葛蘭素史克 (GSK) 2021 Q1 法說會逐字稿

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

女士們，先生們，下午好，歡迎來到 GSK 2021 年第一季度業績分析師電話會議。

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

現在我將把你們交給我們的首席財務官 Iain Mackay，他將介紹今天的會議。

Thank you.

謝謝。

Good morning, good afternoon.

早上好，下午好。

Thank you for joining us for our first 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 年第一季度業績。

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

您應該已經收到我們的新聞稿，您可以在 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。

Speakers today are Emma Walmsley, Luke Miels, David Redfern, Brian McNamara and myself, Iain Mackay.

今天的演講者有 Emma Walmsley、Luke Miels、David Redfern、Brian McNamara 和我本人 Iain Mackay。

Joining us for the Q&A portion of the call will be Dr. Hal Barron and Roger Connor.

Hal Barron 博士和 Roger Connor 將加入我們的電話問答部分。

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

（操作員說明）我們的演示將持續大約 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。

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

謝謝，伊恩，熱烈歡迎大家。

We continue to deliver on our strategic priorities and remain very focused on creating significant value for shareholders with the launch of 2 new global companies next year.

我們將繼續實現我們的戰略重點，並繼續非常專注於通過明年推出 2 家新的全球公司來為股東創造重要價值。

Both companies have the opportunity to improve the health of billions of people, and we're confident that both will offer strong performance in 2022 and beyond.

兩家公司都有機會改善數十億人的健康，我們有信心兩家公司將在 2022 年及以後提供強勁的業績。

For 2021, our focus is on execution and delivering this very significant change for GSK.

2021 年，我們的重點是執行並為 GSK 帶來這一非常重大的變革。

I'm pleased to report that we're on track both on plans to separate and to deliver financial guidance for the year.

我很高興地向大家報告，我們的分拆計劃和今年的財務指導計劃都在按計劃進行。

Turning to the quarter.

轉向季度。

Our financial results were impacted by comparisons related to stocking in Q1 2020 and disruption from the pandemic.

我們的財務業績受到與 2020 年第一季度庫存相關的比較和大流行的破壞的影響。

First quarter sales and adjusted EPS were down 15% and 33%, respectively, at CEO.

CEO 的第一季度銷售額和調整後的每股收益分別下降了 15% 和 33%。

We expected, a challenging start to the year, but with these pandemic impacts starting to reverse in the current quarter, we're confident we'll deliver a very different performance in the second half of the year.

我們預計今年開局充滿挑戰，但隨著這些大流行病的影響在本季度開始逆轉，我們有信心在下半年取得截然不同的業績。

And Iain is going to go through this shortly.

伊恩很快就會經歷這個。

Turning to our strategic priorities.

轉向我們的戰略重點。

We continue to see progress on each of innovation, performance and trust.

我們繼續看到在創新、性能和信任方面取得進展。

In innovation, we strengthened our growth outlook on several fronts.

在創新方面，我們在多個方面加強了增長前景。

Firstly, we're reshaping the landscape of HIV treatment with the launch of Cabenuva, the world's first and only long (inaudible) treatment.

首先，我們正在重塑 HIV 治療的格局，推出世界上第一個也是唯一一個長期（聽不清）治療藥物 Cabenuva。

We achieved important regulatory milestones with the approvals of Rukobia and dostarlimab, which we named Jemperli, and the positive CHMP opinion on Benlysta.

我們取得了重要的監管里程碑，包括 Rukobia 和 dostarlimab（我們將其命名為 Jemperli）的批准，以及 CHMP 對 Benlysta 的積極意見。

And we started Phase III programs for 2 major pipeline assets, our RSV vaccine for older adults, and 294, our long-acting IL-5 antibody, which builds on our Medicago's success.

我們啟動了兩項主要管道資產的 III 期計劃，即我們針對老年人的 RSV 疫苗和 294，我們的長效 IL-5 抗體，它建立在我們 Medicago 的成功之上。

We also made progress in our COVID contributions, including reporting strong data for antibody VIR-7831.

我們在 COVID 貢獻方面也取得了進展，包括報告了抗體 VIR-7831 的強大數據。

Of course, it's never all progress in drug development, and the news received this quarter for the ICOS agonist was disappointing.

當然，藥物開發從來都不是全部進展，本季度收到的關於 ICOS 激動劑的消息令人失望。

But it should be seen in the context of GSK developing more than 10 novel oncology pipeline assets as well as the broader pipeline progression, a significant shift from where we were just a few years ago.

但應該在 GSK 開發 10 多個新的腫瘤管道資產以及更廣泛的管道進展的背景下看待它，這與我們幾年前的情況相比發生了重大轉變。

In performance, the underlying momentum of our growth drivers is strong, albeit overshadowed short term by the COVID-driven impact from the wider portfolio.

在業績方面，我們增長動力的潛在勢頭強勁，儘管短期內被更廣泛的投資組合的 COVID 驅動影響所掩蓋。

This reflects transformed commercial capabilities that you're going to hear shortly from Luke, David and Brian.

這反映了您很快就會從 Luke、David 和 Brian 那裡聽到的轉變後的商業能力。

Shingrix is an outstanding product and continues to have a very large opportunity ahead of it.

Shingrix 是一款出色的產品，並且繼續擁有非常大的機會。

This quarter, prescription trends were heavily impacted by the rollout of government COVID vaccination program.

本季度，處方藥趨勢受到政府 COVID 疫苗接種計劃推出的嚴重影響。

Looking ahead, we continue to expect and will be driving a recovery for Shingrix in our wider vaccines business in the second half of the year, given the encouraging pace of deployment of COVID vaccines in the U.S.

展望未來，鑑於 COVID 疫苗在美國部署的令人鼓舞的步伐，我們繼續預計並將在今年下半年推動 Shingrix 在我們更廣泛的疫苗業務中的複蘇。

Alongside commercial delivery, we've made excellent progress on our future ready program.

除了商業交付，我們在未來就緒計劃方面也取得了出色的進展。

The commercial integration of Consumer Health is now broadly complete.

Consumer Health 的商業整合現已基本完成。

We've generated more than GBP 1 billion in net proceeds through tail brand divestments, and separation activities are advancing well.

我們通過尾部品牌撤資產生了超過 10 億英鎊的淨收益，分離活動進展順利。

We also continue to streamline our pharma portfolio.

我們還繼續精簡我們的製藥產品組合。

And this quarter, we announced an agreement to divest our cephalosporin business.

本季度，我們宣布了一項剝離頭孢菌素業務的協議。

And lastly, on trust.

最後，關於信任。

Our focus remains on maintaining leadership across all areas of ESG, and this is evident again this quarter with actions taken on environment, global health and diversity representation.

我們的重點仍然是保持在 ESG 所有領域的領導地位，本季度在環境、全球健康和多樣性代表性方面採取的行動再次證明了這一點。

We look forward to driving momentum on all 3 core priorities and to delivering a significant improvement in financial performance as the year progresses.

我們期待在所有 3 個核心優先事項上推動勢頭，並隨著今年的進展顯著改善財務業績。

Before I hand on to Luke, I want to highlight what we will share with you at our investor update on June 23.

在介紹 Luke 之前，我想強調一下我們將在 6 月 23 日的投資者更新中與您分享的內容。

We'll provide you with a clear view of the strategy for new GSK, its outlook for growth and the opportunities we see for shareholder value creation.

我們將為您提供新 GSK 的戰略、增長前景以及我們為股東創造價值的機會的清晰視圖。

As part of our strategy, we'll give clarity on our target therapeutic areas for investment.

作為我們戰略的一部分，我們將明確投資的目標治療領域。

We'll give revenue outlooks for the next 10 years, with greater outlook detail for the first 5 years.

我們將給出未來 10 年的收入展望，以及前 5 年的更多展望細節。

We'll set out how we expect to deliver competitive performance.

我們將闡明我們希望如何提供有競爭力的績效。

This will include deep dives into new growth drivers, including key R&D pipeline assets as well as deeper visibility of new GSK key capabilities and technology platforms.

這將包括深入研究新的增長動力，包括關鍵的研發管線資產，以及更深入地了解新的 GSK 關鍵能力和技術平台。

We'll also outline our capital allocation priorities and provide you with details on our expected dividend policy.

我們還將概述我們的資本分配優先事項，並為您提供有關我們預期股息政策的詳細信息。

And lastly, we'll step out in more detail the timing and approach of separation.

最後，我們將更詳細地介紹分離的時間和方法。

We're very aware that GSK shares have underperformed and we'll demonstrate how we're building shareholder value in new GSK.

我們非常清楚 GSK 股票表現不佳，我們將展示我們如何在新 GSK 中建立股東價值。

With the foundation of deep change in progress made in the last few years, we believe we've developed a compelling vision and outlook to share with you.

憑藉過去幾年取得的深刻變革的基礎，我們相信我們已經制定了一個令人信服的願景和前景與您分享。

And we hope as many of you as possible will join us on the day.

我們希望盡可能多的人能在這一天加入我們。

With that, I'll hand over to Luke.

有了這個，我會交給盧克。

Thanks, Emma.

謝謝，艾瑪。

We continue to make great progress on commercial execution and competitiveness in the quarter, with strong share performance across our key and new specialty growth drivers.

我們在本季度繼續在商業執行和競爭力方面取得長足進步，我們的主要和新專業增長動力的股票表現強勁。

As expected, the performance across our vaccines business was disrupted heavily by the pandemic.

正如預期的那樣，我們疫苗業務的表現受到大流行的嚴重影響。

And let me start first with an update on Shingrix, for which we remain confident of a recovery in the second half.

讓我先從 Shingrix 的更新開始，為此我們對下半年的複蘇充滿信心。

Shingrix sales declined by close to 50% in the quarter, reflecting the expected headwinds we highlighted in our last quarterly earnings call.

Shingrix 銷售額在本季度下降了近 50%，反映了我們在上一季度財報電話會議中強調的預期逆風。

Prioritization of the public health systems to focus on pandemic vaccination deployment has led to significant disruption in Shingrix prescription.

公共衛生系統優先關注大流行疫苗接種部署導致 Shingrix 處方嚴重中斷。

This has been most in evident in the U.S. where the CDC has recommended a 14-day window either side of receiving COVID vaccine, effectively creating a 2-month no-go period for administration of other vaccines.

這在美國最為明顯，疾病預防控制中心建議在接受 COVID 疫苗的任何一方都有 14 天的窗口，有效地為其他疫苗的接種創造了 2 個月的禁忌期。

We're seeing similar disruption in other key markets, including Germany and China.

我們在其他主要市場看到了類似的中斷，包括德國和中國。

The encouraging news is that the pace of administration of pandemic vaccines in U.S. adults has been rapid, especially those in the target age group for Shingrix.

令人鼓舞的消息是，美國成年人接種大流行疫苗的速度很快，尤其是 Shingrix 的目標年齡組。

By the end of the second quarter, we expect the majority of the 50-plus age group will have been fully vaccinated.

到第二季度末，我們預計 50 歲以上年齡組中的大多數人將完全接種疫苗。

Further, with 2/3 of those 65 years and over in the U.S. fully vaccinated for COVID, we are seeing a weekly rolling 4-week NBRx increase of 27% in this population versus the prior period, attributed to an increasing proportion of Shingrix-eligible consumers who have progressed beyond the COVID vaccine period.

此外，在美國 65 歲及以上的人群中，有 2/3 完全接種了 COVID 疫苗，我們看到該人群每週滾動 4 週的 NBRx 與上一時期相比增加了 27%，這歸因於 Shingrix-已超過 COVID 疫苗接種期的合格消費者。

This backdrop supports our confidence in the second half recovery in Shingrix, and we've been enacting strategies to drive this recovery.

這種背景支持了我們對 Shingrix 下半年復甦的信心，我們一直在製定戰略來推動這種複蘇。

For example, we've been partnering with U.S. retailers to roll out the reminder programs for eligible adults to come and encourage them to return to their pharmacies 2 weeks following their final COVID vaccine.

例如，我們一直在與美國零售商合作，為符合條件的成年人推出提醒計劃，並鼓勵他們在最後一次 COVID 疫苗接種後 2 週返回藥房。

And we've been seeing encouraging market research data suggesting that eligible adults are intending to return for Shingrix vaccine within 1 to 3 months.

我們一直看到令人鼓舞的市場研究數據表明，符合條件的成年人打算在 1 到 3 個月內返回接種 Shingrix 疫苗。

On a global basis, we've been working hard to ensure that we have a strong supply position to leverage the expected upswing in demand as we're in the process of doubling our number of launch markets in 2021.

在全球範圍內，我們一直在努力確保我們擁有強大的供應地位，以利用預期的需求增長，因為我們正在將 2021 年的發射市場數量翻一番。

So to summarize, we continue to believe the disruption to Shingrix is a timing issue.

所以總而言之，我們仍然認為對 Shingrix 的破壞是一個時間問題。

With strong underlying demand, we continue to expect Shingrix growth to be weighted for half 2. And assuming we progress towards more normal operating conditions in our key markets, we expect a significant step-up in Shingrix sales in 2022.

由於潛在需求強勁，我們繼續預計 Shingrix 的增長將在下半年加權。假設我們在主要市場朝著更正常的運營條件邁進，我們預計 2022 年 Shingrix 的銷售額將大幅增加。

Moving on to the Medicines portfolio.

轉到藥品組合。

Our recent product launches with -- and life cycle innovation again delivered as key drivers of growth in the quarter.

我們最近推出的產品以及生命週期創新再次成為本季度增長的主要驅動力。

Starting with oncology.

從腫瘤學開始。

We continue to make inroads with BLENREP in its second full quarter on the market.

我們繼續在 BLENREP 進入市場的第二個完整季度取得進展。

BLENREP is the only anti-BCMA therapy administered through an off-the-shelf infusion.

BLENREP 是唯一一種通過現成輸液給藥的抗 BCMA 療法。

And we've had positive feedback from HCPs as they gain increasing familiarity and confidence in the management of corneal events.

我們從 HCP 那裡得到了積極的反饋，因為他們對角膜事件的管理越來越熟悉和有信心。

We've now more than 1,200 health care sites set up with more than 1,000 patients enrolled in the REMS program in the U.S. and more than 1,200 patients treated globally.

我們現在已經建立了 1,200 多個醫療保健站點，在美國有 1,000 多名患者參加了 REMS 計劃，在全球範圍內有 1,200 多名患者接受了治療。

Early uptake has been driven by myeloma experts and academic medical centers, and we're now expanding our reach into the community setting.

早期吸收得到了骨髓瘤專家和學術醫學中心的推動，我們現在正在將我們的影響力擴展到社區環境中。

We also continue to expand BLENREP globally with launches gathering pace in Europe.

我們還繼續在全球範圍內擴展 BLENREP，在歐洲加快推出步伐。

On Zejula, our significant market share gains were offset in revenue terms by the suppressed ovarian cancer market.

在 Zejula 上，我們顯著的市場份額增長在收入方面被抑制的卵巢癌市場所抵消。

And this is one of the many tragic consequences, of course, of COVID as patients remain undiagnosed.

當然，這是 COVID 的眾多悲慘後果之一，因為患者仍未確診。

Since Q3, the bulking surgeries are down 20%, which has impacted the number of patients initiating chemotherapy.

自第三季度以來，膨脹手術下降了 20%，這影響了開始化療的患者數量。

You can refer to this in our backup slide.

您可以在我們的備份幻燈片中參考這一點。

In terms of new patient share, we're up to 51% and our share of voice among HCPs is the highest in the class, now 52%.

就新患者份額而言，我們高達 51%，我們在 HCP 中的發言權份額是同類產品中最高的，現在為 52%。

We've worked hard to drive awareness, and we're pleased to see that watch and wait in the U.S. has decreased to [16%] and patient awareness of maintenance therapy has increased from 29% this time last year to 45% in early 2021.

我們一直在努力提高意識，我們很高興看到美國的觀察和等待減少到 [16%]，並且患者對維持治療的意識從去年這個時候的 29% 增加到年初的 45% 2021.

These are indications of positive progress.

這些都是積極進展的跡象。

Outside the U.S., we've seen growth launches in Germany and the U.K. Looking ahead, the impact of reduced surgeries will likely continue in the short term.

在美國之外，我們已經看到德國和英國的增長啟動。展望未來，手術減少的影響可能會在短期內持續。

But as the pandemic stabilizes, we would expect to see a return of the diagnosis, the bulking surgeries and chemo initiation and a consequent return of sequential Zejula growth.

但隨著大流行的穩定，我們預計會看到診斷的回歸、膨脹手術和化療的開始，以及隨之而來的 Zejula 連續生長的回歸。

Moving to Respiratory.

移動到呼吸系統。

Trelegy performed very strongly, with sales up 35% in the U.S., led by the U.S. Less than 4 years from launch, sales are now annualizing at about GBP 1 billion.

Trelegy 表現非常強勁，在美國的帶動下，在美國的銷售額增長了 35%。推出不到 4 年，銷售額現在年化約為 10 億英鎊。

We continue to lead the total triple market, which share 3x higher than the #2.

我們繼續引領整個三重市場，其份額比第二名高出 3 倍。

And our dual indication in the U.S. is proving to be a key differentiator.

事實證明，我們在美國的雙重適應症是一個關鍵的差異化因素。

Since the launch of the asthma indication, we've seen a 65% increase in asthma patient share and in Q1, new-to-brand prescriptions from allergists quadrupled.

自推出哮喘適應症以來，我們看到哮喘患者的份額增加了 65%，並且在第一季度，來自過敏症專家的新品牌處方翻了兩番。

Outside the U.S., the NRDL listing in China started to take effect in March.

在美國之外，中國的 NRDL 清單于 3 月開始生效。

And in Japan, our second largest market, we are now the leader with 76% market share.

在我們的第二大市場日本，我們現在以 76% 的市場份額處於領先地位。

We're also excited about the continued growth opportunities with Nucala, and we are now the leading IL-5 across the broadest range of senate driven diseases in all major markets.

我們也對 Nucala 的持續增長機會感到興奮，我們現在是所有主要市場中最廣泛的參議院驅動疾病領域的領先 IL-5。

First quarter sales grew 26%, and like Trelegy, are now annualizing at about GBP 1 billion.

第一季度銷售額增長了 26%，與 Trelegy 一樣，現在的年化銷售額約為 10 億英鎊。

Our life cycle innovation for Nucala with indications now of HES, EGPA and SEA and expected approval in nasal polyps later this year has been the key success driver in helping more patients receive therapy.

我們對 Nucala 的生命週期創新，目前適應症為 HES、EGPA 和 SEA，預計今年晚些時候將獲批用於鼻息肉，這是幫助更多患者接受治療的關鍵成功驅動力。

In addition, we believe the categories in which we compete is still very underpenetrated, with only 28% eligible SEA patients currently receiving a biologic in the U.S. and less in other major markets.

此外，我們認為我們競爭的類別仍然很低，目前只有 28% 符合條件的 SEA 患者在美國接受生物製劑治療，而在其他主要市場則更少。

While not on this slide, I also wanted to highlight the fantastic performance we've seen from Benlysta where we again drove double-digit growth after 10 years on the market.

雖然不在這張幻燈片上，但我還想強調我們從 Benlysta 看到的出色表現，我們在上市 10 年後再次實現了兩位數的增長。

Let me now hand over to David to talk about the great performance of Dovato and the major potential of cabotegravir.

現在讓我交給大衛談談 Dovato 的出色表現和 cabotegravir 的主要潛力。

Thank you, Luke, and hello, everyone.

謝謝你，盧克，大家好。

First quarter HIV sales declined 11%, reflecting a strong Q1 2020 comparator, which benefited from around GBP 100 million in stock build and the timing of an international tender.

第一季度 HIV 銷售額下降了 11%，反映了 2020 年第一季度的強勁對比，這得益於約 1 億英鎊的庫存建設和國際招標的時機。

Adjusting for these factors, Q1 sales would have been broadly flat versus the prior year.

對這些因素進行調整後，第一季度的銷售額與去年同期基本持平。

Looking ahead, we expect these phasing impacts to reverse in Q2, and we remain confident of delivering our full year growth objectives.

展望未來，我們預計這些階段性影響將在第二季度逆轉，我們仍然有信心實現全年增長目標。

On a strategic level, our HIV business has been a first mover in the development of 2 drug regimens and long-acting regimens.

在戰略層面上，我們的 HIV 業務一直是開發 2 種藥物治療方案和長效治療方案的先行者。

In recent months, we've seen a validation of this strategy by our competitors who are now shifting their focus in both of these directions.

最近幾個月，我們已經看到我們的競爭對手對這一戰略的驗證，他們現在正在將注意力轉移到這兩個方向。

In long-acting injectables, we have at least a 5-year head start versus the competition, a market which we believe will grow significantly in the coming years.

在長效注射劑方面，我們至少比競爭對手領先 5 年，我們相信這個市場在未來幾年將顯著增長。

Importantly, our new products, Dovato, Juluca, Cabenuva and Rukobia now make up 25% of our HIV portfolio.

重要的是，我們的新產品 Dovato、Juluca、Cabenuva 和 Rukobia 現在占我們 HIV 產品組合的 25%。

Turning to Dovato.

轉向多瓦托。

Sales more than doubled in the quarter, (inaudible) this key driver on track towards $1 billion in sales.

本季度的銷售額翻了一番以上，（聽不清）這一關鍵驅動力有望實現 10 億美元的銷售額。

Our leading share of voice in the U.S. and Europe and the U.S. label inclusion of the TANGO switch data has helped to drive Dovato's share of the switch market to approaching 20%.

我們在美國和歐洲的領先份額以及美國標籤包含的 TANGO 開關數據幫助推動 Dovato 在開關市場的份額接近 20%。

The growing momentum behind Dovato in Europe has also been reflected in strong and increasing market shares across the EU 5.

Dovato 在歐洲的增長勢頭也反映在歐盟 5 國強大且不斷增加的市場份額上。

Moving to our injectable portfolio.

轉到我們的可注射產品組合。

We have a rich table of long-acting assets centered around cabotegravir.

我們有一張以 cabotegravir 為中心的豐富的長效資產表。

This is a foundation -- foundational medicine with incredible potential and patent protection beyond 2030.

這是一個基礎——具有不可思議的潛力和 2030 年以後專利保護的基礎醫學。

In February, we launched Cabenuva in the U.S. as the first and only every-4-week treatment for patients living with HIV.

2 月，我們在美國推出了 Cabenuva，這是第一個也是唯一一個針對 HIV 患者的每 4 週一次的治療方法。

And we have submitted a supplemental NDA for every 8-week dosing.

我們已經為每 8 週的劑量提交了一份補充 NDA。

Early indications from HCPs and KOLs are positive as it fulfills a real unmet patient need, replicating the market research and clinical trial findings.

HCP 和 KOL 的早期跡像是積極的，因為它滿足了真正未滿足的患者需求，複製了市場研究和臨床試驗結果。

We were particularly pleased at the very high level of prescriber attendance at the recent national Cabenuva launch broadcast, with strong levels of engagement and positive sentiment.

我們特別高興的是，在最近的全國 Cabenuva 啟動廣播中，處方醫生的出席率非常高，參與度高，情緒積極。

The European launch with every 8-week dosing will be underway in the coming weeks under the brand names Vocabria and Rekambys.

每 8 週給藥一次的歐洲上市將在未來幾週內以品牌名稱 Vocabria 和 Rekambys 進行。

Turning to prevention.

轉向預防。

The 083 and 084 studies strikingly demonstrated that cabotegravir every 8 weeks was superior to Truvada in preventing HIV acquisition in men and women, and we are on track to submit the file to the FDA in the first half of 2021.

083 和 084 研究驚人地表明，每 8 週一次的卡博特韋在預防男性和女性感染 HIV 方面優於特魯瓦達，我們有望在 2021 年上半年向 FDA 提交文件。

In summary, we remain confident in the outlook for a progressive acceleration in the growth in HIV, underpinned by the momentum of Dovato, the launch of Cabenuva and the expected launch of cabotegravir in the PrEP setting.

總之，在 Dovato 的勢頭、Cabenuva 的推出以及預期在 PrEP 環境中推出 cabotegravir 的支持下，我們對 HIV 逐漸加速增長的前景充滿信心。

And with that, now let me hand over to Brian to talk about Consumer.

有了這個，現在讓我交給布賴恩來談談消費者。

Thanks, David.

謝謝，大衛。

We remain on track to create the world's leading consumer health care company.

我們始終致力於創建世界領先的消費者保健公司。

Updating on progress to date, our divestment program generating GBP 1.1 billion net proceeds is complete, resulting in a strong-focused portfolio well placed for sustainable growth.

根據迄今為止的最新進展，我們產生 11 億英鎊淨收益的撤資計劃已經完成，從而形成了一個重點突出的投資組合，為可持續增長做好了準備。

On integration, the commercial integration is largely complete and manufacturing work is underway.

在集成方面，商業集成已基本完成，製造工作正在進行中。

Separation activities are progressing well.

分離活動進展順利。

Importantly, all of our guidance for fiscal year '22, including margin and synergies, remain unchanged.

重要的是，我們對 22 財年的所有指導，包括利潤率和協同效應，都保持不變。

Turning to Q1.

轉向第一季度。

The quarter was impacted by tough comparators given pantry loading across all categories last year and a record weak cold and flu season, resulting in Q1 continuing sales, excluding brands divested and under review, down 9% ex constant exchange rate.

考慮到去年所有類別的食品儲藏室負荷以及創紀錄的疲軟感冒和流感季節，該季度受到艱難比較的影響，導致第一季度持續銷售，不包括剝離和審查中的品牌，按固定匯率計算下降 9%。

Recognizing the unusual year-over-year comparator, 2-year CAGRs are more indicative of the underlying category trend.

認識到不尋常的同比比較，2 年復合年增長率更能說明潛在的類別趨勢。

On this basis, all categories were up, apart from Respiratory.

在此基礎上，除呼吸系統外，所有類別均上漲。

Oral Health sales declined slightly in the quarter with a 2-year CAGR up mid-single digits.

本季度口腔保健品銷售額略有下降，2 年復合年增長率為中等個位數。

Q1 saw a continued outperformance of gum health and Sensodyne, with denture care still under pressure.

第一季度，牙齦健康和舒適達的表現持續出色，義齒護理業務仍面臨壓力。

Pain relief saw Q1 sales down high single digits, with a 2-year CAGR up mid-single digit.

止痛藥使第一季度銷售額下降了高個位數，2 年復合年增長率達到中等個位數。

In Q1, the continued success of the Voltaren Rx OTC switch in the U.S. last year was offset by Advil and Panadol weakness, given pantry loading comparators.

在第一季度，考慮到藥品加載比較器，去年 Voltaren Rx OTC 開關在美國的持續成功被 Advil 和 Panadol 的疲軟所抵消。

In Vitamins, Minerals and Supplements, sale declined slightly in the quarter, with a 2-year CAGR up high single digits.

在維生素、礦物質和補充劑方面，本季度銷售額略有下降，2 年復合年增長率達到高個位數。

Digestive Health and other sales were flat in the quarter with a 2-year CAGR up slightly.

消化健康和其他銷售額在本季度持平，2 年復合年增長率略有上升。

Respiratory sales declined 42% in the quarter, with a 2-year CAGR down in the teens.

呼吸系統銷售額在本季度下降了 42%，2 年復合年增長率下降了十幾位。

Cold and flu remains under pressure due to continued social distancing.

由於持續的社會疏遠，感冒和流感仍然面臨壓力。

For example, in the U.S. IRI data showed a category decline of over 60% in the 12 weeks ending March 27.

例如，在美國，IRI 數據顯示在截至 3 月 27 日的 12 週內類別下降超過 60%。

However, we expect more normal consumer trends in the second half of the year.

不過，我們預計下半年消費趨勢會更加正常。

E-commerce grew over 30% and is now around 7% of sales, up 2% on last year.

電子商務增長超過 30%，目前約佔銷售額的 7%，比去年增長 2%。

Our continuing investment in digital capabilities positions us well for growth in this channel.

我們對數字功能的持續投資使我們在這一渠道的增長中處於有利地位。

Innovation remains a key focus and an important growth driver.

創新仍然是一個重點和重要的增長動力。

The success of the Voltaren Rx OTC switch was coupled with other successful innovation, such as Sensodyne, sensitivity and gum, and new launches, including Pro name, enamel repair.

Voltaren Rx OTC 開關的成功與其他成功的創新相結合，例如 Sensodyne、sensitivity 和 gum，以及新推出的產品，包括 Pro name、enamel repair。

Turning to our power brands, 7 of the 9 brands gained their held share.

談到我們的力量品牌，9 個品牌中有 7 個獲得了他們的份額。

In addition, we saw double-digit growth in the quarter from our continuing business in emerging markets.

此外，我們在新興市場的持續業務在本季度實現了兩位數的增長。

Our fiscal year sales outlook remains unchanged.

我們的財年銷售前景保持不變。

With separation activities well underway, we are well placed.

隨著分離活動的順利進行，我們處於有利地位。

And I remain excited and optimistic about our journey to create the world's leading consumer health care company.

我對我們創建世界領先的消費者保健公司的旅程仍然感到興奮和樂觀。

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。

All the comments I make today will be on a constant currency basis, except for specify otherwise.

我今天發表的所有評論都將以固定貨幣為基礎，除非另有說明。

And I'll cover both total and adjusted results.

我將涵蓋總結果和調整後的結果。

On Slide 14, as I start with the group's results for Q1 2021.

在幻燈片 14 上，我從小組 2021 年第一季度的結果開始。

We stated our full year 2020 results that we expected Q1 performance to be challenging, given the strong comparator from 2020.

我們在 2020 年全年業績中表示，鑑於 2020 年的強勁對比，我們預計第一季度業績將充滿挑戰。

And that's been the case, as you've already heard from the team.

事實就是如此，正如您已經從團隊那裡聽到的那樣。

As such, I'll focus on key numbers informing Q1, important considerations for Q2 and the shape of 2021 overall.

因此，我將重點關注第一季度的關鍵數據、第二季度的重要考慮因素以及 2021 年的整體形勢。

Reported turnover was down 15% at constant exchange rates.

按固定匯率計算，報告的營業額下降了 15%。

Total operating profit was down 8%, with total EPS down 25%.

總營業利潤下降 8%，總每股收益下降 25%。

On an adjusted basis, operating profit was down 23%, while adjusted earnings per share was down 33%.

在調整後的基礎上，營業利潤下降了 23%，而調整後的每股收益下降了 33%。

On free cash flow, in line with our expectations, we had an ex of GBP 3 million in quarter 1. As noted at full year '20 results, we expect full -- free cash flow to be lower in 2021 compared to 2020.

在自由現金流方面，與我們的預期相符，我們在第一季度的前值為 300 萬英鎊。正如 20 年全年業績所指出的那樣，我們預計 2021 年的全部自由現金流將低於 2020 年。

On currency, the strengthening of sterling against the U.S. dollar and weakness in emerging market currencies relative to Q1 2020 resulted in a headwind of 3% on sales and 6% in adjusted EPS.

在貨幣方面，相對於 2020 年第一季度，英鎊兌美元走強以及新興市場貨幣疲軟導致銷售額下降 3%，調整後每股收益下降 6%。

Slide 15 summarizes the reconciliation of our total to adjusted results.

幻燈片 15 總結了我們的總數與調整後結果的對賬。

The adjusted items of note for the quarter were in disposals, which largely reflected the profit on disposal of rights to the cabozantinib royalty stream and major restructuring, which reflected continued progress in the separation preparation programs and Consumer Healthcare integration.

本季度調整後的注意事項是處置，這在很大程度上反映了處置 cabozantinib 特許權使用費和重大重組的利潤，這反映了分離準備計劃和消費者保健整合的持續進展。

Please also note that as referenced in our annual report, the 2021 U.K. finance bill has passed.

另請注意，正如我們的年度報告所述，2021 年英國財政法案已經通過。

And results in an increase in the U.K. corporation tax rate from 19% to 25%, there would be significant positive revaluation of deferred tax assets in the U.K. later in the year, which will be treated as an adjusted item.

並導致英國公司稅率從 19% 提高到 25%，今年晚些時候英國的遞延稅資產將出現重大正向重估，將被視為調整後的項目。

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。

On this slide, let me cover the key drivers of revenues and profits for the group in Q1 compared to the prior year.

在這張幻燈片上，讓我介紹一下與去年同期相比，該集團第一季度收入和利潤的主要驅動因素。

As the team has explained, the sales decline was informed by unfavorable year-on-year comparisons due to stocking and pantry loading, the ongoing pandemic impact on vaccines and a very weak cold and flu season in Consumer.

正如該團隊所解釋的那樣，銷售額下降的原因是由於庫存和食品儲藏室裝貨、大流行病對疫苗的持續影響以及消費者的感冒和流感季節非常疲軟導致的同比比較不利。

I'll comment shortly on the drivers by business for the second quarter and for the full year.

我將很快評論第二季度和全年的業務驅動因素。

The negative impact of sales and operating profit and margin for the group was mitigated by continued robust cost control across the business, with increased investments in R&D contributing 250 of the total 290 basis points margin reduction, resulting in adjusted operating margin of 25.4%.

集團持續穩健的成本控制減輕了集團銷售和營業利潤及利潤率的負面影響，增加的研發投資貢獻了 290 個基點利潤率下降中的 250 個基點，調整後的營業利潤率為 25.4%。

R&D growth of 3% reflected continued investments in progressing our pipeline and was driven by significant increase in investment in specialty medicines related to our 2 key COVID-19 treatment programs, VIR-7831 and otilimab.

3% 的研發增長反映了對推進我們管道的持續投資，並受到與我們的 2 個關鍵 COVID-19治療項目 VIR-7831和 otilimab 相關的專業藥物投資顯著增加的推動。

There is further incremental investment from progression of a number of key programs, including Zejula, Jemperli and 294 anti-IL-5 in pharma as well as RSP and meningitis ABCWY and vaccines.

一些關鍵項目的進展進一步增加了投資，包括 Zejula 、 Jemperli 和 294 抗 IL-5 製藥以及 RSP 和腦膜炎 ABCWY 和疫苗。

These were partly offset by phasing in spend on BLENREP, efficiency savings from the implementation of our One Development program and reduced variable spending as a result of COVID-19 lockdowns.

這些部分被分階段用於 BLENREP 的支出、實施我們的 One Development 計劃帶來的效率節省以及因 COVID-19 封鎖而減少的可變支出所抵消。

We continue to expect R&D growth for the group to be low double digit in the full year.

我們繼續預計該集團全年的研發增長將保持在兩位數的低水平。

Lower SG&A, down 15% in line with sales, reflected ongoing tight control costs across the group.

較低的 SG&A（與銷售額一致下降 15%）反映了整個集團持續嚴格控製成本。

The continued benefit of restructuring, a reduction in variable spending as well as year-on-year favorability with regards to legal costs, which contributed around 1/3 of this decline.

重組帶來的持續好處、可變支出的減少以及法律成本方面的同比優惠，佔這一下降的 1/3 左右。

We have a strong focus on cost management.

我們非常注重成本管理。

And as Emma mentioned, we're making excellent progress with our future-ready program.

正如 Emma 提到的，我們的面向未來的計劃正在取得巨大進展。

I can confirm we're on track to deliver the plan to GBP 800 million of savings.

我可以確認我們正在按計劃實現 8 億英鎊的節省。

Following the disposal of the cabozantinib, the royalty stream, we now expect royalties to be between GBP 300 million and GBP 350 million in 2021.

在處置特許權使用費流卡博替尼之後，我們現在預計 2021 年的特許權使用費將在 3 億至 3.5 億英鎊之間。

Moving to the bottom half of the P&L, I'd highlight that interest expense was GBP 190 million, similar to last year.

轉到損益表的下半部分，我要強調的是利息支出為 1.9 億英鎊，與去年相似。

And there's no change to our full year expectations of between GBP 850 million and GBP 900 million.

我們對 8.5 億至 9 億英鎊的全年預期沒有變化。

The effective tax rate of 18.6% was in line with expectations and reflected the timing of settlements with various tax authorities.

18.6% 的有效稅率符合預期，反映了與各稅務機關結算的時間安排。

We still expect a full year rate of around 18%, excluding the impact from any possible U.S. or U.K. corporation tax changes.

我們仍然預計全年增長率約為 18%，不包括任何可能的美國或英國公司稅變化的影響。

And finally, lower noncontrolling interest reflected Pfizer's share of profits of the Consumer Healthcare joint venture.

最後，較低的非控股權益反映了輝瑞在 Consumer Healthcare 合資企業中的利潤份額。

Next, I'll cover free cash flow for the quarter before we move on into more detail on how each of the overarching revenue and profit drivers influenced each business.

接下來，我將介紹本季度的自由現金流，然後再詳細介紹每個總體收入和利潤驅動因素如何影響每個業務。

In Q1, free cash flow has stepped down versus the same period last year, as expected, with a small cash outflow of GBP 3 million in the quarter.

第一季度，自由現金流與去年同期相比有所下降，正如預期的那樣，該季度有 300 萬英鎊的少量現金流出。

This was informed by reduced operating profit, including adverse exchange impact, adverse timing of returns and rebates and increased dividends to noncontrolling interests.

這是由於營業利潤減少，包括不利的匯率影響、不利的退貨和回扣時間以及增加非控股權益的股息。

These factors were partly offset by a reduction in trade receivables from lower sales compared to an increase in Q1 2020 as well as an increase in proceeds from disposal of intangible assets and lower tax payments.

與 2020 年第一季度的增長相比，銷售額下降導致貿易應收賬款減少，以及無形資產處置收益增加和稅收減少，這些因素部分抵消了這些因素。

Improving cash flow continues to be a constant focus for the team.

改善現金流仍然是團隊一直關注的焦點。

So it's worth noting Q2 will be much lower versus last year, which saw a step-up related to higher Q1 2021 sales which were collected in Q2, IR timing and lower tax payments.

因此值得注意的是，第二季度將比去年低得多，去年與第二季度收集的 2021 年第一季度銷售額增加、IR 時間安排和較低的納稅額有關。

Moving on to performance in the Pharma business.

繼續在製藥業務中表現。

Slide 19 summarizes the Pharmaceuticals business, where overall revenues declined 8%.

幻燈片 19 總結了製藥業務，該業務的總收入下降了 8%。

This was broadly as expected.

這大致符合預期。

Approximately half of the decline was due to prior period stocking and the other half due to pandemic pressures in antibiotics and generics in Japan.

下降的大約一半是由於前期庫存，另一半是由於日本抗生素和仿製藥的大流行壓力。

UN Specialty Pharmaceuticals revenue grew 3% for the quarter, reflecting continued strong commercial delivery across our portfolio, partially offset by phasing in HIV, as David had described.

UN Specialty Pharmaceuticals 收入在本季度增長了 3%，反映出我們產品組合的商業交付持續強勁，但正如大衛所描述的那樣，部分被 HIV 的分階段抵消。

The Established Pharma portfolio declined 17%.

Established Pharma 投資組合下降了 17%。

Within this, Established Respiratory was down 11%, reflecting ongoing generic competition for adverse Seretide and Ventolin as well as Xyzal in Japan.

其中，Established Respiratory 下降了 11%，反映了在日本對不利的 Seretide 和 Ventolin 以及 Xyzal 的持續仿製藥競爭。

The rest of the Established Pharma portfolio was down 24%, with COVID-19 continuing to affect demand, particularly in antibiotics.

其餘成熟的製藥產品組合下降了 24%，COVID-19 繼續影響需求，尤其是在抗生素方面。

Pharma operating margin was 28.8%.

醫藥營業利潤率為 28.8%。

The 280 basis point increase of constant exchange rates despite the revenue decline, primarily reflected the dynamics I referred to earlier.

儘管收入下降，但固定匯率上漲 280 個基點，主要反映了我之前提到的動態。

Tight control of ongoing costs, reduced variable spending as a result of COVID-19 where Q1 2020 reflected pre-COVID patterns, a favorable legal settlement in the quarter compared to increased legal costs in Q1 2020 and the continued benefit of restructuring activities.

嚴格控制持續成本，由於 COVID-19 減少了可變支出，其中 2020 年第一季度反映了 COVID 之前的模式，與 2020 年第一季度增加的法律成本相比，本季度有利的法律和解以及重組活動的持續收益。

Pharma R&D spend grew 2%, which partially offset those margin benefits.

製藥研發支出增長 2%，部分抵消了這些利潤率收益。

However, underlying R&D growth was higher, reflecting phasing on -- in spend on BLENREP in Q1 2020 and efficiency savings.

然而，潛在的研發增長更高，反映出在 2020 年第一季度 BLENREP 上的支出和效率節約的逐步增加。

With regards to Q2 considerations for Pharma revenues, in addition to a favorable comparator due to destocking, we expect new and specialty sales to continue to grow, including the HIV Q1 phasing to reverse.

關於第二季度對製藥收入的考慮，除了去庫存帶來的有利比較外，我們預計新的和專業的銷售將繼續增長，包括 HIV Q1 階段性逆轉。

Partially offsetting this will be continued pressure in Established Pharma.

Established Pharma 的持續壓力將部分抵消這一影響。

Looking at the full year for Pharma, there is no change to overall expectations.

縱觀製藥業的全年，總體預期沒有變化。

We continue to expect flat-to-low single-digit percentage growth in Pharma revenues, excluding divestments and including high single-digit decline in Established Pharma.

我們繼續預計製藥收入的持平至低個位數百分比增長，不包括撤資，包括成熟製藥公司的高個位數下降。

In Q1, we announced the agreed sale of the cephalosporin business, and we continue to review our portfolio for further opportunities to sharpen focus on opportunity.

在第一季度，我們宣布同意出售頭孢菌素業務，我們將繼續審查我們的投資組合以尋找更多機會，以加強對機會的關注。

We've either completed or signed deals representing approximately 3/4 of the expected cash cost of the separation preparation.

我們已經完成或簽署的交易約佔分離準備預期現金成本的 3/4。

(inaudible)

（聽不清）

gives you an overview of Vaccines performance with sales down 30%.

為您提供銷量下降 30% 的疫苗性能概覽。

Q1 performance was largely reformed by the rapid pace of deployment of COVID-19 immunizations in the U.S., as Luke has referenced.

正如 Luke 所提到的，第一季度的業績在很大程度上因美國 COVID-19 免疫接種的快速部署而發生了變化。

As a result, Shingrix sales declined 47%, (inaudible) declined 13% and Established Vaccines declined 23%.

結果，Shingrix 銷售額下降了 47%，（聽不清）下降了 13%，而 Established Vaccines 下降了 23%。

The operating margin was 25%.

營業利潤率為 25%。

The reduction in operating profit and margin primarily reflected the negative operating leverage from the COVID-19-related sales decline as well as higher supply chain costs resulting from lower demand and under recoveries in the current period and adverse mix due to lower Shingrix sales.

營業利潤和利潤率的下降主要反映了與 COVID-19相關的銷售下降導致的負經營槓桿，以及由於需求下降和本期恢復不足導致的供應鏈成本增加以及 Shingrix 銷售下降導致的不利組合。

As noted earlier, there was also increased R&D investment behind our RSP and meningitis development programs.

如前所述，我們的 RSP 和腦膜炎開發計劃背後的研發投資也有所增加。

These factors were partly offset by higher royalty income in the quarter.

這些因素部分被本季度較高的特許權使用費收入所抵消。

To reiterate what we've said previously, progress in mass immunization programs and easing of pandemic conditions are the key factors in forming pace and scale of recovery in vaccines revenues.

重申一下我們之前說過的話，大規模免疫計劃的進展和大流行病的緩解是形成疫苗收入復甦速度和規模的關鍵因素。

The advances to date this year are encouraging, particularly in markets such as the U.S. and U.K. Accordingly, and in line with Luke's earlier comments, we expect to see progress in recovery of Vaccines revenues in the remainder of the year, with growth weighted to the second half.

今年迄今取得的進展令人鼓舞，尤其是在美國和英國等市場。因此，根據 Luke 先前的評論，我們預計今年剩餘時間疫苗收入的複蘇將取得進展，增長權重為下半場。

In the full year for Vaccines, we continue to expect flat to low single-digit percentage revenue growth.

在疫苗的全年，我們繼續預計收入將持平至較低的個位數百分比增長。

Turning to Slide 21.

轉到幻燈片 21。

Q1 revenues in Consumer Healthcare decreased 9%, excluding brands either divested or under review.

消費者保健業務的第一季度收入下降了 9%，不包括已剝離或正在接受審查的品牌。

And including those brands, turnover declined 16%.

包括這些品牌在內，營業額下降了 16%。

As Brian mentioned, we've completed the tail brands divestment program in Consumer.

正如布賴恩所提到的，我們已經完成了消費者領域的尾部品牌撤資計劃。

Consumer Healthcare performance was largely as expected, given paneling experienced in Q1 2020 when continuing sales (inaudible) and a very, very weak cold and flu season.

考慮到 2020 年第一季度的持續銷售（聽不清）以及非常非常疲軟的感冒和流感季節，消費者醫療保健的表現基本符合預期。

Operating margin for Q1 was 23.1%, down 290 basis points at constant exchange rates versus last year.

第一季度的營業利潤率為 23.1%，按固定匯率計算比去年下降 290 個基點。

Notably, the margin last year benefited from pantry loading and high continuing sales growth.

值得注意的是，去年的利潤率得益於食品儲藏室的裝載和持續的高銷售增長。

As a reminder, the full year 2020 margin was 22.3%.

提醒一下，2020 年全年利潤率為 22.3%。

In Q1, there was also a 220 basis points adverse operating margin impact from divestments.

在第一季度，撤資也對營業利潤率產生了 220 個基點的不利影響。

Importantly, integration synergies continued to be delivered by this business.

重要的是，該業務繼續提供整合協同效應。

With regards to Q2 considerations for Consumer, there will be a favorable comparator in Q2 for the continuing business as a result of last year's pantry unloading.

關於第二季度對消費者的考慮，由於去年的食品儲藏室卸載，第二季度將有一個有利的比較器用於持續業務。

In Q2 2020, there were sales of GBP 116 million for brands divested and under review.

2020 年第二季度，剝離和審查中品牌的銷售額為 1.16 億英鎊。

There will be further impact from those brands and Consumer sales growth.

這些品牌和消費者銷售增長將產生進一步的影響。

It's also worth noting that there was a 2-percentage-point sales benefit in Q2 2020 as a result of the North American systems cutover, and that will not repeat.

還值得注意的是，由於北美系統切換，2020 年第二季度有 2 個百分點的銷售收益，並且不會重複。

As in the other businesses, for Consumer, there is no change to expectations for the full year.

與其他業務一樣，對於消費者而言，全年的預期沒有變化。

Excluding brands divested or under review, we expect low to middle -- mid-single-digit percentage revenue growth outperforming the market.

不包括剝離或正在審查的品牌，我們預計中低個位數百分比的收入增長將優於市場。

Turning now to our group 2021 outlook, where we're reconfirming our EPS guidance range, which assumes that we outlined in the full year 2020 results that healthcare systems and consumer trends approach normality in the second half of the year in our key markets.

現在轉向我們的 2021 年集團展望，我們在此重新確認我們的 EPS 指導範圍，該範圍假設我們在 2020 年全年結果中概述了下半年我們主要市場的醫療保健系統和消費者趨勢接近常態。

Our full year revenue expectations for each business also remain unchanged, but there are some important considerations that will influence Q2 performance, as I've already mentioned.

我們對每項業務的全年收入預期也保持不變，但正如我已經提到的，有一些重要的考慮因素會影響第二季度的表現。

Results through the remainder of 2021 will reflect the phasing and the comparator periods as well as the progress of immunization programs and the extent to which pandemic conditions are eased.

2021 年剩餘時間的結果將反映分階段和比較期以及免疫計劃的進展和大流行病緩解的程度。

Taking each of the business unit factors for Q2 that I've mentioned into account, we expect sales in Q2 to grow mid- to high single digits for the group.

考慮到我提到的第二季度的每個業務部門因素，我們預計該集團第二季度的銷售額將增長中高個位數。

With regards to P&L considerations for Q2, we anticipate that SG&A will increase broadly in line with sales, and our investments in R&D will increase mid-single digits.

關於第二季度的 P&L 考慮因素，我們預計 SG&A 將與銷售額大致同步增長，我們在研發方面的投資將增長中等個位數。

Overall, the pandemic disruption to our portfolio during H1 this year will result in H1 '21 performance being below that of H1 '20.

總體而言，今年上半年我們投資組合的大流行中斷將導致 H1 '21 的表現低於 H1 '20。

Despite this short-term impact, we remain confident in the demand for our products and expect strong recovery and contribution to growth, in particular from Shingrix in the second half of the year.

儘管存在這種短期影響，我們仍然對我們產品的需求充滿信心，並預計強勁的複蘇和對增長的貢獻，尤其是今年下半年來自 Shingrix 的增長。

As mentioned by me earlier, at our new GSK Investor update on 23rd of June, we'll provide more detail on our mid- to long-term financial outlook, capital allocation priorities and dividends.

正如我之前提到的，在我們 6 月 23 日的新 GSK 投資者更新中，我們將提供更多關於我們的中長期財務前景、資本分配優先事項和股息的細節。

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) Your first question comes from the line of Mark Purcell.

（操作員說明）您的第一個問題來自 Mark Purcell。

Two questions then.

那麼兩個問題。

The first one on the long-acting strategy.

第一個關於長效策略。

So David, for you.

所以大衛，對你來說。

Say, please, could you help us understand the path to market for Cab 400 and how we should think about the timing and dose frequency of that sub cut backbone asset is every month or you're going for every 3 months?

請說，您能否幫助我們了解 Cab 400 的市場路徑，以及我們應該如何考慮每個月或每 3 個月進行一次切割骨幹資產的時間和劑量頻率？

And then could you discuss the importance of this given that I believe your competitors, Merck and Gilead, do not have anything like Cab 400 in their pipelines in terms of how important it is an integrase inhibitor when it comes to long-acting combination treatment approaches?

然後你能不能討論一下這個的重要性，因為我相信你的競爭對手默克和吉利德在他們的管道中沒有像 Cab 400 這樣的東西，就它在長效聯合治療方法中作為整合酶抑製劑的重要性而言？

And then the second question is on mRNA vaccines more broadly.

然後第二個問題是關於更廣泛的 mRNA 疫苗。

Please, could you help us understand which parts of your vaccine franchise you believe might be vulnerable to mRNA disruption.

請幫助我們了解您認為疫苗特許經營權的哪些部分可能容易受到 mRNA 破壞的影響。

Is it just the food business to you guys?

對你們來說，這只是食品行業嗎？

And when you're thinking about prioritizing your own mRNA vaccine efforts, what are the key targets?

當您考慮優先考慮自己的 mRNA 疫苗工作時，關鍵目標是什麼？

And will you be running parallel programs with a non-mRNA vaccine technology?

你會用非 mRNA 疫苗技術運行並行程序嗎？

Thanks.

謝謝。

We'll come to Roger and Hal might want to add something as well overall on our mRNA platform approach.

我們將來到 Roger 和 Hal 可能想在我們的 mRNA 平台方法上添加一些東西。

Obviously, something we mobilized aggressively behind both with our in-house platform, but also with our deal with Cuba last year.

顯然，我們通過內部平台以及去年與古巴的交易積極動員了一些東西。

But David, over to you first.

但是戴維，先輪到你了。

Yes.

是的。

Okay.

好的。

Thanks, Mark.

謝謝，馬克。

Well, firstly, we're very pleased to bring the world's first long-acting injectable to the market with Cabenuva in the U.S. in February.

好吧，首先，我們很高興 2 月份在美國將世界上第一個長效注射劑 Cabenuva 推向市場。

And as I've said in my remarks, we've seen a lot of interest in that from physicians and patients.

正如我在發言中所說，我們已經看到醫生和患者對此很感興趣。

Obviously, that will build over time.

顯然，這將隨著時間的推移而建立。

But we do think the long-acting market has the potential to really be quite significant over time.

但我們確實認為長效市場有可能隨著時間的推移真正變得非常重要。

And so to say we're investing significantly into it in R&D in next generation, Cab 400 will really be at the heart of that.

所以說我們在下一代的研發上投入了大量資金，Cab 400 將真正成為其中的核心。

We are looking at it in sub cut, as you say and other formulations.

正如您所說，我們正在以子剪輯和其他形式進行研究。

Too early to say exactly what the dosing frequency will be.

確切地說給藥頻率是多少還為時過早。

We're looking a different interval 1 month, 2 months, 3 months and so forth.

我們正在尋找不同的時間間隔 1 個月、2 個月、3 個月等等。

We will have -- we are in clinical trials in that.

我們將擁有 - 我們正在進行臨床試驗。

We still have some data in the second half of the year, some early data.

我們還有一些下半年的數據，一些早期的數據。

And of course, we have lots of things that we are potentially going to combine that with, whether it's our maturation inhibitor programs or bNAb and RTI captives and so forth.

當然，我們有很多東西可能會與之結合，無論是我們的成熟抑製劑計劃還是 bNAb 和 RTI 俘虜等等。

So a lot going on.

發生了很多事情。

In terms of the competition, we have to see.

在競爭方面，我們必須看到。

I mean, they've got a lot of scientific hurdles to get over.

我的意思是，他們有很多科學障礙需要克服。

Of course, They're not integrase inhibitors, so resistance will be very important that they demonstrate that.

當然，它們不是整合酶抑製劑，因此抵抗力對於他們證明這一點非常重要。

And we'll see where they go with formulation and so forth.

我們將看到他們在製定等方面的去向。

But I'm very excited by the program we've got, and we will certainly outline more of that in June.

但我對我們的計劃感到非常興奮，我們肯定會在 6 月份概述更多內容。

Thank you.

謝謝。

Roger?

羅傑？

Yes.

是的。

Thanks, Mark.

謝謝，馬克。

I'd say I think mRNA is going to form a critical part and does form a critical part of our GSK vaccines pipeline.

我想說我認為 mRNA 將成為關鍵部分，並且確實成為我們 GSK 疫苗管道的關鍵部分。

The benefits of the technology have really been accelerated and shown recently in terms of speed to clinic.

該技術的好處最近在臨床速度方面得到了真正的加速和體現。

And the efficacy and the manufacture or the efficiency and the manufacturing process, we've been investing for some time.

以及功效和製造或效率和製造過程，我們已經投資了一段時間。

We've got 2 real plays going on here, which will bring to life more in June when we share more of the pipeline.

我們在這裡進行了 2 場真正的比賽，當我們分享更多的管道時，這將在 6 月帶來更多的生命。

But just to give you a feeling for it, in terms of our CureVac partnership, these infectious disease partnerships, we've got 5 potential mRNA pathogens to develop and our COVID next-generation play with CureVac as well.

但只是為了給你一種感覺，就我們的 CureVac 合作夥伴關係而言，這些傳染病合作夥伴關係，我們有 5 種潛在的 mRNA 病原體需要開發，我們的 COVID 下一代也與 CureVac 合作。

And also Emma mentioned our in-house self-amplifying technology and mRNA as well, which will be going into the clinic.

Emma 還提到了我們內部的自放大技術和 mRNA，它們將進入臨床。

So we see a number of assets moving forward in the next 18 months, which we'll share in June.

因此，我們看到許多資產在未來 18 個月內向前發展，我們將在 6 月分享。

We are investing and allocating capital to it.

我們正在向它投資和分配資金。

So we're already looking at how we create world-class GMP manufacturing capability as well.

因此，我們也已經在研究如何打造世界一流的 GMP 製造能力。

Just to answer your question directly in where do we think mRNA will play.

只是直接回答你的問題，我們認為 mRNA 會在哪裡發揮作用。

There are certain challenges -- or certain areas in vaccines where it may struggle in terms of technically being applied, meningitis bacterial infections as well, other complex antigens, but I don't think you can be complacent.

存在某些挑戰——或者疫苗的某些領域在技術應用、腦膜炎細菌感染以及其他復雜抗原方面可能會遇到困難，但我認為你不能自滿。

We do believe that this is going to be a very important platform for the future.

我們確實相信，這將成為未來非常重要的平台。

It's going to be In addition to some platforms that we already have that we believe are world-class in like adjuvant, bioconjugation viral vectors, all of these will be a very important portfolio of technologies that we're going to apply to the future in the pipeline.

除了我們已經擁有的一些我們認為在佐劑、生物共軛病毒載體方面是世界一流的平台之外，所有這些都將是我們將在未來應用的非常重要的技術組合管道。

Hal, anything you'd add?

哈爾，你有什麼要補充的嗎？

No, very comprehensive.

不，很全面。

I agree.

我同意。

Could I just ask you then, particularly on sales of Shingrix, Roger, just on the point you made.

那麼我可以問你，特別是關於 Shingrix 的銷售，羅傑，就你提出的觀點。

Is shingles an area where still mRNA could be disruptive?

帶狀皰疹是 mRNA 仍可能具有破壞性的區域嗎？

Or do you feel that the benchmark you've established with Shingrix is just too high?

還是您覺得您與 Shingrix 建立的基準太高了？

We think the benchmark on the efficacy is really very, very high and going to be difficult to match, to be honest, given the impact of the adjuvant.

考慮到佐劑的影響，我們認為療效基準確實非常非常高，並且很難匹配。

So again, we can't be complacent.

因此，我們不能自滿。

I think life cycle management of Shingrix, making sure that we continue to expand geographically.

我認為 Shingrix 的生命週期管理，確保我們繼續在地域上擴張。

We've got all our indications that we're working on is going to be important, but I think that's a very high bar for mRNA to come after.

我們得到的所有跡像都表明我們正在進行的工作將很重要，但我認為這對 mRNA 來說是一個非常高的門檻。

Our efficacy and a decade of safety.

我們的功效和十年的安全性。

Your next question on the line comes from the line of Tim Anderson.

您在線上的下一個問題來自蒂姆·安德森 (Tim Anderson)。

I wanted to go back to HIV, if I can, and just future competition from Merck and Gilead.

如果可以的話，我想回到 HIV，以及未來來自默克和吉利德的競爭。

So Merck, in our TTI, looks very good by itself.

因此，在我們的 TTI 中，默克公司本身看起來非常好。

Glaxo's -- sorry, Gilead's Cats inhibitor looks very good.

Glaxo 的——抱歉，Gilead 的 Cats 抑製劑看起來非常好。

Combine the drugs, you might very well have a very strong drug that offers once-weekly oral dosing.

結合這些藥物，您很可能會得到一種非常強效的藥物，每周口服一次。

And they're kind of capitalizing on this 2-drug regimen, and I know that you've been a big proponent of 2-drug regimens.

他們正在利用這種 2 種藥物療法，我知道你一直是 2 種藥物療法的大力支持者。

What does Glaxo have in the pipeline that makes you comfortable that you've got a competitive offering in the future where you might have something like a once-weekly oral regimen as well?

葛蘭素史克在研發中有什麼讓您感到放心的是，您在未來可能會獲得有競爭力的產品，您可能還會有類似每週一次的口服方案？

Because it seems like your franchise longer term could be at risk by these 2 products that are now being combined.

因為看起來您的特許經營權長期可能會受到現在合併的這 2 種產品的威脅。

And then second question, just on Shingrix manufacturing capacity, where you are in terms of having that expanded and what percent of capacity is currently being used?

然後是第二個問題，關於 Shingrix 的製造能力，你在哪裡擴大了產能，目前正在使用的產能百分比是多少？

Thank you.

謝謝。

Well, Roger, perhaps you can pick up the Shingrix manufacturing where I know there's been a lot of work going on in terms of progress there and then we'll come to David.

好吧，羅傑，也許你可以選擇 Shingrix 的製造，我知道在那裡有很多工作正在進行，然後我們會來找大衛。

Yes.

是的。

Listen, thanks very much for the question.

聽著，非常感謝這個問題。

We're making great progress on the manufacturing expansion.

我們在製造擴張方面取得了很大進展。

And also whilst we've seen some demand disruption, as we've mentioned on Shingrix, we've kept making in terms of putting inventory into the system.

而且，正如我們在 Shingrix 上提到的那樣，雖然我們看到了一些需求中斷，但我們一直在將庫存放入系統中。

So I think the long and the short of it is we're going to have the capacity in place to meet that we foresee for the next number of years.

因此，我認為總而言之，我們將有能力滿足我們未來幾年的預期。

We have the new facility coming on in 2024.

我們的新設施將於 2024 年投入使用。

But we're -- as I mentioned earlier, we're geographically expanding.

但是我們——正如我之前提到的，我們正在地理上擴張。

We should be in 16 countries by the end of 2021 and manufacturing over the next number of years is not going to be a problem for us.

到 2021 年底，我們應該在 16 個國家開展業務，未來幾年的製造對我們來說不會成為問題。

Thanks for the question, Tim.

謝謝你的問題，蒂姆。

So in terms of weekly oral, my understanding from Gilead and Merck is they expect to produce their combination, I think, in the mid-20s.

因此，就每周口頭報告而言，我對吉利德和默克的理解是，他們希望在 20 年代中期產生他們的組合。

What I would say on that is I think it will predominantly compete against the daily oral.

我要說的是，我認為它將主要與日常口語競爭。

And of course, so in our case, the bar's set.

當然，在我們的例子中，酒吧的設置。

And the bar there has, I think, been set incredibly high with all the data we now have both on efficacy, safety and of course, most importantly, resistance and integrators have really become the standard of care.

我認為，根據我們現在掌握的所有關於療效、安全性的數據，當然還有最重要的是，耐藥性和整合劑已經真正成為護理標準，因此標準已經設置得非常高。

And I certainly had enough questions around resistance as we went through the clinical studies.

在我們進行臨床研究時，我當然對耐藥性有足夠的疑問。

So I think we'll see where the data comes out in the next few years, but there's a high hurdle to beat and resistance will be critical.

所以我認為我們會在未來幾年看到數據的出處，但要克服的障礙很大，阻力將是至關重要的。

Also, in a lot of market research we've done, it's actually not clear that patients or physicians really prefer weekly oral versus daily oral, and you start to run into more adherence issues and so forth.

此外，在我們所做的許多市場研究中，實際上並不清楚患者或醫生是否真的更喜歡每周口服還是每天口服，並且你開始遇到更多的依從性問題等等。

So I think there's quite a lot to play through that.

所以我認為有很多事情要做。

In terms of the injectable, the long-acting injectable, where I think they've said it's a longer time frame, probably 2027.

就注射劑而言，長效注射劑，我認為他們說這是一個更長的時間框架，可能是 2027 年。

Again, resistance will be important.

同樣，阻力很重要。

And just remember, this program is at a very, very early stage.

請記住，這個項目還處於非常非常早期的階段。

I think islatravir in injectable form is only in Phase I. So there's a lot to go and a lot to prove.

我認為註射形式的 islatravir 僅處於第一階段。因此還有很多工作要做，需要證明很多。

And as I said in the answer to Mark, meanwhile we're investing a lot in second generation with Cab 400 and so forth.

正如我在對馬克的回答中所說，與此同時，我們在 Cab 400 等第二代產品上投入了大量資金。

Your next question on the line comes from this line of Simon Mather.

您在線上的下一個問題來自 Simon Mather 的這一行。

I've got 2, 1 on Shingrix and then 1 more of a strategic question.

我有 2 個，1 個關於 Shingrix，然後還有 1 個戰略問題。

So just on Shingrix, I think if you listen to Moderna, they talk about -- and I think it's widespread, not concerned, but views that potentially we're going to need a booster vaccine for COVID-19 as we go towards the end of the year.

因此，就 Shingrix 而言，我想如果你聽聽 Moderna，他們會談論——我認為這很普遍，並不擔心，但認為在我們接近尾聲時，我們可能需要針對 COVID-19 的加強疫苗的一年。

I'm just thinking how that might play into your views on the recovery of Shingrix.

我只是在想這會如何影響你對 Shingrix 復甦的看法。

Do you think there'll be potential space to vaccinate people with the shingles vaccine?

您認為有可能為人們接種帶狀皰疹疫苗嗎？

And just generally, your overall thoughts on if we do have a requirement for a booster vaccine, how that could potentially impact the recovery of Shingrix in the second half?

總的來說，如果我們確實需要加強疫苗，您的總體想法是，這將如何影響下半年 Shingrix 的恢復？

That's the first question.

這是第一個問題。

And the second one is more a bigger picture strategic thing, obviously, capitalized maybe last week by the news on the revelation that Elliott were building a stake.

第二個更像是一個更大的戰略問題，顯然，可能在上週被埃利奧特正在建立股份的消息所利用。

I think the reason for the question is, obviously, when you announced the deal with Pfizer initially, you have views of hopefully spinning or splitting this company into 3 years post close.

我認為這個問題的原因顯然是，當你最初宣布與輝瑞的交易時，你有希望在關閉後將這家公司分拆或拆分為 3 年。

Obviously, you've got a bit of space until 5 years post the close, you have the choice what to do.

顯然，在收盤後 5 年之前，您還有一些空間，您可以選擇做什麼。

And that's depended on the current positioning and the stand-alone strength of BioPharma as it stands.

這取決於目前的定位和 BioPharma 的獨立實力。

Now obviously, we've had a few disappointments in the pipeline.

現在顯然，我們在管道中遇到了一些失望。

We've had COVID.

我們有 COVID。

There's been a lot of headwinds that we have never seen.

有很多我們從未見過的逆風。

I mean is there a rationale for delaying the spin of Consumer?

我的意思是有理由推遲消費者的旋轉嗎？

And maybe if you could maybe comment if you can on the involvement of value.

如果您可以就價值的參與發表評論，也許可以。

And if you have any views on that, that would be great.

如果您對此有任何看法，那就太好了。

Great, Simon.

太好了，西蒙。

Thanks.

謝謝。

Well, we'll come to Luke in a moment to give more content to our confidence and the reaffirmation of the outlook of Shingrix related to your booster question.

好吧，我們稍後會來找盧克，以提供更多內容來增強我們的信心，並重申與您的助推器問題相關的 Shingrix 前景。

I'm sure you won't be surprised.

我相信你不會感到驚訝。

I'm not going to make any comment on each specifics regarding individual shareholder engagement.

我不會對有關個人股東參與的每個細節發表任何評論。

But just to reiterate that we remain very committed to the pathway that we laid out at the time of the announcement of the Pfizer deal.

但只是重申，我們仍然非常致力於我們在宣布輝瑞交易時制定的途徑。

And as I said today, we're intending to give more specifics around the specific sort of mechanism of separation when we come with the new GSK update in June, but we're absolutely on track in terms of the timetable and delighted with the progress both on the scale of the Consumer successful integration and the separation plans, which are complex, but absolutely well underway as well as the future ready (inaudible) which is about setting up for 2 competitive cost bases and operating model for 2 companies.

正如我今天所說，我們打算在 6 月份發布新的 GSK 更新時，就特定類型的分離機制提供更多細節，但我們在時間表方面絕對走上正軌，並對進展感到高興無論是在消費者成功整合和分離計劃的規模上，這些計劃都很複雜，但絕對在順利進行，以及為 2 家公司建立 2 個具有競爭力的成本基礎和運營模式的未來準備（聽不清）。

All of that has continued undeterred by COVID with tremendous amount of work and focus from the organization.

所有這一切都沒有受到 COVID 的影響，並得到了組織的大量工作和關注。

The key underneath all that is for us to bring transparency and commitment around the growth prospects.

所有這一切的關鍵是我們要圍繞增長前景帶來透明度和承諾。

And again, that's something that we intend to do in June with a lot of confidence underneath a good improvement in performance from '22 and beyond.

再一次，這是我們打算在 6 月份做的事情，在 22 年及以後的表現有了很大改善的情況下，我們充滿信心。

So all very much on track.

所以一切都在正軌上。

Luke, do you want to comment on the question around business in Shingrix, please?

盧克，你想對有關 Shingrix 業務的問題發表評論嗎？

Yes.

是的。

Thanks, Simon.

謝謝，西蒙。

Look, short term, no impact, medium-term opportunity.

看，短期，沒有影響，中期機會。

So what I mean by that is our current assumption is that countries, including the U.S., will concentrate on mass vaccinating.

所以我的意思是，我們目前的假設是，包括美國在內的國家將專注於大規模疫苗接種。

So younger people, people who are hesitant to get a vaccine rather than vaccinating large cohorts of the variant with vaccines.

因此，年輕人，那些猶豫是否要接種疫苗而不是為大量變異疫苗接種疫苗的人。

In the absence, based on what we know now of no waning immunity or viral escape in 2021.

在缺席的情況下，根據我們現在所知的 2021 年免疫力不會減弱或病毒逃逸。

Plus, if you look at the time lines of companies working on the new COVID-19 vaccines, including us, there'll only be readouts towards the end of 2021.

另外，如果您查看研究新 COVID-19 疫苗的公司（包括我們）的時間表，您會發現到 2021 年底才會有讀數。

I think in terms of opportunity, if there is a role for boosters in 2022, we are very busy working on co-administration studies with the aim of having this data available in 2021.

我認為就機會而言，如果助推器在 2022 年發揮作用，我們正忙於共同管理研究，目標是在 2021 年提供這些數據。

And I think if we have this data, along with some other experimental studies we're looking at and data collecting from claims databases in terms of relationships, the correlations between COVID-19 and shingles and COVID-19 vaccine with shingles, this could actually create an opportunity in terms of co-administration similar to the way we see with flu.

我認為，如果我們有這些數據，連同我們正在研究的其他一些實驗研究以及從索賠數據庫中收集的關係方面的數據，COVID-19 和帶狀皰疹之間的相關性以及帶狀皰疹的 COVID-19 疫苗，這實際上可能在共同管理方面創造機會，類似於我們對流感的看法。

There's a clear relationship between flu vaccines and people receiving Shingrix.

流感疫苗與接受 Shingrix 的人之間存在明顯的關係。

So short term, not much of a challenge, midterm opportunity.

如此短期，挑戰不大，中期機會。

Your next question on the line comes from the line of Matthew Weston.

您的下一個問題來自 Matthew Weston。

Yes, you could -- that will be the same question, I'm sure.

是的，你可以——這將是同一個問題，我敢肯定。

So first on RSV.

所以首先是 RSV。

Clearly, an increasingly competitive area and one that GSK has flagged is strategically important in the midterm.

顯然，競爭日益激烈的領域和 GSK 所標記的領域在中期具有戰略重要性。

I'm not going to ask you for comments on the competitor drug that's recently come out.

我不會徵求您對最近上市的競爭藥物的意見。

But for me, it's a question around RSV rates being at such a low over the course of the last 12 to 18 months and whether or not that has any impact on the timing of your expected readouts in RSV.

但對我來說，這是一個關於 RSV 率在過去 12 到 18 個月內處於如此低水平的問題，以及這是否對你在 RSV 中預期讀數的時間有任何影響。

And then secondly, another vaccine question around pediatric vaccines.

其次，關於兒科疫苗的另一個疫苗問題。

There seems to be a very big disconnect in the trends between Sanofi's pediatric vaccine revenue in 1Q and GSK pediatric vaccine revenue.

賽諾菲第一季度兒科疫苗收入與葛蘭素史克兒科疫苗收入之間的趨勢似乎存在很大的脫節。

Sanofi talking aggressively about the benefits they will have of hexavalent in the U.S. Can you give us an outlook as to where you see your pediatric vaccine trends going over the course of the next 12, 24 months?

賽諾菲 (Sanofi) 積極談論他們將在美國使用六價疫苗帶來的好處。您能給我們展望一下未來 12、24 個月您的兒科疫苗趨勢嗎？

Sure.

當然。

So first, I'll come to Luke perhaps in a moment on the pediatric vaccine.

所以首先，我可能會在兒科疫苗上找盧克。

But first of all, Hal, do you want to comment on the development programs around RSV more broadly?

但首先，哈爾，你想更廣泛地評論圍繞 RSV 的開發計劃嗎？

Yes.

是的。

Thanks.

謝謝。

Well, your question is quite broad.

好吧，你的問題很廣泛。

But as it relates to RSV in the older adults program, we're very excited about given the huge unmet medical need.

但由於它與老年人計劃中的 RSV 相關，鑑於巨大的未滿足醫療需求，我們感到非常興奮。

Our Phase III program for both maternal and adult are currently progressing pretty much as planned.

我們針對孕產婦和成人的 III 期計劃目前正在按計劃進行。

We indicated that when we first outlined the RSV program, so that the ID Week last year, that we expect the pivotal data in the second half of 2022.

我們表示，當我們首次概述 RSV 計劃時，即去年的 ID 週，我們預計關鍵數據將在 2022 年下半年出現。

And although there is a risk that the timing could be affected by the RSV disease circulation given the pandemic, we've been monitoring this.

儘管鑑於大流行，時間可能會受到 RSV 疾病傳播的影響，但我們一直在監測這一點。

Our clinical trials groups are looking for areas in the world in which there's a reopening of the economies and where there's more individual contact person risks so that the RSV might be more common there.

我們的臨床試驗小組正在尋找世界上經濟重新開放的地區，以及個人接觸者風險更多的地區，以便 RSV 在那裡可能更常見。

So we're -- no changes to our current time lines.

所以我們 - 我們當前的時間表沒有變化。

And as I've mentioned, we continue to monitor this.

正如我所提到的，我們將繼續對此進行監控。

I think as it relates to the maternal vaccine, of course, our aim is to protect infants from birth up to 6 months of life through transfer of the maternal antibodies.

我認為，因為它與母體疫苗有關，當然，我們的目標是通過母體抗體的轉移來保護嬰兒從出生到 6 個月的生命。

And I won't comment on the competitor information, of course.

當然，我不會評論競爭對手的信息。

But the news is encouraging in that if a monoclonal can be protective when given to an infant, then we're very excited that a prefusion antigen given to the mother as a vaccine with a polyclonal response would be effective.

但這個消息令人鼓舞，因為如果單克隆抗體在給予嬰兒時可以起到保護作用，那麼我們很高興將融合前抗原作為具有多克隆反應的疫苗給予母親將是有效的。

In fact, we've shown that when using that antigen that you can boost neutralizing antibodies up to 15-folds to deliver high levels of protective polyclonal responses, which is both important because of potential resistance relative to monoclonals, but also the benefit of immunizing a mother versus infusing a monoclonal into an infant.

事實上，我們已經表明，當使用該抗原時，您可以將中和抗體增強高達 15 倍，以提供高水平的保護性多克隆反應，這很重要，因為相對於單克隆抗體的潛在耐藥性，但也有免疫的好處母親與將單克隆抗體注入嬰兒體內。

Maternal immunization is becoming an established methodology to protect very young infants as well as, of course, the mother.

孕產婦免疫接種正在成為保護年幼嬰兒以及母親的既定方法。

So we're very -- we continue to be very optimistic about both the older adults and the maternal program.

所以我們非常 - 我們對老年人和產婦計劃繼續非常樂觀。

Thanks, Hal.

謝謝，哈爾。

Luke?

盧克？

Sure.

當然。

So Matthew, I'll -- I think there's 2 parts to this.

所以馬修，我會 - 我認為這有兩個部分。

I mean firstly, with hepatitis, we saw CDC stocking.

我的意思是，首先，對於肝炎，我們看到了疾病預防控制中心的庫存。

They essentially used their stockpile.

他們基本上使用了他們的庫存。

And also, we've seen the instances of the reentry of Recombivax in the pediatric market, which put a bit of pressure on hepatitis.

而且，我們已經看到 Recombivax 重新進入兒科市場的例子，這給肝炎帶來了一些壓力。

With DTPa, similar trend in terms of CDC purchasing in the U.S. And they actually signaled to us that they would do that, but they have run down the inventory in Q1 and reversed that in Q2, and we've already seen that now.

對於 DTPa，美國 CDC 採購的趨勢類似，他們實際上向我們發出信號，表示他們會這樣做，但他們在第一季度減少了庫存，並在第二季度扭轉了這一趨勢，我們現在已經看到了這一點。

So they're putting in orders already in April.

所以他們已經在四月份下訂單了。

So we expect that to even out over the 2 quarters.

因此，我們預計這兩個季度會持平。

I think if you look at market share versus Sanofi, there's actually no movement, no material movement in market share in the DTPa market.

我認為，如果你看看市場份額與賽諾菲的對比，你會發現 DTPa 市場的市場份額實際上沒有變化，沒有實質性變化。

But we do know they're out there pre-booking with Vaxart.

但我們確實知道他們已經通過 Vaxart 進行了預訂。

We do expect the level of competitive intensity in the U.S. and pressure on the pediatric DTPa business to increase over the time frame that you described.

我們確實預計美國的競爭強度和兒科 DTPa 業務的壓力會在您描述的時間範圍內增加。

Next question on the line comes from Keyur Parekh.

下一個問題來自 Keyur Parekh。

Two, please, if I may.

兩個，請，如果可以的話。

One for Hal and one for you, Emma.

一份給哈爾，一份給你，艾瑪。

Hal, you've kind of seen 2 of your riskier kind of oncology compounds have disappointing Phase II readouts recently.

Hal，您最近看到 2 種風險較高的腫瘤化合物的 II 期讀數令人失望。

Kind of without sharing obviously the data or anything, but can you just tell us what that means from your perspective as it relates to your broader oncology R&D plans?

有點明顯沒有共享數據或任何東西，但你能從你的角度告訴我們這意味著什麼，因為它與你更廣泛的腫瘤學研發計劃相關嗎？

What do you think, kind of if anything, needs to change on that end, where might it be different as we look towards June?

您認為在這方面需要改變什麼（如果有的話），當我們展望 6 月時，它會在哪裡有所不同？

And then separately, Emma, I think you alluded to the Glaxo kind of underperformance from a stock price perspective.

然後，艾瑪，我認為你從股價的角度暗示了葛蘭素史克的表現不佳。

When you became CEO, you laid down a very clear path for kind of the Glaxo combined company as you saw it and despite that, the stocks underperformed.

當你成為首席執行官時，你為你所看到的葛蘭素史克合併公司製定了一條非常清晰的道路，儘管如此，股票表現不佳。

So my question is, as we look towards June, what are you hoping to tell us that can excite investors and the market about the opportunities that you see forward and that drives your excitement today?

所以我的問題是，當我們展望 6 月時，您希望告訴我們什麼可以讓投資者和市場對您看到的未來機會感到興奮，並激發您今天的興奮？

Thanks, Keyur.

謝謝，基爾。

So let's come to Hal first.

所以讓我們先來看看哈爾。

I think the answers are probably linked and then I'll follow up on your second question.

我認為答案可能是相互關聯的，然後我將跟進你的第二個問題。

Okay.

好的。

Well, thanks, Keyur, for your thoughtful question.

好吧，謝謝 Keyur 提出的深思熟慮的問題。

Let me first by just reminding everybody of the R&D focus, as we outlined it in 2018, which is really to focus on specialty medicines and vaccines, particularly focusing on immunology and human genetics to drive new both medicines and vaccines.

首先讓我提醒大家注意研發重點，正如我們在 2018 年概述的那樣，這實際上是專注於特種藥物和疫苗，特別是免疫學和人類遺傳學，以推動新的藥物和疫苗的出現。

And within immunology, we said one of the most exciting areas is marginally the immune system, tell patients with cancer based on the profound benefits that PD-1 blockade has had.

在免疫學中，我們說最令人興奮的領域之一是免疫系統，根據 PD-1 阻斷所帶來的深遠益處告訴癌症患者。

We believed strongly that the checkpoint blockade area as well as cell therapy, to be honest, that those 2 areas would be ripe for really leveraging our deep expertise in immunology and potentially being leaders in the IO space, sort of IO version 2.0, if you will, after the PD-1 blockade.

我們堅信檢查點封鎖領域以及細胞療法，老實說，這兩個領域已經成熟，可以真正利用我們在免疫學方面的深厚專業知識，並有可能成為 IO 領域的領導者，有點像 IO 2.0 版，如果你將在 PD-1 封鎖之後。

You're right, we've had 2 disappointing Phase II studies, and I certainly was disappointed by them.

你是對的，我們有 2 項令人失望的 II 期研究，我當然對它們感到失望。

But one has to remember that they were both Phase II where industry success rates are typically the 25%-ish across many companies.

但必須記住，它們都處於第二階段，許多公司的行業成功率通常為 25% 左右。

In the IO space, that number is typically lower.

在 IO 空間中，該數字通常較低。

We're very excited about the potential of immunology in oncology and continue to believe that's going to be a promising area.

我們對免疫學在腫瘤學中的潛力感到非常興奮，並繼續相信這將是一個有前途的領域。

And the one pathway that we think is particularly exciting is the whole polio virus receptor, the CD226 pathway, which we have the first-in-class anti-CD96.

我們認為特別令人興奮的一個途徑是整個脊髓灰質炎病毒受體，即 CD226 途徑，我們擁有一流的抗 CD96。

We've struck a deal to have the anti-PVRIG.

我們已經達成協議，擁有反 PVRIG。

Of course, with dostarlimab approval, that allows us to have some interesting combinations.

當然，隨著 dostarlimab 的批准，我們可以進行一些有趣的組合。

And given the CITYSCAPE data from Roche and some data from Merck, we think the TIGIT sort of also confirms that this pathway is very exciting.

鑑於羅氏的 CITYSCAPE 數據和默克的一些數據，我們認為 TIGIT 也證實了這條途徑非常令人興奮。

As it relates to human genetics, we still think that's very important in oncology, where we've built a synthetic lethal research unit.

由於它與人類遺傳學有關，我們仍然認為這在腫瘤學中非常重要，我們已經在腫瘤學中建立了一個合成致死研究單位。

We've bought Zejula essentially and demonstrated with the PRIMA study that, that's best-in-class PARP.

我們基本上購買了 Zejula，並通過 PRIMA 研究證明，這是一流的 PARP。

And we're very excited about the pipeline emerging, which is starting in Phase I with the MAT2A inhibitor what we've moved into the clinic with our collaboration with IDEAYA.

我們對正在出現的管道感到非常興奮，它從第一階段開始使用 MAT2A 抑製劑，我們已經通過與 IDEAYA 的合作進入了臨床。

And we see several other synthetic lethal opportunities moving forward as we expand our relationships with the laboratory for genomics research with Jennifer Doudna and Jonathan Weitzman as well the Broad to uncover really novel biology to allow us to see other opportunities in that space.

隨著我們與 Jennifer Doudna 和 Jonathan Weitzman 以及 Broad 的基因組學研究實驗室的關係擴大，我們看到了其他幾個合成致死機會的發展，以發現真正新穎的生物學，讓我們看到該領域的其他機會。

So we continue to be focused on immunology and human genetics with synthetic lethal and believe that should result in a robust pipeline.

因此，我們繼續專注於合成致死的免疫學和人類遺傳學，並相信這應該會產生強大的管道。

I should mention also that 3 years ago, we had around, I think it was 8 molecules in the clinic.

我還應該提到 3 年前，我們有大約 8 個分子在診所。

The most advanced was in Phase I. Now we have 12 predominantly in the IO and synthetic lethal space.

最先進的是在第一階段。現在我們有 12 個主要在 IO 和合成致命領域。

And importantly, over the past 4 years, we've had 10 new vaccines or medicines approved by, which have been in the last 12 months.

重要的是，在過去 4 年裡，我們已經批准了 10 種新疫苗或藥物，這些都是在過去 12 個月內獲得批准的。

And if you include life cycle innovation, we've had 19 approvals in the last 4 years, 10 are coming in actually in the last 12 months as well as 9 -- I think 9 Phase III trials succeed in the past 18 months.

如果你包括生命週期創新，我們在過去 4 年中獲得了 19 項批准，其中 10 項實際上是在過去 12 個月內獲得批准的，還有 9 項——我認為 9 項 III 期試驗在過去 18 個月內取得了成功。

So I think the pipeline is progressing in a reasonably solid way.

所以我認為管道正在以一種相當穩固的方式取得進展。

And today, in our pipeline, we have 22 ongoing Phase III programs, twice as many as we had when I started.

今天，在我們的管道中，我們有 22 個正在進行的 III 期項目，是我開始時的兩倍。

So I think we're making good progress there as well.

所以我認為我們在那裡也取得了很好的進展。

Hopefully that answers your question, Keyur.

希望這能回答你的問題，Keyur。

Thanks, Hal.

謝謝，哈爾。

And Keyur, in terms of your second question, I mean, big picture, we have been extremely focused over the last few years on shareholder value creation, recognizing that it's been some time when you look back over since the formation of GSK that we have opportunity to make big moves here.

Keyur，就你的第二個問題而言，我的意思是，從大局來看，過去幾年我們一直非常關注股東價值的創造，認識到自從 GSK 成立以來你回顧過去已經有一段時間了在這里大動作的機會。

We've been tackling really quite deep historic challenges, the first priority being R&D performance and productivity.

我們一直在應對非常深刻的歷史挑戰，首要任務是研發績效和生產力。

And by the way, prioritizing that in terms of capital allocation, investments and transformation of the team, including the leadership.

順便說一句，在資本配置、投資和團隊轉型方面，包括領導層，優先考慮這一點。

Hal has just given you, with his modest approach, some of the headlines on the enormous progress that has already been made.

哈爾剛剛以他謙虛的方式向您提供了一些關於已經取得的巨大進步的頭條新聞。

There's always more progress to make.

總會有更多的進步。

But underneath all of that has -- and the reason we do it is so that we can commit to competitive and sustainable growth delivery, seeing us through whatever LOE patents that we have to digest.

但在所有這一切的背後——我們這樣做的原因是為了讓我們能夠致力於有競爭力和可持續的增長交付，通過我們必須消化的任何 LOE 專利來看待我們。

So historic challenges being addressed of R&D productivity.

因此，研發生產力的歷史性挑戰正在得到解決。

Real transformation of the competitiveness of our commercial execution, which I think can be clearly evident when you look at some of the big launches even just over the last few years that we committed to driving significant growth on.

我們商業執行競爭力的真正轉變，我認為，當您查看我們致力於推動顯著增長的過去幾年中的一些重大發佈時，您可以清楚地看到這一點。

Be that whether be that Shingrix, be that 2 drugs -- Trelegy.

是 Shingrix 還是 2 種藥物——Trelegy。

We also -- sorry, we -- so that would be in terms of the pipeline transformation, the commercial execution transformation.

我們也——抱歉，我們——所以這將是在管道轉型、商業執行轉型方面。

We've gone off the group structure at a major level.

我們已經在一個主要層面上脫離了集團結構。

We're preparing for the separation into 2 new companies, which is absolutely on track for next year.

我們正在為拆分成 2 家新公司做準備，這在明年絕對是正確的。

Capital allocation priorities being clarified, significant refreshing of talent, not just in R&D, but across all of the leadership team and culture transformation underway too.

資本分配優先事項得到澄清，人才得到重大更新，不僅在研發方面，而且在所有領導團隊和文化轉型中也在進行中。

All of this takes some time, but there is major change being delivered in all areas.

所有這一切都需要一些時間，但所有領域都在發生重大變化。

And our goal in June is to make sure that we bring clarity and specificity to the translation into growth outlooks and a step change in performance from '22 and beyond, but also answer any other key questions that investors may have.

我們 6 月份的目標是確保我們將清晰度和具體性轉化為增長前景，並使 22 世紀及以後的業績發生重大變化，同時也回答投資者可能提出的任何其他關鍵問題。

We've been clear that we expect to update on the specificity of the separation mechanism as well as distribution policy and target payout ratios.

我們已經明確表示，我們希望更新分離機制的特殊性以及分配政策和目標支付比率。

So hopefully, that will be a useful session for everybody.

希望這對每個人來說都是一次有用的會議。

And certainly, if investors have feedback on what we will bring them than we're very interested to hear it.

當然，如果投資者對我們將帶給他們的東西有反饋，那麼我們非常有興趣聽到它。

So I think it's 3:00 now, but we're very happy to run a bit longer if that would be helpful for people and follow on with some of the more questions that are waiting.

所以我認為現在是 3:00，但如果這對人們有幫助的話，我們很高興能跑得更久一點，然後繼續討論一些有待解決的問題。

Your next question on the line comes from the line of Kerry Holford.

您的下一個問題來自 Kerry Holford。

Two questions, please, firstly for Iain, just on the legal settlement in the quarter and the guidance for the full year.

有兩個問題，首先是 Iain，關於本季度的合法結算和全年的指導。

So could you quantify that item in absolute terms and confirm what it relates to.

那麼您能否以絕對值量化該項目並確認它與什麼有關。

And was that point of divide is always assumed within your guidance for the year?

在你今年的指導中是否總是假設這個分界點？

Because if it was not, then it effectively implies something has worsened since you provided the guidance.

因為如果不是，那麼它實際上意味著自您提供指導以來事情已經惡化。

And is that fair or not?

這公平與否？

I noted that I think you mentioned your expectation for royalty income is now lower in (inaudible), but perhaps that is part of the offset there.

我注意到我認為你提到你對特許權使用費收入的期望現在較低（聽不清），但也許這是抵消的一部分。

So just some clarity around those items would be helpful.

因此，只要澄清一下這些項目就會有所幫助。

And then secondly, on Trelegy, I wonder if you can give any more detail as to why the EMA issued a negative opinion in the asthma indication.

其次，關於 Trelegy，我想知道你是否可以提供更多細節，說明為什麼 EMA 對哮喘適應症發表了負面意見。

Do you intend to pursue that line extension in this region?

您打算在該地區進行該線路的擴展嗎？

And if so, what additional work do you think will be required?

如果是這樣，您認為還需要做哪些額外工作？

So Iain, why don't you go first?

伊恩，你為什麼不先走？

And then Luke on prospects and plans on Trelegy.

然後是 Luke 關於 Trelegy 的前景和計劃。

Right.

正確的。

So Kerry, on legal, in the first quarter of last year, there was a provision for ongoing litigation.

因此，就法律而言，克里在去年第一季度有一項針對正在進行的訴訟的規定。

And that was approximately GBP 60 million.

那大約是 6000 萬英鎊。

In the first quarter of 2021, we were successful in terms of a judgment on that litigation and the provision was reversed.

2021年第一季度，我們對該訴訟的判決勝訴，撥備被撤銷。

And broadly, in terms of that, that was the outcomes that we were expecting for this year.

從廣義上講，就此而言，這就是我們今年所期待的結果。

So that was factored into how we saw the overall guidance playing through.

因此，這被納入了我們如何看待整體指導的過程中。

So the effect year-over-year was aggregate a bit more than GBP 100 million on that one.

因此，這一年的影響總計超過 1 億英鎊。

In terms of royalty income, as I mentioned in our comments, we sold one of the portfolio focusing elements that David and the team have been very successful at working on was the sale of a stream of royalty income where we saw that particular product is no longer being of strategic relevance to the group.

就特許權使用費收入而言，正如我在評論中提到的那樣，我們出售了 David 和團隊在工作中非常成功的投資組合重點元素之一，即出售特許權使用費收入流，我們看到特定產品沒有不再對集團具有戰略意義。

And we saw an attractive economic opportunity to do that.

我們看到了一個有吸引力的經濟機會來做到這一點。

And that is what informs slightly lower royalty income for the full year where I think we moved it from GBP 350 million to GBP 400 million to GBP 300 million to GBP 350 million royalty income for the year.

這就是全年特許權使用費收入略有下降的原因，我認為我們將全年的特許權使用費收入從 3.5 億英鎊提高到 4 億英鎊，再到 3 億英鎊到 3.5 億英鎊。

So those are the details on the financial point, I think probably somebody else would be better suited to answer the -- indications.

所以這些是關於財務點的細節，我認為其他人可能更適合回答 - 跡象。

Luke obviously on Trelegy.

盧克顯然在 Trelegy。

Yes.

是的。

I mean, officially, Kerry, we didn't meet the parameters outlined by the EMA.

我的意思是，正式地，Kerry，我們沒有達到 EMA 概述的參數。

The impact is not enormous in the European context.

在歐洲範圍內影響並不大。

In the U.S., right now, asthma patients represent about 5% of our business.

在美國，目前，哮喘患者約占我們業務的 5%。

Obviously, growing incredibly quickly and around 12% of revenue because of the size of the dose.

顯然，由於劑量的大小，增長速度非常快，約佔收入的 12%。

We don't intend to try and resurrect that indication in Europe.

我們不打算嘗試在歐洲恢復該指示。

We're disappointed, but we're moving on and concentrating on COPD.

我們很失望，但我們正在繼續前進並專注於 COPD。

Your next question on the line comes from the line of Steve Scala.

您的下一個問題來自 Steve Scala。

A couple of questions.

幾個問題。

The release says that at the June meeting, we will get an update on the timing and approach to consumer separation.

該新聞稿稱，在 6 月的會議上，我們將獲得有關消費者分離的時間和方法的最新信息。

I'm curious what is there to update us on -- relative to timing since the timing seems unchanged?

我很好奇有什麼可以更新我們的——相對於時間，因為時間似乎沒有變化？

So are you referring to fine-tuning within mid-2022?

那麼您指的是在 2022 年年中進行微調嗎？

Or is a very different time course within the range of possibility?

或者在可能性範圍內是一個非常不同的時間進程？

And secondly, a little bigger picture question.

其次，一個更宏觀的問題。

Emma, you took over as CEO of GSK 4 years ago this month.

Emma，你在 4 年前的這個月接任了 GSK 的首席執行官。

And as was just said, you provided the plan for the path forward at that time.

正如剛才所說，你當時提供了前進道路的計劃。

I imagine that things have not gone according to your original plan, particularly relative to the cut to the dividend, pressure to spin consumer and the pipeline setbacks.

我想事情並沒有按照你最初的計劃進行，特別是與削減股息、旋轉消費者的壓力和管道挫折有關。

So things need to have been tougher than expected.

所以事情需要比預期的更艱難。

Now you did just say that these are all formidable tasks and take some time.

現在你剛才說這些都是艱鉅的任務，需要一些時間。

But would you attribute the inability to achieve the initial goals as more external obstacles or internal deficiencies?

但是，您會將無法實現最初目標歸因於更多的外部障礙還是內部缺陷？

Thanks, Steve.

謝謝，史蒂夫。

So the short one of your questions in terms of June is, you're right, more a reconfirmation and update on timing rather than any surprises.

所以你關於 6 月的一個簡短問題是，你是對的，更多的是對時間的重新確認和更新，而不是任何驚喜。

What we do want to do is answer questions that have been emerging on the mechanism.

我們確實想做的是回答有關該機制的問題。

In terms of big picture, I think one thing I can categorically tell you that we did not anticipate in 2017 was a global pandemic.

就大局而言，我想我可以明確地告訴你，我們在 2017 年沒有預料到的一件事是全球大流行。

And if you just look at the trajectory ahead of that, and frankly, where we were headed particularly on our Shingrix vaccine, which let's face it, has taken a slightly unique -- and we believe for all the reasons that Luke laid out short-term hit that as well as the rest of our vaccines business.

如果你看看之前的軌跡，坦率地說，我們的發展方向，特別是我們的 Shingrix 疫苗，讓我們面對現實吧，它採取了一個稍微獨特的——我們相信，出於盧克列出的所有原因——這個詞以及我們其他的疫苗業務都受到了影響。

But I think, fundamentally, it's hard to conclude from what's happened in the last 18 months, being a world leader in vaccines, well placed with new technology platforms with good growth opportunity and momentum in approved assets, such as Shingrix, but also a late-stage pipeline that's coming through in big adult vaccination opportunities such as RSV as well as the new technologies and a strategy that's focused on immunology with half the pipeline or 2/3 of the pipeline in infectious diseases and immuno-oncology, I think we are well placed with that.

但我認為，從根本上說，很難從過去 18 個月發生的事情中得出結論，作為疫苗領域的世界領先者，在新的技術平台上處於有利地位，具有良好的增長機會和批准資產的勢頭，例如 Shingrix，但也有較晚的-階段管道正在通過大型成人疫苗接種機會，如 RSV 以及新技術和專注於免疫學的戰略，其中一半管道或 2/3 管道在傳染病和免疫腫瘤學中，我認為我們是很好的安排。

I would certainly not characterize our progresses due to unexpected pressure, as you said on -- to separate consumer.

正如您所說，由於意外壓力，我當然不會描述我們的進展 - 將消費者分開。

That was a very active choice that we made and announced at the time of the deal with Pfizer, and we're really pleased that that's remained firmly on track and with the plans initially announced well in place.

這是我們在與輝瑞達成交易時做出並宣布的一個非常積極的選擇，我們真的很高興這一選擇一直堅定地走在正軌上，並且最初宣布的計劃已經到位。

Now in terms of the pipeline progress, I think, again, I would -- I mean everybody on this call knows that not everything can succeed in pipeline development.

現在就管道進展而言，我再次認為，我的意思是，這次電話會議中的每個人都知道，並非所有事情都能在管道開發中取得成功。

Actually -- and Hal alluded to it, the positive readouts that we've had over the last few years have been very encouraging in terms of our growth prospects.

實際上 - 哈爾提到了這一點，我們在過去幾年中獲得的積極數據在我們的增長前景方面非常令人鼓舞。

We have twice as many late-stage pipeline assets that we had just a few years ago.

我們擁有的後期管道資產是幾年前的兩倍。

Last year alone, we had 9 approvals and 9 late-stage starts.

僅去年一年，我們就有 9 項批准和 9 項後期啟動。

This quarter, we announced the third of 3 approvals in oncology.

本季度，我們宣布了腫瘤學三項批准中的第三項。

We have an exciting vaccines pipeline coming through.

我們有一條令人興奮的疫苗管道正在通過。

But all of that is just so that we can bring visibility to what the growth of new GSK is going to look like.

但所有這些只是為了讓我們能夠了解新 GSK 的增長情況。

And that's something we feel confident in sharing in June

這是我們有信心在 6 月分享的內容

Your next question on the line comes from the line of Andrew Baum.

您的下一個問題來自 Andrew Baum。

A couple of strategic questions, please.

請問幾個戰略問題。

First to David, how long would it take to start to separate your established products business.

首先問大衛，開始拆分您已建立的產品業務需要多長時間。

We've proposed a JV with someone like the (inaudible) to accrete earnings and create an exit and take away the drag.

我們已經提議與像（聽不清）這樣的人建立合資企業，以增加收益並創造退出並消除拖累。

Is this potentially ready to go?

這可能準備好了嗎？

Or is it going to be similar to consumer with a 24-month lead time in order to separate the business units from the innovative pharma part.

或者它是否會類似於具有 24 個月交貨時間的消費者，以便將業務部門與創新製藥部分分開。

And then second, for Iain, under the 100% demerger scenario, which I think investors are taking default.

其次，對於伊恩來說，在 100% 分拆的情況下，我認為投資者正在違約。

Do you believe that GSK's balance sheet is strong enough to optimally address the future challenges, particularly associated with dolutegravir generics as well as competitive HIV drugs like islatravir.

您是否認為葛蘭素史克的資產負債表足夠強大，能夠以最佳方式應對未來的挑戰，尤其是與多替拉韋仿製藥以及 islatravir 等競爭性 HIV 藥物相關的挑戰。

So Iain, do you want to pick up on balance sheet?

所以伊恩，你想在資產負債表上收拾東西嗎？

And David, I'm not sure if there is a technical question to answer on something that...

大衛，我不確定是否有技術問題需要回答……

I'll take the general matters and start with pharma portfolio as well.

我將處理一般問題，並從製藥產品組合開始。

I'll start with pharma, Andrew.

我將從製藥開始，安德魯。

That's a revenue stream in excess of GBP 7 billion, with attractive margins, so a lot of cash generation.

這是一個超過 70 億英鎊的收入流，具有誘人的利潤率，因此產生了大量現金。

And frankly, the prospect of JV-ing it with somebody else to dilute the opportunity of the earnings and the cash from that portfolio, recognizing that the downward top line dynamics are driven by loss of exclusivity on a couple of important medicines that will work its way out over the course of the next 24 months.

坦率地說，與其他人合資以稀釋該投資組合的收益和現金機會的前景，認識到收入下降的動力是由一些重要藥物的排他性喪失所驅動的，這些藥物將發揮其作用在接下來的 24 個月內出路。

I'm not sure economically that is necessarily the best step forward in terms of supporting both profits, cash and going on to your second question around strengthening the balance sheet of GSK.

我不確定在經濟上這一定是支持利潤、現金和繼續你關於加強葛蘭素史克資產負債表的第二個問題的最佳步驟。

So no, it's not something that's being contemplated, but there is -- there continues to be, as I mentioned earlier, a very strong focus from Luke, David and the team in terms of how we just continue to refine that portfolio, both in terms of our geographic presence in terms of where we distribute those medicines, again, driven both by access to medicines, but also the economics of that making sense.

所以不，這不是我們正在考慮的事情，但正如我之前提到的，盧克、大衛和團隊仍然非常關注我們如何繼續完善該產品組合，無論是在就我們分發這些藥物的地點而言，我們的地理存在再次受到藥物獲取的驅動，但也受其經濟意義的驅動。

And also just in terms of being able to sharpen the focus through how that portfolio is supported through supply chain commercial operations and to the patient.

而且就能夠通過供應鏈商業運營和患者如何支持該產品組合來加強關注而言。

From a separation perspective, I think going back to Steve's question, we'll confirm the timing in June.

從分離的角度來看，我想回到史蒂夫的問題，我們將在 6 月確認時間。

But what we will do is talk more about the mechanism that we would intend to pursue for the separation of the consumer health care company.

但我們要做的是更多地討論我們打算為消費者保健公司的分離而尋求的機制。

And through that, I think we'll give greater line of sight as to what that then represents in terms of capital restructuring for the new GSK balance sheet.

通過這一點，我認為我們將更清楚地了解這在新 GSK 資產負債表的資本重組方面所代表的意義。

I think we'll provide a lot more detail on that, but other than to say that now -- we'll save our fire until that time.

我想我們會就此提供更多詳細信息，但除了現在說之外——我們會等到那個時候再說。

Your next question on the line comes from the line of Graham Parry.

您的下一個問題來自 Graham Parry。

Two more strategic ones actually.

實際上還有兩個戰略性的。

So firstly, the consumer separation has brought more attention to some of the parts valuation of GSK.

因此，首先，消費者分離使人們更加關注葛蘭素史克的某些零件估值。

And that also includes differences between Vaccines and Pharma dynamics and outlook.

這還包括疫苗和製藥動態和前景之間的差異。

So could you perhaps just talk through the rationale for having those 2 businesses in the same organization and potential synergies from having them in the same business?

那麼，您能否談談在同一組織中擁有這兩個業務的基本原理，以及將它們置於同一業務中的潛在協同效應？

And then secondly, do the recent R&D failures accentuate the need to accelerate external business development licensing or M&A and/or change the focus on the minds of management on the balance of internal versus external R&D sourcing for GSK?

然後其次，最近的研發失敗是否強調需要加速外部業務開發許可或併購和/或改變管理層對 GSK 內部與外部研發採購平衡的關注？

And would GSK consider cutting dividend earlier than the consumer spend to facilitate debt finance M&A to bolster the pipeline?

葛蘭素史克是否會考慮在消費者支出之前削減股息以促進債務融資併購以加強管道？

Well, I think, Graham, we've confirmed the dividend for this year, and we've confirmed that we will be implementing new policies that we will update on from 2022.

嗯，我想，格雷厄姆，我們已經確認了今年的股息，並且我們已經確認我們將實施我們將從 2022 年開始更新的新政策。

So I think that's already been stated and committed to.

所以我認為這已經被聲明並承諾了。

I will let Hal cover anything further he wants on our ongoing view that R&D should continually be supplemented by BD.

我將讓 Hal 根據我們的持續觀點進一步闡述他想要的任何內容，即研發應不斷由 BD 補充。

But let me first cover quickly your point on vaccines, absolutely core to new GSK, not least because scientifically we are focused on the science of immunology.

但首先讓我快速談談你對疫苗的看法，這絕對是新葛蘭素史克的核心，尤其是因為在科學上我們專注於免疫學。

These businesses are operationally, geographically, completely integrated.

這些業務在運營上、地理上完全整合。

So Luke leads the commercial operations for our vaccines in all countries in the world in an integrated way across the rest of the portfolio.

因此，盧克以綜合方式領導我們在世界所有國家/地區的疫苗的商業運營，涵蓋其餘產品組合。

Scientifically, we have one development organization, which is not only helpful from an operating and a capital allocation judgment point of view across the different assets.

從科學上講，我們有一個開發組織，這不僅從不同資產的運營和資本配置判斷角度來看很有幫助。

It's also increasingly relevant when you have such a big portfolio of infectious diseases and when we all know that the -- as evidenced most recently through COVID, that reviewing from a patient back point of view, prevention and treatment and we think about that, whether it's in flu, hep B, even in HIV, if you think we're looking at the prep world as well as the treatment world, COVID too, and we see increasing opportunities in that direction, not least when you think long term of the -- new technology platforms.

當你有如此龐大的傳染病組合時，它也變得越來越重要，當我們都知道——正如最近通過 COVID 所證明的那樣，從病人的角度、預防和治療的角度進行審查，我們考慮這一點，是否它在流感、乙肝，甚至在艾滋病毒中，如果你認為我們正在關注準備世界和治療世界，那麼 COVID 也是如此，我們看到朝這個方向增加的機會，尤其是當你考慮長期的時候——新技術平台。

And then, of course, as we've been working on the future ready program towards separation and getting a fit-for-purpose cost base, we've been very thoughtful about making sure that we have to sync capabilities where they're necessary.

然後，當然，由於我們一直在致力於未來準備好的計劃，以實現分離並獲得適合目的的成本基礎，我們一直非常周到地確保我們必須在必要的地方同步功能.

But we absolutely simplify and reduce duplication in terms of an integrated operating model in that term.

但我們絕對簡化並減少了在該術語中的集成運營模型方面的重複。

And both the specialty business and the vaccines business where we're investing for growth will -- are expected to contribute to the growth outlook meaningfully for new GSK.

我們為增長而投資的專業業務和疫苗業務都將——預計將為新葛蘭素史克的增長前景做出有意義的貢獻。

So that was that.

就是這樣。

Hal, anything to add on ongoing business development focus as part of the pipeline and how it is continued and reviewed.

哈爾，關於作為管道的一部分的持續業務發展重點的任何補充，以及如何繼續和審查它。

Thanks, Graham.

謝謝，格雷厄姆。

Of course, strengthening the pipeline is certainly my #1 priority, our company's #1 priority in terms of allocating capital to do this.

當然，加強管道當然是我的第一要務，我們公司在為此分配資金方面的第一要務。

We obviously have invested significantly in our own internal efforts.

顯然，我們在自己的內部努力中投入了大量資金。

And that's resulted in, as I mentioned earlier, 5 new medicines in the past 12 months and twice that in terms of number of approvals if you include life cycle innovation.

正如我之前提到的，這導致在過去 12 個月中有 5 種新藥，如果包括生命週期創新，批准數量是批准數量的兩倍。

But business development plays a critical role in this.

但業務發展在其中起著至關重要的作用。

We've been very active in this space.

我們在這個領域一直非常活躍。

We've as you know, done deals with Vir and CureVac recently.

如您所知，我們最近與 Vir 和 CureVac 達成了交易。

And we'll continue to focus our efforts to find really interesting things in the external world.

我們將繼續集中精力在外部世界中尋找真正有趣的事物。

Obviously, we're not going to come out and tell you precisely what those assets are in companies, but we are exploring opportunities across vaccines and specialty medicines with a focus on leveraging our expertise in immunology and human genetics on novel targets and medicines that we believe could be transformative for patients in our pipeline.

顯然，我們不會準確地告訴你這些公司的資產是什麼，但我們正在探索疫苗和專業藥物方面的機會，重點是利用我們在免疫學和人類遺傳學方面的專業知識，開發我們開發的新靶點和藥物。相信對我們管道中的患者來說可能是變革性的。

Your next question on the line comes from the line of Geoff Porges.

您的下一個問題來自 Geoff Porges。

A few quick questions.

幾個簡單的問題。

Luke, you said recovery in Shingrix in the second half of the year.

盧克，你說下半年 Shingrix 的複蘇。

But could you give us a sense of whether you expect that to be the same as 2019, below 2019 still or above 2019, which would presumably real growth.

但是你能否告訴我們你是否預計它會與 2019 年相同，仍低於 2019 年或高於 2019 年，這可能是實際增長。

And then Perhaps you could also comment on your average pricing effect in Q1 on the major brands, what was net price?

然後也許你也可以評論一下你在第一季度對主要品牌的平均定價效果，什麼是淨價？

And then lastly, related to that, forecasting is at the best of times an art and other signs.

最後，與此相關的是，預測在最好的時候是一門藝術和其他標誌。

And what assumptions about U.S. long-term pricing are you incorporating in the 5- and 10-year forecast that you're providing can you grow regardless of what happens to the pricing environment in the U.S.

您在提供的 5 年和 10 年預測中納入了關於美國長期定價的哪些假設，無論美國的定價環境發生什麼變化，您都能實現增長嗎？

So Luke, you might want to talk about some of the near term and Iain you might want to -- or maybe, Iain, you kick off first in terms of overall outlook.

所以盧克，你可能想談談近期的一些事情，而伊恩你可能想——或者，伊恩，你先從整體前景開始。

Yes.

是的。

Look, I think when you certainly start looking at the ability to incorporate the possible impact of U.S. reform on pricing in the long term, it's frankly, a bit of a fool's errand.

聽著，我認為當你開始考慮將美國改革對長期定價可能產生的影響納入考慮的能力時，坦率地說，這有點傻瓜的差事。

But certainly, the way that we have approached that is recognizing the risks to the long-term view is assessing what the possible outcomes are of various reform approaches set out by the administration or previous administration.

但可以肯定的是，我們採用的方法是認識到長期觀點的風險，是評估本屆政府或前任政府制定的各種改革方法可能產生的結果。

Clearly, one of the things that we do and we'll continue to is engage with the administration and not only in the U.S. but in other countries around reform.

顯然，我們正在做並將繼續做的事情之一就是與政府接觸，不僅在美國，而且在其他國家圍繞改革展開。

I'm sure, frankly, that any reform allows us to continue to support innovation but also access to medicines, and hopefully, reduce out-of-pocket expenses for patients.

坦率地說，我敢肯定，任何改革都可以讓我們繼續支持創新，同時也支持獲得藥品，並希望減少患者的自付費用。

But what we do is evaluate that.

但我們所做的是對其進行評估。

And then with that evaluation in hand, which is supported by our U.S. team with a lot of detailed analysis is then frankly incorporate that into an overall risk assessment of our ability to deliver the top line growth projections that we will share with you on the 23rd of June.

然後在我們的美國團隊支持下進行大量詳細分析的評估，然後坦率地將其納入對我們實現頂線增長預測能力的整體風險評估中，我們將在 23 日與您分享六月。

So more detail about that then.

那麼關於那個的更多細節。

Thanks, Iain.

謝謝，伊恩。

And Luke, anything to comment?

Luke，有什麼要評論的嗎？

Yes, Jeff.

是的，傑夫。

I mean, I think Shingrix broadly similar to 2020.

我的意思是，我認為 Shingrix 與 2020 年大致相似。

So obviously, good comparative to 2019.

很明顯，與 2019 年相比很好。

I don't know if you meant 2020 or 2019 question.

我不知道你是指 2020 年還是 2019 年的問題。

I mean the logic behind that, we've covered through the call.

我的意思是其背後的邏輯，我們已經通過電話進行了討論。

Maybe just a little bit more color around why we're confident of second half recovery.

也許我們對下半年的複蘇充滿信心的原因可能只是多了一點顏色。

I mentioned before around potential patients saying after the COVID series completion, they would like to go back in about 50% of the cases for a COVID vaccine within 1 to 3 months.

我之前提到過，在 COVID 系列完成後，潛在患者表示，他們希望在 1 到 3 個月內在大約 50% 的病例中回去接種 COVID 疫苗。

I think those patients being relatively conservative, waiting for side effects from that second dose before electing to go in and rediscuss their Shingrix vaccine.

我認為那些患者相對保守，在選擇進入並重新討論他們的 Shingrix 疫苗之前等待第二劑的副作用。

When we look at physicians, the physicians I think, are more -- I mean, the evidence is not what I think is what the evidence is.

當我們看醫生時，我認為醫生更多——我的意思是，證據並不是我認為的那樣。

They are more confident.

他們更有信心。

So around half physicians, they're advising their patients to wait 2 weeks before going back and talking about another vaccine like Shingrix and about 1/3 are saying 4 weeks.

所以大約一半的醫生，他們建議他們的病人等待 2 週，然後再回去談論另一種疫苗，如 Shingrix，大約 1/3 的人說 4 週。

In terms of pricing, it was very much as expected.

在定價方面，它非常符合預期。

There were some ups and downs.

有一些起伏。

So we had some pressure on pricing, as you'd imagine, in parts of the portfolio like Advair.

因此，正如您想像的那樣，我們在 Advair 等產品組合的某些部分的定價方面面臨一些壓力。

But good strong pricing trends with Anoro, Trelegy.

但 Anoro 和 Trelegy 的定價趨勢良好。

There was some pressure in the market in the IL-5, but still good pricing dynamics relatively speaking to the rest of the portfolio.

IL-5 的市場存在一些壓力，但相對於其他產品組合而言，定價動態仍然良好。

So nothing major on that front.

所以在這方面沒什麼大不了的。

I think looking forward, Iain's just given color around that.

我認為展望未來，Iain 剛剛被賦予了色彩。

Thank you.

謝謝。

So I think we have one final question now.

所以我認為我們現在有最後一個問題。

And I'm sure we'll look forward to more in coming days, but let's go to the last question now, please.

我相信我們會在未來幾天期待更多，但請現在讓我們轉到最後一個問題。

And your last question today is from the line of Peter Welford.

你今天的最後一個問題來自 Peter Welford。

So just returning to the growth outlook, first of all, for the next 10 years and 5 years, just to be clear, is this planned to be growth outlook for both the top line and margins and/or also EPS?

所以回到增長前景，首先，對於未來 10 年和 5 年，需要明確的是，這是否計劃成為收入和利潤率和/或每股收益的增長前景？

Or how should we think about that?

或者我們應該如何考慮？

And what degree of flexibility do you want to build into that outlook, given obviously a 10-year time frame?

鑑於顯然是 10 年的時間框架，您希望在該前景中建立何種程度的靈活性？

And then what could potentially happen over there with regards to your ability to execute on future strategic decisions?

那麼關於您執行未來戰略決策的能力，那裡可能會發生什麼？

And then just on vaccines, can you confirm any of the pathogens that you're working on with CureVac.

然後就疫苗而言，您能否確認您正在使用 CureVac 處理的任何病原體。

And can you also talk a little bit about that, any preorders you're seeing for flu vaccines and how that's evolving after, obviously, what was a bumpy year last year?

你能不能也談談這個，你看到的流感疫苗的任何預購，以及在去年是一個坎坷的一年之後，它是如何演變的？

And then just finally, on BLENREP, curious if you could give us any visibility on the type of patients that you're getting in the U.S. going on that drug?

最後，在 BLENREP 上，好奇你是否可以讓我們了解你在美國接受這種藥物的患者類型？

And if you could just update us on the timing of the data with the GSI this year.

如果你能告訴我們今年 GSI 的數據時間。

Right.

正確的。

So, Luke, could you give a quick response on BLENREP, please?

那麼，盧克，你能快速回復一下 BLENREP 嗎？

Hal, on GSI readout.

哈爾，關於 GSI 讀數。

And then we're not going to give any more details on CureVac today.

然後我們今天不打算提供有關 CureVac 的更多詳細信息。

We'll bring more of that later in the year.

我們將在今年晚些時候帶來更多。

And then we'll finish with Iain, please, just to give a little bit more color on the outlook or what we mean by outlook for that.

然後我們將以伊恩結束，拜託，只是為了對前景或我們所說的前景的含義進行更多的說明。

Okay.

好的。

So Luke, then Hal, please?

那麼盧克，然後哈爾，好嗎？

Thanks, Emma.

謝謝，艾瑪。

And just on flu, look, the prebook is almost complete.

就流感而言，看，這本書幾乎完成了。

It's around 54 million doses to similar 2020.

與類似的 2020 年相比，大約有 5400 萬劑。

Just one flag to stay the work in the future.

只有一面旗幟可以在未來留下工作。

There was a reversal of a return provision because we had a lot of demand last year, so the comparator will be challenging and the southern hemisphere is looking good.

由於去年我們有很多需求，因此退貨規定發生了逆轉，因此比較器將具有挑戰性，而南半球看起來不錯。

In terms of BLENREP, look I think it's off to a good start.

就 BLENREP 而言，我認為這是一個良好的開端。

I think if you look at in the [post data] era, strong performance at the same point versus XPOVIO and Sarclisa.

我認為，如果你看一下 [後數據] 時代，與 XPOVIO 和 Sarclisa 相比，在同一點上表現強勁。

You asked about a typical patient.

你問的是一個典型的病人。

It's a broad spectrum.

這是一個廣泛的範圍。

If you average it out, it's a fifth line plus [model] who's previously been on a PI and IMiD and a CD38 and a couple of other combos.

如果你把它平均起來，它是第五行加上 [model] 之前使用過 PI 和 IMiD 以及 CD38 和其他幾個組合。

It's interesting when you dig into that a little bit further.

當您進一步深入研究時，這很有趣。

If you look at shares overall, we're getting about 5% of patients in fourth line, 18% in 7 line plus.

如果你看一下整體份額，我們在第四線獲得了大約 5% 的患者，在 7 線獲得了 18% 的患者。

So we're actually the leading agent in the seventh line plus, which is about what we'd expect to see at this point.

所以我們實際上是第七行的主要代理人，這正是我們目前期望看到的。

Dose range is good, the dose range of about 185 to 90 mgs per patient.

劑量範圍很好，每位患者的劑量範圍約為 185 至 90 毫克。

So we're not seeing a lot of evidence around dose splitting, which is good.

所以我們沒有看到很多關於劑量分割的證據，這很好。

In terms of dose frequency, we're seeing subjects receiving 60% of the time it's Q3 weekly, 20% at Q3 to Q4, and only 20% longer than Q4, which again is a good signal in terms of tolerability.

就劑量頻率而言，我們看到受試者每週接受 60% 的時間是第三季度，20% 的時間是第三季度到第四季度，僅比第四季度長 20%，這在耐受性方面也是一個很好的信號。

And as we move up to earlier lines of treatment, of course, we'll see more patients receiving infusions.

當然，隨著我們轉向更早的治療線，我們會看到更多的患者接受輸液。

About 1 and 2 oncologists hematologists in the U.S. have tried BLENREP.

美國大約有 1 位和 2 位腫瘤學家和血液學家嘗試過 BLENREP。

And the primary reason for driving -- using the agent is the efficacy and the mechanism of action.

而驅動的首要原因——使用該劑是藥效和作用機制。

And the main things to navigate, which are actually much lower in terms of percentages is the eye exam and the logistics around the REMS.

要導航的主要內容（實際上百分比要低得多）是眼科檢查和 REMS 周圍的後勤工作。

So hopefully, that's useful, Peter, but an encouraging start when we look at the uptake of the product so far.

所以希望這很有用，彼得，但當我們看看到目前為止對產品的採用時，這是一個令人鼓舞的開始。

Hal, anything on GSI timing?

哈爾，有什麼關於 GSI 時間的嗎？

Yes.

是的。

No, we should have further data on the BLENREP data with the GSA combination from the DREAMM-5 study before year-end.

不，我們應該在年底前從 DREAMM-5 研究中獲得關於 BLENREP 數據與 GSA 組合的進一步數據。

It will be early data, but we potentially could have some data by -- before year-end.

這將是早期數據，但我們可能會在年底前獲得一些數據。

Thanks.

謝謝。

And Iain, to finish?

伊恩，要完成嗎？

Yes, Peter.

是的，彼得。

So on growth outlooks that we'll share in June.

因此，關於我們將在 6 月份分享的增長前景。

On the top line, a view for 10 years, more detail around profits for the 5-year.

最重要的是，10 年的觀點，5 年利潤的更多細節。

So I've got no intention of falling into trap of -- that's a dodgy one, but certainly more detail around the coming 5 years on operating profits margins and our outlooks for cash, for example.

因此，我無意陷入陷阱——這是一個狡猾的陷阱，但肯定會在未來 5 年內提供更多關於營業利潤率和現金前景的細節。

And obviously, we will provide the detail around, as we've said, around our dividend policy for new GSK at that time also.

顯然，正如我們所說，屆時我們還將提供有關新葛蘭素史克股息政策的詳細信息。

So those are some of the things that we will cover a financial outlooks perspective on the 23rd of June.

因此，這些是我們將在 6 月 23 日從財務前景角度討論的一些內容。

And with that, we shall all very much look forward to sharing more with you at that event.

因此，我們都非常期待在那次活動中與您分享更多信息。

I hope as many of you can join as possible.

我希望盡可能多的人能加入。

And in the meantime, take care and that's it for today.

同時，保重，今天就到此為止。

Thanks very much, everybody.

非常感謝大家。

Thank you to all our speakers.

感謝我們所有的演講者。

That concludes your conference call for today.

今天的電話會議到此結束。

You may disconnect.

您可能會斷開連接。

Thank you for joining, and enjoy the rest of your day.

感謝您的加入，祝您度過餘下的一天。