葛蘭素史克 (GSK) 2020 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the analyst call on the GSK First Quarter 2020 Results. I will now hand you over to Sarah Elton-Farr, Head of Investor Relations, who will introduce today's session.

女士們，先生們，下午好，歡迎參加 GSK 2020 年第一季度業績分析師電話會議。現在我將把你們交給投資者關係主管 Sarah Elton-Farr，她將介紹今天的會議。

Thank you. Good morning and good afternoon. Thank you for joining us for our Q1 2020 results, which were issued earlier today. You should have received our press release and can view the presentation on GSK's website. For those not able to view, the webcast slides that accompanies today's call are located on the Investors section of the GSK website.

謝謝。早上好，下午好。感謝您加入我們今天早些時候發布的 2020 年第一季度業績。您應該已經收到我們的新聞稿，並且可以在 GSK 的網站上查看演示文稿。對於那些無法觀看的人，今天的電話會議附帶的網絡廣播幻燈片位於 GSK 網站的投資者部分。

Before we begin, please refer to Slide 2 of our presentation for our cautionary statements. Our speakers today are Chief Executive Officer, Emma Walmsley; Luke Miels, President, Global Pharmaceuticals; and Iain Mackay, Chief Financial Officer. We have a broader team available for Q&A.

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。我們今天的發言人是首席執行官 Emma Walmsley；全球製藥總裁 Luke Miels；和首席財務官 Iain Mackay。我們有更廣泛的團隊可以進行問答。

(Operator Instructions) And with that, I will hand the call over to Emma.

（操作員說明）有了這個，我會把電話交給艾瑪。

Thanks, Sef, and welcome, everybody, to today's call. First and most importantly, I very much hope that all of you and the people around you are safe and well, and we appreciate you joining us today. We are facing an extraordinary global health threat with enormous direct and indirect consequences. And alongside updating you on our Q1 performance today, I want to start by sharing how we're responding to this.

謝謝 Sef，歡迎大家參加今天的電話會議。首先也是最重要的是，我非常希望你們所有人和你們周圍的人都平安無事，感謝你們今天加入我們。我們正面臨著巨大的直接和間接後果的非同尋常的全球健康威脅。除了今天向您介紹我們第一季度的業績外，我還想首先分享我們對此的回應。

Supporting the global response for COVID-19 is at the heart of GSK's purpose as a company, and our businesses and portfolio are highly relevant and much needed. We've mobilized across the company to respond to the pandemic, and I'm pleased to report that our company is performing well and has demonstrated resilience in the face of significant pressures and uncertainty.

支持全球應對 COVID-19 是葛蘭素史克公司宗旨的核心，我們的業務和產品組合具有高度相關性和急需性。我們已經在全公司動員起來應對這一流行病，我很高興地向大家報告，我們公司表現良好，並且在面對巨大壓力和不確定性時表現出了韌性。

Our people have been outstanding, showing courage and deep commitment to ensure that our products continue to be made available to patients and the people that need them. Today, we've got over 20,000 essential workers going every day into our manufacturing and R&D sites.

我們的員工表現出色，表現出勇氣和堅定的承諾，以確保我們的產品繼續提供給患者和需要它們的人。今天，我們每天有超過 20,000 名重要工作人員進入我們的製造和研發基地。

We're working hard to make sure employees stay protected and supported and are investing in high-frequency communications as well as providing teams with the technology, resources and adjusted policies to support them whatever their role. We've implemented business continuity plans across all our essential operations. In our supply chains, we're closely monitoring all parts of our manufacturing network, and our teams have shown tremendous agility to respond quickly to fluctuations in demand.

我們正在努力確保員工得到保護和支持，並投資於高頻通信，並為團隊提供技術、資源和調整後的政策，以支持他們擔任任何角色。我們已經在所有基本業務中實施了業務連續性計劃。在我們的供應鏈中，我們正在密切監控我們製造網絡的所有部分，我們的團隊表現出了極大的敏捷性，可以快速響應需求波動。

For clinical trials, we've implemented proactive measures to protect study participants, staff at clinical trial sites and our employees while ensuring regulatory compliance and the scientific integrity of our studies are maintained. While recruitment for clinical trials has slowed due to disruption of the pandemic and diversion of resources to other clinical priorities, for the vast majority of our studies, we estimate we've incurred a 1- to 3-month delay. While necessary and based on our own assessments, we've also proactively paused recruitment, including the pivotal programs related to otilimab in rheumatoid arthritis and Nucala in COPD.

對於臨床試驗，我們實施了積極措施來保護研究參與者、臨床試驗地點的工作人員和我們的員工，同時確保我們的研究符合法規和科學完整性。雖然由於大流行的中斷和資源轉移到其他臨床優先事項，臨床試驗的招募已經放緩，但對於我們的絕大多數研究，我們估計我們已經延遲了 1 到 3 個月。雖然有必要並且根據我們自己的評估，我們還主動暫停了招募，包括與治療類風濕性關節炎的奧替利瑪和治療慢性阻塞性肺病的 Nucala 相關的關鍵項目。

In the meantime, we're continuing to support enrollment of new patients into ongoing clinical studies, provided that investigators are confident they'll be able to ensure the safety of the study participants and appropriately conduct the study per the protocol. The ultimate impact, of course, across our pipeline will depend on the duration and severity of the pandemic.

與此同時，我們將繼續支持新患者入組正在進行的臨床研究，前提是研究人員有信心他們能夠確保研究參與者的安全並按照方案適當地進行研究。當然，對我們管道的最終影響將取決於大流行的持續時間和嚴重程度。

From a regulatory standpoint, we have a number of products undergoing review. And at this point, we don't anticipate any significant delays to approvals as a result of the pandemic. However, the situation is dynamic and we will continue to watch it carefully and provide updates as and when appropriate.

從監管的角度來看，我們有許多產品正在接受審查。在這一點上，我們預計不會因大流行而導致批准出現任何重大延誤。然而，情況是動態的，我們將繼續仔細觀察並適時提供更新。

As I've mentioned, GSK's businesses and portfolio are highly relevant to helping tackle the COVID-19 virus, whether that be respiratory products in pharma, pandemic-adjuvant technology in vaccines or needed everyday products in consumer health. We are determined to help by offering solutions using our portfolio, science, technology and resources to support the global response.

正如我所提到的，葛蘭素史克的業務和產品組合與幫助應對 COVID-19 病毒高度相關，無論是製藥中的呼吸道產品、疫苗中的流行病輔助技術還是消費者健康中所需的日常產品。我們決心通過使用我們的產品組合、科學、技術和資源提供解決方案來提供幫助，以支持全球響應。

We're using 4 principles to guide our pursuit of these solutions: working in partnerships; taking a global approach while, of course, providing strong focus and practical support to our base in the U.K.; maintaining a deep commitment to access; and investing in long-term pandemic preparedness.

我們使用 4 條原則來指導我們尋求這些解決方案：合作夥伴關係；採取全球方法，當然，為我們在英國的基地提供強有力的關注和實際支持；保持對訪問的堅定承諾；並投資於長期的大流行病防範工作。

Our #1 focus is the development of a vaccine. This is core to the exit plan the world needs, and we're working with companies and institutions globally, including in North America, Europe and China to help find the best and most effective vaccine. Our aim is to develop multiple adjuvanted COVID-19 vaccines. GSK has long been the leader in vaccine adjuvant technology, and our expertise in this area is proven.

我們的第一重點是開發疫苗。這是世界需要的退出計劃的核心，我們正在與全球範圍內的公司和機構合作，包括北美、歐洲和中國，以幫助找到最好和最有效的疫苗。我們的目標是開發多種佐劑化的 COVID-19 疫苗。 GSK 長期以來一直是疫苗佐劑技術的領導者，我們在這一領域的專業知識得到了證明。

As many of you know, the use of an adjuvant can be of particular importance in a pandemic situation since it may reduce the amount of vaccine protein required per dose, allowing more vaccine doses to be produced and therefore, contributing to protect more people sooner.

正如你們許多人所知，在大流行情況下使用佐劑可能特別重要，因為它可以減少每劑所需的疫苗蛋白量，從而可以生產更多的疫苗劑量，從而有助於更快地保護更多人。

One of the most recent collaborations to be announced was with Sanofi. Together, we bring proven technologies and considerable scale. We're planning to start trials in the next few months and if successful and subject to regulatory considerations, aim to complete development and make the vaccine available by the second half of 2021. Of course, there is a lot of work to do and no guarantees, given this is an early stage of development. But we believe if we are successful, we'll be able to make hundreds of millions of doses annually by the end of next year.

最近宣布的合作之一是與賽諾菲 (Sanofi) 的合作。我們一起帶來了成熟的技術和相當大的規模。我們計劃在接下來的幾個月內開始試驗，如果成功並受到監管方面的考慮，我們的目標是在 2021 年下半年完成開發並提供疫苗。當然，還有很多工作要做，而且還沒有保證，因為這是開發的早期階段。但我們相信，如果我們成功了，到明年年底，我們將能夠每年生產數億劑。

Data from our other collaborations will be available in the coming months. We remain, as we always have been, committed to global access. And across this portfolio of vaccine collaborations, we'll reinvest short-term profits generated in coronavirus-related research and long-term pandemic preparedness, either through GSK internal investments or with external partners.

我們其他合作的數據將在未來幾個月內提供。我們一如既往地致力於全球訪問。在這一疫苗合作組合中，我們將通過葛蘭素史克內部投資或與外部合作夥伴合作，將冠狀病毒相關研究和長期大流行防範中產生的短期利潤進行再投資。

Alongside vaccines, we're also exploring therapeutic options. And earlier this month, we entered into a new collaboration with Vir Biotechnology. Together, we'll use Vir's proprietary monoclonal antibody platform technology to identify and accelerate new antiviral antibodies that could be used for therapeutic or preventative options for COVID-19 or future coronavirus outbreaks.

除了疫苗，我們還在探索治療方案。本月早些時候，我們與 Vir Biotechnology 建立了新的合作關係。我們將共同使用 Vir 專有的單克隆抗體平台技術來識別和加速新的抗病毒抗體，這些抗體可用於 COVID-19 或未來冠狀病毒爆發的治療或預防選擇。

Our first priority is to accelerate 2 very promising antibody candidates that target COVID-19 directly into Phase II clinical trials within the next 3 to 5 months. The Vir platform is highly complementary with our R&D approach to focus on the science of immunology. Additionally and more broadly, we're screening GSK-marketed and pipeline assets for antiviral activity or potential use in prevention or treatment of symptoms related to COVID-19. So all in all, you can see we're pursuing a broad set of initiatives as part of our response and commitment to being part of the solution.

我們的首要任務是在未來 3 至 5 個月內將 2 種非常有前途的候選抗體加速直接針對 COVID-19 進入 II 期臨床試驗。 Vir 平台與我們專注於免疫學的研發方法高度互補。此外，更廣泛地說，我們正在篩選 GSK 上市和管道資產的抗病毒活性或潛在用途，以預防或治療與 COVID-19 相關的症狀。所以總而言之，你可以看到我們正在推行一系列廣泛的舉措，作為我們對成為解決方案一部分的回應和承諾的一部分。

So let me now move to our Q1 performance. We've seen a very strong start to the year with our performance reflecting good underlying execution, the addition of the Pfizer Consumer Healthcare portfolio and towards the end of the quarter, a significant step-up in demand, including patient and consumer stock building for many of our products as a result of the pandemic.

現在讓我談談我們第一季度的表現。我們今年開局非常強勁，我們的業績反映了良好的基本執行、輝瑞消費者保健產品組合的增加以及到本季度末，需求顯著增加，包括患者和消費者庫存建設由於大流行，我們的許多產品。

Pro forma group sales growth of 10% in CER terms reflected an increase in sales in all 3 of our global businesses with a particularly strong performance again in Vaccines driven by Shingrix; and Consumer, where we saw double-digit pro forma increases in 4 of our 5 main categories. Group adjusted operating margin this quarter was 29.4%, reflecting the strong sales growth across all 3 businesses, a more favorable mix in Vaccines and the continued benefits of restructuring.

以 CER 計算的備考集團銷售額增長 10%，反映出我們所有 3 項全球業務的銷售額均有所增長，在 Shingrix 的推動下，疫苗業務再次表現尤為強勁；和消費者，我們在 5 個主要類別中的 4 個類別中看到了兩位數的預估增長。本季度集團調整後的營業利潤率為 29.4%，反映了所有 3 項業務的強勁銷售增長、更有利的疫苗組合以及重組的持續好處。

On a total basis, earnings per share were up 89% to 31.5p, and adjusted earnings per share increased 26% to 37.7p. Earnings growth benefited from a reduction in our effective tax rate in the quarter, reflecting a number of one-off items, including the revaluation of tax assets. Our free cash flow this quarter was GBP 531 million, benefiting from our strong operating performance across the business.

總體而言，每股收益增長 89% 至 31.5 便士，調整後每股收益增長 26% 至 37.7 便士。收益增長得益於我們本季度有效稅率的降低，反映了一些一次性項目，包括稅收資產的重估。本季度我們的自由現金流為 5.31 億英鎊，這得益於我們在整個業務領域的強勁經營業績。

We've also continued to make progress on our long-term priorities of innovation, performance and trust. Sustained focus on commercial execution delivered good growth of our new products, Nucala and Trelegy in Respiratory; and our 2 drug regimens, Dovato and Juluca in HIV. Meanwhile, Shingrix also continued to perform strongly with some RAR benefits as we further accelerate supply, although short-term demand is now being impacted by slowing vaccination rates in the U.S. under containment measures.

我們還在創新、績效和信任的長期優先事項上繼續取得進展。對商業執行的持續關注使我們的新產品 Nucala 和 Trelegy 在呼吸系統方面取得了良好的增長；以及我們的 2 種藥物治療方案，Dovato 和 Juluca 治療 HIV。與此同時，隨著我們進一步加速供應，Shingrix 也繼續表現強勁並帶來一些 RAR 收益，儘管短期需求現在受到美國在遏制措施下疫苗接種率放緩的影響。

We've also made progress on our pipeline with regulatory submissions accepted on 3 oncology assets. We're anticipating FDA approval of Zejula in the first-line maintenance setting for ovarian cancer shortly, and Luke will talk to the opportunity here in just a moment.

我們的管道也取得了進展，接受了 3 項腫瘤學資產的監管提交。我們預計 FDA 很快會批准 Zejula 用於卵巢癌的一線維持治療，Luke 稍後將在這裡討論這個機會。

We've also had regulatory submissions accepted for 2 other oncology assets, belantamab mafodotin in relapsed/refractory multiple myeloma and for dostarlimab in the second-line treatment of recurrent or refractory endometrial cancer. We expect the belantamab review to complete close to the PDUFA date in August. And as we've said previously, the other events associated with belantamab are a unique adverse event that we take very seriously, and we're working with the agency to ensure its safe and effective use in the target population.

我們還接受了其他兩種腫瘤學資產的監管提交，復發/難治性多發性骨髓瘤中的 belantamab mafodotin 和復發性或難治性子宮內膜癌二線治療中的 dostarlimab。我們預計 belantamab 審查將在 8 月接近 PDUFA 日期時完成。正如我們之前所說，與 belantamab 相關的其他事件是我們非常重視的獨特不良事件，我們正在與該機構合作，以確保其在目標人群中安全有效地使用。

We were pleased to see our long-acting 2-drug regimen in HIV. Cabenuva received approval in Canada, and we've been engaging with FDA on the path forward for Cabenuva in the U.S. and expect to make a resubmission around midyear. Also in HIV, we filed the European approval for fostemsavir for heavily pretreated patients. And we look forward to making these important new treatment options available to patients.

我們很高興看到我們的 HIV 長效 2 藥療法。 Cabenuva 在加拿大獲得批准，我們一直在與 FDA 就 Cabenuva 在美國的前進道路進行接觸，並預計將在年中左右重新提交。同樣在 HIV 方面，我們提交了歐洲批准 fostemsavir 用於大量預處理患者的申請。我們期待著為患者提供這些重要的新治療方案。

In performance, we've continued to drive growth in sales and have seen an improvement in our profitability this quarter with continued good cost control. We've built up capabilities in oncology, ready to support our expected launches. In consumer, integration of the joint venture with Pfizer is progressing very well. We're on track to deliver our cost synergy targets, and 90% of leadership roles are now in place. We've also, as planned, completed the divestment of our India Nutrition business to Hindustan Unilever.

在業績方面，我們繼續推動銷售額增長，本季度我們的盈利能力有所改善，成本控制持續良好。我們已經建立了腫瘤學能力，準備支持我們預期的發布。在消費領域，與輝瑞的合資企業整合進展順利。我們有望實現我們的成本協同目標，並且 90% 的領導角色現已到位。我們還按計劃完成了將我們的印度營養業務剝離給 Hindustan Unilever。

We are progressing a number of other consumers' health brand divestments. And alongside streamlining our portfolio, proceeds from these divestments will also help fund cash costs to the integration. In February, we announced our program to prepare the group for separation into 2 new companies. We've now started this important project to get us future-ready with no change to our medium-term targets and time lines.

我們正在推進其他一些消費者健康品牌的剝離。除了精簡我們的投資組合，這些撤資的收益還將有助於為整合提供現金成本。 2 月，我們宣布了為集團拆分為 2 家新公司做準備的計劃。我們現在已經啟動了這個重要的項目，讓我們為未來做好準備，而不會改變我們的中期目標和時間表。

And finally, on trust, as I've always -- already described, we focused our efforts on solutions to the pandemic and on supporting our people.

最後，正如我一直以來所描述的那樣，在信任方面，我們將努力集中在解決這一流行病和支持我們的人民上。

So I'll now hand you over to Luke, who's going to give you more details on our commercial performance in Pharma and Vaccines this quarter.

所以我現在將你交給盧克，他將向你提供有關本季度我們在製藥和疫苗方面的商業表現的更多詳細信息。

Thanks, Emma, and I hope you're all well. So good news is that we've had a strong start in Pharma in 2020 with growth in our new products across the portfolio. We did see some impact from COVID-19 towards the end of the quarter in Europe and in the last 2 weeks of March in the U.S. And this was most notable in HIV, which benefited from customer stockpiling and as you'd expect, Ventolin, which saw some stock building but also increased use.

謝謝，艾瑪，我希望你一切都好。好消息是，我們在 2020 年的製藥領域開局良好，整個產品組合的新產品都有增長。我們確實看到 COVID-19 在本季度末在歐洲和 3 月的最後兩週在美國產生了一些影響，這在 HIV 領域最為顯著，這得益於客戶的囤積，正如你所期望的那樣，Ventolin，看到了一些存貨建設，但也增加了使用。

Excluding COVID-19 impacts, the underlying trends are good, and our new products continue to perform well. And to give you some examples, for Trelegy, we continue to see good growth in the class and in our share in all key markets, and we expect to get U.S. approval of asthma later this year.

排除 COVID-19 的影響，基本趨勢良好，我們的新產品繼續表現良好。給你舉一些例子，對於 Trelegy，我們繼續看到類別和我們在所有主要市場的份額的良好增長，我們預計今年晚些時候將獲得美國對哮喘的批准。

In the case of Nucala, we remain the market leader in the eos disease segment. And I'm pleased to say that we're benefiting from strong launches of our home admin, especially in Europe, where we've seen a significant shift. We also have a good -- we have good data in nasal polyps and plan to file in the second half of the year.

就 Nucala 而言，我們仍然是 eos 疾病領域的市場領導者。我很高興地說，我們正在受益於家庭管理員的強大發布，尤其是在歐洲，我們已經看到了重大轉變。我們也有一個很好的——我們在鼻息肉方面有很好的數據，併計劃在今年下半年提交。

Benlysta, which is in its tenth year on the market, continues to generate strong double-digit growth, and the subcut formulation is increasingly important here. And we're pleased that the FDA designated our lupus nephritis indication as a breakthrough this quarter and filing is planned for later this year.

Benlysta 已進入市場第十個年頭，繼續產生強勁的兩位數增長，而細分配方在這裡變得越來越重要。我們很高興 FDA 將我們的狼瘡性腎炎適應症指定為本季度的突破，併計劃在今年晚些時候提交申請。

On Zejula, I'll talk to the first-line ovarian cancer indication in a minute. But we are picking up a greater share of new patient starts as we benefit from the operational and execution changes we've made. We've also increased our HCP engagement and are actively using the QUADRA data that was added to the label late last year.

在 Zejula 上，我將在一分鐘內討論一線卵巢癌適應症。但是，由於我們受益於我們所做的運營和執行變更，我們正在接受更多的新患者開始。我們還增加了 HCP 的參與度，並積極使用去年底添加到標籤中的 QUADRA 數據。

As David can comment in Q&A, there's been a good uptake of the 2-drug regimen in HIV, benefiting from Dovato's inclusion in both U.S. and EU guidelines.

正如 David 在問答中評論的那樣，受益於 Dovato 被納入美國和歐盟指南，HIV 的兩種藥物治療方案得到了很好的採用。

Like most companies, we did see some impact of COVID-19 towards the end of the quarter in Europe and the U.S. And I think this was seen across the portfolio and shown clearly here on the slide in the prescription data for some of our inhaled respiratory assets.

與大多數公司一樣，我們在歐洲和美國的季度末確實看到了 COVID-19 的一些影響，我認為這在整個產品組合中都可以看到，並且在我們一些吸入呼吸系統的處方數據的幻燈片上清楚地顯示出來資產。

We would expect some of that to unwind during Q2, but underlying demand for our products remains strong. Our people are focused and using this time as productively as possible. We move fast to adapt and to move calls and content onto digital very quickly. And right now, I mean, our people are at home, but they're engaging with HCP. And we are active in areas like virtual speaker programs.

我們預計其中一些會在第二季度解除，但對我們產品的潛在需求依然強勁。我們的員工專注並儘可能高效地利用這段時間。我們迅速採取行動以適應並將呼叫和內容快速轉移到數字上。現在，我的意思是，我們的員工都在家裡，但他們正在與 HCP 打交道。我們活躍於虛擬演講者計劃等領域。

I really want to stress this. From the start of the lockdowns, we've also focused not only on manage the initial phase, but on plans to reengage when restrictions are lifted. We expect that going forward, we will see an increase in digital engagement, but we are ready to engage with more traditional means as well. So I think agility and flexibility here are going to be key.

我真的很想強調這一點。從封鎖開始，我們不僅關注管理初始階段，還關註解除限制後重新參與的計劃。我們預計，在未來，我們將看到數字參與度的增加，但我們也準備好採用更傳統的方式。所以我認為這裡的敏捷性和靈活性將是關鍵。

Next slide, please. Moving on to Zejula. With the strong PRIMA data that you all know, Zejula is positioned, if approved, to be the only PARP approved as a monotherapy in first line for women who do not have a BRCA mutation, which equates to about 75% to -- about 80% of women with ovarian cancer. In March, we are also pleased and proud to see Zejula included in the NCCN Guidelines as a first-line treatment option with a recommendation that covers 80% of patients in the first-line maintenance setting.

請換下一張幻燈片。繼續前往澤胡拉。憑藉眾所周知的強大 PRIMA 數據，如果獲得批准，Zejula 將成為唯一被批准作為一線單藥治療的 PARP，用於沒有 BRCA 突變的女性，這相當於約 75% 至 -- 約 80患有卵巢癌的女性百分比。 3 月，我們也很高興和自豪地看到則樂作為一線治療選擇被納入 NCCN 指南，其建議覆蓋了一線維持環境中 80% 的患者。

Upon approval, Zejula will be the only treatment option recommended for BRCA wild-type patients who did not receive Avastin treatment. Now watch-and-wait is still an option here but only for patients, if you look at the guidelines, with a complete response. Plus Zejula is recommended for all BRCA-mutant patients, which is at parity with Lynparza monotherapy. So we think this will put us in a competitive position once we receive approval, which, as Emma said, we expect shortly.

獲批後，則樂將成為推薦給未接受阿瓦斯汀治療的 BRCA 野生型患者的唯一治療選擇。現在，觀察和等待仍然是一種選擇，但僅適用於患者，如果您查看指南，並獲得完整的回應。 Plus Zejula 被推薦用於所有 BRCA 突變患者，這與 Lynparza 單一療法相當。所以我們認為，一旦我們獲得批准，這將使我們處於競爭地位，正如 Emma 所說，我們預計很快就會獲得批准。

Preparation for launch, as you can imagine, is very active and underway. And we've fully integrated the TESARO teams, and we've got some really strong leadership in place. The sales team is fully recruited, and we're equipped to launch virtually under COVID-19 restrictions. In the short term, I think it's fair to say we do expect that COVID-19 could have an impact on the diagnosis and treatment of ovarian cancer, but we remain confident in the long term in the profile of this remarkable product.

正如您所想像的那樣，發射準備工作非常活躍並且正在進行中。我們已經完全整合了 TESARO 團隊，並且我們擁有一些非常強大的領導層。銷售團隊已全面招募，我們有能力在 COVID-19 限制下進行虛擬發布。在短期內，我認為可以公平地說，我們確實預計 COVID-19 可能會對卵巢癌的診斷和治療產生影響，但從長遠來看，我們對這一卓越產品的概況仍然充滿信心。

Okay. So I'll finish on Vaccines. In quarter 1, we were really pleased to see the acceleration of Shingrix supply continue, and that drove excellent growth. I want to stress, though, that the underlying demand for this product remains very strong. That said, towards the end of the quarter, as the prescription trends illustrate, we began to see the impact of stay-at-home measures prompted by the pandemic.

好的。所以我將完成疫苗。在第一季度，我們真的很高興看到 Shingrix 的供應繼續加速，這推動了出色的增長。不過，我想強調的是，對該產品的潛在需求仍然非常強勁。也就是說，在本季度末，正如處方藥趨勢所示，我們開始看到大流行病引發的居家措施的影響。

Although wholesalers and distributors kept ordering stock through April, we expect to see a significant impact in the coming months. Now that being said, once the stay-at-home restrictions are lifted and patients can visit their pharmacies in person and access routine physician visits once again, we expect demand to rebound. And we're planning for that. We are planning for measures to accelerate, including driving prioritization of adult vaccinations and linking it to the upcoming Q3 flu season.

儘管批發商和分銷商一直在 4 月份訂購庫存，但我們預計未來幾個月會產生重大影響。話雖這麼說，一旦取消居家限制，患者可以親自去藥店並再次進行常規醫生就診，我們預計需求將會反彈。我們正在為此做計劃。我們正在計劃採取措施加快速度，包括推動成人疫苗接種的優先次序，並將其與即將到來的第三季度流感季節聯繫起來。

In terms of supply, we're also on track for 2020 in our capacity expansion plans, including bringing new facilities online, which remain unchanged. Our limited phased Shingrix launch in China this year remains set to commence as we move through this year, subject, of course, to appropriate market conditions. We filed Shingrix for expanded use in immunocompromised adults in Europe last year, and we're on track to file with the FDA this year.

在供應方面，我們在 2020 年的產能擴張計劃也步入正軌，包括使新設施上線，這些計劃保持不變。我們今年在中國有限分階段推出的 Shingrix 仍將隨著今年的推進而開始，當然，這取決於適當的市場條件。我們去年在歐洲申請了 Shingrix 以擴大在免疫功能低下的成年人中的使用，今年我們正按計劃向 FDA 申請。

So in conclusion, before I hand over to Iain, I'd just like to leave you with the following. So although we're seeing fluctuating demand for our products, the underlying dynamic remains strong. We're using this time as productively as possible to accelerate our digital capabilities and make changes to be more competitive. And finally, almost from the beginning of restrictions, we have been planning for a strong start when we are able to resume more normal activities.

所以總而言之，在我交給伊恩之前，我想給你們留下以下內容。因此，儘管我們看到對我們產品的需求在波動，但潛在的動力仍然強勁。我們正在盡可能高效地利用這段時間來加速我們的數字能力並做出改變以提高競爭力。最後，幾乎從限制開始，我們就一直在計劃在我們能夠恢復更多正常活動時有一個良好的開端。

And with that, I'll hand over to Iain.

有了這個，我會交給伊恩。

Thanks, Luke. I hope everybody's fit and well today. All the comments I make today will be on a constant currency basis except for specified otherwise, and I'll cover both total and adjusted results.

謝謝，盧克。我希望今天每個人都身體健康。除非另有說明，否則我今天發表的所有評論都將以固定貨幣為基礎，我將涵蓋總結果和調整後的結果。

On Slide 16 is a summary of the group's results for Q1, which is a very strong quarter with 19% reported turnover growth, reflecting the addition of the consumer joint venture with Pfizer and turnover growth of 10% on a pro forma basis. As you've heard from Emma and Luke, we continue to see strong underlying performance of the business during Q1 even in these challenging circumstances. Additionally, this quarter, we saw turnover growth impacted by COVID-19 pandemic in various areas across our businesses.

幻燈片 16 是該集團第一季度業績的總結，這是一個非常強勁的季度，報告的營業額增長了 19%，反映了與輝瑞的消費者合資企業的增加以及營業額在備考基礎上增長了 10%。正如您從 Emma 和 Luke 那裡聽到的那樣，即使在這些充滿挑戰的情況下，我們在第一季度繼續看到業務的強勁基礎表現。此外，本季度，我們在業務的各個領域都看到了 COVID-19 大流行影響的營業額增長。

In Pharma, we saw a turnover growth of 6%, approximately 1/2 to 2/3 of which was related to pull-forward in the stocking patterns primarily in Respiratory in Europe and international and HIV in the U.S. In Consumer, turnover grew 11% pro forma, 14% excluding the impact of brands that under review or being divested, again, around 2/3 of which is related to increased COVID-19 demand, particularly in the U.S.

在製藥行業，我們看到營業額增長了 6%，其中約 1/2 到 2/3 與庫存模式的推進有關，主要是歐洲和國際的呼吸系統以及美國的 HIV。在消費者領域，營業額增長了 11 % 備考，14% 不包括正在審查或被剝離的品牌的影響，同樣，其中約 2/3 與 COVID-19 需求增加有關，尤其是在美國。

Finally, in Vaccines, while we've seen some adverse changes to prescription trends in the last few weeks, we did not see any material financial impact in the first quarter. I'll go into more detail on each of these businesses and the drivers in a moment.

最後，在疫苗方面，雖然我們在過去幾週看到處方藥趨勢發生了一些不利變化，但我們在第一季度沒有看到任何實質性的財務影響。稍後我將更詳細地介紹這些業務和驅動因素。

Total operating profit was up 42% with total earnings per share up 89% primarily reflecting the strong operating performance as well as an increase in the value of shares in Hindustan Unilever. On an adjusted basis, operating profit was up 24% reported and 14% pro forma, while adjusted earnings per share was up 26%, reflecting both the operating leverage as a result of higher sales and the one-off impact of a revaluation of deferred tax assets during the quarter.

總營業利潤增長 42%，每股總收益增長 89%，這主要反映了強勁的經營業績以及 Hindustan Unilever 股票價值的增長。在調整後的基礎上，報告的營業利潤增長了 24%，預估增長了 14%，而調整後的每股收益增長了 26%，既反映了銷售額增加帶來的經營槓桿，也反映了遞延資產重估的一次性影響本季度的稅收資產。

We delivered GBP 531 million of free cash flow in the quarter, also reflecting the strong sales growth, improved operating performance and timing of RAR payments. And on currency, the net impact on sales was broadly flat with a 1% headwind to adjusted earnings per share.

我們在本季度交付了 5.31 億英鎊的自由現金流，這也反映了強勁的銷售增長、改善的經營業績和 RAR 付款的時機。在貨幣方面，對銷售額的淨影響基本持平，調整後每股收益有 1% 的不利影響。

The next slide summarizes the reconciliation of our total to adjusted results. The main adjusting items in the quarter were major restructuring focused on improving the efficiency of the supply chain with also some initial charges for the separation/preparation program we announced earlier this year. Within transaction related, the main contributor was a charge for the remeasurement of the contingent consideration liability relating to Vir primarily as a result of movements in exchange rates. And finally, the disposals column includes a gain from the revaluation of the embedded derivative in respect of GSK's exposure to movements in Hindustan Unilever share price.

下一張幻燈片總結了我們的總數與調整後結果的對賬。本季度的主要調整項目是專注於提高供應鏈效率的重大重組，以及我們今年早些時候宣布的分離/準備計劃的一些初始費用。在相關交易中，主要貢獻者是重新計量與 Vir 相關的或有對價負債的費用，這主要是由於匯率變動造成的。最後，處置一欄包括因 GSK 對 Hindustan Unilever 股價變動的風險敞口而對嵌入式衍生工具進行重估而獲得的收益。

My comments from here onwards are on adjusted results, unless I state otherwise. Slide 18 summarizes the Pharmaceuticals business where revenues were up 6% in Q1 as well as our new launches, which continue to perform well with encouraging trends. We saw some impact from COVID-19 towards the end of the quarter. This was primarily due to stocking and longer prescriptions being written. So we have seen an increase in demand for certain Respiratory products.

除非我另有說明，否則我從這裡開始的評論都是針對調整後的結果。幻燈片 18 總結了第一季度收入增長 6% 的製藥業務以及我們的新產品，這些業務繼續以令人鼓舞的趨勢表現良好。我們在本季度末看到了 COVID-19 的一些影響。這主要是由於庫存和更長的處方。因此，我們看到對某些呼吸系統產品的需求有所增加。

Luke's just taken you through the performance of some of our key products, so I'll just point out a couple of important considerations. Starting with Respiratory, sales were up 38% with growth from Trelegy, Nucala and Relvar/Breo across all regions. Relvar/Breo growth -- grew 32% globally, benefiting from a prior period RAR adjustment in the U.S. For outside the U.S., sales grew 33% in Europe and 16% in international.

Luke 剛剛向您介紹了我們一些主要產品的性能，因此我將僅指出幾個重要的考慮因素。從呼吸系統開始，隨著所有地區 Trelegy、Nucala 和 Relvar/Breo 的增長，銷售額增長了 38%。 Relvar/Breo 增長——全球增長 32%，受益於美國前期 RAR 調整。在美國以外，歐洲銷售額增長 33%，國際銷售額增長 16%。

Nucala continues to perform strongly following the launch of the at-home application with growth of 38% globally. And in HIV, revenues were up 8% with the dolutegravir franchise up 9% globally. In the U.S., dolutegravir grew 2% reflecting the shift within our portfolio towards our 2-drug regimens, where we continue to build momentum as well as customer stock-building related to COVID-19 towards the end of the quarter. Excluding the impact of customer stocking, we estimate that sales were flat year-on-year, in line with our previously stated expectations.

Nucala 在家庭應用程序推出後繼續表現強勁，全球增長 38%。在 HIV 領域，全球收入增長了 8%，多替拉韋特許經營權增長了 9%。在美國，dolutegravir 增長了 2%，這反映出我們的產品組合向我們的 2 種藥物方案轉變，我們在本季度末繼續建立勢頭以及與 COVID-19相關的客戶庫存建設。排除客戶備貨的影響，我們估計銷售額同比持平，符合我們之前陳述的預期。

Within the established Pharmaceuticals portfolio, it declined 6% overall driven by U.S. adverse sales, which were down 40%, as expected given generic competition. This was offset by continued strong performance from Ventolin, of which we saw some incremental demand as a result of COVID-19. Outside Respiratory, the established Pharma portfolio declined by 2%.

在已建立的製藥產品組合中，受美國不利銷售的推動，它總體下降了 6%，考慮到仿製藥競爭，不利銷售下降了 40%，正如預期的那樣。這被 Ventolin 持續強勁的表現所抵消，我們看到 COVID-19 對 Ventolin 的需求有所增加。除了 Respiratory，成熟的製藥產品組合下降了 2%。

Overall in Pharma, trends remain encouraging and our new products continued to perform well. As I mentioned, we estimate approximately 1/2 to 2/3 of the turnover growth of 6% in Q1 was related to pull-forward in stocking patterns. Over the balance of the year, we expect there will be volatility in demand due to COVID-19 and also a degree of unwind given the stocking impacts we saw during Q1 in Respiratory and HIV.

總體而言，在製藥行業，趨勢仍然令人鼓舞，我們的新產品繼續表現良好。正如我所提到的，我們估計第一季度 6% 的營業額增長中約有 1/2 至 2/3 與庫存模式的提前有關。在今年餘下的時間裡，我們預計需求會因 COVID-19 而出現波動，並且考慮到我們在第一季度在呼吸系統和 HIV 方面看到的庫存影響，也會出現一定程度的放鬆。

Turning to Pharma operating margin. As anticipated in our guidance at the full year, we saw a decline in Q1, informed by decisions we've made to invest in R&D behind priority assets, promotional activity for new launches and building specialty capability. In addition, this quarter, we also saw price impacts, including notably the impact of generic Advair as well as higher provisions for legal settlements in the quarter.

轉向製藥公司的營業利潤率。正如我們在全年指導中所預期的那樣，我們看到第一季度有所下降，這是因為我們決定投資於優先資產背後的研發、新產品的促銷活動和建設專業能力。此外，本季度，我們還看到了價格影響，包括仿製藥 Advair 的影響以及本季度更高的法律和解條款。

On Slide 19, we give you an overview of Vaccines performance with sales up 19% driven mainly by Shingrix as well as our meningitis vaccines. As I mentioned, we did not see any material impact on Vaccines in the quarter as a result of COVID-19. Shingrix continues to benefit from our actions to increase our supply capacity with revenues in Q1 of GBP 647 million driven by continued strong uptake in the U.S. as well as the benefit from a one-off RAR adjustment.

在幻燈片 19 上，我們向您概述了疫苗的業績，銷售額增長了 19%，主要由 Shingrix 和我們的腦膜炎疫苗推動。正如我所提到的，我們沒有看到 COVID-19 對本季度疫苗產生任何實質性影響。 Shingrix 繼續受益於我們增加供應能力的行動，第一季度的收入為 6.47 億英鎊，這得益於美國持續強勁的吸收以及一次性 RAR 調整的好處。

As Luke has covered, underlying demand for the vaccine continues to be very strong, and we're on track with our supply delivery plans for the year. However, we have recently seen a decline in Shingrix prescriptions as containment measures have limited patients' ability to access the vaccine. We expect that during Q2, we'll see a significant impact on Shingrix performance as a result. However, we see this as a relatively short-term issue and are putting the right plans in place to support increased demand once containment measures are relaxed, notably in the U.S.

正如 Luke 所提到的，對疫苗的潛在需求仍然非常強勁，我們今年的供應交付計劃正在按計劃進行。然而，我們最近看到 Shingrix 處方的減少，因為遏制措施限制了患者獲得疫苗的能力。我們預計在第二季度，我們將看到對 Shingrix 性能的重大影響。然而，我們認為這是一個相對短期的問題，並且正在製定正確的計劃，以在遏制措施放鬆後支持增加的需求，尤其是在美國。

Other vaccines that may be impacted by the ongoing crisis are our meningitis portfolio with a potential impact linked to the back-to-school season in the U.S. as well as lower out-of-pocket sales in other countries and also in hepatitis, which is likely to be impacted by the global reduction in travel.

其他可能受到持續危機影響的疫苗是我們的腦膜炎產品組合，其潛在影響與美國的返校季以及其他國家和地區的自付費用銷售額下降有關，肝炎是可能會受到全球旅行減少的影響。

Note also that the divestment of the travel vaccines Rabipur and Encepur will have a slight drag on sales growth this year in the region of 3%. The operating margin of 48% primarily reflects operating leverage as a result of strong sales growth in the quarter, particularly from Shingrix as well as improved product mix and higher royalties.

另請注意，旅行疫苗 Rabipur 和 Encepur 的撤資將略微拖累今年該地區 3% 左右的銷售增長。 48% 的營業利潤率主要反映了由於本季度銷售強勁增長（尤其是來自 Shingrix 的銷售）以及產品組合改善和特許權使用費增加而產生的經營槓桿。

Turning to Slide 20. Revenues of our new Consumer Healthcare JV on a pro forma basis were up 11% with growth significantly impacted by consumer and government responses to COVID-19. We now have a revised category of reporting structure in place to appropriately reflect and help you understand the key drivers of the combined business. And under this structure, pro forma growth was 14%, excluding brands either divested or under review.

轉到幻燈片 20。我們新的 Consumer Healthcare JV 的預估收入增長了 11%，增長受到消費者和政府對 COVID-19 的反應的顯著影響。我們現在有一個修訂後的報告結構類別，以適當地反映和幫助您了解合併後業務的主要驅動因素。在這種結構下，預估增長率為 14%，不包括已剝離或正在審查的品牌。

The divestment of the India Nutrition business to Hindustan Unilever closed on the 1st of April. And we're moving forward with other divestments, which will continue through this year to refocus our portfolio and fund integration and restructuring activities within Consumer Healthcare.

印度營養業務向 Hindustan Unilever 的剝離於 4 月 1 日結束。我們正在推進其他撤資，這些撤資將持續到今年，以重新關注我們在消費者保健領域的投資組合和基金整合和重組活動。

Q1 was a strong quarter with good power brand growth and the benefits from the formation of the GSK-Pfizer JV becoming increasingly visible. We've also seen a significant impact in Consumer from COVID-19 in the quarter. This varied across regions with a number of markets, including the U.S. and U.K. experiencing increased demand while others, including China and India, were negatively impacted by retailer shutdowns.

第一季度是一個強勁的季度，強大的品牌增長良好，GSK-Pfizer 合資公司的形成帶來的好處越來越明顯。我們還看到本季度 COVID-19 對消費者產生了重大影響。這種情況因地區而異，許多市場（包括美國和英國）的需求增加，而其他市場（包括中國和印度）則受到零售商關閉的負面影響。

We estimate around 2/3 of the overall Consumer growth in the quarter was related to increased COVID-19 consumer demand. We believe the majority of this is pantry loading, but there is some incremental consumer usage in the vitamins, minerals and supplements category and in pain and cough and cold. We'd expect much of the pantry loading to unwind through the year, particularly over the next few months.

我們估計本季度約 2/3 的總體消費者增長與 COVID-19 消費者需求的增加有關。我們認為其中大部分是食品儲藏室的負荷，但消費者在維生素、礦物質和補充劑類別以及止痛、咳嗽和感冒方面的使用量有所增加。我們預計全年大部分食品儲藏室負荷都會減少，尤其是在接下來的幾個月裡。

Operating for the margin -- operating margin for the quarter was up 320 basis points mainly driven by higher sales. With integration on track, we're delivering the planned synergies and continue to maintain cost -- strong cost control while investing behind our brands.

經營利潤率——本季度的經營利潤率上升了 320 個基點，主要受銷售額增加的推動。隨著整合步入正軌，我們正在實現計劃中的協同效應並繼續保持成本——在投資於我們的品牌的同時加強成本控制。

On Slide 21, we summarize the sales and adjusted operating margin for the group. As I mentioned, our group operating margin, up 90 basis points, reflects primarily the operating leverage from strong sales growth in the quarter. However, this also reflects the high levels of resilience and agility we've demonstrated within our supply chain and the overall effectiveness of business continuity planning across the group. We're also seeing the continued benefit of restructuring and tight control of operating costs across the business.

在幻燈片 21 上，我們總結了該集團的銷售額和調整後的營業利潤率。正如我所提到的，我們的集團營業利潤率上升了 90 個基點，主要反映了本季度強勁銷售增長帶來的經營槓桿。然而，這也反映了我們在供應鏈中展示的高水平彈性和敏捷性，以及整個集團業務連續性規劃的整體有效性。我們還看到了重組和嚴格控制整個企業運營成本的持續好處。

Moving to bottom half of the P&L, I'd highlight the following: interest expense was GBP 187 million, in line with the last year despite higher debt levels, reflecting the financing actions undertaken in 2019. The quarter also included a fair value gain on interest rate swaps, offsetting lower interest income on cash and adverse foreign exchange.

轉到損益表的下半部分，我要強調以下幾點：利息支出為 1.87 億英鎊，儘管債務水平較高，但與去年持平，反映了 2019 年採取的融資行動。該季度還包括公允價值收益利率互換，抵消現金和不利外彙的較低利息收入。

The effective tax rate of 13.7% reflected the one-off noncash impact of the revaluation of deferred tax assets as a result of the cancellation by the U.K. government of a previously planned reduction in the corporation tax rate. And noncontrolling interest reflected Pfizer's share of profits of the new Consumer Healthcare JV.

13.7% 的有效稅率反映了由於英國政府取消了先前計劃的降低公司稅率而導致的遞延稅資產重估的一次性非現金影響。非控股權益反映了輝瑞在新的 Consumer Healthcare JV 中的利潤份額。

We delivered cash flow of GBP 531 million in Q1, higher than expected, reflecting the strong operating performance we've seen across the business. The increased operating cash flow is accompanied by beneficial timing of RAR payments, offset by adverse working capital primarily driven by higher trade receivables. We also received a milestone income from Novartis relating to ofatumumab. And as well as the positive cash flow we delivered in Q1, we closed the quarter with strong cash balances, have an effective approach to working capital management and maintained access to extensive undrawn committed facilities.

我們在第一季度實現了 5.31 億英鎊的現金流，高於預期，反映了我們在整個業務中看到的強勁經營業績。經營現金流的增加伴隨著 RAR 付款的有利時機，被主要由較高的貿易應收賬款驅動的不利營運資金所抵消。我們還從諾華公司獲得了與奧法木單抗相關的里程碑式收入。除了我們在第一季度交付的正現金流外，我們在本季度結束時擁有強勁的現金餘額，採用有效的營運資本管理方法，並繼續獲得大量未提取的承諾貸款。

Turning now to our outlook and guidance for this year. When we first issued our guidance, we specified that it excluded any impact of coronavirus, which, as we've discussed, has already had an impact on our performance in Q1. We presented a good set of results today with continued strong underlying performance, along with some additional demand across our businesses reflecting customer behavior and stocking patterns as a result of COVID-19.

現在談談我們今年的展望和指導。當我們首次發布指南時，我們明確指出它排除了冠狀病毒的任何影響，正如我們所討論的那樣，冠狀病毒已經對我們第一季度的業績產生了影響。我們今天展示了一系列良好的結果，基礎性能持續強勁，我們業務的一些額外需求反映了 COVID-19 導致的客戶行為和庫存模式。

With the dynamic and uncertain situation, there are significant risks to business performance for the remainder of the year and particularly over the next few months. In the coming months, as government-imposed containment measures remain in place, we do expect to see the impact of changes to stocking patterns and reduced demand for those products which are at patient or consumer discretion, notably vaccines, including Shingrix. We're confident the underlying demand dynamics are strong, and our focus is on supporting patient access as restrictions are relaxed.

在動態和不確定的情況下，今年剩餘時間，特別是未來幾個月的業務績效面臨重大風險。在接下來的幾個月裡，由於政府實施的遏制措施仍然存在，我們確實預計會看到庫存模式變化的影響以及對那些由患者或消費者自行決定的產品需求減少的影響，尤其是疫苗，包括 Shingrix。我們相信潛在的需求動力是強勁的，我們的重點是在放寬限制後支持患者就診。

Based on our current assessment of the impact of COVID-19, we're maintaining our full year 2020 guidance at this time. We will, of course, if needed, update guidance as more information becomes available to inform our expected financial performance for the full year. There is no change in our capital allocation priorities, investing in R&D behind priority pipeline assets and returns to shareholders.

根據我們目前對 COVID-19 影響的評估，我們目前維持 2020 年全年的指導方針。當然，如果需要，我們會隨著更多信息的出現更新指南，以告知我們全年的預期財務業績。我們的資本分配優先事項沒有變化，投資於優先管道資產背後的研發和股東回報。

And as noted in our earnings release, we've declared a 19p quarterly dividend in line with last year and the expectations we set out earlier this year. As mentioned, we've got strong liquidity and access to substantial undrawn committed facilities. We're focusing on business continuity, the safety and well-being of our people and delivering solutions.

正如我們在收益發布中指出的那樣，我們宣布了 19 便士的季度股息，這與去年和我們今年早些時候設定的預期一致。如前所述，我們擁有強大的流動性並可以獲得大量未提取的承諾貸款。我們專注於業務連續性、員工的安全和福祉，並提供解決方案。

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

然後，我將交給艾瑪。

Thanks, Iain. So in summary, the business has performed strongly in the first quarter. Although, of course, we have uncertainty, especially over the next few months, we're confident we can navigate this crisis by prioritizing our people, business continuity and leading the way on solutions. At the same time, we remain very focused on delivering our long-term priorities of innovation, performance and trust and our 2020 areas of focus.

謝謝，伊恩。因此，總而言之，該業務在第一季度表現強勁。當然，儘管我們有不確定性，尤其是在接下來的幾個月裡，但我們相信我們可以通過優先考慮我們的人員、業務連續性和引領解決方案來度過這場危機。與此同時，我們仍然非常專注於實現創新、績效和信任的長期優先事項以及我們 2020 年的重點領域。

We're progressing our pipeline. We continue to drive improvements in our operating performance. We're moving at pace with the Consumer JV integration. And finally, we've started our program to prepare the group's separation into 2 new companies: one, a biopharma company focused on the science of immunology; the other dedicated to everyday consumer health. These 2 companies' purposes, priorities and capabilities have never seemed more relevant.

我們正在推進我們的管道。我們繼續推動改善我們的經營業績。我們正在與 Consumer JV 整合保持同步。最後，我們已經開始準備將集團拆分為 2 家新公司的計劃：一家是專注於免疫學的生物製藥公司；另一家是專注於免疫科學的生物製藥公司。另一個致力於日常消費者健康。這兩家公司的宗旨、優先事項和能力似乎從未如此相關。

Ultimately, we remain confident in the resilience and sustainability of GSK's business, our ability to deliver on our strategic goals and that we can be part of the solution for the COVID-19 pandemic.

最終，我們對 GSK 業務的彈性和可持續性、我們實現戰略目標的能力以及我們可以成為 COVID-19 大流行解決方案的一部分充滿信心。

We're now joined for Q&A by Hal, Brian, David and Roger. And so with that, operator, this team is ready to take your questions.

我們現在加入了 Hal、Brian、David 和 Roger 的問答環節。因此，接線員，這個團隊已準備好回答您的問題。

(Operator Instructions) And the first question comes from the line of James Gordon, JPMorgan.

（操作員說明）第一個問題來自摩根大通的詹姆斯戈登。

James Gordon, JPMorgan. Two questions, both on Vaccine. The first one was about Vaccines' recent performance. If I heard correctly, Pharma consumer did get the COVID boost in Q1, I think 4% and 8%, and the Vaccines growth rate was clean. But then the Vaccines pressure probably only really started right at the very end of the quarter in a way. So could you talk about what the -- you sort of saw at the end of Q1, so what was the exit rate for that same division performance? Or can you talk about what you've seen for April? How much deceleration have you seen already? And is the U.S. prescription trend for Shingrix much of a guide? Or is it a lot more benign than that?

詹姆斯戈登，摩根大通。兩個問題，都是關於疫苗的。第一個是關於疫苗最近的表現。如果我沒聽錯的話，醫藥消費者在第一季度確實得到了 COVID 的推動，我認為分別增長了 4% 和 8%，並且疫苗的增長率很乾淨。但隨後疫苗壓力可能只是在本季度末以某種方式真正開始。那麼你能談談 - 你在第一季度末看到了什麼，那麼同一部門表現的退出率是多少？或者你能談談你在四月份看到了什麼嗎？您已經看到多少減速？美國 Shingrix 的處方趨勢是否具有很大的指導意義？或者它比那要溫和得多？

And then the second question, also Vaccines with flu. So we speculate that the government might want to mandate or much more strongly encourage people to get flu vaccinations this year and for the next few years because they don't want to deal with flu and COVID at the same time in all the people. But if that happens, is GSK placed to capitalize on much of that? Can you really scale up your flu vaccines? Or is that much more challenging because I think yours is egg-based and I know Sanofi's is cell based. So is your vaccine for flu sustainable? Or can you participate in that also?

然後是第二個問題，也是流感疫苗。因此，我們推測政府可能希望在今年和未來幾年強製或更強烈地鼓勵人們接種流感疫苗，因為他們不想讓所有人同時應對流感和 COVID。但如果發生這種情況，葛蘭素史克能否充分利用其中的大部分？你真的能擴大你的流感疫苗嗎？或者更具挑戰性，因為我認為你們的是基於雞蛋的，而我知道賽諾菲的是基於細胞的。那麼你的流感疫苗可持續嗎？或者你也可以參與嗎？

Thanks. So I'm going to pass this to Luke because it's related to commercial and frontline demand. But headline is, you're right, great demand and a clean performance from Vaccines in Q1. But definitely, as both Iain and Luke mentioned, we're expecting a slowdown in Q2 just because of both health care capacity and patients' enthusiasm for the -- all consumers' enthusiasm for going outside. But we are expecting a rebound and it's not least linked to the flu demand, in fact. Although you should anticipate reasonably no significant incremental supply on flu from us. But Luke, do you want to talk through the dynamics there?

謝謝。所以我將把這個傳遞給盧克，因為它與商業和一線需求有關。但標題是，你是對的，第一季度疫苗的需求量很大，表現也很乾淨。但可以肯定的是，正如 Iain 和 Luke 所提到的，我們預計第二季度將放緩只是因為醫療保健能力和患者對所有消費者外出的熱情。但我們預計會出現反彈，事實上，這與流感需求並無關聯。儘管您應該合理地預期我們不會有顯著的流感供應增量。但是盧克，你想談談那裡的動態嗎？

Yes, sure. So James, I'll answer your second question first. So last year, we sold 46 million doses in the U.S., which was pretty much everything we had allocated. And we've been able to do that consistently because our supply is so far, touch wood, very predictable, which -- purchases like that.

是的，當然。詹姆斯，我先回答你的第二個問題。所以去年，我們在美國售出了 4600 萬劑，這幾乎是我們分配的所有劑量。而且我們能夠始終如一地做到這一點，因為我們的供應到目前為止，觸及木材，非常可預測，其中 - 像那樣購買。

But as Emma said, we rely on GMP [chickens] for the source of this, and that's a 12-month, at least, notice time. So there's limited upside for us in the coming flu season. But linked to your other question, there is the benefit of having this flu volume then linking it to the Shingrix recovery.

但正如 Emma 所說，我們依賴 GMP [雞] 作為其來源，而且至少有 12 個月的通知時間。因此，在即將到來的流感季節，我們的上行空間有限。但與您的其他問題相關，將這種流感量與 Shingrix 恢復聯繫起來是有好處的。

Before I go through specifically individual vaccines and the dynamics there, if you take a medium- to longer-term picture, I think we'd all agree that the world is, in a way, seeing a very unpleasant experiment where you don't have vaccine coverage for quite an aggressive pathogen. So I think when people reflect on this overall and physicians, their confidence to suggest vaccination to patients should be increased than it was before COVID-19 emerged.

在我詳細介紹個別疫苗和那裡的動態之前，如果你從中長期來看，我想我們都會同意，在某種程度上，世界正在經歷一個非常令人不快的實驗，而你卻沒有有相當侵略性病原體的疫苗覆蓋。因此，我認為當人們和醫生反思這一點時，他們建議患者接種疫苗的信心應該比 COVID-19 出現之前有所增強。

Now if you look in the U.S. -- actually, I'll go to Europe first. So Europe, we saw a big drop-off in vaccines. If you look at Spain and Italy, it dropped off. But we're already seeing signs of the early shoots of a recovery led by pediatric vaccines, and that's very clear. Governments are signaling that they want these vaccines recruit very quickly, and the U.S. is along with that.

現在，如果你看看美國——實際上，我會先去歐洲。所以在歐洲，我們看到疫苗數量大幅下降。如果你看看西班牙和意大利，它就會下降。但我們已經看到了由兒科疫苗引領的複甦的早期跡象，這是非常明顯的。各國政府發出信號，表示他們希望盡快招募這些疫苗，美國也同意這一點。

If you look at retail pharmacy in the U.S. and doctor visits, so they follow the CDC guidance. When you look at in-home administrations for Shingrix, they dropped by about 90%. But again, I think the key thing here is we haven't seen a reduction in people wanting to get a Shingrix shot. What we've seen is a reduction of people who don't want to get COVID and who've been told to stay at home.

如果您查看美國的零售藥店和醫生就診，那麼他們會遵循 CDC 指南。當您查看 Shingrix 的家庭管理時，它們下降了約 90%。但同樣，我認為這裡的關鍵是我們沒有看到想要注射 Shingrix 的人減少。我們看到的是不想感染 COVID 和被告知待在家裡的人數在減少。

So our expectation is that when people can go back out there, they're going to seek these doses out. And what's interesting is we have 2 ordering points in April for the major wholesalers. And the first one in April covered about 80% of the April sales, and that was filled. So this actually helps us restock and clear some back orders.

所以我們的期望是，當人們可以回到那裡時，他們會尋找這些劑量。有趣的是，我們在 4 月份為主要批發商提供了 2 個訂購點。 4 月份的第一個訂單涵蓋了 4 月份銷售額的 80%，而且已經滿了。所以這實際上幫助我們補充庫存並清除一些延期交貨的訂單。

If you look at the rest of the business, it was interesting. So pediatric vaccines are really being prioritized. You don't see a big drop in visits. So Pediarix ship-outs went down about 40%, but we do see a bigger impact in Bexsero, for example. Now normally, Q1 is our lowest month, but the volumes went down in terms of shipping to practices and wholesalers by about 80%. And Boostrix and Advair are about 70%.

如果你看看其餘的業務，這很有趣。因此，兒科疫苗確實被優先考慮。您不會看到訪問量大幅下降。因此，Pediarix 的出貨量下降了約 40%，但我們確實看到 Bexsero 的影響更大，例如。現在通常情況下，第一季度是我們最低的月份，但向診所和批發商發貨的數量下降了約 80%。而Boostrix和Advair大約是70%。

So there is an impact there. It makes sense. Wellness visits are down by about 2/3. But I think, ultimately, we're in a position to capture these back. I think some of these orders were also driven by physicians being careful financially. And I think that's the other important thing to remember, which is once these restrictions are lifted, these physicians are going to seek to recover these patients. They've got practices to run, staff to pay. So we think there's going to be a surge in activity after the restrictions are lifted. And as I said, early signs of Spain, Italy would indicate that's true.

所以那裡有影響。這說得通。健康訪問減少了大約 2/3。但我認為，最終，我們能夠奪回這些。我認為其中一些訂單也是由醫生在經濟上謹慎推動的。我認為這是另一件需要記住的重要事情，一旦這些限制被取消，這些醫生就會設法讓這些患者康復。他們有實踐要運行，員工要付錢。因此，我們認為取消限制後活動將會激增。正如我所說，西班牙和意大利的早期跡象表明這是真的。

Next question is from the line of Steve Scala of Cowen.

下一個問題來自 Cowen 的 Steve Scala。

I have 2 questions. First, just to be clear, is the Shingrix 2020 guidance, which I think is about flat to slightly up with 2019, still intact? And then second, GSK has 96 recruiting trials on clinicaltrials.gov. That number is down by only 12 in the last 5 weeks. These facts don't seem to fit with your cautionary comments on trials overall. So can you clarify these 2 points?

我有兩個問題。首先，需要明確的是，我認為與 2019 年基本持平或略有上升的 Shingrix 2020 指南是否仍然完好無損？其次，GSK 在 clinicaltrials.gov 上有 96 項招募試驗。這個數字在過去 5 週內僅下降了 12 個。這些事實似乎與您對整個試驗的警告性評論不符。那麼你能澄清這兩點嗎？

Sure. So I'll come to Hal to comment on the overall trials. And you're right, Steve, that the vast majority of our trials are not significantly impacted today, but Hal will comment in more details. And just to be clear, on the Shingrix guidance, what we guided was a maintained run rate plus a bit of the Q4 sales at the end of last year, which should still be certainly not flat year-on-year.

當然。所以我會來哈爾對整體試驗發表評論。史蒂夫，你是對的，我們的絕大多數試驗今天都沒有受到重大影響，但哈爾會發表更詳細的評論。需要明確的是，在 Shingrix 的指導下，我們指導的是維持運行率加上去年年底第四季度的一些銷售額，這與去年同期相比肯定不會持平。

So now -- and that guidance at the moment is unchanged. There's no update to that for -- we obviously had a strong Q1. We're really pleased with the progress we're making on supply. We do expect Q2 to be tougher because of the drop in rates under containment, but we are -- with -- the underlying demand is very strong, and our supply is on track. So we think we would be targeting a bounce back as containment is sort of relieved. So that will be -- no changes there in overall outlook at this stage. Obviously, we'll update you as we get more information.

所以現在 - 目前的指導方針沒有改變。沒有更新 - 我們顯然有一個強大的第一季度。我們對我們在供應方面取得的進展感到非常滿意。我們確實預計第二季度會因為遏制利率下降而更加艱難，但我們 - 有 - 潛在需求非常強勁，我們的供應正處於軌道上。因此，我們認為我們的目標是反彈，因為遏制有所緩解。所以這將是 - 在這個階段整體前景沒有變化。顯然，我們會在獲得更多信息後通知您。

But Hal, would you like to comment on the to-date impact on trials, please?

但是哈爾，你想評論一下對試驗的最新影響嗎？

Yes. Well, thanks for the question. I think the simple answer is that data is consistent with what we said that we haven't really terminated only a few programs. So most programs continued to enroll, albeit some of them less robustly than had been previously anticipated. So as Emma mentioned, 1 to 3 months delay for the vast majority. A few have been significantly impacted more than that, and a couple have been terminated or put on pause. But I think that data is very consistent with the impact we're seeing, which is nontrivial. But because of the importance of the programs that we have ongoing and the ability for us to come up with somewhat novel ways of doing these trials, we're confident that the impact is modest.

是的。好吧，謝謝你的提問。我認為簡單的答案是數據與我們所說的一致，我們並沒有真正終止只有幾個程序。因此，大多數項目繼續招生，儘管其中一些項目沒有之前預期的那麼強勁。正如 Emma 提到的，絕大多數人會延遲 1 到 3 個月。一些人受到的影響遠不止於此，還有一對夫婦被終止或暫停。但我認為數據與我們所看到的影響非常一致，這是非常重要的。但是由於我們正在進行的項目的重要性以及我們能夠想出一些新穎的方法來進行這些試驗的能力，我們相信影響是適度的。

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

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

And congratulations, by the way, on doing all of this and also delivering good results. So Hal, just on, first of all, the COVID vaccine efforts, you must be taking a close look at these programs now. Do you -- are you confident that you have a surrogate for protection yet? And could you just talk about the scale of safety that you think you will need for a general-use vaccine?

順便說一句，祝賀您完成了所有這些工作並取得了良好的成果。所以哈爾，首先，關於 COVID 疫苗的工作，你現在必須仔細研究這些項目。你 - 你有信心你有保護的代理人嗎？您能否談談您認為通用疫苗所需的安全等級？

And then, Luke, could you just talk about the upcoming pharmaceutical launches you have? Obviously, Zejula, belantamab, are you intending to launch, first of all? And secondly, what kind of degree of your typical effectiveness are you expecting given the way that you're going to have to introduce them more or less on a virtual basis?

然後，盧克，你能談談你即將推出的藥物嗎？顯然， Zejula ， belantamab ，你打算首先推出嗎？其次，考慮到您將不得不或多或少地在虛擬基礎上介紹它們的方式，您期望達到什麼樣的典型效果？

Okay. We'll come to Luke on the commercial launches and readiness in a new environment first, and then I think maybe hear from Roger first on the overall vaccine candidates and how we see that space. So we've got multiple partnerships going on. But Luke, do you want to shoot first?

好的。我們將首先就新環境中的商業發布和準備工作與 Luke 進行討論，然後我想可能首先聽取 Roger 的意見，了解整體候選疫苗以及我們如何看待這個空間。所以我們有多個合作夥伴關係正在進行中。但是盧克，你要先開槍嗎？

Sure. So short answer is PRIMA will go ahead virtually. I think we can do that quite effectively and been very thoughtful about that. And we've actually started that process with the NCCN Guidelines as well.

當然。所以簡短的回答是 PRIMA 將以虛擬方式進行。我認為我們可以非常有效地做到這一點，並且對此深思熟慮。實際上，我們也已經根據 NCCN 指南開始了該流程。

With BCMA, ideally, we'll wait because it's a novel agent. It's new. So we would -- on hold back until the restrictions were lifted. Hope that answers your question, Geoff.

對於 BCMA，理想情況下，我們會等待，因為它是一種新型代理。這是新的。所以我們會 - 暫停，直到取消限制。希望這能回答你的問題，Geoff。

Hang on. And you also asked about effectiveness. So yes, I mean, there's lots of consultants running around right now with reports. I think the data that we've seen just through our own good sell outcome, so this measures where the call related in the change in behavior. It's about 20% to 30% on average as effective as a face-to-face call.

不掛斷。您還詢問了有效性。所以是的，我的意思是，現在有很多顧問帶著報告跑來跑去。我認為我們只是通過我們自己的良好銷售結果看到的數據，所以這衡量了電話與行為變化相關的地方。它的平均效率大約是面對面通話的 20% 到 30%。

That being said, there are some very, very interesting outliers, where you can see some physicians really, really go with this medium. And we're seeing calls in people. We normally might have only seen somewhere for 10 or 15 minutes drawing their calls out to 35 minutes. Now that might be because they don't have much to do because they're not seeing many patients. But interestingly, even in some of the more busy physicians like pulmonologists right now, we're seeing longer calls. So I think it's going to be very stratified by the individual physicians, what they prefer. The bulk of value, though, is still going to be derived from face-to-face rep calls and HCP event.

話雖這麼說，但還是有一些非常非常有趣的異常值，你可以看到一些醫生真的非常喜歡這種媒介。我們看到有人來電。我們通常可能只看到某個地方持續 10 或 15 分鐘，將他們的呼叫拉長到 35 分鐘。現在這可能是因為他們沒有太多事可做，因為他們看的病人不多。但有趣的是，即使是現在一些更忙碌的醫生，如肺科醫生，我們也會看到更長的電話。所以我認為個別醫生會非常分層，他們更喜歡什麼。不過，大部分價值仍將來自面對面的銷售代表電話和 HCP 活動。

Thanks, Luke. Roger?

謝謝，盧克。羅傑？

Listen, thanks for the question. I think from a vaccines point of view, as Emma has mentioned, collaborations, we believe, are going to be key to, we think, finding a vaccine solution. We've got 7 partnerships in place. And I think it's a busy few months ahead as we start to see the data readout in those various candidates.

聽著，謝謝你的提問。我認為從疫苗的角度來看，正如 Emma 提到的那樣，我們認為合作將是找到疫苗解決方案的關鍵。我們已經建立了 7 個合作夥伴關係。我認為接下來的幾個月會很忙，因為我們開始看到這些不同候選人的數據讀數。

I'd say on your specific questions, I think it's too early to say if there is a surrogate. But obviously, we'll be in discussions with the regulator about that. In terms of the level of safety testing as well, that's another regulatory discussion that we'll have as we looked ahead in what are quite aggressive accelerated time lines for this vaccine development compared to what would normally be considered.

我想就你的具體問題說，我認為現在說是否有代理人還為時過早。但顯然，我們將就此與監管機構進行討論。就安全測試的水平而言，這是我們將進行的另一場監管討論，因為我們展望了與通常考慮的時間相比，這種疫苗開發的相當激進的加速時間線。

What I would say is with our adjuvant technology, this is a proven adjuvant that has been used before in previous pandemics and has got very strong patient safety data and history as well, which means we've got a proven track record here of a platform that can be used for a number of partnerships to develop vaccines going forward.

我要說的是我們的佐劑技術，這是一種經過驗證的佐劑，以前曾在以前的大流行病中使用過，並且還獲得了非常強大的患者安全數據和歷史記錄，這意味著我們在這裡擁有經過驗證的平台記錄這可用於許多合作夥伴關係，以開發未來的疫苗。

Next question is from the line of Andrew Baum of Citi.

下一個問題來自花旗銀行的 Andrew Baum。

I was listening carefully to how, Emma, you described GSK taking very seriously the -- I can't remember if you said ophthalmic, but you referenced the adverse events associated with belantamab. Perhaps you could share with us, now that the FDA has advanced discussions with you, the type of monitoring restrictions you might expect in the label. I'm more focused on the earlier lines of therapy than the third line given the commercial opportunity. But how restrictive they may be, that would be helpful.

艾瑪，我正在仔細聆聽你是如何描述葛蘭素史克非常認真地對待——我不記得你是否說過眼科，但你提到了與 belantamab 相關的不良事件。既然 FDA 已經與您進行了深入討論，您或許可以與我們分享您可能期望在標籤中出現的監測限制類型。考慮到商業機會，我更關注早期的治療線而不是第三線。但它們可能有多麼嚴格，這會有所幫助。

And then second, on your HIV franchise, I would have imagined switching patients is going to be increasingly problematic if they don't present in person. So perhaps you all could talk to maybe Juluca in the current environment -- or Dovato rather in the current environment.

其次，關於你的 HIV 專營權，我本以為如果他們不親自到場，轉換病人會越來越成問題。所以也許你們都可以在當前環境中與 Juluca 交談——或者在當前環境中與 Dovato 交談。

Yes, sure. Thanks, Andrew. And you're absolutely right. So we'll come to David on that, but the switch market is going to be a bit tougher near term. But Hal, why don't you give a bit more commentary on BCMA and the views on that, and then we'll come back to David.

是的，當然。謝謝，安德魯。你是絕對正確的。所以我們會就此來找大衛，但近期轉換市場會更加艱難。但是 Hal，你為什麼不對 BCMA 和對此發表更多評論，然後我們會回到 David 那裡。

Yes. Thanks, Andrew. I want to be careful. Our discussions with regulatory agencies are confidential and therefore, I'm not going to comment on the ongoing discussions. But I think a couple of things are important. Remember, the data in this heavily pretreated refractory/relapsed patient population from DREAMM-2 was very, very robust, and we see the benefit outweighing the adverse event experience, particularly the ocular ones in the program.

是的。謝謝，安德魯。我要小心點。我們與監管機構的討論是保密的，因此，我不會對正在進行的討論發表評論。但我認為有幾件事很重要。請記住，來自 DREAMM-2 的這個經過大量預處理的難治性/復發患者群體的數據非常非常可靠，我們看到好處超過了不良事件體驗，特別是該項目中的眼部事件。

What we have noticed, and I've discussed with you and all of you on the call several times before, is that these ocular adverse events are unique. And although they were well managed in the clinical programs, it's important to us to make sure that myeloma experts and eye care professionals in the real world are able to work together to ensure that the drug's used safely in patients. And of course, we're open to any approach that ensures patient safety is well handled.

我們已經註意到，並且我已經在電話中多次與您和大家討論過，這些眼部不良事件是獨一無二的。儘管它們在臨床項目中得到了很好的管理，但對我們來說重要的是要確保現實世界中的骨髓瘤專家和眼科護理專業人員能夠共同努力，以確保該藥物在患者中安全使用。當然，我們對確保患者安全得到妥善處理的任何方法持開放態度。

In addition to managing it well, we also have, as we move into earlier lines, the opportunity to do more dose exploration when belantamab is added on to standard-of-care therapies or other effective medicines. It's possible that the dose needed will be lower and therefore, managing these unique adverse events through dose reduction is possible. In addition, we're evaluating various schedules that might enable that.

除了管理好它之外，隨著我們進入早期生產線，我們還有機會在將 belantamab 添加到標準護理療法或其他有效藥物中時進行更多劑量探索。所需的劑量可能會更低，因此可以通過減少劑量來管理這些獨特的不良事件。此外，我們正在評估可能實現這一目標的各種時間表。

And lastly, the one combination that I've mentioned, and this is part of an ongoing proof-of-concept study, is -- I think, Andrew, you're aware of this study, but the really interesting data with the gamma secretase inhibitor is a small number of patients and much support from preclinical data looking at inhibiting gamma secretase to prevent the clipping of the BCMA off the plasma cell. And in CAR-T therapy, this has resulted in a very high response rate and again, a small number of patients. And we're cautiously optimistic that, that combination may even be a third avenue by which we can lower the dose and in addition, manage the ocular adverse events.

最後，我提到的一個組合，這是正在進行的概念驗證研究的一部分，是——我想，安德魯，你知道這項研究，但是真正有趣的數據是伽瑪分泌酶抑製劑是少數患者，臨床前數據的大量支持著眼於抑制 γ 分泌酶以防止 BCMA 從漿細胞上剪下。在 CAR-T 療法中，這導致了非常高的反應率，但同樣是少數患者。我們謹慎樂觀地認為，這種組合甚至可能是我們可以降低劑量並控制眼部不良事件的第三條途徑。

So we're -- again, continue to believe the benefits seen in the 2.5 mg per kg 3 week dose in DREAMM-2 outweighs the adverse events, but we take those seriously and are looking at ways to optimize how the drugs move in the real world.

所以我們——再次，繼續相信在 DREAMM-2 中 2.5 mg/kg 3 週劑量所見的益處超過了不良事件，但我們認真對待這些，並正在尋找優化藥物在真實世界。

Thanks, Hal. David, do you want to talk about the 2DR and switch dynamics, please?

謝謝，哈爾。大衛，你想談談 2DR 和切換動態嗎？

Yes, sure. Thanks, Andrew. Well, I think the first point is, of course, HIV is a lifetime disease. And patients dealing with HIV, of course, need to take daily oral medication. Otherwise, their viral load will rebound. They get -- they can potentially ultimately resist them. And that oral medication, it's pretty straightforward to renew prescriptions on an outpatient online basis.

是的，當然。謝謝，安德魯。好吧，我認為第一點當然是，艾滋病毒是一種終生疾病。當然，與艾滋病毒打交道的患者需要每天口服藥物。否則，他們的病毒載量會反彈。他們得到——他們有可能最終抵制他們。而口服藥物，在門診在線基礎上更新處方非常簡單。

So overall, we expect the HIV business to be pretty robust and resilient through the COVID-19 period. And as you've seen pretty strong sales in the first quarter, of course, there was some stocking in that and in the US and in Europe, probably about a week of early refills and extra stock coming forward.

因此，總的來說，我們預計 HIV 業務在 COVID-19 期間將非常強勁和有彈性。正如你在第一季度看到的相當強勁的銷售，當然，在美國和歐洲有一些存貨，可能會有大約一周的提前補貨和額外的存貨。

But the underlying performance, I think, was still strong, particularly with 2DRs of GBP 186 million. We're pleased with the progress on Dovato and Juluca. Dovato now recommended and preferred in the guidelines in the U.S. and in Europe. But you're absolutely right, Andrew. I mean there's definitely less switching. It was down about 60% in the U.S. I think it's probably down about 40% right now as physicians adjust for new patient prescriptions online and they're not coming in and being revisited.

但我認為，潛在表現仍然強勁，尤其是 2DR 為 1.86 億英鎊。我們對 Dovato 和 Juluca 的進展感到滿意。 Dovato 現在在美國和歐洲的指南中被推薦和首選。但你是絕對正確的，安德魯。我的意思是肯定有更少的切換。它在美國下降了大約 60%。我認為它現在可能下降了大約 40%，因為醫生在網上調整新患者的處方並且他們沒有進來並被重新訪問。

So that will all kind of lock in the market shares for the moment. Probably mean we'll sell a bit more Triumeq and Tivicay, and Dovato will stay stable. But hopefully, once patients get revisited, that will start to revamp. But there is definitely an impact of the switching in the short term on the 2DRs.

因此，這將暫時鎖定市場份額。可能意味著我們將銷售更多的 Triumeq 和 Tivicay，而 Dovato 將保持穩定。但有希望的是，一旦患者再次就診，這種情況就會開始改善。但短期內切換肯定會對 2DR 產生影響。

Next question is from the line of Jo Walton of Crédit Suisse.

下一個問題來自 Crédit Suisse 的 Jo Walton。

If I can return to Vaccines and in particular, your COVID vaccine work, are you largely related to helping other people with adjuvants and then doing manufacturing of the resulting vaccine? Just wondering where you have this sort of spare capacity. We know how difficult it is to add capacity for something like Shingrix then yet between you and Sanofi, you seem to be able to promise hundreds of millions of doses. So just some sort of help on how that comes about. And if you could give us some sense of -- if you're planning on this being an annual or every-few-year vaccine or whether you think it's likely to be effectively a one-and-done even if it's a couple of shots within that?

如果我可以回到疫苗，特別是您的 COVID 疫苗工作，您是否在很大程度上與幫助其他人使用佐劑然後製造由此產生的疫苗有關？只是想知道你在哪裡有這種備用容量。我們知道增加像 Shingrix 這樣的東西的能力是多麼困難，但在你和賽諾菲之間，你似乎能夠承諾數億劑。所以只是關於如何實現的某種幫助。如果你能給我們一些感覺——如果你計劃將其作為一種每年或每隔幾年的疫苗，或者你是否認為它可能是有效的一次性疫苗，即使它是幾次注射在那裡面？

And secondly, if I can just push you on Shingrix, the level of the RAR that came in there versus the incremental supply. Clearly, if we were just to take 4x the first quarter, we'd be way higher than consensus for the year. I'm just wondering how big the RAR component was?

其次，如果我能把你推到 Shingrix 上，那就是 RAR 的水平與增量供應之間的關係。顯然，如果我們只是在第一季度取得 4 倍的收益，我們將遠遠高於今年的共識。我只是想知道 RAR 組件有多大？

Yes. I think the RAR, and correct if I'm wrong, was GPB 50 for the quarter? Is that right, Iain?

是的。我認為 RAR（如果我錯了，請更正）是本季度的 GPB 50？是這樣嗎，伊恩？

In the quarter, it's GPB 50, yes.

在本季度，它是 GPB 50，是的。

In the quarter, it was GPB 50, 5-0. And obviously, and there's no change, as we said earlier, to our overall outlook for the year on Shingrix. We had a great Q1, Q2. It's expected to look a bit different. But again, we're working on the rebound and supply is very much on track with what we've been aiming for.

在本季度，GPB 50、5-0。很明顯，正如我們之前所說，我們對 Shingrix 的整體展望沒有變化。我們有一個很棒的第一季度，第二季度。預計它看起來會有所不同。但同樣，我們正在努力實現反彈，供應非常符合我們的目標。

And a completely understandable question in terms of how come we can -- a vaccine -- this normally takes 10 years. It's 18 months and you're in this kind of capacity provision. I'll ask Roger to explain the very significant differences. And by the way, it's one of the reasons why -- when the question we were trying to answer is, how do you get to a vaccine that works at scale, the best probability of success as fast as possible with COVID is a very different scenario in a pandemic crisis than with the new technology of Shingrix.

一個完全可以理解的問題，即我們如何才能研製出疫苗，這通常需要 10 年時間。現在是 18 個月，您處於這種容量供應狀態。我會請羅傑解釋非常重要的差異。順便說一句，這就是為什麼——當我們試圖回答的問題是，你如何獲得一種大規模有效的疫苗時，盡可能快地使用 COVID 取得成功的最佳可能性是一個非常不同的原因與 Shingrix 的新技術相比，大流行危機中的情景。

But perhaps, Roger, you can give a little bit more kind of color on that in terms of the difference between that and the Shingrix capacity expansion that we've guided?

但也許，羅傑，你可以就它與我們指導的 Shingrix 容量擴展之間的區別給出更多的顏色？

Exactly. Listen, thanks very much for the question. I think to be clear, the partnerships that we have in place are adjuvant partnerships. So we're obviously providing our adjuvant, which, for those who don't know, is a separate vial of product that we deliver and is in preclinical and then moving into clinical testing. I think it's important to know that, that adjuvant technology already exists. It's a proven adjuvant that we have supplied before. It's our adjuvant system #3. So the supply chain actually already exists for it and is a discrete supply chain.

確切地。聽著，非常感謝這個問題。我想明確一點，我們建立的伙伴關係是輔助夥伴關係。所以我們顯然在提供我們的佐劑，對於那些不知道的人來說，這是我們提供的一個單獨的小瓶產品，處於臨床前階段，然後進入臨床測試。我認為重要的是要知道，輔助技術已經存在。這是我們之前提供過的經過驗證的佐劑。這是我們的輔助系統#3。所以供應鏈實際上已經存在，並且是一個離散的供應鏈。

It's quite different technically from Shingrix, completely different technologies. So the 2 aren't interchangeable. And we keep some redundant capacity in it for these very reasons, for pandemic preparedness on flu. So the supply chain is there now. We still have expansion to do.

它在技術上與 Shingrix 完全不同，完全不同的技術。所以兩者不可互換。出於這些原因，我們在其中保留了一些冗餘容量，以應對流感大流行。所以供應鏈現在就在那裡。我們還有擴展工作要做。

So to reach the levels that we believe that will be required for the partnerships that we have and for the populations involved, we believe that we will have to expand. And that will take time, but we're not starting from 0 like some other vaccines will have to. So that's -- I think that's important. Shingrix is also a very much more complex bulk process and also supply chain as well. So I think that's a difference.

因此，為了達到我們所擁有的伙伴關係和相關人群所需的水平，我們認為我們必須擴大規模。這需要時間，但我們不會像其他一些疫苗那樣從零開始。這就是 - 我認為這很重要。 Shingrix 也是一個非常複雜的批量過程和供應鏈。所以我認為這是一個區別。

On the seasonality question as well, I think it's too soon to tell, who knows. But the fact that we will be part of a number of different vaccines hopefully means that if that does become seasonal, we will be part of that solution as well.

關於季節性問題，我認為現在下結論還為時過早，誰知道呢。但我們將成為許多不同疫苗的一部分這一事實有望意味著，如果這確實成為季節性的，我們也將成為該解決方案的一部分。

Next question is from the line of Emmanuel Papadakis of Barclays.

下一個問題來自巴克萊銀行的 Emmanuel Papadakis。

Maybe wanted to just get your perspectives on the data you reported earlier this month in terms of the nasal products opportunity. It seemed, somewhat at face value, inferior to the incumbent competitor in that space. But perhaps you could just give us some early thoughts in terms of the commercial potential, the degree to which that's synergistic on your current business in severe asthma and timing for that ramp, if any.

也許只是想了解您對本月早些時候報告的有關鼻腔產品機會的數據的看法。從表面上看，它似乎不如該領域的現有競爭對手。但也許你可以就商業潛力、這對你目前在嚴重哮喘方面的業務的協同作用程度以及該斜坡的時機（如果有的話）方面給我們一些早期的想法。

And then perhaps the second question, just coming back to HIV cabotegravir because you said you're going to refile in the summer. Any color you can give us now in terms of the class response? Timing could be on the market. And indeed, assuming we're back in a semi-normalized world, the speed of launch we might anticipate?

然後也許是第二個問題，只是回到 HIV cabotegravir，因為你說你將在夏天重新申請。就班級反應而言，您現在可以給我們任何顏色嗎？時間可以在市場上。事實上，假設我們回到半正常化的世界，我們可能預期的發射速度？

So David, do you want to talk about Cab? And then we'll come to Luke for the life cycle management, commercial potential on Nucala.

大衛，你想談談出租車嗎？然後我們將向 Luke 介紹 Nucala 的生命週期管理和商業潛力。

Yes. Thanks, Emmanuel. I mean we are -- we had discussions with the FDA on Cab. And as we said today, we expect to resubmit in the middle of the year. We do expect it to be a Type II, so that can take up to 6 months for the FDA to review. So on that basis, if all goes well, we would expect to hear the back end of this year or the early part of next year. And just remember, this is entirely related to CMC and particularly data on the specific quality control. It's not related to the clinical or safety data.

是的。謝謝，伊曼紐爾。我的意思是我們——我們與 FDA 就 Cab 進行了討論。正如我們今天所說，我們希望在年中重新提交。我們確實希望它是 II 型，因此 FDA 可能需要長達 6 個月的時間進行審查。因此，在此基礎上，如果一切順利，我們預計會在今年年底或明年年初聽到。請記住，這完全與 CMC 相關，尤其是與特定質量控制相關的數據。它與臨床或安全數據無關。

And Luke?

還有盧克？

Yes, sure. So Emmanuel, great question. I think the key thing to zone in here, if you compare our study SYNAPSE versus SINUS-24 and 52 with dupilumab, the key area to look here is the number of previous surgeries. So for mepolizumab, Nucala, 100% of these patients had, had at least one previous surgery, whereas with dupi in SINUS-24, it was around 69%. And in SINUS-52, it was 58%. And similar rates for the placebo in both those arms, if you look at 3 or more previous surgeries. So very, very resistant disease, complex disease. 1 in 4 mepo patients had previous surgeries -- 3 or more previous surgeries, where that was 23% and 15%, respectively, in SINUS-24 and 52.

是的，當然。所以伊曼紐爾，很好的問題。我認為這裡的關鍵是，如果你將我們的研究 SYNAPSE 與 SINUS-24 和 52 與 dupilumab 進行比較，這裡要看的關鍵區域是以前手術的數量。因此，對於美泊利單抗、Nucala，這些患者中 100% 之前至少進行過一次手術，而對於 SINUS-24 中的 dupi，這一比例約為 69%。而在 SINUS-52 中，它是 58%。如果您查看 3 次或更多以前的手術，那麼這兩組安慰劑的發生率相似。非常非常頑固的疾病，複雜的疾病。每 4 名 mepo 患者中就有 1 名之前接受過手術——之前接受過 3 次或更多次手術，在 SINUS-24 和 52 中分別為 23% 和 15%。

So our thinking is that the numeric differences there are really driven by difference in patient populations with -- yes, 34% of patients in dupi studies had no previous nasal polyps surgery and therefore, had less persistent polyps, which may theoretically be more easy to treat.

所以我們的想法是，數字上的差異實際上是由患者人群的差異驅動的——是的，在 dupi 研究中，34% 的患者之前沒有做過鼻息肉手術，因此，持續性息肉較少，這在理論上可能更容易對待。

In terms of the opportunity, I would say, if you look about 5 years out, it's probably GBP 80 million to GBP 100 million of the opportunity So it's a nice add-on. It reinforces the product, but it's not transformational in itself.

就機會而言，我想說，如果你看一下 5 年後，可能會有 8000 萬英鎊到 1 億英鎊的機會，所以這是一個很好的附加項目。它強化了產品，但它本身並不是變革性的。

Next question is from the line of Kerry Holford of Berenberg.

下一個問題來自 Berenberg 的 Kerry Holford。

A couple of questions for me, please. Firstly, on SG&A, some of your global peers reported SG&A figures that were lower than previously -- than the previous run rate. As what happened with you in this quarter, but is this something we should anticipate being more apparent into Q2? Have you seen a significant decrease in your marketing spend, travel budgets? And the LIBOR, is that simply being reinvested into digital and telemarketing?

請問我幾個問題。首先，在 SG&A 方面，您的一些全球同行報告的 SG&A 數字低於以前——低於以前的運行率。正如本季度發生在您身上的事情，但我們是否應該預料到第二季度會更加明顯？您是否發現營銷支出和差旅預算顯著減少？而倫敦銀行同業拆借利率，只是簡單地再投資於數字和電話營銷嗎？

And then secondly, thinking about utilization, particularly in the U.S., how do you think about the risk of your business and the rising U.S. unemployment? And could the effective negative payer mix shift be a significant risk to you this year, if not next? And I wonder if you would comment on which of your products may be most at risk?

其次，考慮利用率，尤其是在美國，您如何看待您的業務風險和美國失業率上升？如果不是明年，今年有效的負面付款人組合轉變是否會對您構成重大風險？我想知道您是否會評論您的哪些產品可能面臨的風險最大？

Thanks, Kerry. Well, I'm going to ask Luke to comment, although it's very much in the bucket of sort of unknown, although clearly unemployment figures are significant. But in terms of direct impact, and I'm not sure we're going to give a lot of details on which products, but Luke can talk a bit about the shifting mix.

謝謝，克里。好吧，我要請盧克發表評論，雖然它在很大程度上是未知數，但顯然失業數據很重要。但就直接影響而言，我不確定我們會提供有關哪些產品的大量細節，但盧克可以談談不斷變化的組合。

And just in terms of SG&A, I think half of that growth came from either one-off legal or TESARO. Is that right, Iain?

就 SG&A 而言，我認為一半的增長來自一次性合法或 TESARO。是這樣嗎，伊恩？

Yes, that's right. So -- yes, correct.

恩，那就對了。所以 - 是的，正確的。

And clearly, our goal is to invest behind our new launches and oncology preparedness and make sure that noncustomer-facing costs just keep coming down. And obviously, we're going to make savings in travel like everybody is. And as Q2 experiences what it does, we'd expect that to stay a lot in control. But exactly, I said, we're very invested in making sure we have fast openings as markets do open up. And the investment in digital is ongoing. And obviously, we're not making COVID-related redundancies.

顯然，我們的目標是投資於我們的新產品發布和腫瘤學準備工作，並確保非面向客戶的成本不斷下降。顯然，我們將像每個人一樣在旅行中節省開支。隨著第二季度經歷它所做的事情，我們希望它能保持很大的控制力。但確切地說，我說，我們非常投入，以確保我們在市場開放時能夠快速開放。對數字的投資正在進行中。顯然，我們不會進行與 COVID 相關的裁員。

But Luke, do you want to talk a little about -- thoughts on...

但是盧克，你想談談關於......的想法嗎？

Sure, yes. Yes. Thanks, Emma, and thanks, Kerry. I mean you can imagine, we're looking at this very, very closely. As Emma said, it's very hard to predict. But if I could just lay out our thinking, and I'll just take you through the products after that.

當然，是的。是的。謝謝，艾瑪，謝謝，克里。我的意思是你可以想像，我們正在非常非常仔細地研究這個問題。正如艾瑪所說，這很難預測。但是，如果我能簡單地闡述一下我們的想法，那之後我將帶您了解產品。

So as you know, if you get laid off in the U.S., you have the option of COBRA to bridge your commercial insurance. Some people are going to go into the Obamacare health exchanges and people can enroll in those. And then unfortunately, some people may fall into the Medicaid category or that may be expanded. What's interesting is Congress did provide subsidies for COBRA in 2008, but they don't seem to be signaling that they're going to do this in 2020.

如您所知，如果您在美國被解僱，您可以選擇 COBRA 來彌補您的商業保險。有些人將參加奧巴馬醫改健康交流，人們可以參加。不幸的是，有些人可能屬於 Medicaid 類別或可能會擴大。有趣的是，國會確實在 2008 年為 COBRA 提供了補貼，但他們似乎並沒有表示他們會在 2020 年這樣做。

And also, let's not forget that employees who are furloughed, they lose their salary, but so far, not their health insurance. And there's good examples with Disney and other companies like that, that are doing that. So we're trying to calculate where everyone will land, and it's really hard at this stage. I mean the baseline, if you look at right now, we think it's about a reduction of 9 million so far. So that's it's roughly where we think it is.

而且，我們不要忘記被休假的員工，他們會失去工資，但到目前為止，還沒有他們的醫療保險。迪斯尼和其他類似的公司都有很好的例子，它們正在這樣做。所以我們正在嘗試計算每個人將降落的位置，在這個階段真的很難。我的意思是基線，如果你現在看，我們認為到目前為止大約減少了 900 萬。這就是我們認為的大致位置。

But yes, I think it depends with bankruptcies -- I mean companies can still provide insurance under bankruptcies unless they choose to walk away from that plan, and then people aren't eligible for COBRA at that point. So Chapter 11 doesn't necessarily mean that you lose your benefits.

但是，是的，我認為這取決於破產情況——我的意思是公司仍然可以在破產情況下提供保險，除非他們選擇放棄該計劃，那時人們沒有資格獲得 COBRA。因此，第 11 章並不一定意味著您會失去福利。

Now in terms of the products, the ones which have the higher commercial component, Breo, Advair, Flovent and Ventolin. So they're the ones which obviously, we'll watch closely. Nucala is a bit lower. I mean there may be some impact on biologics because they're a bit more expensive. But again, these patients tend to have severe disease as well as Trelegy and Anoro are mostly Part D, so they're in a good spot as is Incruse.

現在在產品方面，商業成分比較高的有Breo、Advair、Flovent和Ventolin。所以他們顯然是我們會密切關注的人。努卡拉有點低。我的意思是可能會對生物製劑產生一些影響，因為它們更貴一些。但同樣，這些患者往往患有嚴重的疾病，而 Trelegy 和 Anoro 大多是 D 部分，因此他們和 Incruse 一樣處於有利地位。

Vaccines, we think they're going to behave differently. Again, these are single events or double events. So from a cash flow point of view, not as challenging as a chronic medication. And we think that if you look at pediatrics with the existing government-private partnerships in place, they won't be disrupted.

疫苗，我們認為它們會有不同的表現。同樣，這些是單一事件或雙重事件。所以從現金流的角度來看，不像慢性藥物那樣具有挑戰性。而且我們認為，如果您在現有的政府-私營合作夥伴關係下審視兒科，它們將不會受到干擾。

In terms of Shingrix, again, 2 times 150 is in reach for many people versus chronic medications. So again, I think we're confident on the mid- to long term there.

就 Shingrix 而言，與慢性藥物相比，許多人可以達到 150 的 2 倍。因此，我認為我們對那裡的中長期充滿信心。

And then I guess on Zejula, I think, ultimately, it's going to be driven by the level of people that are coming for treatment. We're seeing that drop. But again, I think in the mid- to long term, we should be okay with this product.

然後我想在 Zejula 上，我認為，最終，它將由前來接受治療的人的水平所驅動。我們看到了下降。但同樣，我認為從中長期來看，我們應該可以接受這個產品。

So I hope that answers your question. So short answer is some of the Respiratory products are more exposed, but they're ones which are under pressure anyway. The ones that we need to grow aggressively like Trelegy and the vaccines in Nucala are less exposed than Zejula, of course.

所以我希望這能回答你的問題。所以簡短的回答是一些呼吸系統產品暴露更多，但無論如何它們都是承受壓力的產品。當然，我們需要像 Trelegy 和 Nucala 中的疫苗那樣積極發展的那些比 Zejula 暴露的少。

Our last question comes from the line of Graham Parry, Bank of America.

我們的最後一個問題來自美國銀行的 Graham Parry。

So just firstly, on Shingrix, just wanted to square a couple of comments. So you said the full year guide is unchanged, but Q1 was running quite a long way, well above the fourth quarter plus a bit rate. So is that level conservative in the Q1 -- sorry, in the full year guidance in Q1 capacity, though, indicative of what you think you can actually produce through the year? And you also said you expect an impact in 2Q but also fact that the April orders are being filled. So again, is that just sort of anticipating some sort of drop-off down in April?

因此，首先，關於 Shingrix，我只是想補充幾條評論。所以你說全年指南沒有變化，但第一季度運行了很長一段路，遠高於第四季度加上比特率。那麼第一季度的這個水平是否保守 - 抱歉，在第一季度產能的全年指導中，表明你認為你全年實際可以生產什麼？你還說你預計第二季度會受到影響，但事實上 4 月份的訂單正在得到滿足。那麼，這是否只是在期待 4 月份出現某種下降？

And then secondly, in your comments around COVID impact, you specifically mentioned supply chain manufacturing as a COVID risk. And I'd say that's an area that most of the companies have been perhaps more robust in their statements on. Is this because of their particular difference in GSK supply chain vulnerability or just a different communication style in terms of communicating with the market?

其次，在您關於 COVID 影響的評論中，您特別提到供應鏈製造是 COVID 風險。我想說的是，這是大多數公司在聲明中可能更加穩健的領域。這是因為他們在 GSK 供應鏈脆弱性方面的特殊差異，還是只是在與市場溝通方面的溝通方式不同？

I suspect -- thanks, Graham. So first of all, on Shingrix, there was no change to our outlook because as we've said, we've had a very -- we're absolutely on track with our supply plans. We have had a strong quarter, but there is no question, Q2 will be tougher, when, as Luke said, the vaccination rates dropped by 80%, 90% in the U.S. market.

我懷疑——謝謝，格雷厄姆。所以首先，在 Shingrix 上，我們的前景沒有改變，因為正如我們所說的，我們有一個非常——我們的供應計劃完全在正軌上。我們有一個強勁的季度，但毫無疑問，第二季度將更加艱難，正如盧克所說，當時美國市場的疫苗接種率下降了 80%，下降了 90%。

The signals from wholesalers in the first 2 ordering dates of April are positive signals on the underlying demand, but that is going to flow through, but it's a signal of the confidence of a bounce back. So we do think the curve will be differently shaped, and we'll obviously update you as we go through the year and results come through.

批發商在 4 月的前 2 個訂購日發出的信號是潛在需求的積極信號，但這種信號將會流傳開來，但這是反彈信心的信號。因此，我們確實認為曲線的形狀會有所不同，而且我們顯然會在這一年和結果出來時為您提供最新信息。

And in terms of supply chain, I certainly wouldn't want to be signaling any specific concern. You may be right in some of the different company styles in communications. We think we've got a very robust supply chain, and we're really pleased with the way our 70-plus factories have mobilized to fluctuating demand. We just want to make sure that we are responsibly signaling the potential risk with a lot of uncertainty in the world. And this may be related to third-party suppliers or indeed government actions that one can imagine in the external environment, perhaps more fundamentally than internally. But no specific concerns that we're looking to flow.

在供應鏈方面，我當然不想表達任何具體的擔憂。您可能在一些不同的公司溝通風格中是正確的。我們認為我們有一個非常強大的供應鏈，我們對我們的 70 多家工廠動員起來應對不斷變化的需求的方式感到非常滿意。我們只是想確保我們負責任地發出世界上存在很多不確定性的潛在風險信號。這可能與外部環境中可以想像的第三方供應商或政府行為有關，也許從根本上比內部環境更重要。但沒有我們希望解決的具體問題。

And I think I'd only add there is our commentary in the earnings release, Graham, is directly responsive to guidance from both the SEC and the FRC in terms of laying out the risks that may be forward-looking. But I'd echo completely Emma's comments with respect to the resilience and the performance of our supply chain.

我想我只想補充一點，我們在收益發布中的評論，格雷厄姆，直接回應了 SEC 和 FRC 在列出可能具有前瞻性的風險方面的指導。但我完全贊同艾瑪關於我們供應鏈的彈性和績效的評論。

Okay. So with that, everybody, again, thank you very much for taking the time to join us. Please do stay well, and we look forward to catching up with you soon.

好的。因此，大家再次非常感謝您抽出寶貴時間加入我們。請保持良好狀態，我們期待盡快與您見面。

Thank you. Everyone, that now concludes the call. You may now disconnect. Thank you for joining.

謝謝。大家，現在結束通話。您現在可以斷開連接。感謝您的加入。