葛蘭素史克 (GSK) 2021 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the analyst call on the GSK Second Quarter 2021 Results.

女士們，先生們，下午好，歡迎參加 GSK 2021 年第二季度業績分析師電話會議。

I will now hand you over to Iain Mackay, CFO, who will introduce today's session.

現在我將把你們交給首席財務官 Iain Mackay，他將介紹今天的會議。

Good morning and good afternoon.

早上好，下午好。

Thank you for joining us for our second quarter 2021 results, which were issued earlier today.

感謝您加入我們今天早些時候發布的 2021 年第二季度業績。

You should have received our press release and can view the presentation on GSK's website.

您應該已經收到我們的新聞稿，並且可以在 GSK 的網站上查看演示文稿。

For those who are not able to view the webcast, slides that accompany today's call are located on the Investors section of the GSK website.

對於那些無法觀看網絡廣播的人，今天電話會議的幻燈片位於 GSK 網站的投資者部分。

Before we begin, please refer to Slide 2 of our presentation for our cautionary statements.

在我們開始之前，請參閱我們演示文稿的幻燈片 2 以了解我們的警告聲明。

Our speakers today are Emma Walmsley, Luke Miels, Deborah Waterhouse, Dr. Hal Barron, Brian McNamara and myself, Iain Mackay.

我們今天的演講者是艾瑪·沃爾姆斯利、盧克·米爾斯、黛博拉·沃特豪斯、哈爾·巴倫博士、布賴恩·麥克納馬拉和我本人，伊恩·麥凱。

Joining us for the Q&A portion of the call will be Roger Connor and David Redfern.

Roger Connor 和 David Redfern 將加入我們的電話問答部分。

We request that you ask only a maximum of 2 questions so that everyone has a chance to participate.

我們要求您最多只問 2 個問題，以便每個人都有機會參與。

Our presentation will last for approximately 30 minutes in order to maximize the opportunity for questions.

我們的演講將持續大約 30 分鐘，以最大限度地增加提問的機會。

And with that, I'll hand the call over to Emma.

有了這個，我會把電話交給艾瑪。

Thank you, Iain, and a very warm welcome to you all.

謝謝你，伊恩，熱烈歡迎大家。

We're pleased to report a strong financial performance and continued progress against our strategic priorities this quarter.

我們很高興地報告本季度我們的戰略重點取得了強勁的財務業績和持續進展。

Second quarter sales and adjusted EPS were up 15% and 71%, respectively at CER.

按固定匯率計算，第二季度銷售額和調整後每股收益分別增長 15% 和 71%。

These excellent results were driven by a combination of strong double-digit growth in New and Specialty Pharma products; a significant increase in Vaccine sales, reflecting both an improving picture for vaccination rates and a major sales contribution from our pandemic adjuvant; good growth in Consumer Healthcare, with double-digit growth in 6 of the 9 power brands; and continued discipline in control of costs.

這些出色的業績是由新藥和專業藥產品強勁的兩位數增長共同推動的；疫苗銷售額顯著增加，這既反映了疫苗接種率的改善情況，也反映了我們的大流行佐劑的主要銷售貢獻；消費者保健業務增長良好，9 大品牌中有 6 家實現兩位數增長；並繼續嚴格控製成本。

As expected, the quarter did benefit from a favorable comparison to the second quarter last year, which was heavily disrupted by the pandemic.

正如預期的那樣，該季度確實受益於與去年第二季度相比有利的情況，去年第二季度受到大流行病的嚴重干擾。

And while further disruption cannot be ruled out, we are seeing positive momentum, which we expect to continue through the second half of the year.

雖然不能排除進一步中斷的可能性，但我們看到了積極的勢頭，我們預計這種勢頭將持續到今年下半年。

Assuming a second half backdrop of improving demand for adult vaccinations and normalizing health and consumer trends in key markets, we believe we are likely to deliver adjusted EPS at the better end of our guidance.

假設下半年成人疫苗接種需求增加以及主要市場的健康和消費趨勢正常化的背景下，我們相信我們可能會在我們的指導結束時提供調整後的每股收益。

I just want to remind you that this guidance excludes any contribution from COVID-19 solutions, which we expect to add between 4% and 6% to our adjusted EPS in '21.

我只想提醒您，本指南不包括 COVID-19 解決方案的任何貢獻，我們預計 21 年調整後的每股收益將增加 4% 至 6%。

Alongside financial performance, we continue to make good progress in R&D and our strategic delivery.

除了財務業績，我們在研發和戰略交付方面繼續取得良好進展。

Among our key assets, we completed the filing of long-acting cabotegravir for prevention of HIV and we announced positive headline results for all 5 Phase III studies of our promising specialty medicine, daprodustat.

在我們的主要資產中，我們完成了用於預防 HIV 的長效 cabotegravir 的備案，並且我們宣布了我們有前途的專科藥物 daprodustat 的所有 5 項 III 期研究的正面標題結果。

Very importantly, we also continued to strengthen the pipeline this quarter, securing 3 exciting new collaborations in HIV, immuno-oncology and immuno-neurology.

非常重要的是，本季度我們還繼續加強管道，在 HIV、免疫腫瘤學和免疫神經學方面獲得了 3 項令人興奮的新合作。

And lastly, this quarter also saw us lay out our new growth outlook for GSK and the proposed demerger of Consumer Healthcare.

最後，本季度我們還為葛蘭素史克制定了新的增長前景，並提出了消費者保健的分拆計劃。

Delivering scale health impact and maximizing value for shareholders are at the core of these plans, and we've received widespread support from shareholders for them, together with a clear message to focus on execution and successful delivery.

這些計劃的核心是為股東帶來規模健康影響和價值最大化，我們得到了股東的廣泛支持，以及專注於執行和成功交付的明確信息。

We are all strongly committed to doing so.

我們都堅定地致力於這樣做。

Progress for this quarter is reflected across all 3 of our strategic priorities.

本季度的進展反映在我們所有 3 個戰略重點中。

In Innovation, we continue to build a high-value pipeline across prevention and treatment of disease through organic and inorganic delivery.

在創新方面，我們繼續通過有機和無機交付建立跨疾病預防和治療的高價值管道。

In Performance, improved commercial execution is driving strong growth in New and Specialty Pharma products.

在績效方面，商業執行力的提高正在推動新藥和專業藥產品的強勁增長。

For Shingrix specifically, we're clearly seeing the beginnings of a recovery in performance as COVID vaccination programs amongst older populations near completion.

特別是對於 Shingrix，隨著老年人口中的 COVID 疫苗接種計劃接近完成，我們清楚地看到了性能恢復的開始。

The U.S. new-to-brand prescriptions for Shingrix were up 73% in the quarter, and we saw good performance across the consumer business with the exception of sustained weakness in cold and flu and a few specific areas where consumer trends haven't yet returned to normal.

Shingrix 的美國新品牌處方在本季度增長了 73%，我們看到整個消費者業務的良好表現，除了感冒和流感的持續疲軟以及消費趨勢尚未恢復的幾個特定領域到正常。

And on Trust, we continue to maintain leadership in ESG, as evidenced by new index ratings.

在信任方面，我們繼續保持在 ESG 方面的領先地位，新的指數評級證明了這一點。

We recently signed as principal partner for COP26 and continue to progress our environmental commitment to be net-zero and nature-positive by 2030.

我們最近簽署了 COP26 的主要合作夥伴協議，並繼續推進我們的環境承諾，到 2030 年實現淨零排放和保護自然。

As you heard at our investor update, the scale of the changes we've made in the last 4 years is unprecedented to improve performance, strengthen capabilities and prepare GSK for a new future.

正如您在我們的投資者更新中聽到的那樣，我們在過去 4 年中所做的變革規模是前所未有的，以提高績效、增強能力並為 GSK 迎接新的未來做好準備。

Our clear priority is to unlock the potential of 2 world-class businesses, and in so doing, maximize value for shareholders.

我們明確的優先事項是釋放 2 家世界級企業的潛力，並以此為股東實現價值最大化。

With the platform we now have for GSK, we expect to deliver highly competitive sales and operating profit growth in the next 5 years, a step change in expected performance.

憑藉我們現在為 GSK 提供的平台，我們預計在未來 5 年內實現極具競爭力的銷售和營業利潤增長，這是預期業績的一個階梯式變化。

And we aim to achieve sales of more than GBP 33 billion by 2031, all underpinned by an R&D focus on the power of the immune system, a portfolio shift to vaccines and specialty medicines to prevent and treat disease, and impacting the lives of 2.5 billion people over the next 10 years.

我們的目標是到 2031 年實現超過 330 億英鎊的銷售額，這一切都基於對免疫系統力量的研發重點，產品組合轉向疫苗和專業藥物以預防和治療疾病，並影響 25 億人的生活未來10年的人。

And through the proposed demerger, we'll create a new category leading Consumer Healthcare business, serving over 100 markets with annual sales in 2020 of GBP 10 billion, driven by brands and innovation to deliver better everyday health.

通過擬議的分拆，我們將創建一個新的類別領先的消費者保健業務，服務於 100 多個市場，2020 年年銷售額為 100 億英鎊，由品牌和創新驅動，以提供更好的日常健康。

This business has strong prospects for sustainable sales and profit growth, high cash generation and to deliver attractive returns for shareholders.

該業務在可持續銷售和利潤增長、高現金產生以及為股東帶來可觀回報方面前景廣闊。

So let me now hand over to the team to talk you through this quarter's performance in more detail.

因此，現在讓我讓團隊更詳細地向您介紹本季度的表現。

Luke, first, over to you.

盧克，首先，輪到你了。

Thanks, Emma.

謝謝，艾瑪。

So we continue to make progress on commercial execution and competitiveness in the quarter against a complicated external environment due to COVID.

因此，在 COVID 造成的複雜外部環境下，我們在本季度繼續在商業執行和競爭力方面取得進展。

The strong in-market performance I highlighted in the recent quarters for products such as Trelegy, Nucala and Benlysta has continued driving growth of New and Specialty Pharma products of 25% in the second quarter and 14% in the half year.

我在最近幾個季度強調的 Trelegy 、 Nucala 和 Benlysta 等產品的強勁市場表現繼續推動第二季度 25% 和半年 14% 的新藥和特種製藥產品的增長。

We also saw a good recovery in the quarter in meningitis and established vaccines.

我們還看到本季度腦膜炎和已開發疫苗的恢復良好。

For today, I want to focus my remarks on the performance and growth prospects for Shingrix and oncology performance.

今天，我想把我的評論集中在 Shingrix 和腫瘤學表現的表現和增長前景上。

For Shingrix, our confidence in recovery has been tied to the prioritization and successful rollout of COVID-19 mass vaccination, particularly in the U.S. Underlying trends illustrate that Shingrix volumes are expanding as we move into the second half of the year.

對於 Shingrix，我們對複甦的信心與 COVID-19 大規模疫苗接種的優先次序和成功推出有關，尤其是在美國。基本趨勢表明，隨著我們進入下半年，Shingrix 的銷量正在擴大。

Overall, despite a slower rate of recovery in ex U.S. markets, we anticipate a strong H2 global performance from Shingrix with the potential for slight growth in sales on a full year basis.

總體而言，儘管美國以外市場的複蘇速度較慢，但我們預計 Shingrix 的 H2 全球業績將強勁，全年銷售額有可能略有增長。

In the U.S., with nearly 80% of adults aged 50 plus now fully vaccinated for COVID, we've now seen a related increase in weekly NBRX volumes, which have grown 73% since the start of quarter 2. And the coming months is going to be important for the recovery of Shingrix in the U.S. as our updated research shows that around half of those eligible to receive Shingrix have indicated that they expect to get it within 1 to 3 months following the completion of their pandemic vaccine series.

在美國，近 80% 的 50 歲以上成年人現在已經完全接種了 COVID 疫苗，我們現在看到每週 NBRX 數量相應增加，自第二季度開始以來增長了 73%。未來幾個月這對於 Shingrix 在美國的恢復很重要，因為我們最新的研究表明，大約一半有資格接受 Shingrix 的人表示，他們希望在完成大流行疫苗系列後的 1 至 3 個月內獲得它。

We've been implementing activities to drive this recovery with a comprehensive multichannel DTC campaign and by focusing on maximizing relationships with U.S. retailers, particularly as we focus on the flu vaccination season, where adult vaccinations become increasingly top of mind for consumers.

我們一直在開展活動，通過全面的多渠道 DTC 活動推動復甦，並通過專注於最大限度地擴大與美國零售商的關係，特別是在我們關注流感疫苗接種季節時，成人疫苗接種越來越成為消費者的首要考慮。

And we're starting to see similar trends in Germany where volumes are improving as more adults complete their COVID-19 vaccination series.

我們開始在德國看到類似的趨勢，隨著越來越多的成年人完成 COVID-19 疫苗接種系列，數量也在增加。

And in China, we continue to make steady progress in the private pay market with Shingrix now in 50 cities.

在中國，我們在私人支付市場繼續取得穩步進展，目前 Shingrix 已在 50 個城市開展業務。

Overall, though, we're seeing a slower rate of shingles recovery ex U.S. due to the different rates of deployment of COVID vaccinations.

不過，總體而言，由於 COVID 疫苗接種的部署率不同，我們看到美國以外的帶狀皰疹恢復速度較慢。

Looking ahead, we continue to roll out in new markets, including the U.K., and we're now benefiting from an unconstrained supply position.

展望未來，我們將繼續在包括英國在內的新市場推出產品，我們現在正受益於不受限制的供應狀況。

Now this is going to support the expected significant step-up in Shingrix sales in 2022, assuming continuation of the improved operating environment as well as our ambition to double revenues in the next 5 years, protecting more than 100 million adults.

現在，這將支持 Shingrix 銷售額在 2022 年的預期顯著增長，前提是繼續改善運營環境以及我們在未來 5 年內將收入翻一番的雄心，從而保護超過 1 億成年人。

I now move to oncology.

我現在轉向腫瘤學。

Zejula had a strong performance despite the impact of COVID on the ovarian cancer market.

儘管 COVID 對卵巢癌市場產生了影響，但 Zejula 的表現仍然強勁。

Sales were up 38% versus Q2 '20, and we're pleased that in the U.S. we are significantly leading new patient starts with 59% of patients down to a path receiving Zejula.

與 20 年第二季度相比，銷售額增長了 38%，我們很高興在美國我們顯著領先新患者開始，59% 的患者走上了接受 Zejula 的道路。

We're also seeing progress in U.S. patient awareness, which has significantly increased from 29% in April 2020 to almost 50% in June 2021.

我們還看到美國患者意識的進步，從 2020 年 4 月的 29% 顯著增加到 2021 年 6 月的近 50%。

And it decreased pleasingly in the watch-and-wait usage now at 57%, although there are room for improvement.

儘管還有改進的餘地，但現在觀察等待的使用率下降了 57%，令人欣喜。

Unfortunately, with the backdrop of COVID, there's still a 20% decrease in ovarian cancer diagnosis.

不幸的是，在 COVID 的背景下，卵巢癌的診斷率仍然下降了 20%。

And we know that with delayed diagnosis, there are less patients getting debulking surgeries and therefore less patients going on to maintenance about 6 months later.

我們知道，如果診斷延遲，接受減瘤手術的患者就會減少，因此大約 6 個月後繼續維持治療的患者也會減少。

So we expect that this impact will continue until the market returns to pre-pandemic levels.

因此，我們預計這種影響將持續到市場恢復到大流行前的水平。

For Blenrep, we're seeing encouraging progress despite competitive entrants.

對於 Blenrep，儘管競爭激烈，但我們看到了令人鼓舞的進展。

And we're especially pleased to see demand increasing with community oncologists in the U.S. and also Germany.

我們特別高興地看到美國和德國社區腫瘤學家的需求不斷增加。

We had a very robust clinical program designed to continue to improve the product profile of Blenrep through various combinations, optimized dosing and scheduling.

我們有一個非常強大的臨床計劃，旨在通過各種組合、優化劑量和調度來繼續改善 Blenrep 的產品概況。

On this slide, we have outlined the patient opportunity and the associated clinical trials that align to earlier lines of treatment.

在這張幻燈片上，我們概述了患者機會和與早期治療線相一致的相關臨床試驗。

The outcome of these trials will evolve our strategy, including potential use of novel combinations and the substantial opportunity we could see in second-line, where we have dose-optimized pivotal trials.

這些試驗的結果將改進我們的策略，包括新組合的潛在使用以及我們在二線中看到的大量機會，我們在這些地方進行了劑量優化的關鍵試驗。

And with that, I'll pass over to Deborah for an update on the HIV portfolio.

有了這個，我將轉交給 Deborah，了解有關 HIV 產品組合的最新信息。

Thank you, Luke.

謝謝你，盧克。

Second quarter HIV sales rebounded strongly, growing by 14% and more than reversing the 11% decline that we reported in Q1 due to COVID impacts and a strong 2020 comparator.

第二季度 HIV 銷售額強勁反彈，增長了 14%，超過了我們在第一季度報告的因 COVID 影響和強勁的 2020 年比較而導致的 11% 的跌幅。

Growth in the first half of the year was 1%.

今年上半年的增長率為 1%。

Strong commercial execution continues to drive the performance of Dovato, particularly in the switch market in the U.S. and Europe.

強大的商業執行力繼續推動 Dovato 的業績，尤其是在美國和歐洲的交換機市場。

Dovato and Juluca are on track to deliver GBP 1 billion in sales this year.

Dovato 和 Juluca 今年有望實現 10 億英鎊的銷售額。

Our recently launched innovative medicines, including Rukobia, now accounts more than 25% of our total sales.

我們最近推出的創新藥物，包括 Rukobia，現在占我們總銷售額的 25% 以上。

A highlight this quarter was the market share of dolutegravir-based regimens in Europe, which for the first time exceeded 30%, driven by Dovato.

本季度的一個亮點是在 Dovato 的推動下，基於多替拉韋的方案在歐洲的市場份額首次超過 30%。

Share continues to hold firm in the U.S.

股票在美國繼續保持堅挺

Turning to our portfolio of long-acting injectables.

轉向我們的長效注射劑產品組合。

In January, we received FDA approval for Cabenuva, the world's first long-acting injectable treatment for HIV.

1 月，我們的 Cabenuva 獲得了 FDA 的批准，這是世界上第一個長效 HIV 注射劑。

It is also approved in Europe under the brand name of Vocabria, Rekambys and dosing every 2 months.

它也在歐洲以 Vocabria、Rekambys 的品牌名稱獲得批准，並且每 2 個月給藥一次。

We anticipate approval of 2-monthly dosing in the U.S. by year-end and launch in early 2022.

我們預計年底前在美國批准每 2 個月給藥一次，並於 2022 年初推出。

Early signals are positive with strong brand recognition from people living with HIV and high levels of physician attendance at our virtual launch meetings, which we believe will translate into increasing intent to prescribe.

早期信號是積極的，HIV 感染者對品牌的高度認可以及我們虛擬發布會議的醫生出席率很高，我們相信這將轉化為越來越多的處方意向。

As with any new class of medicine, Cabenuva will take time to build.

與任何新類別的藥物一樣，Cabenuva 需要時間來構建。

And furthermore, the COVID backdrop is significantly constraining switch activity, particularly where a patient needs to visit a physician's office.

此外，COVID 背景顯著限制了開關活動，尤其是在患者需要去看醫生的情況下。

We're confident about its potential to transform the HIV treatment paradigm.

我們對其改變 HIV 治療模式的潛力充滿信心。

And with an anticipated 5-year head start over competitors, we expect Cabenuva to capture a leading share of the long-acting treatment market that could reach GBP 4 billion to GBP 5 billion by 2030.

由於預計比競爭對手領先 5 年，我們預計 Cabenuva 將佔據長效治療市場的領先份額，到 2030 年該市場的規模可能達到 40 億至 50 億英鎊。

This quarter, we also made significant progress with cabotegravir long-acting for prevention.

本季度，我們在長效預防卡博特韋方面也取得了重大進展。

We've completed the rolling submission with the FDA and anticipate launch in early 2022.

我們已經完成了向 FDA 的滾動提交，預計將於 2022 年初推出。

If approved, we believe cabotegravir long-acting will present a new and compelling option in the PrEP market, dosed every 2 months with efficacy that is superior to the current standard of care.

如果獲得批准，我們相信 cabotegravir 長效藥物將在 PrEP 市場上提供一種新的、引人注目的選擇，每 2 個月給藥一次，其療效優於目前的護理標準。

As for the treatment market, we believe the long-acting PrEP market could ultimately reach GBP 4 billion to GBP 5 billion in value, and cabotegravir long-acting is poised to play a leading role.

至於治療市場，我們認為長效 PrEP 市場的價值最終可能達到 40 億至 50 億英鎊，而卡博特韋長效有望發揮主導作用。

Last week at the International AIDS Study Conference, we presented week-48 data from the Phase III SALSA study, which demonstrated that Dovato is a compelling option irrespective of the type of 3-drug regimen a patient may be switched from.

上週在國際艾滋病研究會議上，我們展示了來自 III 期 SALSA 研究的第 48 週數據，該數據表明 Dovato 是一個令人信服的選擇，無論患者可能從哪種 3 種藥物方案轉換。

We also presented the STAT study which shows that Dovato is acceptable for same-day test and treat.

我們還介紹了 STAT 研究，該研究表明 Dovato 可以接受當天的測試和治療。

For Cabenuva, we presented the CUSTOMIZE data, which not only shows that Cabenuva is applicable in a range of health care settings but the 97% of people enrolled in the study prefer the long-acting injectable over daily oral therapy.

對於 Cabenuva，我們提供了 CUSTOMIZE 數據，這不僅表明 Cabenuva 適用於一系列醫療保健環境，而且參與研究的 97% 的人更喜歡長效注射劑而不是日常口服治療。

And in PrEP, we presented more data from the pivotal HPTN 084 women study, demonstrating that cabotegravir long-acting is the first and only long-acting injectable for PrEP to demonstrate superior efficacy and comparable safety to daily orals in preventing HIV acquisition in a diverse population.

在 PrEP 中，我們提供了來自關鍵的 HPTN 084 女性研究的更多數據，證明卡博特韋長效是第一個也是唯一一個用於 PrEP 的長效注射劑，在預防不同人群中的 HIV 感染方面表現出與日常口服相比的卓越功效和相當的安全性人口。

Taken together, I'm delighted with the progress we're making in HIV in both returning the franchise to growth and building our portfolio of innovative and pioneering long-acting medicines.

總而言之，我對我們在 HIV 方面取得的進展感到高興，這兩個方面都使特許經營權恢復增長，並建立了我們創新和開創性的長效藥物組合。

I would like to turn the call next to Hal.

我想把電話轉到 Hal 旁邊。

Thanks, Deborah.

謝謝，黛博拉。

I'm going to provide a short update on some recent news flow since the June event and highlight some of the upcoming pipeline milestones over the next 18 months.

我將簡要介紹自 6 月活動以來的一些近期新聞流，並重點介紹未來 18 個月即將到來的一些管道里程碑。

Starting with daprodustat.

從 daprodustat 開始。

We recently announced positive headline results from each of the 5 trials in the ASCEND clinical program.

我們最近宣布了 ASCEND 臨床計劃中 5 項試驗中每一項的正面標題結果。

As a reminder, the ASCEND program recruited over 8,000 patients from both the dialysis and non-dialysis populations, and was designed to demonstrate the safety and efficacy of daprodustat as a novel oral treatment for patients with anemia due to chronic kidney disease.

提醒一下，ASCEND 計劃從透析和非透析人群中招募了 8,000 多名患者，旨在證明 daprodustat 作為一種新型口服治療藥物治療慢性腎病貧血患者的安全性和有效性。

We're very pleased with the results from the ASCEND-ND and ASCEND-D studies, which met the co-primary endpoints on both safety and efficacy.

我們對 ASCEND-ND 和 ASCEND-D 研究的結果感到非常滿意，它們在安全性和有效性方面都達到了共同的主要終點。

Daprodustat demonstrated an improvement in hemoglobin levels in untreated patients and maintain hemoglobin levels in patients previously treated with an erythropoietin-stimulating agent, a standard treatment option in patients with anemia of chronic kidney disease.

Daprodustat 顯示未治療患者的血紅蛋白水平有所改善，並維持先前接受促紅細胞生成素刺激劑治療的患者的血紅蛋白水平，這是慢性腎病貧血患者的標準治療選擇。

Importantly, the 2 cardiovascular outcome study, ASCEND-ND in nondialysis and ASCEND-D for dialysis patients, both demonstrated that daprodustat was non-inferior when compared with erythropoietin-stimulating agents in the risk of major adverse cardiac events, or MACE.

重要的是，第 2 項心血管結果研究，非透析患者的 ASCEND-ND 和透析患者的 ASCEND-D，均表明，與促紅細胞生成素刺激劑相比，daprodustat 在主要不良心臟事件或 MACE 風險方面非劣效性。

Additional analyses are ongoing, and we aim to present these data at a medical conference later this year.

其他分析正在進行中，我們的目標是在今年晚些時候的醫學會議上展示這些數據。

Moving to business development.

轉向業務發展。

As I highlighted in June, our strategy has been to leverage the business development to augment our organic pipeline, and we've made some recent progress on those with 3 deals, which I'll cover briefly now.

正如我在 6 月份強調的那樣，我們的戰略一直是利用業務發展來擴大我們的有機渠道，並且我們最近在 3 筆交易中取得了一些進展，我現在將簡要介紹一下。

First is our global collaboration with Alector for 2 clinical stage first-in-class monoclonal antibodies targeting sortilin for neurodegenerative diseases.

首先是我們與 Alector 的全球合作，針對 2 個臨床階段的一流單克隆抗體，靶向 sortilin 治療神經退行性疾病。

This collaboration brings together Alector's leading immuno-neurology expertise with our focus on the science of the immune system and human genetics and proven late-stage drug development capabilities.

此次合作將 Alector 領先的免疫神經學專業知識與我們對免疫系統科學和人類遺傳學的關注以及成熟的後期藥物開發能力相結合。

The lead asset AL001 is currently recruiting a Phase III trial for people with a progranulin gene mutation who have frontal temporal dementia or are at risk for developing FTD.

主要資產 AL001目前正在為患有額葉顳葉癡呆或有患 FTD 風險的顆粒蛋白原基因突變患者招募 III 期試驗。

Both antibodies AL001 and AL101 are designed to elevate progranulin levels by blocking the sortilin receptor, Progranulin is a key regulator of immune activity within the brain through modulating lysosomal function.

抗體 AL001 和 AL101 均旨在通過阻斷分揀蛋白受體來提高顆粒蛋白前體水平，顆粒蛋白前體是通過調節溶酶體功能來調節腦內免疫活動的關鍵調節劑。

There are compelling genetic links to multiple neurodegenerative disorders, including FTD, Parkinson's and Alzheimer's disease.

多種神經退行性疾病（包括 FTD、帕金森病和阿爾茨海默病）之間存在令人信服的遺傳聯繫。

And these assets could offer a new approach to the treatment of patients with these considerable unmet need.

這些資產可以提供一種新方法來治療有大量未滿足需求的患者。

Second is our collaboration with iTeos for an anti-TIGIT monoclonal antibody in Phase I development, which I highlighted at our investor event in June.

其次是我們與 iTeos 合作開發處於 I 期開發的抗 TIGIT 單克隆抗體，我在 6 月份的投資者活動中強調了這一點。

This deal complements our focus on the CD226 axis, where we now have an anti-TIGIT, an anti-CD96 and an anti-PVRIG, all of which can be combined with our PD-1 inhibitor Jemperli.

這筆交易補充了我們對 CD226 軸的關注，我們現在有一種抗 TIGIT、一種抗 CD96 和一種抗 PVRIG，所有這些都可以與我們的 PD-1抑製劑 Jemperli 結合使用。

Preclinical data, human genetics and recent randomized clinical trial all highlight the benefit for modulating CD226 axis, which we believe could deliver transformational medicines for patients and usher in the next generation of vital medicines.

臨床前數據、人類遺傳學和最近的隨機臨床試驗都強調了調節 CD226 軸的好處，我們相信這可以為患者提供轉化藥物，並迎來下一代重要藥物。

Finally, the recent Halozyme deal announced by Deborah and the ViiV team, which offers the opportunity for ultra-long-acting regimens containing cabotegravir and other lead pipeline assets.

最後，Deborah 和 ViiV 團隊最近宣布了 Halozyme 交易，這為包含 cabotegravir 和其他主要管道資產的超長效方案提供了機會。

I also want to remind everyone that these 3 deals are not factored into the 2031 sales ambition we issued in June and would represent upside if successful.

我還想提醒大家，這 3 筆交易並未計入我們 6 月份發布的 2031 年銷售目標，如果成功將代表上行空間。

Lastly, this slide summarizes key data we expect to report over the next 18 months.

最後，這張幻燈片總結了我們預計在未來 18 個月內報告的關鍵數據。

As you can see, we anticipate a large number of pivotal data readouts in 2022 as well as some important data points in the second half of 2021.

如您所見，我們預計 2022 年將出現大量關鍵數據讀數，2021 年下半年將出現一些重要數據點。

Among our specialty products, I've already spoken about the 5 positive Phase III studies with daprodustat, which we recently reported.

在我們的特色產品中，我已經談到了我們最近報導的關於 daprodustat 的 5 項積極的 III 期研究。

We also have a number of data readouts on Blenrep on next 12 to 18 months, including pivotal readouts looking to demonstrate a progression-free survival benefit compared to standard of care for patients with multiple myeloma.

在接下來的 12 到 18 個月，我們還有一些關於 Blenrep 的數據讀數，包括關鍵讀數，旨在證明與多發性骨髓瘤患者的標準治療相比，無進展生存獲益。

Later this year, we should have data from the proof-of-concept DREAMM-5 substudy of low-dose Blenrep in combination with a gamma-secretase inhibitor for the treatment of patients with multiple myeloma.

今年晚些時候，我們應該獲得來自低劑量 Blenrep 聯合 γ 分泌酶抑製劑治療多發性骨髓瘤患者的概念驗證 DREAMM-5 子研究的數據。

We are investigating a number of strategies to optimize the dosing schedule for Blenrep, but we hope that this substudy will maintain the efficacy of Blenrep but at a lower dose, which could reduce or delay the incidence of ocular events and support the potential use of Blenrep in earlier lines of treatment.

我們正在研究多種策略來優化 Blenrep 的給藥方案，但我們希望這項子研究將保持 Blenrep 的療效，但劑量較低，這可能會減少或延遲眼部事件的發生率，並支持 Blenrep 的潛在用途在早期的治療中。

As I previously mentioned, not only is this study important for advancing Blenrep's potential but it could also serve as a potential additional proof point for our functional genomics strategy.

正如我之前提到的，這項研究不僅對提升 Blenrep 的潛力很重要，而且還可以作為我們功能基因組學策略的潛在額外證據。

Other pivotal readouts on key assets in 2022 include otilimab in patients with rheumatoid arthritis, plus data from several important vaccine candidates including RSV for older adults, RSV maternal vaccine and data from our MenABCWY pivotal studies.

2022 年關鍵資產的其他關鍵讀數包括類風濕性關節炎患者的 otilimab，以及來自幾個重要候選疫苗的數據，包括老年人 RSV、RSV 母體疫苗和我們的 MenABCWY 關鍵研究的數據。

Finally, we should receive a number of readouts from our COVID vaccines and therapeutics over the remainder of 2021, including pivotal data from our vaccines collaborations with Medicago and Sanofi and a Phase II data from the OSCAR trial of otilimab and the COMET-PEAK study with sotrovimab.

最後，在 2021 年剩餘時間內，我們應該會收到一些 COVID 疫苗和療法的讀數，包括我們與 Medicago 和賽諾菲的疫苗合作的關鍵數據，以及來自 otilimab 的 OSCAR 試驗和 COMET-PEAK 研究的 II 期數據sotrovimab。

With that, let me hand it over to Brian.

有了這個，讓我把它交給布賴恩。

Thanks, Hal.

謝謝，哈爾。

Now turning to Consumer Healthcare in Q2.

現在轉向第二季度的消費者保健。

Continuing sales, excluding brands divested and under review, were strong, up 7% at constant exchange rates, which included a 2% drag from retailer stocking last year ahead of the systems cutover in North America, which reversed in the following quarter.

持續銷售（不包括剝離和審查中的品牌）表現強勁，按固定匯率計算增長了 7%，其中包括去年在北美系統切換之前零售商庫存造成的 2% 的拖累，這一情況在下一季度出現逆轉。

Our Q2 results were supported by an easier comparator given destocking in the same quarter last year following the pantry loading in Q1.

我們第二季度的結果得到了一個更簡單的比較器的支持，因為在第一季度的食品儲藏室裝載之後，去年同一季度進行了去庫存。

The 2-year CAGR removes the distortion from the pandemic and was up 3% in Q2, which would have been up 4%, excluding the impact of the unusually weak cold and flu season.

2 年的複合年增長率消除了大流行帶來的扭曲，第二季度增長了 3%，如果不考慮異常疲軟的感冒和流感季節的影響，本應增長 4%。

Let me talk specifically about our category performance in the second quarter.

我具體說說我們二季度的品類表現。

In oral health, sales increased 12% with a 2-year CAGR of 5%, demonstrating good execution and successful innovations, with Sensodyne and gum health more than offsetting lower growth in denture care.

在口腔健康領域，銷售額增長了 12%，2 年復合年增長率為 5%，這表明良好的執行力和成功的創新，舒適達和牙齦健康的增長足以抵消假牙護理領域的較低增長。

Pain relief saw Q2 sales up 13% and delivered a good 2-year CAGR of 5%.

止痛藥第二季度的銷售額增長了 13%，並實現了 5% 的良好 2 年復合年增長率。

In vitamins, minerals and supplements, sales declined 6% as we cycled the demand spike in the prior year, although the 2-year CAGR was up 6%, including partially -- particularly good growth in Centrum, Emergen-C and Caltrate.

在維生素、礦物質和補充劑方面，由於我們循環了上一年的需求高峰，銷售額下降了 6%，儘管 2 年的複合年增長率增長了 6%，其中部分 - Centrum、Emergen-C 和 Caltrate 的增長特別好。

Digestive health and other sales were up 3% in the quarter with a flat 2-year CAGR.

消化健康和其他銷售額在本季度增長了 3%，2 年復合年增長率持平。

Performance in this category was mixed, with strong performance of smokers health products and digestive health brands, but continued weakness in brands more dependent on impulse purchase such as ChapStick.

該品類的表現喜憂參半，吸煙者保健品和消化健康品牌表現強勁，但更依賴衝動購買的品牌持續疲軟，例如 ChapStick。

Respiratory sales increased 6% in the quarter and the 2-year CAGR was down 3%.

本季度呼吸系統銷售額增長 6%，2 年復合年增長率下降 3%。

This reflected very different results in the 2 subcategories with strong allergy performance and continued weakness in cold and flu.

這反映了 2 個子類別的非常不同的結果，這兩個子類別具有很強的過敏表現和持續的感冒和流感虛弱。

Don't forget that given seasonality, Q2 is a smaller quarter for the cold and flu business.

不要忘記，考慮到季節性，第二季度是感冒和流感業務的較小季度。

Our focus on innovation continued, and we saw further positive momentum with Sensodyne Sensitivity & Gum as well as good performance from newer innovations such as Centrum Essentials in Brazil and Pronamel Intensive Enamel Repair Whitening in the U.S.

我們繼續專注於創新，我們看到 Sensodyne Sensitivity & Gum 的進一步積極勢頭，以及巴西的 Centrum Essentials 和美國的 Pronamel Intensive Enamel Repair Whitening 等新創新的良好表現。

In e-commerce, we grew approximately 30%, and this was 7% of sales.

在電子商務方面，我們增長了大約 30%，佔銷售額的 7%。

Our ongoing investment in digital capabilities positions us well for growth.

我們對數字能力的持續投資使我們有利於增長。

And with continued strong results in the last month, particularly in the U.S., we remain confident in our ability to outperform in this key channel.

由於上個月業績持續強勁，尤其是在美國，我們對在這一關鍵渠道中表現出色的能力充滿信心。

Turning to our power brands, 6 of the 9 brands gained or held share, with 6 brands reporting double-digit growth in Q2.

談到我們的實力品牌，9 個品牌中有 6 個獲得或保持份額，其中 6 個品牌在第二季度實現了兩位數的增長。

And collectively, power brands were up double digits.

總的來說，實力品牌增長了兩位數。

Additionally, we saw a double-digit growth in our continuing business in emerging markets with particularly strong performance in India and China.

此外，我們在新興市場的持續業務實現了兩位數的增長，其中印度和中國的表現尤為強勁。

Our full year sales outlook remains unchanged.

我們的全年銷售前景保持不變。

Our separation and integration plans all remain firmly on track.

我們的分拆整合方案都在穩步推進中。

The commercial integration is now fully complete.

商業整合現已完全完成。

Our manufacturing site cutover is well underway, and separation activity is progressing well and to plan.

我們的生產基地交接工作進展順利，分離活動進展順利，正在計劃中。

Importantly, all of our guidance for 2022 shared in 2018, including margin and synergies, remain unchanged.

重要的是，我們在 2018 年分享的 2022 年的所有指引（包括利潤率和協同效應）都保持不變。

Finally, I'd like to take a minute to remind you of who we are and what we have created through the 2 largest consumer healthcare transactions in the last 6 years.

最後，我想花一點時間提醒您我們是誰，以及我們在過去 6 年中通過兩筆最大的消費者醫療保健交易創造了什麼。

And separation will be the first listed 100% focused consumer healthcare company as well as the global leader in consumer health care, operating in a sector with compelling fundamentals and leadership positions in categories now more relevant than ever.

separation 將是第一家 100% 專注於消費者保健的上市公司，也是消費者保健領域的全球領導者，在一個具有令人信服的基本面和類別領導地位的行業中運營，現在比以往任何時候都更相關。

We have a fantastic portfolio of brands and strong capabilities to drive sustainable market outperformance.

我們擁有出色的品牌組合和強大的能力來推動可持續的市場表現。

And I'm excited to share more information with you on this incredible business as we move closer to separation.

隨著我們離分離越來越近，我很高興能與您分享更多關於這項令人難以置信的業務的信息。

With that, I'll hand it over to Iain.

有了這個，我會把它交給伊恩。

Thanks, Brian.

謝謝，布萊恩。

As I cover the financials, references to growth are at constant exchange rates, unless stated otherwise.

在我介紹財務數據時，除非另有說明，否則提及的增長均採用固定匯率。

On Slide 18 is a summary of the group's results for Q2 and the half year.

幻燈片 18 是該小組第二季度和半年業績的總結。

In Q2, turnover was GBP 8.1 billion, up 15%.

第二季度，營業額為 81 億英鎊，增長 15%。

And adjusted operating profit was GBP 2.2 billion, up 43%.

調整後營業利潤為 22 億英鎊，增長 43%。

Total earnings per share was 27.9p, down 28%, while adjusted earnings per share was 28.1p, up 71%.

每股總收益為 27.9 便士，下降 28%，而調整後的每股收益為 28.1 便士，上升 71%。

In the year-to-date, turnover was GBP 15.5 billion, down 1%.

今年迄今，營業額為 155 億英鎊，下降 1%。

And adjusted operating profit was GBP 4 billion, up 3%.

調整後營業利潤為 40 億英鎊，增長 3%。

Total earnings per share was 49.4p, down 27%.

每股總收益為 49.4p，下降 27%。

And adjusted earnings per share was 51p, up 2%.

調整後每股收益為 51 便士，增長 2%。

We generated free cash flow of GBP 313 million in year-to-date, in line with our expectations.

年初至今，我們產生了 3.13 億英鎊的自由現金流，符合我們的預期。

On currency, there was a headwind of 9% on sales and 25% in adjusted EPS, in particular due to the strengthening of sterling against the U.S. dollar relative to the second quarter of 2020.

在貨幣方面，銷售額下降 9%，調整後每股收益下降 25%，特別是由於英鎊兌美元相對於 2020 年第二季度走強。

Slide 19 summarizes the reconciliation of our total to adjusted results.

幻燈片 19 總結了我們的總數與調整後結果的對賬。

The adjusting items of note for the quarter were on disposals, significant legal and other, which reflected a GBP 325 million tax credit due to a significant positive revaluation of deferred tax assets in the U.K. resulting from the Q2 enactment of the 2021 U.K. Finance Bill.

本季度的調整項目包括處置、重大法律和其他，這反映了 3.25 億英鎊的稅收抵免，這是由於 2021 年英國財政法案的第二季度頒布導致英國遞延稅資產的重大正重估。

My comments from here onwards are on adjusted results, unless stated otherwise.

除非另有說明，否則我從這裡開始的評論都是針對調整後的結果。

Key drivers of revenue and profits for the group in the second quarter compared to the prior year are set out on Slide 20.

幻燈片 20 列出了與去年同期相比，該集團第二季度收入和利潤的主要驅動因素。

Revenues grew 15% overall.

總收入增長了 15%。

Excluding revenues from our COVID solutions, sales were up 11%.

不包括我們的 COVID 解決方案的收入，銷售額增長了 11%。

The pandemic adjuvant sales of GBP 258 million represent delivering around 2/3 of contracted volumes with the U.S. and Canadian governments.

2.58 億英鎊的大流行佐劑銷售額佔與美國和加拿大政府簽訂的合同數量的約 2/3。

The positive operating leverage from higher sales in the quarter was bolstered by continued focus on cost control and the benefits of restructuring across the group.

繼續關注成本控制和整個集團重組的好處，加強了本季度銷售額增加帶來的積極經營槓桿作用。

This was partly offset by increased investment in R&D, up 6% as expected, and additional investment behind product launches with SG&A, up 5%.

這部分被研發投資增加（如預期增長 6%）和產品發布後的額外投資（SG&A 增長 5%）所抵消。

The resulting Q2 margin was 26.7% and the year-to-date margin was 26%.

由此產生的第二季度利潤率為 26.7%，年初至今的利潤率為 26%。

We expect R&D growth to be around 10% in the full year, with the first half increase of 5% reflecting phasing, particularly in 2020.

我們預計全年研發增長將在 10% 左右，上半年增長 5% 反映了分階段，特別是在 2020 年。

Moving to bottom half of the P&L, I'd highlight that interest expense was GBP 185 million compared to GBP 227 million last year.

轉到損益表的下半部分，我要強調的是利息支出為 1.85 億英鎊，而去年為 2.27 億英鎊。

The decrease is primarily as a result of reduced interest expense from lower debt levels and favorable movements in foreign exchange.

減少的主要原因是較低的債務水平和有利的外匯變動導致利息支出減少。

On share of associates, in May, we sold our stake in Aviva, which was the main contributor to this income line.

在聯營公司的股份方面，我們在 5 月份出售了我們在 Aviva 的股份，這是這條收入線的主要貢獻者。

The effective tax rate of 18.4% was in line with expectations and reflects the timing of [settlement] with tax authorities.

18.4% 的有效稅率符合預期，反映了與稅務機關 [結算] 的時間安排。

And finally, lower noncontrolling interest reflected reduced allocation of Consumer Healthcare JV and ViiV Healthcare profits.

最後，較低的非控制性權益反映了 Consumer Healthcare JV 和 ViiV Healthcare 利潤分配的減少。

Next, I'll cover free cash flow for the quarter before going into more detail and performance drivers in each business.

接下來，我將介紹本季度的自由現金流，然後再詳細介紹每項業務的績效驅動因素。

In the first half of the year, we generated GBP 313 million of free cash flow.

今年上半年，我們產生了 3.13 億英鎊的自由現金流。

And improving free cash flow performance continues to be a constant focus for the team.

提高自由現金流績效仍然是該團隊一直關注的焦點。

The significant step-down in the year-to-date was as expected and in line with our full year outlook.

今年迄今的重大降幅符合預期，符合我們的全年展望。

In the first half, increased adjusted operating profit and lower dividends to noncontrolling interests were more than offset by adverse timing of returns and rebates and taxes compared to the first half of 2020, an increase in working capital, adverse exchange impacts and increase of intangible assets as well as reduced proceeds from disposals of intangible assets with the Consumer Brands disposal program now complete.

上半年，與 2020 年上半年相比，退貨、退稅和稅收的不利時間、營運資金增加、不利匯兌影響和無形資產增加抵消了調整後營業利潤的增加和非控股股東股息的減少以及消費品牌處置計劃現已完成的無形資產處置收益減少。

Turning to performance of the Pharma business on the next slide.

在下一張幻燈片中轉向製藥業務的表現。

Overall, revenues grew 12%, driven by strong growth in new and specialty medicines, a prior year comparator that was impacted by destocking and favorable U.S. return on rebate adjustments in the quarter.

總體而言，在新藥和專科藥強勁增長的推動下，收入增長了 12%，上年同期受到去庫存和本季度有利的美國退稅調整回報的影響。

Impact of prior year destocking and the prior period RAR adjustments, including the impact of lower-than-expected Medicaid usage on a number of products, accounted for approximately 3 and 4 percentage points of growth, respectively.

上一年去庫存和上一期間 RAR 調整的影響，包括低於預期的 Medicaid 使用對許多產品的影響，分別佔增長約 3 和 4 個百分點。

In the year-to-date, revenues grew 2%, and our full year outlook remains unchanged.

今年迄今為止，收入增長了 2%，我們的全年展望保持不變。

The Established Pharma portfolio was flat.

Established Pharma 投資組合持平。

Within this, Established Respiratory grew 6%, while the rest of the Established Pharma portfolio stands at 7%.

其中，Established Respiratory 增長了 6%，而 Established Pharma 產品組合的其餘部分增長了 7%。

We still expect Established Pharma sales to decline high single digits in the full year.

我們仍然預計 Established Pharma 銷售額在全年將出現高個位數下降。

The Pharma operating margin was 29.3% in Q2 and 29.1% for the first half.

第二季度製藥業營業利潤率為 29.3%，上半年為 29.1%。

The increase in Q2 primarily reflected the positive operating leverage from the increased sales as well as continued tight cost control and restructuring benefits.

第二季度的增長主要反映了銷售額增加帶來的積極經營槓桿以及持續嚴格的成本控制和重組收益。

R&D expense grew 3% in the quarter and year-to-date R&D spend also grew 3%, which reflected phasing of spend, particularly in 2020.

本季度研發費用增長了 3%，年初至今的研發支出也增長了 3%，這反映了支出的階段性，尤其是在 2020 年。

And we expect a higher growth rate in the third quarter.

我們預計第三季度的增長率會更高。

Slide 24 gives you an overview of Vaccines performance with overall sales growth of 49%.

幻燈片 24 概述了疫苗的業績，整體銷售額增長了 49%。

Excluding pandemic adjuvant revenue, sales growth was 24%.

不包括大流行輔助收入，銷售額增長了 24%。

And year-to-date, total vaccines revenues were flat and down 9% excluding the pandemic adjuvant sales.

今年迄今為止，疫苗總收入持平，下降了 9%，不包括流行病佐劑的銷售。

In the quarter, we saw improving pediatric and adolescent vaccination rates.

在本季度，我們看到兒童和青少年疫苗接種率有所提高。

Adult vaccination rates, although improving, continue to be affected by COVID-19 vaccination deployment.

成人疫苗接種率雖然有所提高，但仍繼續受到 COVID-19 疫苗接種部署的影響。

This resulted in Shingrix sales growing 1%, while Meningitis sales grew 46%; and Established Vaccines 28%.

這導致 Shingrix 銷售額增長 1%，而 Meningitis 銷售額增長 46%；成熟疫苗 28%。

The operating margin was 32.7%.

營業利潤率為 32.7%。

The increase in operating profit and margin primarily reflected the positive operating leverage from sales growth, including the pandemic adjuvant sales mix.

營業利潤和利潤率的增長主要反映了銷售增長帶來的積極經營槓桿，包括流行病輔助銷售組合。

R&D spend increased 34% as we continued investment behind our RSV and Meningitis development programs.

由於我們繼續投資支持我們的 RSV 和腦膜炎開發計劃，研發支出增加了 34%。

Increased SG&A reflected investment to support (inaudible).

SG&A 的增加反映了支持投資（聽不清）。

The year-to-date operating margin in Vaccines was 29.3%.

年初至今，疫苗業務的營業利潤率為 29.3%。

Recent trends in the U.S. indicating strong recovery of pediatric, adolescent and old adults vaccines are very encouraging.

美國最近的趨勢表明，兒童、青少年和老年人疫苗的強勁復甦非常令人鼓舞。

There remains, however, uncertainty as to the impact of COVID-19, the speed of deployment of mass immunization programs and easing of pandemic conditions.

然而，在 COVID-19 的影響、大規模免疫計劃的部署速度和大流行病的緩解方面仍然存在不確定性。

This is notable in other key markets across the group, such as Germany and China.

這在該集團的其他主要市場（如德國和中國）也很明顯。

With these dynamics in mind, and excluding pandemic adjuvant sales, we expect Vaccines revenues in the full year to be broadly flat.

考慮到這些動態，並排除流行病佐劑銷售，我們預計全年疫苗收入將大致持平。

Turning to Slide 25.

轉到幻燈片 25。

Q2 revenues in Consumer Healthcare increased 7%, excluding brands either divested or under review.

消費者保健業務的第二季度收入增長了 7%，不包括已剝離或正在接受審查的品牌。

Including those brands, turnover grew 3%.

包括這些品牌在內，營業額增長了 3%。

And Brian outlined the main drivers of this area.

Brian 概述了該領域的主要驅動力。

In the year-to-date, revenues excluding brands either divested or under review decreased 2%.

今年迄今，不包括剝離或審查中的品牌的收入下降了 2%。

This reflected the continued negative effects of COVID-19 consumer behavior, which has significantly impacted the cold and flu category, and to a lesser extent, denture care.

這反映了 COVID-19 消費者行為的持續負面影響，這對感冒和流感類別產生了重大影響，並在較小程度上影響了假牙護理。

The operating margin for Q2 was 21.7%, up 50 basis points at CER versus last year, and this included 110 basis points negative impact from divestments.

第二季度的營業利潤率為 21.7%，按 CER 計算比去年增長 50 個基點，其中包括資產剝離帶來的 110 個基點的負面影響。

The year-to-date operating margin was 22.4%.

年初至今的營業利潤率為 22.4%。

The strengthening of sterling against the U.S. dollar in 2021 year-to-date, given the scale of the U.S. consumer business, has had a significant impact on operating margins.

考慮到美國消費者業務的規模，2021 年至今英鎊兌美元的走強對營業利潤率產生了重大影響。

We remain on track to deliver mid- to high 20s operating margins in 2022 at 2017 exchange rates.

我們仍有望在 2022 年以 2017 年的匯率實現 20 多歲的中高營業利潤率。

For Consumer, in the full year, excluding brands divestiture under review, we continue to expect low to mid-single-digit percent revenue growth.

對於消費者，在全年中，不包括正在審查的品牌剝離，我們繼續預計收入將實現中低個位數百分比增長。

I'll close with considerations for 2021 outlook.

最後，我將考慮 2021 年的前景。

We're maintaining our full year guidance for adjusted EPS to decline mid- to high single digits.

我們維持調整後每股收益的全年指引，以下降中高個位數。

This excludes any contribution from COVID-19 solutions.

這不包括 COVID-19 解決方案的任何貢獻。

Our strong Q2 performance gives us confidence that if we continue to see improvement in demand for adult vaccinations through the balance of the year as well as health care systems and consumer trends approaching normality in the second half in our key markets, we're likely to deliver adjusted earnings per share towards the better end of our guidance range.

我們強勁的第二季度業績讓我們有信心，如果我們在今年餘下時間繼續看到成人疫苗接種需求的改善，以及下半年我們主要市場的醫療保健系統和消費趨勢接近正常，我們很可能實現調整後的每股收益，以達到我們指導範圍的更好一端。

However, as the pandemic landscape evolves, we continue to see global differentiation in the pace of deployment of COVID-19 vaccination programs and the speed of economic recovery.

然而，隨著大流行形勢的演變，我們繼續看到全球在部署 COVID-19 疫苗接種計劃的速度和經濟復甦速度方面存在差異。

As a result, there remains potential for further pandemic disruption, and we believe it's premature to change guidance.

因此，大流行病仍有進一步破壞的可能性，我們認為現在改變指導方針還為時過早。

(inaudible) specifically were some one-off items in the comparative period, which will adversely impact the next quarter.

（聽不清）特別是比較期間的一些一次性項目，這將對下一季度產生不利影響。

These include a Blenrep recognition of prelaunch inventory in pharma R&D of slightly more than GBP 50 million and a onetime benefit from the restructuring of postretirement benefits of a similar magnitude, which was primarily in SG&A.

其中包括 Blenrep 對略高於 5000 萬英鎊的製藥研發啟動前庫存的認可，以及類似規模的退休後福利重組的一次性收益，主要是 SG&A。

With these one-off items in mind, we expect earnings growth in the second half to be weighted towards Q4.

考慮到這些一次性項目，我們預計下半年的盈利增長將集中在第四季度。

Turning specifically to contribution from COVID-19 solutions.

特別轉向 COVID-19 解決方案的貢獻。

The positive impact on first half adjusted earnings per share was approximately 7 percentage points.

對上半年調整後每股收益的正面影響約為 7 個百分點。

As mentioned earlier, we fulfilled around 2/3 of contracted volumes for pandemic adjuvant and expect that the full year contribution will be approximately 4 to 6 percentage points of adjusted EPS growth.

如前所述，我們完成了約 2/3 的大流行佐劑合同量，預計全年貢獻將約為調整後每股收益增長的 4 至 6 個百分點。

The outcome within that range is dependent upon pandemic adjuvant contracting for '22 and the resulting potential charges within cost of goods sold as we continue to manufacture for this potential.

該範圍內的結果取決於 22 年的大流行佐劑合同以及隨著我們繼續為此潛力製造而在銷售商品成本內產生的潛在費用。

As part of keeping you informed of our progress in executing against our strategy, in the coming months, we'll host business and pipeline information sessions covering, among other topics, growth drivers in HIV, an updated outlook for daprodustat, and early next year we'll provide insights on our General Medicines product area.

為了讓您了解我們在執行戰略方面取得的進展，在接下來的幾個月裡，我們將舉辦業務和管道信息會議，涵蓋 HIV 的增長驅動因素、daprodustat 的最新展望以及明年初等主題。我們將提供有關我們的普通藥物產品領域的見解。

We hope you'll be able to join us for these events.

我們希望您能加入我們參加這些活動。

With that, operator, we're ready for Q&A.

有了這個，接線員，我們就可以進行問答了。

(Operator Instructions) And the first question comes from the line of Andrew Baum of Citi.

（操作員說明）第一個問題來自花旗銀行的安德魯鮑姆。

One question to Deborah and the second for Hal.

第一個問題給 Deborah，第二個問題給 Hal。

So for Deborah, the translocation inhibitor that you're about to take into the clinic for HIV, you highlighted it as one of the long-term growth strategies.

因此，對於德博拉，您即將進入 HIV 臨床的易位抑製劑，您將其強調為長期增長戰略之一。

How confident are you in the freedom to operate on the intellectual property given, I believe, it's a prodrug of Merck's islatravir, which has a very extensive passenger state.

你對知識產權的自由操作有多大信心，我相信，它是默克公司 islatravir 的前體藥物，它具有非常廣泛的乘客狀態。

And last time I looked, I couldn't see much in terms of ongoing activity between you and the U.S. PTO on securing a patent for your compound.

上次我看的時候，我看不到你和美國專利商標局在為你的化合物申請專利方面正在進行的活動。

So that's the first question.

這是第一個問題。

The second on Alector.

第二個關於 Alector。

Hal, I understand the interest in progranulin from an FTD point of view, but that's sort of relatively modest indication.

哈爾，我從 FTD 的角度理解對顆粒體蛋白原的興趣，但這是一種相對溫和的跡象。

So my question is, how are you thinking about selecting patients in the larger indications, Alzheimer's, Parkinson's, given that some of the surrogate markets we've seen a questionable significance in those indications.

所以我的問題是，你如何考慮在更大的適應症中選擇患者，阿爾茨海默氏症，帕金森氏症，因為我們已經看到一些替代市場在這些適應症中的意義值得懷疑。

Well, thanks, Andrew.

好吧，謝謝，安德魯。

I think you directed your question very directly.

我認為你非常直接地提出了你的問題。

So Deborah, why don't you kick off, and then Hal.

黛博拉，你為什麼不開始，然後是哈爾。

Sure.

當然。

So Andrew, as we talked about at the business investor update, we have a strong pipeline, which is core -- at its core has integrase inhibitors, which we believe will form the heart of any 2-drug regimen, either oral or long-acting, moving forward.

所以安德魯，正如我們在商業投資者更新中談到的那樣，我們有一個強大的管道，這是核心——其核心是整合酶抑製劑，我們相信這將構成任何 2 種藥物治療方案的核心，無論是口服還是長期——行動，前進。

We have a number of products in the pipeline of which we have an NRTTI.

我們有許多產品正在開發中，我們有一個 NRTTI。

But obviously, we have others as well capsid, bNAb, maturation inhibitor, et cetera.

但顯然，我們還有其他的衣殼、bNAb、成熟抑製劑等。

And our plan is to progress all of those medicines to the point at which we will make choices around which of them is the strongest moving forward.

我們的計劃是將所有這些藥物發展到一定程度，我們將圍繞其中的哪一種藥物做出最強大的前進選擇。

So that's all I want to say on where we are today with that pipeline.

這就是我想說的關於我們今天在這條管道上所處的位置。

I think we talked about it in more detail at the [BIU].

我想我們在 [BIU] 上更詳細地討論了它。

But I guess, for us, our objective is to have maximum shots on goal, and also with the help of our Halozyme partnership to be able to deliver for people living with HIV longer and longer-acting medicines.

但我想，對我們來說，我們的目標是最大限度地實現目標，並且在我們的 Halozyme 合作夥伴關係的幫助下，能夠為 HIV 感染者提供更長時間和更長效的藥物。

Hal?

哈爾？

Thank for the question.

謝謝你的問題。

it's a good question.

這是個好問題。

The genetics really give us extreme confidence, I think, in the FTD progranulin gene-deficient patients and a number of diseases, both from the sort of biology of non-progranulin FTD as well as potential ALS.

我認為，遺傳學確實給了我們對 FTD 顆粒蛋白原基因缺陷患者和許多疾病的極大信心，無論是來自非顆粒蛋白原 FTD 的生物學類型還是潛在的 ALS。

PD, we know, is a lysosomal disease from a lot of genetic data and other sources.

我們知道，PD 是一種來自大量遺傳數據和其他來源的溶酶體疾病。

And even Alzheimer's has been -- there's been some genetics suggesting that progranulin may be playing a role.

甚至阿爾茨海默氏症 - 一些遺傳學表明顆粒體蛋白原可能發揮作用。

So that's why we're excited.

這就是我們感到興奮的原因。

Of course, neurodegeneration is a massive unmet medical need where the number of patients with these terrible disease is growing and the treatment options are limited.

當然，神經變性是一種巨大的未滿足的醫療需求，患有這些可怕疾病的患者人數不斷增加，而治療選擇卻很有限。

So we're very excited about this.

所以我們對此感到非常興奮。

You point out that in drug development for ALS, to some extent, more so for PD and a lot -- very clear in AD that the Phase II surrogates haven't been as compelling as we'd like them to be.

你指出，在 ALS 的藥物開發中，在某種程度上，PD 的藥物開發更是如此——在 AD 中非常清楚，II 期替代藥物並沒有像我們希望的那樣引人注目。

I think there's a lot of opportunity using genetics to identify subgroups.

我認為有很多機會利用遺傳學來識別亞群。

We're exploring a lot of different markers of lysosomal function of immune activation.

我們正在探索免疫激活的溶酶體功能的許多不同標記。

Imaging data can also help other biomarkers like NFT and other sort of neuro markers of degeneration are being explored.

成像數據還可以幫助其他生物標誌物，如 NFT 和正在探索的其他類型的退化神經標誌物。

And we're hoping the field advances over the next few years to enable some of those to be used for Go/No Go criteria.

我們希望該領域在未來幾年取得進步，使其中一些能夠用於通過/不通過標準。

But I think to really be specific, I think it's the massive unmet medical need, the genetics and our confidence that with stratification variables in these biomarkers that are emerging, we'll be able to make informed decisions when we progress these things through Phase II.

但我認為真正具體的是，我認為這是巨大的未滿足的醫療需求、遺傳學和我們的信心，隨著這些正在出現的生物標誌物中的分層變量，當我們通過第二階段取得進展時，我們將能夠做出明智的決定.

The next question is from the line of Simon Mather of Exane.

下一個問題來自 Exane 的 Simon Mather。

I've got 2 as well.

我也有2個。

And first one on the pipeline and secondly on the opportunities of COVID-19.

第一個正在籌備中，其次是關於 COVID-19 的機會。

And just on the pipeline, on daprodustat, obviously a less than straightforward advisory committee meeting for Astra and daprodustat.

就在 daprodustat 的管道上，顯然 Astra 和 daprodustat 的諮詢委員會會議不太簡單。

I mean can you believe -- you can maybe comment if you believe you've got the right dosing to reduce the risk of hemoglobin (inaudible) and whether or not there is any imbalance in the (inaudible) in the trials?

我的意思是，你能相信嗎——如果你相信你的劑量是正確的，可以降低血紅蛋白（聽不清）的風險，並且試驗中是否存在任何不平衡（聽不清），你可以發表評論嗎？

And does your -- do the issues that AstraZeneca faced in the AdCom in any way change your commercial plans, given your lack of a renal franchise.

鑑於您缺乏腎臟特許經營權，阿斯利康在 AdCom 中面臨的問題是否以任何方式改變了您的商業計劃。

And then just secondly, on COVID-19 solutions, initially I was under the impression it was nonprofit, but clearly a strong contribution for the quarter.

其次，關於 COVID-19 解決方案，最初我的印像是它是非營利性的，但顯然對本季度做出了巨大貢獻。

Could you maybe help us understand the large opportunity you could have?

您能否幫助我們了解您可能擁有的巨大機會？

Because obviously I think at last count, Sanofi had signed up 2 billion doses for 2021, 2022.

因為顯然我認為最後一次統計，賽諾菲已經為 2021 年和 2022 年簽署了 20 億劑疫苗。

And so any help here with respect to the doses [about 60 million] relates to could potentially help us forecast the strong growth potential in 2022 and beyond.

因此，與劑量 [約 6000 萬] 相關的任何幫助都可能幫助我們預測 2022 年及以後的強勁增長潛力。

Thanks, Simon.

謝謝，西蒙。

Well, I think there's a lot of questions across the industry about the outlook for the COVID market in '22 and beyond.

好吧，我認為整個行業對 22 世紀及以後的 COVID 市場前景有很多疑問。

But we'll come to Roger in a moment to comment on where we're at and how we see things evolving.

但我們稍後會請羅傑評論我們所處的位置以及我們如何看待事情的發展。

But you're obviously right that we also depend on our partners' supply even more than our own.

但你顯然是對的，我們也比我們自己更依賴合作夥伴的供應。

Let's first come to Hal on dapro dosing.

讓我們先來談談 Hal 的 dapro 劑量。

And I think it would be good Luke as well if you would like to make some comments concerning our proven commercial momentum, more generally on how you see plans forward and approach commercially to.

如果您想就我們已證明的商業勢頭髮表一些評論，更廣泛地說，關於您如何看待未來的計劃和商業方法，我認為 Luke 也會很好。

But Hal first, then Luke, then Roger.

但首先是哈爾，然後是盧克，然後是羅傑。

Yes.

是的。

Thanks for the question.

謝謝你的問題。

I'm not going to comment too much on the roxa AdCom.

我不會對 roxa AdCom 發表過多評論。

But let me just say that we're very proud of the program we ran.

但我只想說，我們為我們運行的程序感到非常自豪。

It's a very robust program.

這是一個非常強大的程序。

Had over 8,000 subjects treated for up to almost 4 years, 2.75 years, in a variety of patients, as you know, dialysis, nondialysis, incident dialysis patient trial as well.

有超過 8,000 名受試者接受了近 4 年，2.75 年的治療，在各種患者中，如你所知，透析、非透析、偶發透析患者試驗也是如此。

We looked at quality of life, et cetera, et cetera.

我們研究了生活質量等等。

The study is really very robust but also because these were single trials where they were powered for in the ASCEND-D and the ASCEND-ND for noninferiority of MACE.

這項研究確實非常穩健，但也因為這些是單一試驗，在 ASCEND-D 和 ASCEND-ND 中為 MACE 的非劣效性提供了動力。

And we've looked at the primary endpoint.

我們已經研究了主要終點。

We haven't looked at all the -- both on safety and efficacy, but we haven't done all the subgroup analysis you want -- you mentioned, but we will be doing that later and hopefully presenting that at a major medical meeting ideally later this year.

我們還沒有研究所有——關於安全性和有效性，但我們還沒有完成你想要的所有亞組分析——你提到過，但我們稍後會做，並希望在一次重要的醫學會議上理想地展示它今年晚些時候。

What I can say is that the hemoglobin targets that we were pursuing as well as the interactions with regulators give us a fair amount of confidence that we've really designed what we think is a very large, simple but robust program and gives us a clear understanding of both the safety and efficacy of the drug.

我能說的是，我們追求的血紅蛋白目標以及與監管機構的互動讓我們有相當大的信心，我們確實設計了我們認為非常龐大、簡單但穩健的計劃，並給了我們一個明確的了解藥物的安全性和有效性。

Luke?

盧克？

Yes.

是的。

I think from a commercial perspective I hope the results that you're seeing today give you confidence and the evidence that we can commercialize a diverse set of specialty care products in what I think is a competitive segment.

我認為從商業角度來看，我希望你今天看到的結果能給你信心和證據，證明我們可以在我認為競爭激烈的細分市場中將多種專業護理產品商業化。

I think from a forecasting point of view, it still remains quite dynamic.

我認為從預測的角度來看，它仍然非常活躍。

It's certainly radically different from what it was, say, 12 months ago in terms of our assumptions.

就我們的假設而言，這肯定與 12 個月前的情況截然不同。

But yes, we're quite excited about this.

但是，是的，我們對此感到非常興奮。

And in terms of COVID assets in commercialization, I mean Sanofi has the vaccines component, but with sotrovimab you saw we're just starting to deal with the European community for up to 220,000 doses.

就商業化中的 COVID 資產而言，我的意思是賽諾菲有疫苗成分，但你看到我們剛剛開始與歐洲社區處理多達 220,000 劑的 sotrovimab。

Just for clarity, that's 16 countries within the EC part of that framework, and they have until between now and July 2022 to purchase that.

為清楚起見，該框架的 EC 部分內有 16 個國家/地區，他們必須在現在和 2022 年 7 月之前購買它。

Just before this call, we had another contract come through from another government.

就在這次電話會議之前，我們從另一個政府那裡獲得了另一份合同。

I mean there's another attractive order that came through on Friday.

我的意思是周五還有另一個有吸引力的訂單。

So we're starting to make progress there with sotrovimab.

所以我們開始在 sotrovimab 方面取得進展。

Roger, would you like to talk about the vaccines?

羅傑，你想談談疫苗嗎？

Yes.

是的。

Yes, certainly.

是的，當然了。

Thanks for the question.

謝謝你的問題。

I think on the adjuvant partnerships, what we've seen this quarter are contracted volumes that we have in place between the U.S. and Canada.

我認為在輔助合作夥伴關係方面，我們本季度看到的是我們在美國和加拿大之間簽訂的合同數量。

They represent about 2/3 of that overall expected demand for this year.

它們約佔今年總預期需求的 2/3。

I think it shows the strength of the adjuvant platform actually.

我認為這實際上顯示了輔助平台的實力。

First of all, we contracted separately on this.

首先，我們就此單獨簽訂了合同。

And governments understand that the adjuvant isn't just for COVID-19; the adjuvant can be held and then used for future pandemics as well, whether that be a flu or further COVID [plays.] So there's optionality in this platform from a pandemic preparedness perspective.

各國政府都明白，這種佐劑不僅適用於 COVID-19；可以保留佐劑，然後也可以將其用於未來的大流行，無論是流感還是進一步的 COVID [播放]。因此，從大流行防範的角度來看，該平台具有選擇性。

There's 2 variables, I'd say, that will determine sales going post 2021.

我想說，有 2 個變量將決定 2021 年後的銷售情況。

Emma mentioned that we have to be able to match this up with antigen supply going forward.

艾瑪提到我們必須能夠將其與未來的抗原供應相匹配。

So whatever those volumes are will be a key variable.

因此，無論這些數量是多少，都將是一個關鍵變量。

And then secondly, we're talking to governments now around pandemic preparedness and potential use of the adjuvant as well.

其次，我們現在正在與政府討論大流行病的準備和佐劑的潛在使用。

So those discussions could play out to some uncertainties that is difficult to say.

因此，這些討論可能會產生一些難以言喻的不確定性。

But there is certainly a lot of activity going on, and I think governments are realizing the positive nature of a stock build of AS03 in particular, which some government had in place before this pandemic as well.

但肯定有很多活動在進行，我認為各國政府正在意識到特別是 AS03 庫存建設的積極性質，一些政府在這次大流行之前也已經到位。

And we will just continue to update you as those discussions with governments conclude.

隨著與政府的討論結束，我們將繼續向您通報最新情況。

I think more medium term as well, I mean it is worth remembering the rather alarming statistics that only 13% of the world is currently doubly vaccinated.

我認為還有更中期的意義，我的意思是值得記住相當驚人的統計數據，即目前世界上只有 13% 的人接種了雙重疫苗。

And there is, as you all know, an ongoing debate around what the medium-term profile is for a booster market or not.

眾所周知，關於中期概況是否適合助推器市場的爭論一直在進行。

And as you know, beyond our current adjuvanted partnerships, we're very involved on the mRNA platform, too.

正如你所知，除了我們目前的輔助合作夥伴關係之外，我們也非常參與 mRNA 平台。

And so we'll continue to keep you updated on all of that.

因此，我們將繼續為您提供所有最新信息。

But let me reiterate, none of this is in either this year's guidance nor indeed in the outlooks that we shared with you in June.

但我要重申，今年的指導方針和我們在 6 月份與您分享的展望中都沒有這些內容。

Next question, please.

請下一個問題。

The next question is from the line of Laura Sutcliffe of UBS.

下一個問題來自瑞銀集團的 Laura Sutcliffe。

Firstly, a more specific question on the size of the opportunity for dapro.

首先，一個關於 dapro 機會大小的更具體的問題。

I think you mentioned an unrisk-adjusted peak sales range of GBP 0.5 billion to GBP 1 billion back in June.

我想你在 6 月份提到了 5 億至 10 億英鎊的無風險調整峰值銷售額範圍。

Is that seconded by use in dialysis and nondialysis?

透析和非透析中的使用是否支持？

Or are there some scenarios at this point where the peak sales could be greater than that GBP 1 billion?

或者在某些情況下，峰值銷售額可能會超過 10 億英鎊？

And then secondly, could you maybe just give us your thoughts on combination opportunities for your older adult RSV vaccine?

其次，您能否告訴我們您對老年人 RSV 疫苗組合機會的想法？

Yes.

是的。

So let's go to Hal, please.

請讓我們去哈爾。

And I think, Laura, Iain said -- well, Iain said during his remarks that we would bring you an updated review once we've got more published data, but also on the outlook for dapro.

我認為，勞拉，伊恩說 - 好吧，伊恩在他的評論中說，一旦我們獲得更多已發布的數據，我們將為您帶來更新的評論，以及 dapro 的前景。

And just to refer you to what Luke just said, the assumptions on the environment obviously shift according to competitors' situations.

順便提一下 Luke 剛才所說的，對環境的假設顯然會根據競爭對手的情況而變化。

And still today, unclear outcomes there, as well as our own data, which is across dialysis and nondialysis.

直到今天，那裡的結果還不明確，我們自己的數據也包括透析和非透析。

You'll get an update on that more later in the year.

您將在今年晚些時候獲得更多更新。

But Hal, do you want to -- I don't know if you want to add any further comments on either dapro but more specifically on combo possibilities for our exciting RSV pipeline?

但是哈爾，你想——我不知道你是否想對任何一個 dapro 添加任何進一步的評論，但更具體地說是關於我們令人興奮的 RSV 管道的組合可能性？

Maybe I'm not totally understanding the question, but is it combinations, meaning the adjuvant plus the pre-fusion, is that -- Laura, is that what you mean by combinations?

也許我不完全理解這個問題，但它是組合，意思是佐劑加上預融合，是——勞拉，你所說的組合是什麼意思？

Or do you mean multiple vaccines combined?

還是您的意思是多種疫苗結合使用？

I didn't quite understand the question.

我不太明白這個問題。

Maybe she's got -- I'll assume it's the combination, meaning why we've decided to use an adjuvant plus the pre-fusion protein, if that's what you think the question was.

也許她有——我假設它是組合，這意味著為什麼我們決定使用佐劑和預融合蛋白，如果這就是你認為的問題。

Go ahead.

前進。

Yes, I think, Laura, when we did the Phase II study, we looked at the pre-fusion protein alone and with various adjuvants and various doses.

是的，我認為，勞拉，當我們進行 II 期研究時，我們單獨研究了預融合蛋白以及各種佐劑和各種劑量。

And the summary of the data -- there was a lot of complicated data, but the bottom line, I think, is that when you look at the cell-mediated immunity, the pre-F specific CD4 positive cells, you can see that in the elderly, when you give the adjuvant, the AS01, you can see a very nice bump in the CD4 positive immune cells, which actually elevates to a level that's pretty close to what you see in young adults.

數據總結——有很多複雜的數據，但我認為最重要的是，當你觀察細胞介導的免疫時，前 F 特異性 CD4 陽性細胞，你可以看到老年人，當你給予佐劑 AS01 時，你可以看到 CD4 陽性免疫細胞中有一個非常好的腫塊，它實際上升高到一個非常接近你在年輕人身上看到的水平。

And we think that not only is a robust B-cell response, which we saw actually both with the unadjuvated and adjuvant components, this T-cell immune response, we think, is very important, possibly for efficacy as well as duration.

我們認為，不僅是強大的 B 細胞反應，我們實際上在未佐劑成分和佐劑成分中都看到了這種反應，我們認為，這種 T 細胞免疫反應非常重要，可能對於療效和持續時間而言。

And so that's why we decided to combine it with AS01, the same adjuvant that's used with Shingrix, which as you can see in the elderly is particularly effective and has long duration.

這就是我們決定將它與 AS01 結合使用的原因，AS01 是與 Shingrix 一起使用的相同佐劑，正如您在老年人中看到的那樣，它特別有效並且持續時間長。

So that was why we went ahead as opposed to others with an adjuvant approach with the pre-fusion protein.

所以這就是為什麼我們繼續使用預融合蛋白的輔助方法而不是其他方法。

The next question is from the line of Jo Walton of Credit Suisse.

下一個問題來自瑞士信貸的喬沃爾頓。

I wonder if I could ask Luke a little bit more about his expectations for Shingrix in the second half of this year.

我想知道我是否可以多問一下 Luke 他對今年下半年 Shingrix 的期望。

There's clearly very little progress in the ex U.S. sales overall in the first half of the year.

今年上半年除美國以外的整體銷售額顯然進展甚微。

So can you tell us a little bit more about your confidence in the second half, which additional countries you can go into?

那麼你能告訴我們更多關於你對下半年的信心嗎，你可以進入哪些額外的國家？

How the pricing is forming in those new countries now that you are unconstrained in supply?

既然供應不受限制，這些新國家/地區的定價如何形成？

And can you just give us some idea of your assumptions on use of, say, a third dosage versus the ability to put your Shingrix vaccine in the other arm when someone goes to get a flu vaccine around September time.

當有人在 9 月左右接種流感疫苗時，您能否給我們一些關於您使用第三種劑量與將 Shingrix 疫苗接種在另一隻手臂上的假設的想法。

And my second question would be, again, probably to Luke.

我的第二個問題可能還是問盧克。

On the marketing side, you were down 15% on your marketing spend in the first quarter, up 5% in the second quarter.

在營銷方面，第一季度營銷支出下降了 15%，第二季度上升了 5%。

Given what we've learned about the ability to do more digital, et cetera going forward, can you give us some help as to what you think a reasonable rate of CER marketing growth should be over the next year or so?

鑑於我們已經了解了在未來進行更多數字化等方面的能力，您能否就您認為 CER 營銷在未來一年左右的合理增長率應該給我們一些幫助？

Okay.

好的。

Luke?

盧克？

Yes.

是的。

Thanks, Emma.

謝謝，艾瑪。

So on the second one, I mean it's interesting, people out of the field, not spending, not traveling.

所以關於第二個，我的意思是很有趣，外地人，不是消費，不是旅行。

If we look at face-to-face activity now, in Europe and the U.S., with the exception of oncology, which is a bit lower, we're sort of 80% to 85% versus pre-COVID levels.

如果我們現在看看面對面的活動，在歐洲和美國，除了稍微低一點的腫瘤科外，與 COVID 之前的水平相比，我們大約有 80% 到 85%。

If you add in non-face-to-face digital, the total activity is actually higher than that.

如果加上非面對面的數字，實際上總活躍度要高於這個。

So in terms of expenditure, we'll continue to allocate it to where we can drive the top line and where we see a good return.

因此，在支出方面，我們將繼續將其分配到我們可以推動收入增長和我們看到良好回報的地方。

So I think the trends that you're seeing historical are probably a better indicator than quarter 1 and quarter 2.

所以我認為你看到的歷史趨勢可能是比第一季度和第二季度更好的指標。

In terms of Shingrix, it's really, really interesting.

就 Shingrix 而言，它真的非常有趣。

We track these, as you can imagine, very, very closely.

正如您可以想像的那樣，我們非常非常密切地跟踪這些。

And it's a consistent pattern where you see countries vigorously pursue adult vaccination; it's highly disruptive to Shingrix vaccination.

這是一個一貫的模式，你可以看到各國大力推行成人疫苗接種；它對 Shingrix 疫苗接種具有高度破壞性。

The good thing is those patterns are consistent.

好處是這些模式是一致的。

So Germany, we're now seeing more than 80% of 60-plus-year-olds, which is the population where it's reimbursed, are now covered with COVID.

因此，在德國，我們現在看到超過 80% 的 60 歲以上的人，即獲得報銷的人口，現在都感染了 COVID。

And we saw the beginnings of a rebound in June in Germany of Shingrix.

我們在 6 月份看到了德國 Shingrix 反彈的開始。

In China, the emphasis is still on government vaccination centers deploying COVID vaccines, so we continue to see that disruption.

在中國，重點仍然是部署 COVID 疫苗的政府疫苗接種中心，因此我們繼續看到這種中斷。

In terms of other markets, we're also seeing that disruptions.

就其他市場而言，我們也看到了這種破壞。

So Hong Kong, Australia, for example, where we've just launched.

例如，我們剛剛推出的澳大利亞香港。

They're obviously at the same point.

他們顯然在同一點上。

But we have other launches in Spain and Italy and the U.K. in broader populations but also subpopulations.

但是我們在西班牙、意大利和英國有其他的發射，在更廣泛的人群和亞人群中進行。

In terms of pricing, we're seeing that level hold up.

在定價方面，我們看到了這一水平。

Now sometimes when we go into these markets, we go in with immunocompromised population first because we can get the most attractive price at that point.

現在，有時當我們進入這些市場時，我們首先進入免疫功能低下的人群，因為在那個時候我們可以獲得最具吸引力的價格。

And right now, we can use all the volume in those settings.

現在，我們可以使用這些設置中的所有音量。

So I think for the second half, we remain confident that we'll see a collective response in Shingrix.

所以我認為在下半年，我們仍然有信心看到 Shingrix 的集體回應。

In terms of boosters, we don't assume a booster this year.

就助推器而言，我們今年不假設助推器。

And it's interesting when you look at the market research in terms of people's intention for vaccines, we've covered the 50% on the slide.

有趣的是，當你根據人們對疫苗的意向進行市場研究時，我們已經涵蓋了幻燈片中的 50%。

But also if you ask them relative to other vaccines, it's significantly higher than pneumonia and pertussis and other options for adults, and second only to flu in terms of future intention to get a vaccine.

但如果你問他們相對於其他疫苗，它明顯高於肺炎和百日咳等成年人的選擇，並且在未來接種疫苗的意願方面僅次於流感。

I think there may be some vaccine fatigue on the part of adults.

我認為成年人可能有些疫苗疲勞。

But again, everything that we're seeing indicates that the second half will be as expected.

但同樣，我們所看到的一切都表明下半年將如預期。

Lastly, Jo, as well on (inaudible) I mean, the guidance is that it is possible.

最後，Jo，還有（聽不清）我的意思是，指導是有可能的。

But as Luke said, the experience would be that people, there's a bit of sort of just human instinct of fatigue, that people would rather leave it for a few months, and we have the stats on that, and we are running co-ad studies as well.

但正如 Luke 所說，人們的經驗是，人類有一種疲勞的本能，人們寧願離開幾個月，我們有這方面的統計數據，我們正在聯合投放廣告研究也是如此。

So that should equip us well.

所以這應該裝備我們。

Fundamentally, this is a disease that 1 in 3 people get.

從根本上說，這是一種每 3 人中就有 1 人患上的疾病。

We know the underlying demand is good.

我們知道潛在需求是好的。

And as Luke said, we're being able to maintain economics and confident in the outlook that we laid out for the 5 years ahead, and clearly with life cycle innovation, which you also saw some recent announcements on in terms of expansion of the cohort.

正如盧克所說，我們能夠保持經濟狀況並對我們為未來 5 年制定的前景充滿信心，顯然還有生命週期創新，你也看到了最近關於擴大隊列的一些公告.

Next question, please.

請下一個問題。

The next question is from the line of James Gordon of JPMorgan.

下一個問題來自摩根大通的詹姆斯戈登。

James Gordon, JPMorgan.

詹姆斯戈登，摩根大通。

2 questions.

2 個問題。

First question was on the older adult RSV vaccine and competition.

第一個問題是關於老年人 RSV 疫苗和競爭。

So potentially the biggest product in the pipeline, but I saw Pfizer just announced that in their Phase II challenge study they had 100% efficacy in adults.

因此可能是管道中最大的產品，但我看到輝瑞剛剛宣布，在他們的 II 期挑戰研究中，他們對成人有 100% 的療效。

And they also said they're going to kick off the Phase III in September this year.

他們還表示，他們將在今年 9 月啟動第三階段。

They could report with earlier Q1 next year.

他們可以在明年第一季度早些時候報告。

So my question is, what does that mean for GSK's older adult program?

所以我的問題是，這對 GSK 的老年項目意味著什麼？

Does the Pfizer data suggest their product could be at least as effective as yours?

輝瑞公司的數據是否表明他們的產品至少與您的產品一樣有效？

Or do we need to be careful trying to compare quite different endpoints?

或者我們是否需要小心嘗試比較完全不同的端點？

And could you do the same thing?

你能做同樣的事情嗎？

Could you accelerate your Phase III and have data in the same sort of time lines?

你能加速你的第三階段並在相同的時間線上獲得數據嗎？

Or is there reasons yours might take a bit longer?

還是您的原因可能需要更長的時間？

And the second question was just a clarification on daprodustat.

第二個問題只是對 daprodustat 的澄清。

So as already mentioned, roxa had a tough AdCom.

所以正如已經提到的，roxa 有一個艱難的 AdCom。

Although they had a non-inferiority headline on the safety, the point estimate looked worse than the ESAs and that didn't go very well with the AdCom.

儘管他們在安全性上有一個非劣效性的標題，但點估計看起來比 ESA 差，而且與 AdCom 的配合也不太好。

But it sounds like you are very, very confident in your product.

但聽起來您對自己的產品非常非常有信心。

So can you just confirm that because yours look differentiated from roxa and then your point estimate on safety does actually look better?

那麼你能不能確認一下，因為你的看起來與 roxa 不同，所以你對安全性的點估計實際上看起來更好？

Hal, why don't you take both of those?

哈爾，你為什麼不把這兩個都拿走？

And Roger, if you want to add anything on the broader RSV perspective, we can come back to you.

羅傑，如果你想在更廣泛的 RSV 觀點上添加任何內容，我們可以回复你。

Hal?

哈爾？

Thanks, James.

謝謝，詹姆斯。

Look, I'm not going to make too many comments on the announcement of Pfizer.

聽著，我不會對輝瑞的公告發表太多評論。

But let me just highlight a few things about what we know about our project and why we're so excited about it.

但是，讓我只強調一些關於我們對我們的項目的了解以及為什麼我們對此如此興奮的事情。

First of all, just to anchor everyone, of course, RSV in older adults is an enormous unmet medical need with just in the United States alone over 180,000 people hospitalized and as many as 14,000 of those unfortunately die.

首先，為了讓大家安心，當然，RSV 在老年人中是一個巨大的未滿足的醫療需求，僅在美國就有超過 180,000 人住院治療，其中多達 14,000 人不幸死亡。

Our Phase II, as I was alluding to this earlier, really does show pretty robust B-cell response with neutralizing titers that are very comfortably in the range where we expect significant efficacy.

正如我之前提到的那樣，我們的 II 期確實顯示出非常強大的 B 細胞反應，中和滴度非常舒適地處於我們預期顯著療效的範圍內。

I'm personally very pleased that this data that the pre-fusion antigen is the right one, as evidenced by our data as well as now with Pfizer's, so that's exciting.

我個人非常高興這個數據表明融合前抗原是正確的，正如我們的數據以及現在輝瑞公司的數據所證明的那樣，這令人興奮。

It's also important to remember that our program has this AS01 adjuvant which, I explained earlier, provides this T-cell immune response, which we think will actually increase efficacy like we saw with RSV, but also maybe potentially duration, et cetera.

同樣重要的是要記住，我們的項目有這種 AS01 佐劑，我之前解釋過，它提供了這種 T 細胞免疫反應，我們認為這實際上會像我們在 RSV 中看到的那樣提高療效，但也可能會持續時間等等。

So it's a differentiated vaccine combination, if you will, with the pre-F antigen as well as the very effective proprietary AS01 adjuvant.

因此，如果您願意的話，它是一種差異化的疫苗組合，包含前 F 抗原以及非常有效的專有 AS01 佐劑。

I think it's also important, if I understood it correctly, that while we are very confident that the immune response will be mounted effectively in the 18- to 50-year-olds, this is, again -- the older adults is an older population where, again, we need to be ensuring we have the most robust immune response to protect them as their immune systems are different.

我認為這也很重要，如果我理解正確的話，雖然我們非常有信心免疫反應將在 18 至 50 歲的人群中有效地發揮作用，但這又是——老年人是一個老年人口同樣，我們需要確保我們擁有最強大的免疫反應來保護他們，因為他們的免疫系統是不同的。

And as I said earlier, the T-cell immune response wasn't normal in an unadjuvanted RSV vaccine, and that's why we chose to use the adjuvant because the T-cell response became much closer, actually almost identical, to young adults.

正如我之前所說，T 細胞免疫反應在無佐劑的 RSV 疫苗中是不正常的，這就是我們選擇使用佐劑的原因，因為 T 細胞反應變得更接近，實際上幾乎與年輕人相同。

In terms of the time lines and speed, it's important to remember that as we said, we're choosing this older adult population where we think the greatest unmet medical need is.

就時間線和速度而言，重要的是要記住，正如我們所說，我們正在選擇我們認為最大未滿足醫療需求的老年人群。

And the timing of these studies are difficult to predict because, first of all, it has a lot to do with the size of your trial.

這些研究的時間很難預測，因為首先，它與你的試驗規模有很大關係。

Our study is very robust.

我們的研究非常穩健。

We're enrolling 25,000 patients to make sure that we understand the safety and efficacy profile and potentially do subgroup analyses where, of course, the number of events determine how long the trial lasts.

我們正在招募 25,000 名患者，以確保我們了解安全性和有效性概況，並可能進行亞組分析，當然，事件的數量決定了試驗的持續時間。

Of course, the enrollment rate has a strong impact on that as well as the treatment effect of the drug.

當然，入學率和藥物的治療效果對此有很大的影響。

So I can tell you that we're very confident that this is one of the most important projects in our pipeline, and we're doing everything we can to expedite it as fast as we can, and we're optimistic that we'll complete this in a very timely manner.

所以我可以告訴你，我們非常有信心這是我們管道中最重要的項目之一，我們正在盡我們所能盡快加快它的速度，我們樂觀地認為我們會非常及時地完成這項工作。

So as far as daprodustat, I'm not, again, going to comment on the rox AdCom, although what you stated, I think, was pretty clear from the discussion.

因此，就 daprodustat 而言，我不會再次對 rox AdCom 發表評論，儘管我認為你所說的內容在討論中已經很清楚了。

We (inaudible) any data from the (inaudible) and it'd be inappropriate for me like today just to comment directly on the point estimate and confidence intervals.

我們（聽不清）來自（聽不清）的任何數據，像今天這樣直接評論點估計和置信區間對我來說是不合適的。

I will say, however, that recent -- as you said, the recent advisory committee meetings have disclosed, I think, pretty clearly that the FDA wanted to see a noninferiority margin of 1.25.

然而，我要說的是，正如你所說，最近的諮詢委員會會議已經非常清楚地披露，我認為 FDA 希望看到 1.25 的非劣效性差值。

I think that was pretty clear from the meeting and stated many times.

我認為這在會議上已經很清楚了，並且已經多次說明了這一點。

We have previously said that our design clinical studies were done with input from regulators and agreement from regulators.

我們之前曾說過，我們的設計臨床研究是在監管機構的意見和監管機構的同意下完成的。

So I don't want to say more than that.

所以我不想多說。

But I'm very excited about the fact that we had 5 Phase III studies that were positive and that this robust program really was -- I think is going to be a very robust package for the regulators to review.

但我感到非常興奮的是，我們有 5 項 III 期研究是積極的，而且這個強大的計劃確實是——我認為這將是一個非常強大的一攬子計劃，供監管機構審查。

The next question is from the line of Kerry Holford of Berenberg.

下一個問題來自 Berenberg 的 Kerry Holford。

Two questions, please.

請教兩個問題。

So firstly, on the COVID antibody.

首先，關於 COVID 抗體。

I wonder if you're willing to give us an idea or do you have the effective price per dose that you've secured for the dose orders you've secured to date?

我想知道你是否願意給我們一個想法，或者你是否有你為迄今為止獲得的劑量訂單獲得的每劑有效價格？

And maybe what time frame you should expect those orders to be delivered to books?

也許您應該期望這些訂單在什麼時間範圍內交付給書籍？

And then on the flu vaccine, following the recent news you've begun to ship over 50 million doses in the U.S., is it fair to conclude that the sales of flu vaccines this year should likely exceed 2020 figure, which I think is around GBP 730 million?

然後是流感疫苗，根據最近的消息，你已經開始在美國運送超過 5000 萬劑，是否可以得出今年流感疫苗的銷量可能超過 2020 年的數字，我認為這個數字大約在英鎊左右？ 7.3億？

Is that fair?

這公平嗎？

Thanks, Kerry.

謝謝，克里。

Well, I'm going to ask Iain, because I think he should have a question, Iain, to talk about the flu outlook.

好吧，我要問伊恩，因為我認為他應該有一個問題，伊恩，來談談流感的前景。

And we'll come back to Luke on the timing.

我們會在時間上回到盧克。

I would say the short answer to are we going to give you the precise pricing of our contracts will be no.

我會說簡短的回答是我們是否會給你我們合同的準確定價。

But let's go to Iain first and then come over to Luke.

但是讓我們先去找伊恩，然後再去找盧克。

Don't feel compelled to.

不要覺得有必要。

And Brian is available as well.

Brian 也有空。

So Kerry, on a volume basis, we would expect numbers to be broadly similar to last year.

所以克里，在數量的基礎上，我們預計數字將與去年大致相似。

However, you'll recall from our commentary in the fourth quarter last year results, which we did in early February, that we had a very significant RAR adjustment in flu last year.

然而，你會記得我們在去年第四季度的評論中，我們在 2 月初所做的，去年我們對流感進行了非常顯著的 RAR 調整。

And so netting out that RAR adjustment, which we clearly wouldn't see the benefit of again, I think volumes we expect to be broadly similar.

因此，扣除 RAR 調整後，我們顯然不會再看到它的好處，我認為我們預計的數量將大致相似。

But in dollar terms or sterling terms, rather, will be slightly less.

但以美元或英鎊計算，反而會略微減少。

Yes.

是的。

And I would say that in the outlook of the 4% to 6% beyond guidance EPS, that includes the recent contract.

我要說的是，在 4% 到 6% 的指導性 EPS 展望中，這包括最近的合同。

It does indeed.

確實如此。

Yes, it does.

是的，它確實。

So that's worth noting.

所以這一點值得注意。

Luke, you mentioned it before, is there anything else you want to add on the delivery?

Luke，你之前提到過，你還有什麼要補充的嗎？

Yes.

是的。

Yes.

是的。

I think what we now need to do, we've got this overarching contract, we need to approach the 16 countries, which include all of the major European countries and sign up volumes.

我認為我們現在需要做的是，我們已經有了這份總體合同，我們需要接觸 16 個國家，其中包括所有主要的歐洲國家，並簽署大量合同。

And we've also got a number of other countries outside Europe that we've got contracts for.

我們還與歐洲以外的許多其他國家簽訂了合同。

So I'm hoping in Q3 we can give you a lot more granularity because we'll have those in hand.

所以我希望在第三季度我們可以給你更多的粒度，因為我們會掌握這些。

In terms of pricing, the only price that we've given publicly is 2,100 WACC in the U.S. where we're selling a small number commercially.

在定價方面，我們公開給出的唯一價格是美國的 2,100 WACC，我們在美國銷售少量產品。

For Europe, you should just assume it's in the range of industry pricing.

對於歐洲，您應該假設它在行業定價範圍內。

Next question from the line of Geoffrey Porges of SVB Leerink.

下一個問題來自 SVB Leerink 的 Geoffrey Porges。

A couple of questions for Hal.

問哈爾幾個問題。

Hal, first, just on the IO portfolio, you've highlighted the CD226 portfolio many times.

Hal，首先，就 IO 產品組合而言，您已經多次強調了 CD226 產品組合。

I'm just wondering if you could give us a sense of when we could see the first clinical proof-of-concept for your combinations -- the different combinations there for that whole strategy?

我只是想知道您能否告訴我們什麼時候我們可以看到您的組合的第一個臨床概念驗證——整個策略的不同組合？

And then secondly, on, again, daprodustat, do you believe that we should expect class labeling for daprodustat for infection risk, thrombosis risk and seizure risk given the imbalances seen in your competitors' trials?

其次，再一次，關於 daprodustat，鑑於您的競爭對手的試驗中出現的不平衡，您是否認為我們應該期待 daprodustat 的感染風險、血栓形成風險和癲癇發作風險的分類標籤？

As you know, the FDA has been extraordinarily cautious about labeling in the CKD population for the ESAs.

如您所知，FDA 一直對 CKD 人群中的 ESA 標籤格外謹慎。

And so would that be prudent on our part?

那麼，這對我們來說是否謹慎？

Hal?

哈爾？

Yes.

是的。

Thanks, Geoff.

謝謝，傑夫。

The IO portfolio is actually quite robust now.

IO 投資組合現在實際上非常穩健。

And the CD226 axis, I think, is well covered with both the now anti-TIGIT from Iteos.

我認為，CD226 軸被 Iteos 現在的反 TIGIT 覆蓋得很好。

We have the CD96 inhibitor which is just advanced in our collaboration with 23andMe.

我們有 CD96 抑製劑，它在我們與 23andMe 的合作中剛剛取得進展。

And the furthest behind, but also exciting, is the anti-PVRIG, which should get into the clinic next year with a deal with Surface Oncology recently.

最落後但也令人興奮的是抗 PVRIG，它應該在明年進入臨床，最近與 Surface Oncology 達成協議。

All of those, of course, can be combined with each other as well as with dostarlimab.

當然，所有這些都可以相互結合，也可以與 dostarlimab 結合。

So the 4 drug combos are quite complicated, and there'll be a lot of dose ranging that's needed, indication ranging, if you will.

所以 4 種藥物組合非常複雜，如果你願意的話，需要有很多劑量範圍和適應症範圍。

And we will be getting data from combinations with CD96 and dostarlimab first.

我們將首先從與 CD96 和 dostarlimab 的組合中獲取數據。

So that will be the first readout that should occur in 2022.

因此，這將是 2022 年應該出現的第一個讀數。

We should be able to get some PVRIG data probably in 2022 as well.

我們也應該能夠在 2022 年獲得一些 PVRIG 數據。

The TIGIT combinations with dostarlimab we'll be seeing in 2022 hopefully some data.

TIGIT 與 dostarlimab 的組合我們將在 2022 年看到一些數據。

It all, of course, depends on how robust the data is and what the -- whether we see activity at various doses.

當然，這一切都取決於數據的穩健程度以及我們是否看到各種劑量的活動。

The triplet will take a little longer just because we have to get through all the dose ranging and safety, but that should come following the observation of proof-of-concepts with those combinations.

三胞胎將花費更長的時間，因為我們必須通過所有劑量範圍和安全性，但這應該在觀察這些組合的概念驗證之後出現。

So exciting opportunity, we think, to take the field beyond the PD-1 era and enter into a CD226 era, possibly a doublet or maybe even a triplet.

我們認為，這是一個非常令人興奮的機會，可以讓該領域超越 PD-1 時代並進入 CD226 時代，可能是雙胞胎甚至三胞胎。

If the cards fall appropriately, we can make a triplet that would be profoundly beneficial for patients, if that was the case.

如果卡片落得合適，我們就可以製作出對患者非常有益的三胞胎，如果是這樣的話。

So excited about that opportunity.

對這個機會感到非常興奮。

In terms of dapro, I really don't want to comment on discussions that we haven't yet even started with regulators.

在 dapro 方面，我真的不想評論我們甚至還沒有與監管機構開始的討論。

The data that I mentioned that we are very excited by was the primary endpoint.

我提到的讓我們非常興奮的數據是主要終點。

We haven't done any of the subgroup analyses and other sensitivity analyses that are going to be, of course, needed.

我們還沒有進行任何子組分析和其他當然需要的敏感性分析。

We'll be doing those very soon.

我們很快就會做這些。

We should have that data and hopefully be able to present that later this year.

我們應該擁有這些數據，並希望能夠在今年晚些時候展示這些數據。

Of course, then that's followed by discussions with regulators, digestion of the class, as you say.

當然，正如您所說，然後是與監管機構的討論，課程的消化。

And I think it would be premature to have any speculation on what anyone else's labels might show for sure.

而且我認為現在對其他人的標籤可能顯示的內容進行任何猜測還為時過早。

And ours will, of course, follow the data.

當然，我們的將遵循數據。

Thanks for the question, Geoff.

謝謝你的問題，傑夫。

The next question is from the line of Keyur Parekh of Goldman Sachs.

下一個問題來自高盛的 Keyur Parekh。

Two questions, please.

請教兩個問題。

One on commercial opportunity for Blenrep.

一個關於 Blenrep 的商業機會。

Luke, I noticed that Bristol kind of reported first quarter revenues for their BCMA CAR-T of $24 million.

盧克，我注意到布里斯托爾公司報告的第一季度 BCMA CAR-T 收入為 2400 萬美元。

That's roughly similar to the GBP 21 million you reported for Blenrep.

這與您為 Blenrep 報告的 2100 萬英鎊大致相似。

So just give us a sense for where kind of Bristol is taking share and how confident you are for growth of Blenrep even without the additional studies kind of reading out?

因此，讓我們了解一下 Bristol 的份額在哪裡，以及即使沒有額外的研究讀出，您對 Blenrep 的增長有多大信心？

And then separately, for Brian.

然後分別為 Brian。

Brian, congratulations on kind of the CEO-designate.

布賴恩，祝賀你成為候任首席執行官。

Not surprising there at all.

一點也不奇怪。

But your slide talks about e-commerce being 7% of sales for the Consumer Healthcare business, up 30% for the quarter.

但是你的幻燈片談到電子商務佔消費者保健業務銷售額的 7%，本季度增長了 30%。

Just wondering if you can kind of give us a sense for how this 7% stacks relative to your peer group.

只是想知道您是否可以讓我們了解這 7% 相對於您的同齡人群體如何疊加。

What was this corresponding number last year?

去年這個對應數字是多少？

So just give us a sense for how big you think e-commerce might be for the Glaxo Consumer Health business going forward?

那麼，請告訴我們您認為電子商務對葛蘭素史克消費者健康業務未來發展的影響有多大？

Thanks, Keyur.

謝謝，基爾。

So Luke first.

首先是盧克。

Sure.

當然。

So I mean, I think Keyur, I'll just lay this out.

所以我的意思是，我認為 Keyur，我會把它列出來。

I mean, right now, we have about 1/4 of patients in the U.S. who are fifth-line in terms of patients on drug.

我的意思是，就目前而言，美國約有 1/4 的患者在服藥患者方面處於第五線。

But about 1/3 of them are now -- about 1/4 are fifth-line.

但現在大約有 1/3——大約 1/4 是第五線。

The rest are sixth, seventh line.

其餘為第六、七行。

But 1 in 3 new patients coming on a fifth-line.

但是每 3 個新患者中就有 1 個接受第五線治療。

So we're starting to move up there.

所以我們開始向上移動。

I think there has been a bit of pressure in that fourth-line setting.

我認為在第四線設置中存在一些壓力。

It's a relatively small number of patients.

這是相對較少的患者。

There's a lot of competition for them with studies such as teclistamab, the bispecifics.

在雙特異性藥物 teclistamab 等研究中，他們面臨著很多競爭。

In terms of the CAR-T, I mean, let's see, there's some ordering patterns probably there.

就 CAR-T 而言，我的意思是，讓我們看看，那裡可能有一些排序模式。

Again, it's concentrated in academic centers.

同樣，它集中在學術中心。

Where we're now seeing our growth is in the community, which is a natural progression.

我們現在看到我們的成長是在社區中，這是一個自然的過程。

I mean, in the end, though, we need to address the dosing and how it's outlined.

我的意思是，最後，我們需要解決劑量及其概述問題。

There's a lot of activities to do there to penetrate the earlier lines of treatment where the vast majority of the opportunity for this product exists.

那裡有很多活動要做，以滲透早期的治療線，其中存在該產品的絕大多數機會。

We're less concerned around (inaudible).

我們不太關心（聽不清）。

Again, I think that is being used in the [EMD] population and some of the talks around heme impacting treatment length.

同樣，我認為它正在 [EMD] 人群中使用，並且一些圍繞血紅素影響治療時間的討論。

So I think we've got more work to do to capture those fourth-line patients in the community, and we're working very hard to do it.

所以我認為我們還有更多的工作要做，以吸引社區中的那些四線患者，我們正在非常努力地去做。

Thank you.

謝謝。

Brian, digital.

布賴恩，數字。

Thanks for the question, and thanks for the congratulations also.

感謝您的提問，也感謝您的祝賀。

As you said, our e-commerce as a percent of sales is 7%, up 30%.

正如您所說，我們的電子商務佔銷售額的百分比為 7%，增長了 30%。

Last year, we were at 6% of sales.

去年，我們佔銷售額的 6%。

We continue to see progression.

我們繼續看到進展。

As far as how that compares to competitors, it really is dependent on -- quite dependent on portfolio.

就與競爭對手相比如何而言，它確實取決於 - 非常取決於投資組合。

If you look across our portfolio, in oral care we are overdeveloped where we have higher shares in many of our brands online versus off-line.

如果您查看我們的產品組合，就會發現在口腔護理方面我們已經過度開發，我們在許多品牌中在線上的份額高於線下。

In OTC we're pretty much in line but skewed towards, again, being overdeveloped.

在場外交易中，我們幾乎是一致的，但又一次傾向於過度開發。

So slightly better than, I would say, the competitive set.

所以比，我會說，競爭組稍微好一點。

And on VMS actually is an area we're catching up.

在 VMS 上實際上是我們正在趕上的一個領域。

So we are underdeveloped on VMS as there's many more digital-native brands in that space.

因此，我們在 VMS 上的開發不足，因為該領域有更多的數字原生品牌。

But we're growing in that area very aggressively, and we're seeing really good progression in that area.

但我們在該領域的發展非常積極，我們在該領域看到了非常好的進展。

So I continue to believe this is an area that's going to continue to grow really healthy.

所以我仍然相信這是一個將繼續真正健康發展的領域。

We've seen a massive shift in these categories to online shopping as part of the behavior that came with the pandemic.

作為大流行病帶來的行為的一部分，我們已經看到這些類別向在線購物的巨大轉變。

And we see that consumer behavior continuing.

我們看到消費者行為仍在繼續。

And I feel really great about where we're at and our capabilities in this area to continue to win in the space.

我對我們所處的位置以及我們在該領域繼續贏得該領域的能力感到非常滿意。

Thanks, Brian.

謝謝，布萊恩。

And I would also like to add my very public congratulations and pride in your appointment.

我還想對您的任命表示非常公開的祝賀和自豪。

You got a question along...

你有一個問題...

The other thing I would just overlay is it's not only the brand power on digital, it's also the geographic mix, where because of our strong presence in consumer in both the U.S. and China, which are very e-commerce-friendly regions that also helps drive both our capability and competitiveness on that.

我要強調的另一件事是，這不僅是數字品牌的力量，也是地理組合，因為我們在美國和中國的消費者中佔有重要地位，這兩個地區對電子商務非常友好，這也有助於推動我們的能力和競爭力。

The next question is from the line of Emmanuel Papadakis of Deutsche Bank.

下一個問題來自德意志銀行的 Emmanuel Papadakis。

I'll make it 2 for Brian, actually.

實際上，我會為 Brian 做 2 個。

Question on margins, please.

請回答關於邊距的問題。

You reiterate the mid-high 20s for next year, I think.

我認為你重申明年的中高 20 年代。

But obviously that's as part of the current business, not as a stand-alone.

但顯然這是當前業務的一部分，而不是獨立的。

I know there's been some discussion of what additional stand-alone costs you would incur.

我知道有人討論過您會產生哪些額外的獨立成本。

So any insight you can offer us at this stage in terms of the step-down in margins we're likely to see as a stand-alone business.

因此，在我們可能將利潤率下降視為獨立業務方面，您可以在現階段向我們提供任何見解。

And if not now, anything qualitative -- if not now, when are we likely to get that number.

如果不是現在，任何定性的——如果不是現在，我們什麼時候可能得到那個數字。

And then maybe a question on the R&D side.

然後可能是研發方面的問題。

You reported a miss in MOONSTONE.

您在 MOONSTONE 中報告了未命中事件。

Perhaps you could give us some comments on the (inaudible) that missed the target you're after on RAR?

或許您可以就未達到您在 RAR 上的目標的（聽不清）給我們一些評論？

What does that imply if anything, the clinical development program for Zejula.

如果有的話，這意味著什麼，即 Zejula 的臨床開發計劃。

I don't actually think would you any pivotal or proof-of-concept base points for the rest of this year or even next.

我實際上不認為你會在今年餘下時間甚至明年有任何關鍵或概念驗證基點。

Are we just waiting for that (inaudible) maintenance study in 2024?

我們是否只是在等待 2024 年的（聽不清）維護研究？

Or are there other things we should be thinking about looking at for what you're considering?

或者對於您正在考慮的問題，我們是否應該考慮其他事項？

Thanks very much.

非常感謝。

We'll turn over to Hal, but first of all, Brian, do you want to comment on when it will be shared?

我們將轉交給 Hal，但首先，Brian，你想評論一下何時共享它嗎？

Yes.

是的。

As Emma mentioned, we'll be doing a Capital Markets Day in the first half of next year.

正如 Emma 提到的，我們將在明年上半年舉辦資本市場日活動。

We haven't identified that date yet.

我們還沒有確定那個日期。

But at that time is when we would share much more detail around the business in a lot of areas around our cash flow and our margin progression and included in that would be any of the one-off costs.

但那時我們將在我們的現金流和利潤率進展的許多領域分享更多關於業務的細節，其中包括任何一次性成本。

So you'd expect to hear about that next year before separation.

所以你希望在明年分居前聽到這件事。

Hal?

哈爾？

MOONSTONE, and implication?

MOONSTONE，寓意？

Yes.

是的。

Emma, could you just -- part of Emmanuel's question dropped out, could you just repeat it briefly?

Emma，你能不能-- Emmanuel 的問題的一部分漏掉了，你能簡單地重複一遍嗎？

I can repeat it if you can hear me.

如果你能聽到我的話，我可以重複一遍。

It was just a question on the miss in MOONSTONE, what that implies for the clinical development and next data points we should be looking for or thinking about.

這只是關於 MOONSTONE 中未命中的問題，這對臨床開發和我們應該尋找或考慮的下一個數據點意味著什麼。

Thank you.

謝謝。

That's what I thought you said; just wanted to confirm.

我以為你是這麼說的；只是想確認一下。

You're correct, MOONSTONE has been stopped.

你是對的，MOONSTONE 已經停止了。

I think it's important to point out, MOONSTONE was a single-arm open-label Phase II study where we were looking at response rate.

我認為有必要指出，MOONSTONE 是一項單臂開放標籤 II 期研究，我們正在研究反應率。

It was in the most difficult patients with ovarian cancer to treat, the so-called platinum-resistant ovarian cancer patient populations who actually do not very well even with chemo and bevacizumab, but these are second-line, those who failed bevacizumab.

它存在於最難治療的卵巢癌患者中，即所謂的鉑耐藥卵巢癌患者群體，實際上即使使用化療和貝伐單抗也效果不佳，但這些是二線治療，貝伐單抗失敗的患者。

So very resistant population, but was based on some very small numbers of patients that suggested maybe the combination of PD-1 plus PARP would be beneficial.

非常有抵抗力的人群，但基於一些非常小的患者，這些患者表明 PD-1 加 PARP 的組合可能是有益的。

So we had a very high bar.

所以我們有一個非常高的標準。

And the study where we looked at the response rates didn't suggest that it was going to achieve the bar we had.

我們查看響應率的研究並未表明它會達到我們的標準。

Now the study that we've always been more optimistic about because, again, MOONSTONE was in the treatment setting where, frankly, PARPs -- the data for PARPs in the treatment setting has been very (inaudible) in terms of efficacy and the maintenance setting is where you really see the benefit.

現在我們一直對這項研究更加樂觀，因為 MOONSTONE 再次處於治療環境中，坦率地說，PARPs - 治療環境中 PARPs 的數據在療效和維持方面非常（聽不清）設置是您真正看到好處的地方。

And a study that we thought would most definitively identify an opportunity for the combination of a PARP plus PD-1 was the so-called first clinical -- the first trial, which is in as where patients received chemo with dostarlimab and niraparib versus standard of care platinum-based regimen.

我們認為最明確地確定 PARP 加 PD-1 組合的機會的一項研究是所謂的第一次臨床——第一次試驗，即患者接受 dostarlimab 和 niraparib 化療與標準以鉑金為基礎的護理方案。

And that is enrolling well, and we should see data for that before -- as the next opportunity to have a direct read-through for this synergistic -- potential synergistic impact.

這是一個很好的註冊，我們應該看到之前的數據——作為直接閱讀這種協同效應的下一個機會——潛在的協同影響。

We're also, as you mentioned, committed to other combinations of niraparib with dostarlimab.

正如您所提到的，我們還致力於 niraparib 與 dostarlimab 的其他組合。

We have the Phase III RUBY Part 2 section where we're comparing dostarlimab in combination with niraparib for patients with endometrial cancer.

我們有 III 期 RUBY 第 2 部分，我們正在比較 dostarlimab 與 niraparib 聯合治療子宮內膜癌患者。

And of course, we have the ZEST and ZEAL, both of which could be transformational for patients, ZEAL being in the frontline lung cancer setting and ZEST being a novel study designed for patients who are surgically -- women with breast cancer who were surgically treated for the intent of cure but who have evidence through tumor measurements in the blood, the cell-free DNA from the tumor being evident as a biomarker that we're using to start treating people to potentially prevent the disease from recurring.

當然，我們有 ZEST 和 ZEAL，這兩者都可以為患者帶來變革，ZEAL 處於一線肺癌環境中，而 ZEST 是一項新的研究，專為接受手術的患者——接受過手術治療的乳腺癌女性而設計為了治癒的目的，但通過血液中的腫瘤測量有證據，來自腫瘤的無細胞 DNA 顯然是一種生物標誌物，我們正在使用它來開始治療人們以潛在地預防疾病復發。

So 2 innovatives and, I think, exciting trials in addition to first will add hopefully a lot to patient benefit and to the life cycle of niraparib.

所以 2 項創新，我認為，除了第一項之外，令人興奮的試驗有望為患者帶來更多好處，並延長 niraparib 的生命週期。

Thanks, Hal.

謝謝，哈爾。

We got time for one more question, and then we'll have to wrap it up.

我們有時間再問一個問題，然後我們必須結束它。

If there is one more question.

如果還有一個問題。

The next question is from the line of Graham Parry of BofA.

下一個問題來自美國銀行的 Graham Parry。

So just firstly, on Shingrix, I was just wondering if you could just help us kind of square the circle of the different commentary.

所以首先，關於 Shingrix，我只是想知道你是否可以幫助我們解決不同評論的問題。

So the guidance is a little cautious but you're still talking confidence in strong recovery in 2H.

所以指導有點謹慎，但你仍然在談論對 2H 強勁復甦的信心。

So are you still expecting a very strong 2022?

那麼您是否仍然期待非常強勁的 2022 年？

I think consensus is looking for 25% year-on-year growth.

我認為共識是尋求 25% 的同比增長。

So does that sit within the range of your outcomes internally?

那麼這是否在您內部結果的範圍內？

And then secondly, just following up on the question on Pfizer's RSV vaccine timing.

其次，只是跟進輝瑞公司 RSV 疫苗接種時間的問題。

That suggests perhaps they might be expecting more RSV events coming this season, if they think they can get a data readout in Q1.

這表明，如果他們認為可以在第一季度獲得數據，他們可能會期待本賽季會有更多的 RSV 事件。

So is it also the case that perhaps the RSV incidence is picking up relative to what you assumed when you originally planned your studies, meaning your data could also come earlier?

那麼，相對於您最初計劃研究時的假設，RSV 發病率是否正在上升，這是否意味著您的數據也可能更早出現？

So Hal you will come back again to the RSV study.

所以哈爾，你會再次回到 RSV 研究。

And just on Shingrix, yes we do see a significant step-up in '22.

就在 Shingrix 上，是的，我們確實看到了 22 年的重大進步。

We're not going to start commenting on versus specific guidance on that one, Graham.

格雷厄姆，我們不會開始評論具體指導。

But Hal, would you like to comment on the RSV study?

但是哈爾，你想對 RSV 研究發表評論嗎？

Yes, just to reiterate, we -- there's a lot of assumptions that go into determining how long a trial will take, of course, as I mentioned before, it has a lot to do with sample size.

是的，重申一下，我們有很多假設來確定試驗需要多長時間，當然，正如我之前提到的，這與樣本量有很大關係。

So we are enrolling 25,000 people.

所以我們正在招募 25,000 人。

That enrollment is going very well.

招生進展順利。

It does have a lot to do with the number of events, which is actually related to some extent to the treatment effect.

確實和事件的多少有很大關係，其實在一定程度上和治療效果有關係。

And there is some reason to believe that the events might be higher than anticipated based on the fact that in 2020 there was very limited RSV and sometimes there's -- without the prior season immunity, sometimes there's more clinically significant cases.

基於 2020 年 RSV 數量非常有限的事實，有一些理由相信這些事件可能比預期的要多，有時 - 如果沒有上一季的免疫力，有時會有更多具有臨床意義的病例。

But again, we're all estimating these things.

但同樣，我們都在估計這些事情。

And it would be probably more like a class effect, if you will, that if there's more events, it's going to -- we'll be seeing that and any trials in RSV will be obviously unique to us or Pfizer or anybody else.

如果你願意的話，它可能更像是一種階級效應，如果有更多的事件，它將會——我們會看到這一點，RSV 的任何試驗顯然對我們或輝瑞或其他任何人來說都是獨一無二的。

So we just have to wait and see.

所以我們只能拭目以待。

And of course, anything is possible.

當然，一切皆有可能。

But the idea that maybe there's more RSV because of the 2020 low levels, there is some data to suggest that might be the case.

但是，由於 2020 年的低水平，可能會有更多的 RSV，有一些數據表明可能是這種情況。

We'll just have to wait and see.

我們只需要拭目以待。

Thank you very much.

非常感謝。

And with that, everybody, we'll finish today's call and look forward to catching up with you in the coming days for those that we don't get to speak to, I hope whether it's (inaudible), you get some kind of break and look forward to catching up again soon.

就這樣，大家，我們將結束今天的電話會議，並期待在未來幾天與您見面，了解那些我們無法與之交談的人，我希望是否（聽不清），您能得到一些休息並期待很快再次趕上。

All right.

好的。

Thank you.

謝謝。

Goodbye.

再見。

Thank you.

謝謝。