of a leading role in helping the definition there.

我認為主要原因和答案是，我確實認為，在新的生物標記群體的情況下，我認為雖然我們已經談論了很多關於真正的新群體的事情，但我經常認為我們既支持FDA，也支持病理學界在幫助定義方面發揮更多的主導作用。

So I look forward to in her to are going through a change in trajectory as we're able to both C oh six within both the guidelines and also then ultimately approvals that we can promote to it.

因此，我期待她經歷軌蹟的改變，因為我們能夠在指南中實現 C oh 6，然後最終獲得我們可以推廣的批准。

And to answer the question on data, and we submitted really, very recently and in anomaly costs, we announced that final acceptance.

為了回答有關數據的問題，我們最近確實以異常成本提交了數據，我們宣布最終接受。

But given the special circumstances around data, we've made an exception to make an announcement now for the as I said in my prepared remarks and with the encouragement of the FDA, we have also applied for break CCOP designation of breakthrough therapy designation was granted.

但考慮到數據的特殊情況，我們現在破例發佈公告，正如我在準備好的發言中所說，在 FDA 的鼓勵下，我們還申請了突破性治療指定的突破 CCOP 指定。

That would also give us encouragement about the opportunity for potential priority review.

這也將使我們對潛在的優先審查機會感到鼓舞。

So it will have to wait and see for that final acceptances.

因此，它必須等待並查看最終的接受情況。

So that practice therapy designation decision in order to be clever on the timelines.

因此，練習治療指定的決定是為了在時間表上做到明智。

Thank you.

謝謝。

So next question is from Raj Sharma, Goldman Sachs.

下一個問題來自高盛的 Raj Sharma。

Over to Roger.

交給羅傑。

Hi, and thanks for taking my question.

您好，感謝您提出我的問題。

So just on Farxiga VBP.

所以就用 Farxiga VBP。

So you mentioned that you're expecting inclusion in 2025.

所以你提到你預計在 2025 年實現包容性。

I think you previously expected it in 2024, which hasn't materialized.

我想您之前預計會在 2024 年實現，但目前尚未實現。

So it will be just helpful to understand why banks could be 25 and 95, 26 or beyond.

因此，理解為什麼銀行可以達到 25 歲、95 歲、26 歲甚至更高，將會很有幫助。

And then second question is just on operating margins into next chart.

第二個問題是關於下一張圖表的營業利益率。

I realize you're not going to guide on the numbers specifically, but just your comfort around current consensus estimates.

我知道你不會具體指導數字，而只會指導你對當前共識估計的舒適度。

So that structures implying a slightly stronger accretion into 25 and then more moderated accretion into 26.

因此，此結構意味著 25 的吸積稍強，然後 26 的吸積較溫和。

Is that how you're expecting it to materialize?

這就是你所期望的實現方式嗎？

Or should we expect that to be more linear?

或者我們應該期望它更加線性？

Thank you.

謝謝。

Guys?

夥計們？

I'm going to take the first question.

我先回答第一個問題。

So first of all, once again, we have assumed a guidance assume that Farxiga will not be included in the VBP term effect.

因此，首先，我們再次假設 Farxiga 不會包含在 VBP 期限效應中。

The list hasn't been announced yet.

名單尚未公佈。

So we're still waiting for that.

所以我們還在等待。

And of course, then the big ticket item is when CBP. 11 will be we announced and at this stage is I think it's too speculative in order to give any answer on that.

當然，最重要的是 CBP。我們將在 11 日宣布，但在現階段我認為對此給出任何答案都過於推測。

It can be the beginning of next year, but you can also be later.

可以是明年初，也可以晚一點。

So we are a little bit in the darker there.

所以我們的處境有點黑暗。

So overall, we will give hopefully a little bit more guidance in the beginning of 2025 when we have our first full year results.

因此，總的來說，我們希望在 2025 年初公佈第一個全年業績時提供更多指導。

But so far, we feel we are not able to provide any more clarity for for Farxiga in 2025 will not happen.

但到目前為止，我們認為我們無法為 Farxiga 2025 年不會發生的情況提供更多明確的資訊。

I think that's highly unlikely now in the course of 2024.

我認為 2024 年這種情況極不可能發生。

And then your question on 2025 and 2026 operating margins, again, we obviously will give guidance when we do our full-year results and guide to 2025.

然後是關於 2025 年和 2026 年營業利潤率的問題，我們顯然會在製定全年業績和 2025 年指南時提供指導。

But what I'd point out is if you look at the third quarter results and the revenue growth weighted at 21% versus the operating expense growth at the end of 15% and the SG&A growth only at 9%.

但我要指出的是，如果你看一下第三季的業績，你會發現營收成長率為 21%，而營運費用成長率為 15%，SG&A 成長率僅為 9%。

And that gives you a sense of the focus on operating leverage and obviously growing SG&A at a much lower pace than that revenue growth while at the same time continuing to invest in them and the R&D portfolio.

這讓你感覺到我們對營運槓桿的關注，並且明顯以遠低於收入成長的速度成長SG&A，同時繼續投資於它們和研發組合。

Thank you, Ana.

謝謝你，安娜。

I'm sorry, gentlemen, essentially keep in mind, we will continue working on leverage.

對不起，先生們，請記住，我們將繼續致力於槓桿作用。

And again, if you look at what kind of top-line growth we can deliver next year, based on the momentum we have considering the headwinds and you look a bit of a leverage, you can immediately conclude that we are very comfortable with the outlook in 2020, 25.

再說一次，如果你看看我們明年可以實現什麼樣的營收成長，基於我們考慮到逆風的勢頭，並且你看起來有點槓桿作用，你可以立即得出結論，我們對前景非常滿意2020 年，25 。

I mean, so we are in a good place really based on the momentum we have today.

我的意思是，從我們今天的勢頭來看，我們確實處於一個很好的位置。

Agile Bharat at BMO at BMO over to answer.

BMO 的 Agile Bharat 來回答。

Great.

偉大的。

Thanks for taking the question of.

感謝您提出問題。

Can you hear me?

你聽得到我嗎？

Great.

偉大的。

And just one quick follow up question and that will be a key.

只需一個快速跟進問題，這將是關鍵。

Just wondering if maybe there's any read-through to the Trupanion Breast oh one upcoming regulatory decision in first half 2020.

只是想知道是否有任何關於 Trupanion Breast 或 2020 年上半年即將出台的監管決定的解釋。

If I've just given that you think about the application on, you know, statistical benefit on PFS, our directional as benefit, I guess, similar to the non-squamous cell population from probably a longer one.

如果我剛剛讓您考慮 PFS 的統計效益，我想，我們的方向效益與可能較長的非鱗狀細胞群類似。

Just wondered if there's any read-through there.

只是想知道那裡是否有任何通讀。

And then on the QCS. biomarker strategy in the decision, the TCS biomarker strategy have any impact on the decision on Trubion longer one?

然後是 QCS。在生物標記策略的決策中，TCS生物標記策略對Trubion長一號的決策有何影響？

Is there any read-through positive or negative on events are based on those decisions?

基於這些決定，是否對事件有任何正面或負面的解釋？

Thank you.

謝謝。

So the chip invest a one filing is still under review.

因此晶片投資一案仍在審查中。

Again, what we've seen there is a clinically meaningful improvement in progression-free survival, which set the high-level results that we didn't see and that sake overall survival in that setting.

同樣，我們所看到的無惡化存活期有臨床意義的改善，這設定了我們沒有看到的高水平結果，並且在該情況下提高了總體生存率。

And again, I think this in the context of that setting is both a crossover with with patients treated with other ADCs in that setting, which I think it has the potential to affect.

再說一遍，我認為在這種情況下，這與在這種情況下接受其他 ADC 治療的患者存在交叉，我認為這有可能產生影響。

I'd like to read as such is not.

我想讀，因為不是。

So we're really in ongoing discussions with the FDA, and I don't have any new updates at the moment.

所以我們確實正在與 FDA 進行討論，目前我沒有任何新的更新。

The regulatory decision is really expected in the first half of next year is, as you've said, the KCS biomarker in terms of the biomarker strategy affects that discussions about that plans for the indication, notably.

正如您所說，監管決定確實預計在明年上半年做出，KCS 生物標記在生物標記策略方面會特別影響有關該適應症計劃的討論。

So what we said is what we saw that the Taylor one data that biomarker would require prospective validation and other trials that I think it's affected that I do think there's strong interest across the community investigators and included in this potential for identifying a pace patient population is particularly sensitive.

所以我們所說的是我們所看到的，泰勒一數據，生物標誌物需要前瞻性驗證和其他試驗，我認為它受到影響，我確實認為社區研究人員有濃厚的興趣，並包含在識別起搏患者群體的潛力中特別敏感。

And I think it does help to explain, as I said before, the difference in the AM by histology in non-squamous versus squamous population.

正如我之前所說，我認為這確實有助於解釋非鱗狀細胞與鱗狀細胞群體中 AM 的組織學差異。

And so I think there's a high level of interest in that.

所以我認為人們對此很感興趣。

But we've always said it would require prospective validation, and that's why we've had those plans and discussions with regulatory authorities about the plans for validation of that of that biomarker and subsequent studies.

但我們一直說這需要前瞻性驗證，這就是為什麼我們已經制定了這些計劃並與監管機構討論了該生物標誌物的驗證計劃和後續研究。

Thank you.

謝謝。

Thank yous events.

感謝活動。

Simon Baker from Redburn.

來自雷德本的西蒙·貝克。

Simon over to Sean on on China, but on the bit of China, where you do have visibility.

西蒙（Simon）請肖恩（Sean）談中國，但談中國的一部分，在那裡你確實有知名度。

I just wondered if you could if you could update us on your usual dialogue with Chinese authorities effect, if are unaffected by what's going on with the investigation to mean you clearly have a very strong relationship with your thoughts over there.

我只是想知道你能否向我們介紹一下你與中國當局的日常對話的最新情況，如果不受調查進展的影響，這意味著你顯然與你在那裡的想法有很強的關係。

And has that been disrupted a tube by what we're what we're seeing here?

我們在這裡看到的東西是否已經擾亂了管道？

And then just a very quick slide on the and any color on that.

然後快速滑動一下，然後選擇任何顏色。

Ex China, emerging markets growth on a regional country base, we quite handy.

除中國外，新興市場在區域國家基礎上的成長，我們相當得心應手。

And then secondly, a question is that we've received quite a lot in the last couple of weeks, which is on the question of buybacks on it.

其次，一個問題是，我們在過去幾週收到了很多關於回購問題的資訊。

I know your view over more than a decade has been has been very clear on that.

我知道十多年來您對此的看法一直非常明確。

But in light of recent moves in the egregious reaction to what's happened in China is a buyback any more attractive at sub 100 than it was at one 30?

但鑑於最近對中國發生的事情的強烈反應，100 美元以下的回購是否比 30 美元的回購更具吸引力？

Thanks so much.

非常感謝。

Great.

偉大的。

Thanks, Simon.

謝謝，西蒙。

The first question, maybe I can quickly comment on China.

第一個問題，也許我可以快速評論中國。

And I hope you can comment on China, if you want, but also the emerging markets and then are now ready to take the buyback, knowing that, of course, this will be a Board decision, but certainly I can give you some results.

我希望你可以評論中國，如果你願意，也可以評論新興市場，然後現在準備好回購，當然，這將是董事會的決定，但我當然可以給你一些結果。

So far, we haven't been approached.

到目前為止，我們還沒有接觸過。

So in terms of the cases we said before, we haven't got any any any details as to the cases we have as a company, we have another push.

因此，就我們之前所說的案例而言，我們還沒有獲得任何關於我們作為一家公司的案例的任何細節，我們還有另一個推動力。

Our operation is actually our company's operating as usual, including the work we do, the original a sulfur level and the and the various discussions, Tourism Authority.

我們的運作其實就是我們公司的照常運作，包括我們所做的工作，原來的一個硫含量以及和旅遊局的各種討論。

So we are really open rating us of the business as usual.

因此，我們確實像往常一樣對我們的業務進行開放的評級。

I mean, China remains a very important country for us, both from the viewpoint of delivering medicines to the many patients who need our products, but also in terms of the innovation that can take place in that country.

我的意思是，中國對我們來說仍然是一個非常重要的國家，無論是從向需要我們產品的許多患者提供藥品的角度來看，還是從該國可以進行的創新來看。

And we have a sense of any sign that the we feel that we are not operating that business as usual.

我們感覺到任何跡像都表明我們沒有像往常一樣經營這項業務。

Having said that, as I said at Vidalia, it would be logical to assume some impact for at least a period of time.

話雖如此，正如我在維達利亞所說，至少在一段時間內假設產生一些影響是合乎邏輯的。

But it really is too early to us to say anything for this.

但我們現在對此說什麼還為時過早。

But at this point in time, we really don't have enough data to servicing our.

但目前，我們確實沒有足夠的數據來為我們的服務提供服務。

Do you want to comment on your dividend and Georgia?

您想對您的股息和格魯吉亞發表評論嗎？

And just to I'm sorry, I forgot to mention that I should mention that it is or there is actually, as you know, on an interim basis, matter in all of international, including, of course, China, but also non-China.

抱歉，我忘了提及，我應該提及的是，如你所知，在所有國際範圍內，當然包括中國，但也包括非——中國。

Yes, thank you.

是的，謝謝。

Pascal was coming back to China for second.

帕斯卡將回到中國獲得第二名。

If you take the NRDL descriptions as a proof points so far, that is really gone business as usual.

如果到目前為止你以國家醫保目錄的描述作為證據，那就真的一切如常了。

So once again, it's too far too too early to speculate about any potential impact in the near future.

因此，現在推測近期的任何潛在影響還為時過早。

But so far, I think the teams are very, very dedicated in order to deliver a strong performance also moving forward.

但到目前為止，我認為團隊非常非常專注，以便在未來取得強勁的表現。

Having said that, a very pleasing to see the growth in ex China that that remains a very strong McComb forced the people working in those bars.

話雖如此，很高興看到中國以外地區的成長，這仍然是一個非常強大的麥庫姆迫使在這些酒吧工作的人們。

The LatAm region specifically is doing extremely well, but also Middle East and Africa region is performing very well and we have good hopes there.

拉丁美洲地區的表現尤其出色，中東和非洲地區的表現也非常好，我們對那裡抱持著良好的希望。

We will continue in the foreseeable future.

我們將在可預見的未來繼續下去。

The portfolio we are having in those markets is really fit for purpose in order to help those patients, whether it is in biopharma, oncology or more and more also in in rare diseases.

我們在這些市場上擁有的產品組合確實適合幫助這些患者，無論是生物製藥、腫瘤學或越來越多的罕見疾病領域。

So we continue to see strong growth in that's equally in 2025.

因此，我們將繼續看到 2025 年的強勁成長。

We don't see a big hiccups in that.

我們認為這沒有什麼大問題。

And those parts of the world, would it be fair to say that every region with international or is growing strongly in Latin America, strong gross, Brazil, Mexico, in particular, strong growth in the Middle East, which is really a big opportunity in term of growth potential as personalized in Southeast Asia recently.

世界上那些地區，公平地說，每個地區都在國際上增長強勁，拉丁美洲，毛利強勁，巴西，墨西哥，特別是中東增長強勁，這確實是一個很大的機會最近，東南亞的增長潛力變得個性化。

I mean, the team is very excited.

我的意思是，團隊非常興奮。

The growth rates there are pretty good job across the whole of international regions.

那裡的成長率在整個國際地區都相當不錯。

We are doing very well on that.

我們在這方面做得很好。

You want to talk about the fiber?

您想談談纖維嗎？

Yes, sure.

是的，當然。

So you're absolutely right.

所以你是完全正確的。

It generally, our view on buyback has been we've done buybacks generally to offset the dilution from share issuances that the employee stock issuances in the past.

總的來說，我們對回購的看法是，我們進行回購一般是為了抵銷過去員工股票發行帶來的股票發行稀釋。

I'll take a moment to remind you of our capital allocation priorities, which remain the same, which is first and foremost, obviously, investing in the business.

我將花點時間提醒您我們的資本配置優先事項保持不變，顯然首先是對業務的投資。

That includes the CapEx, including stuff we have announced today, but really supporting the ad business from both clinical and commercial standpoint.

這包括資本支出，包括我們今天宣布的內容，但從臨床和商業角度真正支持廣告業務。

The second is on business development.

二是關於業務發展。

You've seen us do a very strategic and opportunistic business development, which is continuing to progress.

您已經看到我們進行了非常具有策略性和機會主義的業務發展，並且正在不斷取得進展。

And third is to maintain a progressive dividend.

第三是維持累進股利。

I saw that we increased our dividend this year.

我看到我們今年增加了股息。

And but given the circumstances now and what we believe is an overreaction in the market, we will consider and think about buybacks as well as part of our overall capital allocation priorities.

但考慮到現在的情況以及我們認為市場反應過度的情況，我們將考慮回購以及我們整體資本配置優先事項的一部分。

Thank you.

謝謝。

Attachment.

依戀。

You think your next question is among new Alpha, that case of Deutsche Bank.

你認為你的下一個問題是新的阿爾法，即德意志銀行的案例。

Thank you for taking the question.

感謝您提出問題。

Perhaps a quick follow-up and sorry, if I may, just to clarify, is all common still the intent primary analysis and do you have agency alignment on that?

也許是一個快速的後續行動，抱歉，如果可以的話，只是為了澄清一下，意圖初步分析仍然是常見的嗎？

And then maybe a question on the out of the respiratory franchise.

然後可能是關於呼吸系統之外的問題。

Very strong quarter in the calls and press three, maybe you could talk a little bit about sustainability of the former.

電話和新聞第三季的表現非常強勁，也許您可以談論前者的可持續性。

I Symbicort cannot continue to be a source of growth in 2025 and beyond.

I Symbicort 無法繼續成為 2025 年及以後的成長源。

And then predatory were about potential to accelerate that in 2025, given priority IRI tailwind.

然後，考慮到 IRI 的優先順風，掠奪性有可能在 2025 年加速這一進程。

But more importantly, the asthma readouts you have coming in the first half of the year.

但更重要的是，今年上半年的氣喘讀數。

Thank you.

謝謝。

Susan exiting Asana node will take your sort of answers and powered for both ITT. and biomarker.

退出 Asana 節點的 Susan 將接受您的答案並為 ITT 提供支援。和生物標誌物。

Positive group is said, and I think they well-powered in both of those groups and a 1280 in that group.

據說是積極的群體，我認為他們在這兩個群體中都有良好的動力，並且在該群體中具有 1280。

So we're confident about the confidence to see benefit in both groups.

因此，我們有信心看到這兩個群體都受益。

Okay.

好的。

So thank you so much, Rumaila.

非常感謝你，魯邁拉。

A minimal for the question is regarding the respiratory portfolio in the very strong growth for them equally from, I'll say a few words about Symbicort Embracer in a moment.

問題的一個最低限度是關於他們同樣強勁增長的呼吸產品組合，我稍後會談談 Symbicort Embracer。

But also the biologic portfolio is growing very fast as we speak for system, right, as well as the Spire that aspires on its way to become a $1 billion brand together with our colleagues of Amgen.

但生物產品組合也在快速成長，因為我們代表系統（右），以及渴望與我們安進的同事一起成為 10 億美元品牌的 Spire。

Specifically regarding Symbicort, I think it's fair to say it's a great question, but difficult really to give a lot of guidance here in such a way that the mix should the mix of the different pieces of business.

特別是關於 Symbicort，我認為公平地說這是一個很好的問題，但實際上很難以這樣的方式提供大量指導，即混合應該混合不同的業務。

A book of business is favorable as we speak.

正如我們所說，商業書籍是有利的。

And we don't know how that will evolve in the course of 2025.

我們不知道 2025 年情況會如何演變。

We're following.

我們正在跟蹤。

It is also clear that our strategy in order to monopolize generic as well as lowering our list price, the wet price in the United States is benefiting us clearly at the moment, but also uncertainties about the more generic generics coming into the marketplace.

同樣明顯的是，我們為了壟斷仿製藥以及降低定價的策略，目前美國的濕價顯然對我們有利，但也存在更多仿製藥進入市場的不確定性。

So all in all, a very promising 2024, whether that will continue in 2025 needs to be seen.

總而言之，2024 年是非常有希望的，但這種情況是否會持續到 2025 年還需要拭目以待。

But of course, it also clearly indicated Symbicort is really one of the cornerstone medicines for the treatment of asthma and COPD in the United States.

當然，這也明確指出信必可確實是美國治療氣喘和慢性阻塞性肺病的基石藥物之一。

The brand loyalty is extremely, extremely strong.

品牌忠誠度非常非常高。

Brazil is clearly a different story is still what we call in the early launch phase is a very strong growth across the board, so not only in the United States with more and more in other parts of the world as well.

巴西顯然是一個不同的故事，仍然是我們所說的在早期啟動階段，全面增長非常強勁，因此不僅在美國越來越多，在世界其他地區也是如此。

I think 2025 is a crucial year because we are expecting the readout of the pivotal COPD, the asthma sorry, you have to throw the Resolute the a trial for for for breast surgery.

我認為 2025 年是關鍵的一年，因為我們期待關鍵的慢性阻塞性肺病、氣喘的結果，對不起，你必須對 Resolute 進行乳房手術試驗。

So that's an important one as well.

所以這也是很重要的一點。

And equally, we are putting a lot of resources behind the products in order to make that a multibillion-dollar opportunity.

同樣，我們在產品背後投入了大量資源，以使其成為價值數十億美元的機會。

And equally, of course, we're also looking fourth.

當然，同樣，我們也在尋找第四名。

So the outcome trial of some of them of grocery moving forward in the cardiovascular space.

因此，其中一些食品雜貨的試驗結果在心血管領域取得了進展。

So that's a and to make one one client that is smaller points does not the revenue throughout the rest of the trial was to for Somera COPD trial, the K loss and a trial reading out hopefully also next year, the outcome trial in asthma.

因此，這是一個較小的客戶，整個試驗的其餘部分的收入不是用於 Somera COPD 試驗、K 損失和一項預計在明年公佈的試驗，即氣喘的結果試驗。

So all in all, I think very promising.

總而言之，我認為非常有前途。

I'll start and we are looking forward to see even better results moving forward.

我將開始，我們期待看到更好的結果。

Thank you.

謝謝。

And was Jo Walton, UBS.

還有瑞銀集團的喬沃爾頓。

Thank you.

謝謝。

And I my questions.

我還有我的問題。

Go back to topics we've already covered.

回到我們已經討論過的主題。

I'm afraid, but just to follow up and make sure I understand this on Dato-DXd, you've clearly learned that there's more of a benefit in EGFR patients.

恐怕，但只是為了跟進並確保我了解 Dato-DXd 上的這一點，您已經清楚地了解到 EGFR 患者有更多的好處。

But in advance, which is reporting next year, you deliberately excluded AG. a patient.

但在明年的報告中，你故意排除了AG。一個病人。

Does that increase the risk of the trial?

這會增加試驗的風險嗎？

I appreciate you've altered the study design of tiotropium one by one that presumably that doesn't impact was slightly easier, excluded the IGA patients who are potentially the ones that this drug works best.

我很感激你們一一改變了噻托溴銨的研究設計，這可能不會產生影響，但排除了 IGA 患者，他們可能是這種藥物效果最好的患者。

And so that's my first question.

這是我的第一個問題。

And the second one, if I'm afraid to go back to China and they have had investor questions, those people who unfortunately weren't able to hear or read like if that's very helpful coal themselves, the questions that we get out of the roughly 100 reps that you talk about that have been in your view of potentially identified and charge, how many of those did you identify and get rid of for having discovered a potential malpractice yourself, which would show confidence in your internal compliance?

第二個，如果我害怕回到中國，他們有投資者的問題，不幸的是，那些人無法聽到或讀到這對他們自己來說是否非常有幫助，我們從您提到的大約100 名銷售代表在您看來可能已被識別和指控，其中有多少是您因自己發現潛在的不當行為而識別並解僱的，這將表明您對內部合規性的信心？

And how many of them were only found to have potentially done something after they had voluntarily left your employment and has the current situation in China impacted any senior management plans to actually to so people who are based outside of China travel in China?

其中有多少人是在自願離職後才被發現可能做了一些事情的，中國目前的情況是否影響了任何高級管理層計劃，以實際讓中國以外的人來中國旅行？

Thank you.

謝謝。

Joe, we still have a thank you for those two questions.

喬，我們仍然感謝你提出這兩個問題。

We still have a lot of questions waiting, and we have limited time.

我們還有很多問題等待，而且我們的時間有限。

So for China, kind of just refer everybody to the transcript.

所以對於中國來說，請大家參考一下文字記錄。

And I had a lot of good answers to those questions.

對於這些問題我有很多很好的答案。

And we'll just say only that the point you raised about people being some people not being was the company actually highlights the difficulty.

我們只想說，你提出的關於人們是某些人而不是公司的觀點實際上凸顯了困難。

We've had to identify the number of people because a lot of those people well with the company anymore.

我們必須確定人員數量，因為其中許多人已經與公司關係融洽了。

So we don't have any precise data we have in our data based on what we can put together based on what we know from from employees, but also what the Fed it is, but tell us of people have left us.

因此，我們的數據中沒有任何精確的數據，這些數據是根據我們從員工那裡了解到的資訊以及聯準會的資訊來匯總的，但告訴我們人們已經離開了我們。

But in terms of the rest, I think the transcript will address your questions.

但就其餘而言，我認為文字記錄會解決您的問題。

And on the data question was answered.

並回答了數據問題。

Thanks to the question.

感謝提問。

And so yes, of course, right.

所以是的，當然，正確的。

The first line and studies exclude patients with external genomic alterations because the appropriate therapies for those patients, other therapies directed against this action will genomic alterations that the troponin lender to under four studies that look at the combination of data with platinum-based chemotherapy.

第一線和研究排除了具有外部基因組改變的患者，因為針對這些患者的適當療法，針對這種作用的其他療法將肌鈣蛋白借出者的基因組改變納入到以下四項研究中，這些研究著眼於與鉑類化療結合的數據。

And yeah, give you confidence about what you can potentially achieve in terms of the response rate, progression-free survival and later outcomes.

是的，讓您對在緩解率、無惡化存活期和後期結果方面可能實現的目標充滿信心。

And that's what that is built upon for the ITT population.

這就是 ITT 人員的基礎。

And as those assets continue to mature, I think and we continue to have confidence that we've got a good probability of success.

隨著這些資產的不斷成熟，我認為我們仍然有信心取得成功。

Yes, in the ITT population, particularly when focused on the non-squamous and patient population.

是的，在 ITT 族群中，特別是當關注非鱗狀細胞和患者族群時。

When we talk about the European longer one data set, the opportunity to then also look into biomarker-positive again, based on the effect size that we saw in that group in the European longer one is further confidence that you can business.

當我們談論歐洲較長資料集時，根據我們在歐洲較長資料組中看到的效應大小，有機會再次研究生物標記陽性，這進一步增強了您開展業務的信心。

I've said, looking at internal data sets.

我已經說過，請查看內部資料集。

We think that the and the biomarker that we identified in Japan longer one can also enrich for activity against those endpoints at both response rate and progression-free survival in the earlier line setting.

我們認為，我們在日本發現的生物標記也可以豐富針對這些終點的活動，包括早期線設定中的反應率和無惡化存活期。

So when you look at it as a totality, I think we've got the safety profile, the efficacy profile on the opportunity to to enrich within those first-line studies.

因此，當你將其視為一個整體時，我認為我們已經獲得了安全性概況、功效概況以及在這些一線研究中豐富的機會。

And that's what underpins the confidence in the events often.

這通常是支撐人們對這些事件的信心的原因。

I think Joe can add two points on your question.

我認為喬可以就你的問題補充兩點。

The first one, I think is an important reminder is that in trophy on one or one, we didn't have a preplanned stats plan for non-squamous.

第一個，我認為是一個重要的提醒，在一個或一個獎杯中，我們沒有針對非鱗狀細胞的預先計劃的統計計劃。

And I think that that's an important part of how the data set was then being interpreted.

我認為這是如何解釋資料集的一個重要部分。

I think that had we've shown the results that we did in a statistical analysis.

我想如果我們已經展示了統計分析的結果的話。

Those would have been statistically significant and clinically meaningful.

這些將具有統計學意義和臨床意義。

And I think that we've applied the lessons from that into the frontline.

我認為我們已經將從中學到的教訓應用到了前線。

So I think that's an important piece.

所以我認為這是一個重要的部分。

And I think that your question on the AGA patients coming out, I mean, it's a really different population nation when we're talking about EGFR TKI naive population.

我認為你關於 AGA 患者的問題，我的意思是，當我們談論 EGFR TKI 初治人群時，這是一個非常不同的人口國家。

And so we are interested in that population.

所以我們對這個人群有興趣。

And that's trophy among 14, which is looking at Tagrisso plus data.

這是 14 個獎杯中的一個，它正在研究 Tagrisso 加上數據。

Now in addition to the other studies that are being looked at in the non AGA population right launch.

現在，除了在非 AGA 族群中進行研究的其他研究之外，還推出了其他研究。

And maybe can I just had one more, which is we did this combinations of Tigo, so in that, so I think will represent a great opportunity to defend Tigo, so and extend the treatment duration.

也許我可以再有一個，那就是我們對 Tigo 進行了這種組合，所以我認為這將代表一個很好的機會來捍衛 Tigo，所以並延長治療持續時間。

So not only there will be good for that over.

這樣不只會有好處。

There will be good for Tagrisso and we know that this combination of there, but we will be the only company with these are the only EGFR.

Tagrisso 將會有好處，我們知道這種組合存在，但我們將是唯一一家擁有這些唯一 EGFR 的公司。

So generation was a combination of that.

所以一代就是這兩者的結合。

Also that would be very material to our cycle of Tagrisso as well.

這對於我們的 Tagrisso 週期也非常重要。

But just a barometer on that banker.

但這只是那位銀行家的晴雨表。

Yes, thanks so much for the question.

是的，非常感謝您的提問。

one, please, on China, and I don't think it was covered on the right, and of course.

請講一個關於中國的問題，我認為右邊沒有涵蓋這一點，當然。

So a back of the back of the medical insurance for case in 2021, it was clear that AstraZeneca tight and unchanged its compliance system in China with more compliance officers.

從2021年健保案例的背面可以看出，阿斯特捷利康在中國的合規體系收緊且沒有變化，並增加了合規官員。

And I knew with lower system put in place.

我知道較低的系統已經到位。

My question goes, what's been the main change in your view from them and today?

我的問題是，從他們到今天，您的觀點主要變化是什麼？

Thanks so much.

非常感謝。

We are a few if I got your question correctly much as 900%.

如果我回答你的問題的正確率高達 900%，那麼我們就是少數。

Sure.

當然。

I do let me just the sort of make a few comments and then you can see whether or not address your question.

我確實讓我發表一些評論，然後你可以看看是否解決你的問題。

First of all, need to understand the series of cases that have unfolded over time.

首先，需要了解隨著時間的推移所發生的一系列案件。

They have unfolded over time as a result of the investigation that we conducted.

根據我們進行的調查，這些問題隨著時間的推移逐漸顯現出來。

Also importantly, the authorities conducted.

同樣重要的是，當局進行了。

And it's important to remember, the authorities have access to a lot more data than we do because we cannot actually check people's personal or WeChat systems.

重要的是要記住，當局可以獲得的數據比我們多得多，因為我們實際上無法檢查人們的個人或微信系統。

We don't we don't know what they do is a telephone them out there.

我們不知道，我們不知道他們做什麼，就是打電話給他們。

Personal funds, et cetera, et cetera.

個人資金等等。

So a lot of this date and the cases refer back to this period of time that when we have reimbursement 47, 90 M. mutation, but no reimbursement for Tagrisso.

所以很多這個日期和案例都指的是這段時間，當時我們有47、90 M.突變的報銷，但泰瑞沙沒有報銷。

And I think it's also important to keep in mind in the whole context, as we had with this one and also with the illegal importation, we had a temporary situation regarding flotation really happened because and her to was not approved in China, and that is now gone because it's support in China.

我認為在整個背景下記住這一點也很重要，就像我們在這件事以及非法進口問題上一樣，我們確實發生了關於浮動的暫時情況，因為她在中國沒有獲得批准，那就是現在已經消失了，因為它在中國得到了支持。

So hopefully moving forward, those for the lack of a good our plantations, if you want to say that some of our reps in the field can have a argon.

因此，希望繼續前進，那些缺乏良好種植園的人，如果你想說我們在該領域的一些代表可以擁有氬氣。

So so that's maybe one or one point in term of.

所以這可能是一個或一點。

So the testing opportunity ended in March 2021, just like the opportunity to import on how to from Hong Kong disappeared, also early 24 when we launched in the in China.

因此，測試機會在 2021 年 3 月結束，就像從香港進口的機會消失一樣，也是在 24 月初我們在中國推出時。

So all those things are no longer there.

所以所有這些東西都不再存在了。

So the environment is certainly a lot more a lot simpler, fewer loans, right in terms of the improvements we've made to our systems with really retrained everybody we have are all sorts of measures in place to improve compliance for the most important ones.

因此，環境肯定更加簡單，貸款更少，就我們對系統所做的改進而言，我們對每個人都進行了真正的再培訓，並採取了各種措施來提高最重要的合規性。

I believe the compliance changes we've implemented more recently that go beyond our systems because I think we have really top-notch systems to monitor our internal data.

我相信我們最近實施的合規性變更超出了我們的系統範圍，因為我認為我們擁有真正一流的系統來監控我們的內部數據。

So many expense reports monitor internal e-mail.

許多費用報告都會監控內部電子郵件。

And by the way, people in a really are told to use our internal systems only and not the external or their own systems.

順便說一句，人們被告知只能使用我們的內部系統，而不是外部或自己的系統。

But we have lots of lots of viruses and system in place to track expense, report, use of credit charges of 35 a foot suppliers, et cetera, et cetera.

但我們有很多病毒和系統來追蹤 35 英尺供應商的費用、報告、信用費用的使用等等。

Now we have to look at what's happening outside our system and to changes we've made I think are important is we now have a number of compliance officers in the field.

現在我們必須看看我們系統之外發生的事情以及我們所做的改變，我認為很重要的是我們現在在該領域有許多合規官員。

Every region has a compliance officer because those people will be close to our sales force and able to identify hopefully by two talking to people on a daily basis, identify early.

每個地區都有一名合規官，因為這些人將與我們的銷售人員關係密切，並且能夠透過每天與人們交談兩次來識別，儘早識別。

Anything could happen that is not controlled by the purchasing of our systems.

任何不受我們系統購買控制的事情都可能發生。

The second thing we've done is we are rotating we're going to be a rotating the original ourselves director.

我們做的第二件事是輪換，我們將成為輪換原來的導演。

So they don't stay too long in the same place because of cost.

因此，出於成本考慮，他們不會在同一個地方停留太久。

If you're staying the same place, you can actually be impacted in your behavior.

如果您留在同一個地方，您的行為實際上可能會受到影響。

And so those are the most, I think, fundamental and they relate to people because your systems and the systems you can track, then you have people in what they do and that you have no way to track them unless you're really close to them in the failure.

所以我認為這些是最根本的，它們與人有關，因為你的系統和你可以跟踪的系統，然後你有人們在做什麼，除非你真的很接近，否則你無法跟踪他們他們在失敗中。

So hopefully I addressed your questions.

希望我能解決你的問題。

If not, maybe you can come back later in.

如果沒有的話，也許你可以稍後再回來。

The next question is is there Eric LiveArea go at Stifel?

下一個問題是 Eric LiveArea 去 Stifel 嗎？

Yes.

是的。

Thank you, Pascal, and good afternoon.

謝謝你，帕斯卡，下午好。

And first question relates to CapEx and the question for Atna.

第一個問題涉及資本支出和 Atna 的問題。

You mentioned up to nine months, 1.2 billion in CapEx this year, which would annualize around EUR1.8 billion.

您提到今年最多 9 個月的資本支出為 12 億美元，年化約 18 億歐元。

And today, you're announcing a 3.5 billion CapEx investment in the U.S. spread over two years, nonetheless, represent about doubling CapEx for each of the next two years.

今天，您宣佈在兩年內對美國進行 35 億美元的資本支出投資，儘管如此，未來兩年的資本支出將翻倍。

If that you can elaborate of how we should think about modeling CapEx into the second part of the decade, you were roughly between one and 1.5 billion a year.

如果您能詳細說明我們應該如何考慮在這十年的後半段對資本支出進行建模，那麼每年的資本支出大約在 100 到 15 億之間。

Now you're moving into roughly EUR2 billion.

現在您的資產約為 20 億歐元。

Should we think about getting up to 3 billion or more every year into the second part of the decade?

我們是否應該考慮在本十年的後半段每年增加 30 億或更多？

You also talked about increased CapEx on the weight loss management call.

您還在減重管理電話會議上談到了增加資本支出。

So just to put that into perspective and a short question on are surprised maybe for route and at the very end of last year, you made second investment in commercial marketing to support the launch of a surprise, and we're now one year into the launch.

因此，為了正確看待這一點，我想問一個簡短的問題，也許是對路線感到驚訝，去年年底，你們在商業營銷方面進行了第二次投資，以支持驚喜的推出，現在我們已經一年了發射。

You're pleased with how the drug is doing from a prescription number of prescribers and et cetera.

您對藥物在處方醫生處方數量等方面的表現感到滿意。

But it is not fully reflecting in numbers yet.

但它還沒有完全反映在數字上。

Are you still confident in reaching that business stages with this drug?

您對這種藥物達到商業階段仍有信心嗎？

And when should we expect an inflection point?

我們什麼時候該期待拐點？

Thank you.

謝謝。

Great.

偉大的。

Thank you.

謝謝。

As all address the I think there are several parts to your CapEx question.

正如所有問題一樣，我認為您的資本支出問題有幾個部分。

So first of all, CapEx for 20.24 a.m.

首先是上午 20.24 點的資本支出。

We always see in every year a big spike in Q4 CapEx.

我們每年都會看到第四季資本支出大幅飆升。

So I think that's still to be expected this year.

所以我認為今年這仍然是可以預期的。

But the guidance we've given for the full year was it would be a 50% increase over our CapEx in 2023, again, driven by several projects that I had listed.

但我們給出的全年指導是，在我列出的幾個項目的推動下，2023 年的資本支出將比 2023 年增加 50%。

And also we had mentioned that these projects that we started our multi-year project.

我們也提到，這些專案是我們啟動多年專案的。

So it's not like we start a facility and this year, and it's built and ready next year.

所以這不像我們今年啟動了一個設施，明年就建成並準備好。

So these are multi-year investment, whether it's the cell therapy facility or the API facility in Ireland or the respiratory and help facilitate inching down.

因此，無論是愛爾蘭的細胞治療設施、API 設施還是呼吸系統，這些都是多年投資，有助於推動逐步下降。

These are all multi multiyear anywhere between three to five years type projects that that we have started.

這些都是我們已經啟動的三到五年類型的多年計畫。

So so that's one element and how you can think about on a going-forward basis.

所以這是一個因素，也是你如何在未來的基礎上思考的。

I think the second question was around how do we think about CapEx broadly speaking?

我認為第二個問題是我們如何看待廣義的資本支出？

And am I saying, as our portfolio expands and you mentioned the clip one, we will again need to make the investments to support our portfolio.

我是說，隨著我們的投資組合擴大，並且您提到了剪輯一，我們將再次需要進行投資來支持我們的投資組合。

So the announcement today is also relate added to some of the investments we would need to make for clinical trial manufacturing.

因此，今天的公告也與我們需要為臨床試驗製造進行的一些投資有關。

But again, that not only manufacturing investment there also R&D investments, so and in Kendall Square in Cambridge or building a brand new labs and bringing together all the researchers that we have in the Boston area and growing that footprint.

但同樣，不僅有製造業投資，還有研發投資，因此在劍橋的肯德爾廣場或建立一個全新的實驗室，匯集我們在波士頓地區的所有研究人員，並擴大足跡。

So it's both investments in labs as well as in capital form a manufacturing standpoint.

因此，從製造的角度來看，這不僅是對實驗室的投資，也是對資本的投資。

And again, the portfolio success will drive some of that investment.

同樣，投資組合的成功將推動部分投資。

And many of the new technologies, as you know, require investment at risk.

如您所知，許多新技術都需要承擔風險的投資。

And so that's what we'll continue to do that.

這就是我們將繼續做的事情。

I hand over to rule on air, supra.

我將空中規則移交，見上文。

Yes.

是的。

Okay.

好的。

Thank you so much, Eric's.

非常感謝你，埃里克。

So first of all, to answer your question about do we still believe it's a billion-dollar plus opportunities?

首先，回答你的問題，我們是否仍然相信這是一個價值十億美元以上的機會？

Short answer is a is a clear, yes, I think also the recent the two data further emphasize the importance of these medicines for the treatment of asthma as a rescue medication.

簡短的回答是明確的，是的，我認為最近的兩個數據也進一步強調了這些藥物作為救援藥物治療氣喘的重要性。

Secondly, yes, we are very pleased with the progress we're making with a surprise.

其次，是的，我們對所取得的進展感到非常滿意和驚訝。

I said in my prepared remarks, we have now more than 50,000 prescribers in the United States.

我在準備好的演講中說過，美國現在有超過 5 萬名處方醫生。

More than 200,000 patients are on the drug.

超過 20 萬名患者正在服用該藥。

And this is all about getting a more access at the moment.

目前這一切都是為了獲得更多的存取權限。

We have roughly 60% commercial access that will increase in the next few months.

我們擁有大約 60% 的商業存取權限，並且在未來幾個月內還會增加。

But more importantly, also from the 1st of January, we are our first by the access as well.

但更重要的是，從 1 月 1 日起，我們也是第一個獲得存取權限的人。

And that will further boost the products were buying down very substantial amount of script as we speak.

正如我們所說，這將進一步推動產品購買大量腳本。

And that will that will diminish in the course of 2025.

到 2025 年，這種情況將會減少。

So my my clear remark is stay tuned, but we are very committed and this product will move to $1 billion over the next few years.

因此，我的明確說法是，請繼續關注，但我們非常堅定，該產品將在未來幾年內達到 10 億美元。

Erode.

侵蝕。

And by the way, we are also exploring opportunities outside of the US, which are certainly gives further confidence in the product on a global basis.

順便說一句，我們也在探索美國以外的機會，這無疑增強了我們在全球範圍內對產品的信心。

Our next question is Rajesh Kumar, HSBC.

我們的下一個問題是匯豐銀行的 Rajesh Kumar。

Rajesh of up to you.

拉傑什由你決定。

Good afternoon and thanks for taking my question.

下午好，感謝您提出我的問題。

I will come to a question related China, but not China itself.

我要談一個有關中國的問題，但不是中國本身。

Appreciate you don't know much about China and you have tightened a lot of compliance policy around there.

感謝您對中國了解不多，並且您收緊了那裡的許多合規政策。

Should investors think about any other regions where you might have to tighten your compliance policy?

投資人是否應該考慮您可能需要收緊合規政策的其他地區？

Or was there something peculiar about incentive structures in China that drove that behavior, which does not exist elsewhere?

或者說，中國的激勵結構是否有某種特殊的因素推動了這種行為，而這種行為在其他地方並不存在？

And the second one is a bond Datto, but I appreciate you have a biomarker.

第二個是債券 Datto，但我很欣賞你有一個生物標記。

Your confidence seems to have gone up.

你的信心似乎增強了。

It's great to see a setback has not detracted from trying out again, how can you give investors confidence that this time this confidence is not misplaced, but if we are rooted in a lot more data or information that have informed decision to double up on data.

很高興看到挫折並沒有影響再次嘗試，你如何才能讓投資者相信這次這種信心沒有放錯地方，但如果我們植根於更多的數據或信息，這些數據或信息已經為加倍數據做出了明智的決定。

Thank you, guys.

謝謝你們，夥計們。

Are just showing me cover the China question.

只是讓我討論中國問題。

Susan, you could call to questions.

蘇珊，你可以打電話問問題。

So yes, there was something peculiar in in China, but it has nothing to do is the sales force targets, like if you look at the last few years, the last six years, China achieved its target of all except during the COVID period.

所以，是的，中國有一些特殊之處，但這與銷售人員目標無關，就像你看看過去幾年，過去六年，中國實現了除新冠疫情期間以外的所有目標。

But COVID, we knew that the reasons everybody was running Masco, we had lockdown, et cetera.

但是，由於新冠疫情，我們知道每個人都在運行 Masco 的原因是我們實施了封鎖等等。

And the sales force actually reached the end of the bonus target bonus typically are saying and sort of target in China.

銷售人員實際上達到了獎金目標的終點，這在中國通常是所謂的獎金目標。

We are not space versus especially stretched.

我們並不是空間特別緊張。

And then if you look at it, in fact, our from our biopharm business has no issue.

然後如果你看一下，事實上，我們的生物製藥業務沒有問題。

So the picture we are seeing is very simple.

所以我們看到的圖片非常簡單。

It is that unfortunately, we had a period of time when there was a discount to another disconnect.

不幸的是，我們有一段時間再次斷線有折扣。

But the difference in reimbursement, I guess I was on the Auryon was 47 90 m.

但報銷的差異，我猜我在 Auryon 上是 47 90 m。

And as you can imagine, patients who were not positive and and you know wanted or could benefit from Tagrisso wanted this is a well here from returns and that creates an issue in terms of creating an in an incentive for people to train the MS behave on this front.

正如您可以想像的那樣，那些不積極的患者，並且您知道想要或可以從 Tagrisso 中受益，他們希望這是一個很好的回報，這會產生一個問題，即激勵人們訓練 MS 行為這前面。

Unfortunately, the other peculiar thing was launching new products in Hong Kong.

不幸的是，另一件奇怪的事情是在香港推出新產品。

We have not yet approved in March in China Mainland the next period of time.

我們還沒有批准3月在中國大陸的下一段時間。

This won't happen again because we're not launching our new products in Hong Kong will not be a fold-in on the mainland simply because we don't have new products to launch in the future.

這種情況不會再發生了，因為我們不會在香港推出新產品，也不會因為未來沒有新產品推出而將其納入大陸。

We tried to time around if we can dose to ranchers and what is giving us hope is China's up for what is happening much faster now than in the past.

我們試圖抽出時間來幫助牧場主，而帶給我們希望的是中國現在比過去更快地應對現在發生的事情。

And if we cannot timolol, we were selling, let me make sure we really follow supply very, very closely.

如果我們不能噻嗎洛爾，我們正在銷售，讓我確保我們真的非常非常密切地追蹤供應。

But those are this is what was particularly or is that a specific environment around a few products in oncology?

但這些是腫瘤學中一些產品的特殊環境還是特定環境？

I think that specific security environment is not no longer.

我認為特定的安全環境不再是。

There were suddenly we are tightening up of a compliance outside assistance.

我們突然加強了外部援助的合規性。

As I explained the you know, we run a very large organization.

正如我所解釋的，您知道，我們經營著一個非常大的組織。

I don't have any reason to believe there are issues the Honeywells, but, you know, the whole industry has had issues in the US many years ago.

我沒有任何理由相信霍尼韋爾有問題，但是，你知道，美國整個產業多年前曾經出現過問題。

So you can never say we never have an issue.

所以你永遠不能說我們從來沒有問題。

But today we think we have a very good compliance system.

但今天我們認為我們有一個非常好的合規體系。

We have people actually I'll follow our code of ethics.

實際上，我們有人會遵守我們的道德準則。

Compliance is a priority everywhere.

合規性是任何地方的首要任務。

Also wonder I mean, I don't want to underestimate the issue we've had And trust me, we take it very seriously.

我也想知道，我不想低估我們遇到的問題，相信我，我們非常認真地對待它。

But I also want to make sure that we realize there is another and we have 12,000 people in sales force.

但我也想確保我們意識到還有另一個，而且我們有 12,000 名銷售人員。

We have another 11,900 people in the first was that they are doing good job in a compliant manner.

我們還有另外11,900人，首先是他們以合規的方式做得很好。

And we should have sold is before all this team in this same biogas, the 100 MS behaved.

我們應該在同一沼氣中的所有團隊之前出售 100 MS 的表現。

And then also we have several thousand people outside the sales force that also doing a good work every day.

此外，我們還有數千名銷售人員以外的人員每天也都出色地完成工作。

So that's all I can say.

我只能說這麼多。

But we, of course, we'll continue to manage compliance.

但我們當然會繼續管理合規性。

We have more than 200 people in our global compliance team around the world.

我們的全球合規團隊在世界各地擁有 200 多人。

And then we have local compliance.

然後我們有當地的合規性。

People also that are connected and refer to the global teams.

人們也有聯繫並指的是全球團隊。

So this is certainly a big, a big priority for us then that'll mission.

因此，這對我們來說無疑是一個非常非常重要的優先事項，然後就是我們的使命。

And so one of the reasons why I enjoy my job so much is a constantly got the opportunity to learn, and that's the nature of drug development and what we do constantly learning.

因此，我如此喜歡我的工作的原因之一是不斷有學習的機會，這就是藥物開發的本質，也是我們不斷學習的本質。

And the reason why I'm more confident about that's a day now is that we know more than we did at the time that we designed the European Lung oh one study, that's at that point.

我現在對這一天更有信心的原因是，我們比設計歐洲肺時了解的更多，哦，一項研究，就是在那時。

We didn't understand that there was going to be a difference in outcome between patients with non-squamous versus squamous cell cancer.

我們不明白非鱗狀細胞癌患者與鱗狀細胞癌患者的結果會有差異。

And we didn't have and the biomarker data that we currently have.

我們沒有目前擁有的生物標記數據。

Now we also didn't have as much data about the M from the studies that I've mentioned a couple of times that Japan Longo two and oh four studies, which show the ability to combine safely with platinum and the increase in response to that gives them the ability to have to combine safely with the with the IO drugs.

現在，我們也沒有從我多次提到的日本 Longo 2 和 oh 4 研究中獲得有關 M 的那麼多數據，這些研究顯示了與鉑安全結合的能力以及對此的反應增加使他們能夠與IO 藥物安全地結合。

So we know much more now than we did at the time that the GAAP number one study was designed, and we're taking those learnings and embedding them in today and first-line studies in non-small cell lung cancer, but also taking those principles and embedding them across the rest of the data program.

因此，我們現在比設計GAAP 第一研究時了解的要多得多，我們正在利用這些知識並將其嵌入到今天的非小細胞肺癌一線研究中，同時也將這些知識融入到非小細胞肺癌的一線研究中。

And I think the computation of pathology technology is something that will help us optimize the benefit risk profile for antibody drug conjugates across our portfolio.

我認為病理技術的計算將幫助我們優化整個投資組合中抗體藥物偶聯物的效益風險狀況。

These are inherently targeted medicines are targeted to the cell surface receptor in the case of and chose to though just immunohistochemistry alone doesn't give you all the information and that you need about the patients most likely to benefit.

這些本質上是標靶藥物，針對細胞表面受體進行選擇，但僅靠免疫組織化學並不能為您提供有關最有可能受益的患者所需的所有資訊。

And we've mentioned a few times that we need to look at the internalization rate as well.

我們已經多次提到，我們還需要考慮內部化率。

So we know a lot more.

所以我們知道的更多。

And that's what gives me confidence about the ability to maximize the potential of does it extend what you think is has the potential to be very important metal prices and activity going back?

這讓我對最大限度發揮潛力的能力充滿信心，它是否會擴展您認為有可能成為非常重要的金屬價格和活動的潛力？

Very quick relate to the previous question.

很快就牽涉到上一個問題。

So we have to add more than 200 people in the global conference theme around the world.

所以我們要在全球增加200多人的全球會議主題。

In China itself, we have more than 200 people doing compliance related work is on the global compliance team or compliance work and choking on internal systems on a regular basis.

在中國本身，我們有超過200人在全球合規團隊中從事合規相關工作，或定期進行內部系統的合規工作。

This Gonzalo advanced care go ahead.

貢薩洛高級護理繼續進行。

Hi.

你好。

Can you hear me now?

現在你能聽到我說話嗎？

Yes.

是的。

Just one on battle to fight any I'm not sure if I missed it, but could you clarify if you will also follow a path for approval of these that initial indication outside the US Patent and current available data?

只是一場戰鬥，我不確定我是否錯過了它，但您能否澄清一下，您是否也會遵循美國專利和當前可用數據之外的初步指示批准這些的路徑？

And if so, are you planning to file in the near term?

如果是這樣，您是否計劃在短期內提交申請？

Thank you very much.

非常感謝。

Okay.

好的。

And so thanks for the question.

謝謝你的提問。

So and we announced in the last quarter that we had submitted the European filing in particular, that's and review and that and regulatory review is ongoing.

因此，我們在上個季度宣布，我們已經特別提交了歐洲備案，審查正在進行中，監管審查正在進行中。

So I don't have any more information to share with you at this point.

所以目前我沒有更多資訊可以與大家分享。

Obviously, the background regulations in the US, the US in other regions do different some in some regards.

顯然，美國的背景規定，美國其他地區在某些方面做得有些不同。

So we have to wait for the and feedback from the regulatory authorities in other regions.

所以我們還要等待其他地區監理機關的回饋。

Results.

結果。

For the last few question, can I ask everybody to trends stick to our question?

最後幾個問題，我可以請大家繼續關注我們的問題嗎？

And maybe I remember that we have more than one product more than that during our portfolio.

也許我記得我們的產品組合不只一種產品。

And over to you.

交給你了。

Peter Welford, Jefferies.

彼得‧韋爾福德，傑弗里斯。

Hi, thank you very quick.

你好，非常感謝你。

two questions.

兩個問題。

one, just on a phrase, China and data that China, can you just confirm is Leon still an employee of AstraZeneca at this moment in time?

一，就一句話，中國和數據，中國，你能確認Leon此時此刻仍然是阿斯特捷利康的員工嗎？

And then secondly, on data, is there any plan to change at all the TLR7 and TLR8 trials because they're the ones who Keytruda to include QCSI biomarker analysis, the primary endpoint as has done with the bonds are?

其次，在數據方面，是否有計劃改變所有 TLR7 和 TLR8 試驗，因為 Keytruda 將 QCSI 生物標記分析納入這些試驗，而 QCSI 生物標記分析是債券的主要終點？

Thank you.

謝謝。

So first question, interest of time, it's in the transcript, so I would refer you to it.

第一個問題，時間的興趣，它在文字記錄中，所以我建議你參考一下。

And second questions is on.

第二個問題開始了。

So and again, just set the takeaway, which is in the PD-L1 high patient population.

如此反复，只是設定了外賣，即PD-L1高患者群體。

I think that's a different context in terms of the opportunity there at the tail oh seven, the primary endpoint for for that study is obviously in an intent to treat patient population.

我認為，就七號尾部的機會而言，這是一個不同的背景，研究的主要終點顯然是為了治療患者群體。

So again, up in contrast to advance our we had designed the study with the opportunity to lock in a biomarker positive patient population.

因此，與先前相比，我們設計的研究有機會鎖定生物標記呈陽性的患者群體。

I think it's a little different for European Lung Study.

我認為歐洲肺部研究有點不同。

Thank you.

謝謝。

Next question.

下一個問題。

I think we still have a couple of questions are immediately eliminate.

我認為我們還有幾個問題需要立即消除。

Go ahead through M&A may be on mute.

繼續進行併購可能會陷入沉默。

We can't hear you.

我們聽不到你說話。

Okay.

好的。

Could we tried the next question?

我們可以嘗試下一個問題嗎？

Sounds like Luisa Hector Ruiz, over to you.

聽起來像路易莎·赫克托·魯伊斯，交給你了。

Thank you.

謝謝。

Can hear me.

能聽到我說話。

Yes.

是的。

Go ahead, Lisa.

繼續吧，麗莎。

Thanks, Becca.

謝謝，貝卡。

So my question is on linked to the FDA focus that we've seen some time now that the patients that really the benefit that could you remind us the rationale for running Serena for which is in a lot of confidence ahead of those trial and how we should think about the potential outcomes?

所以我的問題與 FDA 的關注有關，我們已經看到一段時間以來，患者確實受益，您能否提醒我們運行 Serena 的理由，在這些試驗之前我們對此充滿信心，以及我們如何應該考慮潛在的結果嗎？

Thank you.

謝謝。

Thanks, Lisa.

謝謝，麗莎。

Happy to talk about carries us through our next-generation said inhibitor.

很高興談論我們的下一代抑制劑。

And as you rightly point out them and two important catalysts upcoming with 3.6, that's in the selected patient population patient with ESR1 mutations.

正如您正確地指出的那樣，它們以及 3.6 即將推出的兩個重要催化劑，就是在選定的患有 ESR1 突變的患者群體中。

So this This study is a novel trial design, which is guided by circulating tumor DNA detection of rising ESR1 mutation levels, we say and by the beginning of patient's journey with ER-positive breast cancer and this low levels of this mutation.

因此，這項研究是一項新穎的試驗設計，我們說，該研究以循環腫瘤DNA 檢測不斷上升的ESR1 突變水平為指導，並以患者ER 陽性乳腺癌之旅的開始和這種低水平的突變為指導。

But it tends to be currently selected over time, particularly on of amortizing inhibitors.

但目前它往往會隨著時間的推移而被選擇，特別是攤銷抑制劑。

So the trial design is Cummins estrogen plus the CDK4/6 inhibitor and at that versus continuation on the remedy ACE inhibitor and a CDK4/6 inhibitor.

因此，試驗設計為康明斯雌激素加上 CDK4/6 抑制劑，並與繼續使用補救性 ACE 抑制劑和 CDK4/6 抑制劑進行比較。

And I think given the data that's been seen with this class of drugs and ESR1 mutant, you've got a high probability of success.

我認為，鑑於此類藥物和 ESR1 突變體的數據，您成功的可能性很高。

There is also built off the pad one data set where we'd looked at fulvestrant, which isn't and as potent, as I said, inhibitor versus continuing nation on aromatase inhibitor in this setting.

我們也建立了第一組資料集，我們在其中研究了氟維司群，正如我所說，與繼續使用芳香酶抑制劑的國家相比，氟維司群不是有效的抑制劑。

And again, that gives us confidence about that trial.

這再次讓我們對這次試驗充滿信心。

However, the actual target for chemist question is the estrogen receptor with the original targeted therapies were hormonal therapies targeting the estrogen receptor.

然而，化學家問題的實際目標是雌激素受體，最初的標靶療法是針對雌激素受體的荷爾蒙療法。

So it's not just those patients with ESR1 mutations that likely to benefit is the broader wild type and patient population that are endocrine sensitive, but likely to benefit.

因此，不僅那些具有 ESR1 突變的患者可能受益，更廣泛的野生型和內分泌敏感的患者群體也可能受益。

Again, we've previously seen that improving endocrine therapy can improve the outcomes, and that's really the crossover in a range of both Agilent as well as first line in particular and metastatic and ER positive breast cancer.

同樣，我們之前已經看到，改善內分泌治療可以改善結果，這實際上是安捷倫和第一線藥物以及轉移性和 ER 陽性乳癌的一系列藥物的交叉。

So I think the data that we've seen from the Serena to data set, which is randomized study in the second line, if you look at the subgroup that was and the consensus with that group, we also saw a very positive hazard ratio compared with fulvestrant matures the previous best third, that was about mobile.

所以我認為我們從 Serena 到數據集看到的數據，這是第二行的隨機研究，如果你看看那個亞組以及與該組的共識，我們還看到了一個非常積極的風險比隨著氟維司群的成熟，之前最好的第三名是關於行動裝置的。

So I think both the Serena to data and then the Serena three data in the window of opportunity study gives us confidence that we have really best-in-class profile here from a safety and efficacy perspective that gives us good probability of both studies being positive.

因此，我認為機會研究視窗中的Serena 資料和Serena 3 資料都讓我們有信心，從安全性和有效性的角度來看，我們確實擁有一流的概況，這使我們有很大可能這兩項研究都是正面的。

And that would be a big, a combination of indications.

這將是一個很大的跡象的組合。

So one last question and limit Emily Field at Barclays.

最後一個問題是限制巴克萊銀行的艾米麗·菲爾德。

I think, you know, that's forgetting today, really appreciate it.

我想，你知道，今天就忘了，真的很感激。

And hopefully, this has occurred fun one to end on.

希望這件事能以有趣的方式結束。

And so I know you said early on a year that by the end of 2025, we'll have a good idea of the achievability of a 2038 to 80 billion revenue target.

所以我知道您在一年初就說過，到 2025 年底，我們將對 2038 年 800 億收入目標的實現情況有一個很好的了解。

And you have so many catalysts coming up next year, what would you consider to be the most and important ones in determining the achievability of that target?

明年將會出現如此多的催化劑，您認為在確定該目標的可實現性方面最重要的因素是什麼？

Thank you.

謝謝。

Gosh, Dave, do you want to get started for oncology germ?

天哪，戴夫，你想開始研究腫瘤細菌嗎？

Maybe my last question, maybe by the way, but a long run, so I suppose there.

順便說一句，也許是我的最後一個問題，但從長遠來看，所以我想就在那裡。

But go ahead, sir.

但請繼續吧，先生。

It would be my pleasure.

這是我的榮幸。

I I think just as we kind of go through and do a little bit of a roll call here, I think in hand already, Emily, really importantly, we've got Amplify, which is very important for Calquence opportunity to really establish both the finite and a treat to progression leaders, chip opportunity with Calquence.

我想，就像我們在這裡進行一點點名一樣，艾米麗，我想，非常重要的是，我們已經有了 Amplify，這對於 Calquence 機會真正建立有限的機會非常重要。款待，與Calquence 合作的機會。

And I think that this is going to be an important part of that medicine going forward.

我認為這將成為該藥物未來發展的重要組成部分。

Louise's question just teed up another really important piece.

路易絲的問題引發了另一個非常重要的問題。

I think that Serena six and then following Serena for that's a major readout in 2025.

我認為 Serena 第六名以及隨後 Serena 的成績是 2025 年的主要讀數。

I think that certainly those studies give a read through into the Cambria studies as well.

我認為這些研究當然也可以深入了解坎布里亞研究。

So in terms of longer term unwind of risk.

因此，就長期風險緩解而言。

And then I would I would really then just highlight if I was to pick one other additional one on her and her to moving into earlier lines of DB. oh nine, we know are based on what we saw with the oh three study and how it compares to come.

然後我真的會強調，如果我要為她和她選擇另一個，以進入 DB 的早期系列。哦九，我們知道這是基於我們在哦三研究中看到的內容以及它與未來的比較。

The front-line studies that we have seen before that there is a really great opportunity to move in the front-line trial design allows for with and without Perjeta.

我們之前看到的一線研究表明，無論是否使用 Perjeta，一線試驗設計都有一個非常好的機會。

And I think that this represents another very important growth opportunity in the near term.

我認為這代表著近期另一個非常重要的成長機會。

Thanks, Tim.

謝謝，蒂姆。

Horton.

霍頓。

Yes, first of all, I think a better sense.

是的，首先，我認為更好的感覺。

I think it's a great opportunity of the study is positive in a very difficult to treat hypertensive population, but clearly also our entry potentially offer best breast three, which I mentioned in the asthma indication and lost business for summer in the COPD indication.

我認為這是一個很好的機會，這項研究在非常難以治療的高血壓人群中是積極的，但顯然我們的條目也可能提供最好的乳房三，我在哮喘適應症中提到過，但在慢性阻塞性肺病適應症中失去了夏季的業務。

So all of them are very large, either new molecules or new indications.

所以它們都非常大，要嘛是新分子，要嘛是新適應症。

So very exciting to move into 2025.

進入 2025 年真是令人興奮。

And last but not least, not for rare diseases.

最後但並非最不重要的一點是，不適用於罕見疾病。

Yes.

是的。

I mean, I my expectation is we have a we presently have then ongoing Phase three on different molecules.

我的意思是，我的期望是我們目前正在對不同分子進行第三階段。

The compliments and most of them are going to read out in 2025.

這些讚美之詞和大部分內容將於 2025 年宣讀。

So we'd expect that the we beat the statistical average of the Phase three clinical trials and demonstrate that these products are safe and active.

因此，我們預計我們將超過第三階段臨床試驗的統計平均值，並證明這些產品是安全且有效的。

So this is going to be a very interesting period for rare disease in 2025.

因此，2025 年對於罕見疾病來說將是一個非常有趣的時期。

Thank you, Mark.

謝謝你，馬克。

Beyond C5.

超越C5。

We also have a number of outside that I will read out next year, which was clearly an important, an important product for for a disease, but also for the company overall.

我們還有一些外部產品，我將在明年宣讀，這顯然是一個非常重要的產品，不僅對於一種疾病，而且對於整個公司來說也是如此。

So thank you very much for your time.

非常感謝您抽出寶貴的時間。

Your great questions and your interest.

你的好問題和你的興趣。

Let me just quickly conclude.

讓我快速總結一下。

First of all of them want to say regarding the matters in China, we are really taking this matter seriously.

首先他們想說的是關於中國的事情，我們真的很認真地對待這件事。

I mean, I've said it a few times today, but I want to say it again, I also want to say the investigations are directed at individuals as we understand it now.

我的意思是，我今天已經說過幾次了，但我想再說一遍，我還想說，調查是針對我們現在所理解的個人的。

So we haven't been really given access to many details.

所以我們還沒有真正獲得很多細節。

In fact, we have very limited information, which explains why we give you the answers.

事實上，我們掌握的資訊非常有限，這也解釋了我們為何為您提供答案。

We give you.

我們給你。

I know you have a great call last week and you have the transcript that will give you more information if you're interested.

我知道您上週有一個很棒的電話，並且您有文字記錄，如果您有興趣，可以為您提供更多資訊。

Again, the fact is we are trying to be as transparent as we can, but we have very limited information.

同樣，事實是我們正在努力盡可能透明，但我們掌握的資訊非常有限。

And last point is in a way of really strengthening our compliance to make sure we learned from this issue will answer from this situation and continue to improve and become even stronger in China, but anywhere around the world.

最後一點是真正加強我們的合規性，以確保我們從這個問題中學到的教訓能夠從這種情況中得到回應，並在中國乃至世界任何地方繼續改進並變得更加強大。

Second quick closing comment is we had tremendous results in two three and the nine months.

第二個快速結束評論是我們在兩個三個月和九個月內取得了巨大的成果。

So we're very excited with they actually a momentum we have to the extent that, you know, we are doing better than we expected actually, and we've been able to increase to raise our guidance for the year.

因此，我們對他們實際上的動力感到非常興奮，我們實際上做得比我們預期的要好，而且我們已經能夠提高今年的指導。

And I think it's important to think about the move that kind of momentum.

我認為重要的是要考慮這種勢頭的舉動。

I mean, we have a company that is on your basis around 50 billion growing and at 1920%.

我的意思是，我們有一家公司，在你的基礎上，其市值約為 500 億美元，成長率為 1920%。

So this is the kind of momentum we are taking into 2025 with headwinds for sure, but also new indications to launch new products that are approved.

因此，這就是我們在 2025 年採取的勢頭，肯定會遇到阻力，但也有新的跡象表明要推出獲得批准的新產品。

And we also will continue working on leverage.

我們也將繼續致力於槓桿作用。

So when you take all of this together, you can see why we are confident and any outlook both from a revenue, but also it appears your point and we are on track to achieve our long-term strategic ambitions.

因此，當您將所有這些放在一起時，您可以從收入中看出為什麼我們有信心和任何前景，而且您的觀點也似乎是正確的，我們正在實現我們的長期戰略目標。

As we said before, not everything is going to go perfectly.

正如我們之前所說，並非一切都會完美進行。

Of course, this is not an uneasy a business wherein and we will have, of course, the issues setbacks in our pipeline.

當然，這並不是一件令人不安的事情，我們的管道當然會遇到問題挫折。

But also we expect to to, you know, to deliver a lot of new news on new products, new indications.

但我們也希望發布大量有關新產品、新適應症的新消息。

And so this really or every reason to believe we are on track and can deliver on our loan loss long term strategic ambitions.

因此，這確實或完全有理由相信我們正在走上正軌，並且能夠實現我們的貸款損失長期戰略目標。

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

在此，再次感謝您，祝您今天休息愉快。