葛蘭素史克 (GSK) 2022 Q2 法說會逐字稿

Hello, everyone. It's Nick as mentioned. Welcome to our first half and Q2 2020 conference call and webcast for investors and analysts. This is our first quarter as a new biopharma company. And earlier today, the presentation was posted to gsk.com. It was also sent by e-mail to our distribution list.

大家好。就是上面提到的尼克。歡迎來到我們面向投資者和分析師的 2020 年上半年和第二季度電話會議和網絡直播。這是我們作為一家新的生物製藥公司的第一季度。今天早些時候，該演示文稿已發佈到 gsk.com。它也通過電子郵件發送到我們的分發列表。

Please turn to Slide 2. This is the usual safe harbor statement, and we'll be making comments on our performance using constant exchange rates, or CR, unless otherwise stated. As a reminder, GSK satisfied the formal criteria according to IFRS 5 for treating Consumer Healthcare as a discontinued operation effective from 30th of June 2022.

請轉到幻燈片 2。這是通常的安全港聲明，除非另有說明，否則我們將使用恆定匯率或 CR 對我們的表現發表評論。提醒一下，自 2022 年 6 月 30 日起，葛蘭素史克滿足 IFRS 5 的正式標準，將消費者醫療保健視為終止運營。

The Consumer Healthcare business was demerged on 18th of July to form Haleon. And as a result, we're presenting continuing operations for GSK. Earlier today, Haleon also published a trading update and will be announcing its Q2 results in September.

消費者保健業務於 7 月 18 日分拆為 Haleon。因此，我們將展示 GSK 的持續運營。今天早些時候，Haleon 還發布了交易更新，並將在 9 月公佈其第二季度業績。

Please turn to Slide 3. This is today's agenda, where we plan to cover all aspects of our half year and Q2 2020 results. The presentation will last at least 35 minutes with a further 40 minutes for questions.

請轉到幻燈片 3。這是今天的議程，我們計劃涵蓋我們半年和 2020 年第二季度業績的所有方面。演講將持續至少 35 分鐘，另外還有 40 分鐘的提問時間。

(Operator Instructions) Today, our speakers are Emma Walmsley, Hal Barron, Luke Miels, Deborah Waterhouse and Iain Mackay. The Q&A portion of the call will be joined by Roger Connor and David Redfern. Turning to Slide 4. I'll now hand the call over to Emma.

（操作員說明）今天，我們的演講者是 Emma Walmsley、Hal Barron、Luke Miels、Deborah Waterhouse 和 Iain Mackay。電話的問答部分將由羅傑康納和大衛雷德芬加入。轉到幻燈片 4。我現在將電話交給 Emma。

Thanks, Nick, and a warm hello to everybody joining our half year and Q2 conference call today. Please turn to the next slide. I'm pleased with the momentum (technical difficulty) today. We're delivering a landmark year, the most significant corporate change for GSK in 20 years and a new chapter of competitive and profitable growth.

謝謝，尼克，並向今天參加我們半年和第二季度電話會議的每個人打招呼。請翻到下一張幻燈片。我對今天的勢頭（技術難度）感到滿意。我們迎來了具有里程碑意義的一年，這是葛蘭素史克 20 年來最重大的企業變革，也是競爭和盈利增長的新篇章。

GSK is now a focused global biopharma company with the ambition and purpose to unite science, technology and talent to get ahead of disease together. It's a company focused on the science of the immune system, human genetics and advanced technologies, with world-leading capabilities in vaccines and medicines development across 4 therapeutic areas.

葛蘭素史克現在是一家專注的全球生物製藥公司，其雄心和目標是團結科學、技術和人才，共同戰勝疾病。它是一家專注於免疫系統科學、人類遺傳學和先進技術的公司，在 4 個治療領域的疫苗和藥物開發方面擁有世界領先的能力。

In delivering our strategy, we have made and will continue to make significant improvements in both R&D productivity and operating performance, unlocking the potential of GSK. Our bold ambitions are reflected in commitment to growth and a significant step change in delivery. Through the demerger, we've also strengthened our balance sheet, creating new flexibility to invest in sustaining growth and innovation.

在實施我們的戰略時，我們已經並將繼續在研發生產力和運營績效方面做出重大改進，釋放葛蘭素史克的潛力。我們的雄心壯志體現在對增長的承諾和交付方面的重大轉變。通過分拆，我們還加強了我們的資產負債表，創造了新的靈活性來投資於維持增長和創新。

These bold strategic steps enable us to deliver for patients, shareholders and our people on our 5-year ambitions and beyond. I'm delighted by today's first half results.

這些大膽的戰略步驟使我們能夠為患者、股東和我們的員工實現 5 年及以後的雄心壯志。我對今天上半年的結果感到高興。

They demonstrate that our strategy is delivering the step change in performance we committed to, with double-digit sales growth of 25%, adjusted operating profit growth of 26% and adjusted EPS growth of 27%. This performance supports my strong confidence in our medium-term outlook.

它們表明我們的戰略正在實現我們所承諾的業績的階躍變化，銷售額實現兩位數增長 25%，調整後營業利潤增長 26%，調整後每股收益增長 27%。這一表現支持了我對我們的中期前景的強烈信心。

The first half sales growth was driven by strong commercial execution across the whole portfolio. And alongside this excellent performance, we continue to invest in R&D with further strategic business development to support our pipeline momentum.

上半年銷售增長受到整個投資組合強大的商業執行力的推動。除了這一出色表現外，我們還將繼續投資於研發，進一步戰略業務發展，以支持我們的管道發展勢頭。

Given our momentum and these very encouraging results, we're increasing our full-year guidance, excluding COVID solutions, to between 6% to 8% sales growth and 13% to 15% adjusted operating profit growth.

鑑於我們的勢頭和這些非常令人鼓舞的結果，我們正在將我們的全年指導（不包括 COVID 解決方案）提高到 6% 至 8% 的銷售增長和 13% 至 15% 的調整後營業利潤增長。

Please turn to Slide 7. Q2 was another strong quarter of growth. Sales increased 13% to GBP 6.9 billion. Adjusted operating profit grew 7% to more than GBP 2 billion, an increase of 21%, excluding COVID solutions, and adjusted EPS grew 6% to 34.7p.

請轉到幻燈片 7。第二季度是另一個強勁的增長季度。銷售額增長 13% 至 69 億英鎊。調整後的營業利潤增長 7% 至超過 20 億英鎊，增長 21%，不包括 COVID 解決方案，調整後的每股收益增長 6% 至 34.7 便士。

Specialty Medicines grew 35% to GBP 2.7 billion, benefiting from strong demand for Dovato and Cabenuva in HIV. Excluding Xevudy, sales increased 13%. Vaccine sales grew 3% to GBP 1.7 billion, driven primarily by Shingrix, which delivered another quarter of record growth, with sales more than doubling to GBP 731 million. And excluding pandemic vaccines, sales grew 24%.

得益於 HIV 對 Dovato 和 Cabenuva 的強勁需求，特種藥物增長了 35% 至 27 億英鎊。不包括 Xevudy，銷售額增長了 13%。疫苗銷售額增長 3% 至 17 億英鎊，主要由 Shingrix 推動，該公司實現了另一個季度的創紀錄增長，銷售額翻了一番以上，達到 7.31 億英鎊。不包括大流行性疫苗，銷售額增長了 24%。

And General Medicines also increased 2% to GBP 2.5 billion, reflecting the strong growth of Trelegy in respiratory.

General Medicines 也增長了 2%，達到 25 億英鎊，反映了 Trelegy 在呼吸系統領域的強勁增長。

In SG&A, we continue disciplined cost control while prioritizing investments in growth to support launches in Specialty Medicines and Vaccines, particularly Shingrix as we accelerate international expansion and invest for further growth.

在 SG&A 方面，我們繼續嚴格控製成本，同時優先投資增長，以支持特種藥品和疫苗的推出，特別是 Shingrix，因為我們加速了國際擴張並投資於進一步增長。

In R&D, we increased investment in Specialty Medicines to support our early-stage HIV portfolio, while also investing in our late-stage vaccine portfolio and mRNA tech platform. You'll hear more about our commercial and financial performance from Luke, Deborah and Iain in just a moment.

在研發方面，我們增加了對特種藥物的投資，以支持我們的早期 HIV 產品組合，同時還投資於我們的晚期疫苗產品組合和 mRNA 技術平台。稍後您會從 Luke、Deborah 和 Iain 那裡聽到更多關於我們商業和財務業績的信息。

Turning to Slide 8 and our pipeline headlines. Our focus on the science of the immune system, human genetics and advanced technologies is reflected in the excellent progress and strength of our late-stage pipeline.

轉到幻燈片 8 和我們的管道標題。我們對免疫系統科學、人類遺傳學和先進技術的關注體現在我們後期管道的出色進展和實力上。

We were the first to announce positive Phase III results with our RSV vaccine candidate in older adults, demonstrating statistically significant and clinically meaningful efficacy and exceptional protection.

我們率先宣布我們的 RSV 候選疫苗在老年人中的 III 期陽性結果，證明了具有統計學意義和臨床意義的療效和卓越的保護作用。

We also announced encouraging Phase IIb data for bepirovirsen in chronic hep B. This is a disease with a very significant unmet medical need and is responsible for over 900,000 deaths each year. In a moment, Hal will provide more details on these and our broader pipeline momentum.

我們還宣布了令人鼓舞的 IIb 期數據，用於慢性乙型肝炎中的貝匹羅韋森。這是一種具有非常重要的未滿足醫療需求的疾病，每年導致超過 900,000 人死亡。稍後，Hal 將提供有關這些以及我們更廣泛的管道動力的更多詳細信息。

We also completed the acquisition of Sierra Oncology and announced the proposed acquisition of Affinivax. Both of these transactions are excellent (technical difficulty) of strategic business development to develop a strong portfolio of innovative Vaccines and Specialty Medicines that will deliver sustained growth through the decade and beyond.

我們還完成了對 Sierra Oncology 的收購，並宣布了對 Affinivax 的擬議收購。這兩項交易都是戰略業務發展的極好（技術難度），以開發強大的創新疫苗和特種藥物組合，將在十年及以後實現持續增長。

So this is an exciting year with strong momentum, and I'm pleased with the progress we're delivering. And now over to team. Hal, first to you, on Slide 9.

所以這是令人興奮的一年，勢頭強勁，我對我們取得的進展感到高興。現在輪到團隊了。 Hal，第一個給你，在幻燈片 9 上。

Thank you, Emma. Next slide, please. I will take the next few minutes to review the recent progress in our pipeline and key expected news flow over the next 12 to 18 months. This slide updates one that we presented in June 2021 at our (technical difficulty).

謝謝你，艾瑪。請下一張幻燈片。我將在接下來的幾分鐘內回顧我們管道的最新進展以及未來 12 到 18 個月的主要預期新聞流。這張幻燈片更新了我們於 2021 年 6 月在我們的（技術難度）上展示的一張幻燈片。

At this event, we highlighted that based on assets launched between 2017 and 2021, our R&D performance was top quartile relative to industry peers. Furthermore, these launches are expected to contribute over 60% of the 2021 to 2026 sales CAGR for GSK.

在本次活動中，我們強調，基於 2017 年至 2021 年推出的資產，我們的研發業績相對於行業同行處於前四分之一。此外，這些發布預計將佔葛蘭素史克 2021 年至 2026 年銷售複合年增長率的 60% 以上。

In addition, the balance of the sales growth on a risk-adjusted basis is expected to come from anticipated approvals from medicines and vaccines in the pipeline. As you can see here, I'm pleased to say we have made tremendous progress against these commitments.

此外，經風險調整後的銷售增長平衡預計將來自在研藥物和疫苗的預期批准。正如您在此處看到的，我很高興地說，我們在兌現這些承諾方面取得了巨大進展。

Based on the robust results of the ASCEND Phase III program, we completed both U.S. and EU regulatory submissions for daprodustat in the first half of 2022, and we now look forward to a decision from the FDA by February 2023.

基於 ASCEND III 期項目的穩健結果，我們在 2022 年上半年完成了美國和歐盟對 daprodustat 的監管提交，我們現在期待 FDA 在 2023 年 2 月之前做出決定。

During the first half of this year, we also received approval for Apretude,the first -- the world's first long-acting injectable for the prevention of HIV. The biggest news from our pipeline, of course, was the exceptional Phase III data we announced last month from our RSV vaccine trial for older adults, which Emma just mentioned.

今年上半年，我們還獲得了Apretude的批准，這是世界上第一個用於預防艾滋病毒的長效注射劑。當然，我們管道中最大的新聞是我們上個月公佈的針對老年人的 RSV 疫苗試驗的特殊 III 期數據，Emma 剛剛提到了這一點。

We also presented impressive data for bepirovirsen, which I'm going to call bepi from now on, in the treatment of hep B. I'll touch on both of these assets later.

我們還展示了 bepirvirsen（我從現在開始將其稱為 bepi）在治療乙型肝炎方面的令人印象深刻的數據。我稍後會談到這兩種資產。

Looking ahead, we remain on track to report pivotal data for several assets on this list with several potentially important readouts in the second half of this year. Importantly, as you know, we've been very active on the business development front, augmenting our pipeline with 2 important deals. First, the acquisition of Sierra Oncology, which includes momelotinib, a potential new treatment for symptomatic myelofibrosis patients with anemia.

展望未來，我們仍有望在今年下半年報告該清單上幾項資產的關鍵數據，並有幾個潛在的重要數據。重要的是，如您所知，我們在業務發展方面一直非常活躍，通過兩項重要交易擴大了我們的渠道。首先，收購 Sierra Oncology，其中包括用於治療貧血症狀性骨髓纖維化患者的潛在新療法 momelotinib。

Our proposed acquisition of Affinivax will provide us with a next-generation 24-valent pneumococcal vaccine candidate as well as access to an innovative MAPS technology, which may generate vaccine candidates with higher valency and higher immunogenicity compared to existing options.

我們提議收購 Affinivax 將為我們提供下一代 24 價肺炎球菌候選疫苗以及獲得創新 MAPS 技術的途徑，與現有選擇相比，該技術可能產生具有更高效價和更高免疫原性的候選疫苗。

Finally, I wanted to mention our early-stage pipeline activity. We've initiated 10 Phase I/II studies in the first half of 2022 alone, including our PVRIG antibody in oncology and capsid inhibitors in HIV.

最後，我想提一下我們的早期管道活動。僅在 2022 年上半年，我們就啟動了 10 項 I/II 期研究，包括我們在腫瘤學中的 PVRIG 抗體和在 HIV 中的衣殼抑製劑。

Importantly, I'm also pleased to report that interim data from our Phase Ib randomized controlled study of anti-CCL17 in osteoarthritis was positive, demonstrating reduction in knee pain intensity compared to placebo at the end of the 8-week dosing period. We're proceeding with discussions with regulators to inform our future development of this molecule.

重要的是，我也很高興地報告，我們對骨關節炎中抗 CCL17 的 Ib 期隨機對照研究的中期數據是陽性的，表明在 8 週給藥期結束時，與安慰劑相比，膝關節疼痛強度有所降低。我們正在與監管機構進行討論，以告知我們該分子的未來發展。

Now please turn to Slide 11. In June, we were excited to announce positive pivotal Phase III data for our RSV vaccine candidate for older adults. RSV remains one of the few major infectious diseases without a vaccine, and RSV infections are associated with around 360,000 hospitalizations and over 24,000 deaths worldwide each year.

現在請轉到幻燈片 11。6 月，我們很高興地宣布我們的老年人 RSV 候選疫苗的關鍵 III 期數據。 RSV 仍然是少數沒有疫苗的主要傳染病之一，RSV 感染與全世界每年約 360,000 人住院和超過 24,000 人死亡有關。

Our vaccine candidate contains a prefusion RSV F glycoprotein antigen combined with our proprietary AS01 adjuvant. The adjuvant was designed to address the natural decline in the immune system linked with aging, and the vaccine is the first to report statistically significant and clinically meaningful efficacy in a Phase III trial.

我們的候選疫苗包含融合前 RSV F 糖蛋白抗原和我們專有的 AS01 佐劑。該佐劑旨在解決與衰老相關的免疫系統自然衰退問題，該疫苗是第一個在 III 期試驗中報告具有統計學意義和臨床意義的療效的疫苗。

Importantly, the magnitude of effect observed in this trial was consistent across both RSV A and RSV B strains and across key secondary endpoints, including people aged over 70, in patients with comorbidities and in the prevention of severe respiratory disease.

重要的是，在這項試驗中觀察到的影響大小在 RSV A 和 RSV B 毒株以及關鍵次要終點（包括 70 歲以上的人）、合併症患者和預防嚴重呼吸系統疾病方面是一致的。

The trial will continue to generate data for 3 years, following a single and annual revaccination schedule. We look forward to sharing these exceptional data with regulators in the second half of this year. We believe this puts our RSV older adult vaccine candidate on track to be considered at the June 2023 ACIP meeting.

該試驗將繼續生成數據 3 年，遵循單一的年度重新接種計劃。我們期待在今年下半年與監管機構分享這些特殊數據。我們相信，這使我們的 RSV 老年成人疫苗候選者有望在 2023 年 6 月的 ACIP 會議上得到考慮。

Slide 12, please. Last month, we were also excited to present interim end-of-treatment data from the 457 patient bepi monotherapy trial, B-Clear, at the EASL International Liver Congress. The current standard of care for hep B patients includes antiviral plus interferon therapy.

請幻燈片 12。上個月，我們也很高興在 EASL 國際肝臟大會上展示來自 457 名患者的 bepi 單藥治療試驗 B-Clear 的中期治療結束數據。目前乙肝患者的護理標準包括抗病毒聯合干擾素治療。

Existing treatments rarely result in a functional cure. And as a result, hepatitis B remains a significant unmet medical need with 300 million people worldwide living with hep B, which is responsible for approximately 900,000 deaths each year.

現有的治療很少導致功能性治愈。因此，乙型肝炎仍然是一個重大的未滿足的醫療需求，全世界有 3 億人患有乙型肝炎，每年約有 900,000 人死於乙型肝炎。

Our ambition is to develop a functional cure for patients with hep B, eliminating the need for prolonged therapy, and by doing so, reducing the long-term risk of developing cirrhosis and liver cancer.

我們的目標是為乙肝患者開發一種功能性治療方法，消除長期治療的需要，並通過這樣做，降低患肝硬化和肝癌的長期風險。

The data presented at EASL demonstrated that bepi was effective in lowering hepatitis B surface antigen below the lower limit of quantification. This is the first time that any monotherapy agent has been shown to reduce hep B surface antigen below the lower limit of quantification in more than a handful of patients.

EASL 提供的數據表明，bepi 可有效地將乙型肝炎表面抗原降低到定量下限以下。這是第一次證明任何單一療法藥物可以在少數患者中將乙肝表面抗原降低到定量下限以下。

What appears to be driving this unique effect is bepi's novel mechanism of action. As described in a poster at EASL, in addition to lowering HPV surface antigen, bepi appears to uniquely activate the TLR8 pathway in the liver. This activation appears to stimulate an immune response, which helps clear the virus, which we hope will result in functional cure for some of these patients.

似乎推動這種獨特效果的是 bepi 的新作用機制。正如 EASL 的海報中所述，除了降低 HPV 表面抗原外，bepi 似乎還能獨特地激活肝臟中的 TLR8 通路。這種激活似乎會刺激免疫反應，這有助於清除病毒，我們希望這將為其中一些患者帶來功能性治愈。

We will continue to monitor the patients in the B-Clear study to assess the durability of this remarkable response, and we expect to present these data later in the year.

我們將繼續監測 B-Clear 研究中的患者，以評估這種顯著反應的持久性，我們預計將在今年晚些時候公佈這些數據。

However, based on the strength of the B-Clear data set to date, we plan to initiate a Phase III monotherapy program in 2023. Additionally, we expect to report the data on the B-Together trial, which looks at bepi followed by Peg-interferon. While interferon has a well-known tolerability burden, we are cautiously optimistic that this study will augment the data seen in the monotherapy setting.

然而，基於迄今為止 B-Clear 數據集的實力，我們計劃在 2023 年啟動 III 期單藥治療計劃。此外，我們預計將報告 B-Together 試驗的數據，該試驗著眼於 bepi，然後是 Peg -干擾素。雖然干擾素具有眾所周知的耐受性負擔，但我們謹慎樂觀地認為，這項研究將增加單藥治療環境中的數據。

Turning to Slide 13. This year's ASCO meeting saw an increased cadence of presentations on our growing oncology pipeline, including data from 6 potential new medicines within our portfolio.

轉到幻燈片 13。在今年的 ASCO 會議上，關於我們不斷增長的腫瘤學管道的演講節奏加快，包括來自我們產品組合中 6 種潛在新藥的數據。

In particular, I want to highlight the pivotal data, MOMENTUM, from momelotinib, the groundbreaking data from Jemperli in rectal cancer and the first publication of data from our Blenrep plus GSI combination study, DREAMM-5. I want to briefly review the latitude data sets on the next slide.

特別是，我想強調來自 momelotinib 的關鍵數據 MOMENTUM、來自 Jemperli 在直腸癌方面的突破性數據以及我們的 Blenrep 加 GSI 聯合研究 DREAMM-5 的數據的首次發表。我想在下一張幻燈片上簡要回顧一下緯度數據集。

While Blenrep continues to deliver strong activity as a single agent, we're investigating how to advance this important medicine into earlier lines of therapy using different dosing schedules (technical difficulty).

雖然 Blenrep 作為單一藥物繼續提供強大的活性，但我們正在研究如何使用不同的給藥方案（技術難度）將這種重要藥物推進到早期治療線。

The GSI combination is one potential solution because it may allow a marked reduction in Blenrep dose while maintaining a similar efficacy rate. This, in turn, brings the potential for reduced ocular toxicity.

GSI 組合是一種潛在的解決方案，因為它可以顯著減少 Blenrep 劑量，同時保持相似的有效率。這反過來又帶來了降低眼部毒性的潛力。

We were, therefore, pleased to share the preliminary data from the GSI combination cohort of the DREAMM-5 substudy at ASCO. This showed encouraging signs of activity with an overall response rate of 38%, similar to that of the DREAMM-2 study, but with lower rates of ocular adverse events and only 7% of patients reporting a Grade 3 or worse ocular event.

因此，我們很高興在 ASCO 分享 DREAMM-5 子研究的 GSI 組合隊列的初步數據。這顯示出令人鼓舞的活動跡象，總體反應率為 38%，與 DREAMM-2 研究相似，但眼部不良事件發生率較低，只有 7% 的患者報告了 3 級或更嚴重的眼部事件。

Subsequently, at EHA, data were presented by (inaudible) at all in the frontline setting, using an 8-week dosing schedule with lower doses of Blenrep. This regimen resulted in a very high response rates, with much lower rates of ocular side effects than has been seen with a standard 3-week dosing schedule.

隨後，在 EHA，數據完全由（聽不清）在一線環境中提供，使用 8 週的給藥方案和較低劑量的 Blenrep。與標準的 3 週給藥方案相比，該方案的反應率非常高，眼部副作用的發生率要低得多。

I also wanted to briefly mention the extraordinary trial Jemperli or [dostarlimab], in patients with dMMR locally advanced rectal cancer in the neoadjuvant setting. This trial, which is awarded the coveted Best of ASCO data, showed an unparalleled response rate with each of the first 14 trial participants who completed 6 months of therapy, reporting a clinical complete response.

我還想簡要提及 Jemperli 或 [dostarlimab] 的非凡試驗，該試驗在新輔助治療中治療 dMMR 局部晚期直腸癌患者。該試驗獲得了令人夢寐以求的最佳 ASCO 數據，在完成 6 個月治療的前 14 名試驗參與者中的每一位都顯示出無與倫比的反應率，並報告了臨床完全反應。

These data suggest the potential for a chemotherapy-free treatment with curative intent for this difficult-to-treat population, and we look forward to working with regulators to identify a path forward for registration.

這些數據表明，對這一難以治療的人群進行具有治愈意圖的無化療治療的潛力，我們期待與監管機構合作，確定註冊的前進道路。

Please turn to Slide 15. My final slide lists a number of the key clinical and regulatory events expected over the next 12 to 18 months. As I noted, we'll see data from across the portfolio with pivotal results anticipated for otilimab and our vaccine candidate MenABCWY.

請轉到幻燈片 15。我的最後一張幻燈片列出了預計在未來 12 到 18 個月內發生的一些關鍵臨床和監管事件。正如我所指出的，我們將看到來自整個投資組合的數據，預計 otilimab 和我們的候選疫苗 MenABCWY 將取得關鍵結果。

In addition, we hope to see data from Blenrep in third-line multiple myeloma patients and potentially an interim analysis for gepotidacin for the treatment of patients with uncomplicated urine tract infection.

此外，我們希望看到 Blenrep 在三線多發性骨髓瘤患者中的數據，並可能對 gepotidacin 治療單純性尿路感染患者進行中期分析。

We also anticipate data from the head-to-head PERLA study, which looks at Jemperli plus chemo versus pembrolizumab plus chemo in the treatment of patients with non-small cell lung cancer. The PERLA study is not intended for registration, but will inform future development plans for our PD-1 antagonist.

我們還預計來自頭對頭 PERLA 研究的數據，該研究著眼於 Jemperli 加化療與 pembrolizumab 加化療治療非小細胞肺癌患者。 PERLA 研究不用於註冊，但將為我們的 PD-1 拮抗劑的未來發展計劃提供信息。

Finally, this is my last quarter presenting our R&D progress. So let me close by saying how delighted and proud I am of the achievements of the R&D organization since I joined in 2018. We've made considerable progress against our objectives to improve productivity in the pipeline and embed significant cultural trains across R&D.

最後，這是我展示我們研發進展的最後一個季度。最後，讓我說一下，自 2018 年加入研發組織以來，我對研發組織所取得的成就感到非常高興和自豪。我們在實現提高管道生產力和在研發過程中嵌入重要文化培訓的目標方面取得了長足的進步。

Assets within our development pipeline are now supported by genetic data, which we believe will increase the probability of success, and we expect to accelerate the cadence of new product introductions.

我們開發管道中的資產現在得到基因數據的支持，我們相信這將增加成功的可能性，我們預計會加快新產品推出的節奏。

I'm also incredibly proud of and confident that my successor, Tony Wood, will build on these achievements and further accelerate our R&D delivery. Tony is an outstanding scientist and an inspiring leader, and I look forward to contributing to the next chapter of growth for GSK as a Non-Executive Director.

我也為我的繼任者托尼·伍德（Tony Wood）將在這些成就的基礎上進一步加快我們的研發交付感到無比自豪和自信。托尼是一位傑出的科學家和鼓舞人心的領導者，我期待著作為非執行董事為葛蘭素史克的下一個發展篇章做出貢獻。

With that, I will now hand it over to Luke.

有了這個，我現在把它交給盧克。

Thanks, Hal, and I'll miss saying that. Please turn to Slide 17. So I'm pleased to say our Vaccines performance was very strong, with sales growth of 24%, excluding the impact of the prior-year pandemic vaccine sales. The growth (technical difficulty) the continued recovery of Shingrix, where we delivered another record quarter of turnover.

謝謝，哈爾，我不會這麼說的。請轉到幻燈片 17。所以我很高興地說，我們的疫苗表現非常強勁，銷售額增長了 24%，不包括上一年大流行疫苗銷售的影響。增長（技術難度）Shingrix 的持續復甦，我們實現了另一個創紀錄的季度營業額。

The strong Shingrix performance reflected good demand and a focused commercial effort in the U.S. to extend shingles vaccination throughout the year, which led to steadier TRx volumes in half 1, higher engagement in nonretail settings and an earlier-than-anticipated channel inventory build.

Shingrix 的強勁表現反映了美國的良好需求和集中的商業努力，以在全年擴大帶狀皰疹疫苗接種，這導致 TRx 銷量穩定在一半 1、非零售環境的參與度更高以及渠道庫存建立早於預期。

In Europe, we continued to see strong demand in Germany and contributions from new launch markets as Shingrix becomes more widely available.

在歐洲，隨著 Shingrix 的普及，我們繼續看到德國的強勁需求和新推出市場的貢獻。

Shingrix is now in 23 countries globally, and we are unconstrained on supply and remain on track to expand to more than 35 countries by 2024, making Shingrix available in around 90% of the global vaccine market.

Shingrix 目前在全球 23 個國家/地區開展業務，我們的供應不受限制，並有望在 2024 年之前擴展到 35 個以上的國家，使 Shingrix 在全球約 90% 的疫苗市場中可用。

We remain on track for a record year with strong double-digit sales growth this year. Previously, we had expected sales to be weighted to the second half. But following the earlier-than-anticipated channel inventory build, we now expect slightly lower sales in half 2 than in half 1, reflecting an anticipated 1 million doses of inventory burn.

我們今年仍有望實現創紀錄的兩位數銷售增長。此前，我們預計銷售額將加權到下半年。但在早於預期的渠道庫存增加之後，我們現在預計半年 2 的銷售額將略低於半年 1，這反映了預期的 100 萬劑庫存消耗。

Shingrix is the key driver of this year's expected sales growth in Vaccines, excluding pandemic solutions, and we now expect Vaccine sales to grow by low to mid-teens up from low teens previously.

Shingrix 是今年疫苗銷售預期增長的主要推動力，不包括流行病解決方案，我們現在預計疫苗銷售將從之前的十幾歲低至十幾歲增長。

Please turn to Slide 18. In Q2, our Specialty Pharma business, including HIV, continued to deliver strong performance with 13% growth. Deborah will cover HIV momentarily. This excludes the pandemic solution sales contribution from Xevudy, which delivered an additional GBP 466 million during the quarter.

請轉到幻燈片 18。在第二季度，我們的專業製藥業務（包括 HIV）繼續以 13% 的增長表現強勁。黛博拉將暫時覆蓋艾滋病毒。這不包括 Xevudy 對大流行解決方案的銷售貢獻，該公司在本季度額外交付了 4.66 億英鎊。

Benlysta delivered another quarter of double-digit growth. our market-leading lupus medicine in the U.S. is also benefiting from increased contributions from China, Japan and the European markets, driven by our expanded indication for lupus nephritis.

Benlysta 實現了又一個季度的兩位數增長。在我們擴大狼瘡腎炎適應症的推動下，我們在美國市場領先的狼瘡藥物也受益於中國、日本和歐洲市場的貢獻增加。

For Nucala, our IL-5 biologic, which is broad -- has a broad and differentiated indication approved across our 4 eosinophilic diseases, delivered strong growth as it remains the leading IL-5 in markets like the U.S. Japan and the EU 5. And our leadership in the IL-5 space is underscored by our life cycle innovation commitments with Phase III trials for Nucala and COPD and our long-acting IL-5 depemokimab ongoing.

對於 Nucala 而言，我們的 IL-5 生物製劑廣泛——在我們的 4 種嗜酸性粒細胞疾病中獲得了廣泛而不同的適應症，實現了強勁的增長，因為它仍然是美國、日本和歐盟 5 等市場的領先 IL-5。我們對 Nucala 和 COPD 的 III 期試驗以及我們正在進行的長效 IL-5 depemokimab 的生命週期創新承諾突顯了我們在 IL-5 領域的領導地位。

In oncology, sales increased 23% as we're seeing signs in the U.S. of ovarian cancer and surgery rates stabilizing. We're well positioned as the market recovers with half of the new first-line ovarian cancer maintenance patients receiving Zejula.

在腫瘤學領域，銷售額增長了 23%，因為我們看到美國卵巢癌和手術率趨於穩定的跡象。隨著市場復甦，一半的新一線卵巢癌維持患者接受 Zejula，我們處於有利地位。

And finally, I'd also like to point out that our Gen Meds portfolio delivered a fifth consecutive quarter of growth, up 2% in Q2, with strong growth from Trelegy across all regions, which more than offset the decline of older established products in the quarter. Trelegy is the #1 triple therapy in COPD and asthma in the U.S., with market shares above 50% in each.

最後，我還想指出的是，我們的 Gen Meds 產品組合連續第五個季度實現增長，第二季度增長 2%，其中 Trelegy 在所有地區的強勁增長，足以抵消老牌產品在季度。 Trelegy 是美國排名第一的 COPD 和哮喘三聯療法，市場份額均超過 50%。

And I'll now pass to Deborah on Slide 19 to review the performance of HIV.

現在我將在幻燈片 19 上轉給 Deborah 來回顧 HIV 的表現。

Thanks, Luke. Our Q2 performance demonstrates a progressive acceleration of growth, underpinned by our oral two drug regimens, Dovato and our cabotegravir-based long-acting injectables for the treatment and prevention of HIV.

謝謝，盧克。我們的第二季度業績顯示出增長的逐步加速，這得益於我們用於治療和預防 HIV 的口服兩種藥物方案 Dovato 和基於 cabotegravir 的長效注射劑。

HIV sales were GBP 1.4 billion, with growth of [7%] in the quarter and 10% in the first half. Performance benefited from strong patient demand for our innovation portfolio, which comprises Dovato, Cabenuva, Juluca Rukobia and Apretude, and a favorable U.S. pricing mix. This was partially offset by the unfavorable phasing of Tivicay tenders.

HIV 銷售額為 14 億英鎊，本季度增長 [7%]，上半年增長 10%。業績得益於患者對我們創新產品組合（包括 Dovato、Cabenuva、Juluca Rukobia 和 Apretude）的強勁需求，以及有利的美國定價組合。這部分被 Tivicay 招標的不利階段所抵消。

MOMENTUM is firmly behind our innovation portfolio, which delivered more than GBP 1 billion in the first half of the year and now accounts for 41% of our sales. Our ambition for the year is to deliver mid to high single-digit sales growth.

MOMENTUM 堅定地支持我們的創新產品組合，該產品在今年上半年的銷售額超過 10 億英鎊，目前占我們銷售額的 41%。我們今年的目標是實現中高個位數的銷售增長。

Our business delivered strong growth in the U.S. and in Europe, growing at 13% and 17%, respectively, this growth was underpinned by strong commercial execution across the portfolio.

我們的業務在美國和歐洲實現了強勁增長，分別增長了 13% 和 17%，這一增長得益於整個投資組合中強大的商業執行力。

Dovato continues to perform (technical difficulty) delivering GBP 320 million of sales in the quarter, which represents 66% year-on-year growth.

Dovato 繼續表現出色（技術難度），本季度實現了 3.2 億英鎊的銷售額，同比增長 66%。

Market performance firmly reflects prescriber belief, and we were delighted to see that through this quarter, Dovato reached the milestone of GBP 1 billion of rolling annual sales, with further significant growth potential beyond.

市場表現堅定地反映了處方者的信念，我們很高興地看到，通過本季度，Dovato 達到了滾動年銷售額 10 億英鎊的里程碑，並具有進一步的顯著增長潛力。

Performance in Europe is particularly strong, with market share for Dovato at around 13% and the leading position in switch.

歐洲的表現尤為強勁，Dovato 的市場份額約為 13%，在 Switch 領域處於領先地位。

Turning to our injectable portfolio. Cabenuva, also known as [Vocabria Rekambys] in Europe is the [worst-in-class] long-acting treatment regimen for HIV. Sales almost [doubled] in the quarter, delivering GBP 72 million. 11,000 patients are now taking Cabenuva, an increase of 5,000 through this quarter, and around 1,200 HCPs are prescribing the medicine.

轉向我們的注射產品組合。 Cabenuva，在歐洲也被稱為 [Vocabria Rekambys] 是 [最差的] 長效 HIV 治療方案。本季度銷售額幾乎翻了一番，達到 7200 萬英鎊。現在有 11,000 名患者正在服用 Cabenuva，到本季度增加了 5,000 名，大約 1,200 名 HCP 正在開藥。

The approval and launch of the every 2-month dosing in the U.S. in February and the removal of the oral lead-in requirement in the U.S. has simplified and improved patient experience and delivered a significant inflection for this injectable therapy. Underlying patient demand is high. And we are, therefore, very confident about the potential of this medicine to transform the treatment paradigm of HIV.

2 月在美國批准和推出每 2 個月給藥一次，以及在美國取消口服導入要求，簡化和改善了患者體驗，並為這種注射療法帶來了顯著變化。潛在的患者需求很高。因此，我們對這種藥物改變 HIV 治療模式的潛力非常有信心。

Moving on to prevention. Apretude is the world's first long-acting injectable for the prevention of HIV, dosed every 2 months. It was launched in the U.S. in January 2022. This quarter, we received the J-code for Apretude, which is an important step as it enables prescribers to buy and bill and simplify reimbursement for the medicine.

繼續預防。 Apretude 是世界上第一個用於預防 HIV 的長效注射劑，每 2 個月給藥一次。它於 2022 年 1 月在美國推出。本季度，我們收到了 Apretude 的 J 代碼，這是重要的一步，因為它使開藥者能夠購買和開具賬單並簡化藥物的報銷。

With around 1,700 patients already taking Apretude in the U.S., we have high levels of ambition for this medicine, and launch activity continues to center on building awareness and access.

在美國，已有大約 1,700 名患者在服用 Apretude，我們對這種藥物抱有很高的抱負，並且推出活動繼續集中在提高認識和獲取途徑上。

I'm pleased with the progress we have made in negotiations with the Medicine Patent Pool to enable access to cab LA for prevention in resource-poor settings. We look forward to providing further updates at the International AIDS Conference, which is taking place in Montreal in a few days' time.

我對我們在與醫藥專利池的談判中取得的進展感到高興，以便在資源匱乏的環境中使用 cab LA 進行預防。我們期待在幾天后在蒙特利爾舉行的國際艾滋病大會上提供進一步的更新。

I will now hand over to Iain for next slide, please.

我現在將把下一張幻燈片交給 Iain。

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

謝謝，黛博拉。在我介紹財務時，除非另有說明，否則對增長的引用是按恆定匯率計算的。

Turning to Slide 21. Firstly, this presentation is based on the continuing operations of GSK, as Nick noted earlier. For the second quarter of 2022, commercial operations turnover was GBP 6.9 billion, up 13%. And adjusted operating profit was GBP 2 billion, up 7%. Total earnings per share were 17.5p, down 58%, while adjusted earnings per share were 34.7p, up 6%.

轉到幻燈片 21。首先，正如 Nick 之前指出的，本演示文稿基於 GSK 的持續運營。 2022 年第二季度，商業運營營業額為 69 億英鎊，增長 13%。調整後的營業利潤為 20 億英鎊，增長 7%。每股總收益為 17.5 便士，下降 58%，而調整後的每股收益為 34.7 便士，增長 6%。

The main adjusting items of note between total and adjusted results for Q2 were in transaction related, which primarily reflected the ViiV contingent consideration liability movements, the majority of which related to foreign exchange, and in Other, which reflected an unfavorable comparison of a GBP 325 million credit in Q2 of 2021, resulting from the revaluation of deferred tax assets following the enactment of the proposed change in the U.K. corporation tax from 19% to 25%.

第二季度總業績和調整業績之間的主要調整項目是與交易相關的，主要反映了 ViiV 或有對價負債的變動，其中大部分與外匯有關，在其他方面，這反映了與 325 英鎊的不利比較2021 年第二季度的 100 萬信貸，這是由於在英國公司稅從 19% 到 25% 的擬議變更頒布後對遞延所得稅資產進行了重估。

[Pandemic] solutions reduced growth of adjusted operating profit by approximately 14 points and growth of adjusted EPS by around 18 points. The Q2 currency impact was a favorable 6% on sales and 17% in adjusted earnings per share.

[大流行] 解決方案使調整後的營業利潤增長約 14 個百分點，調整後的每股收益增長約 18 個百分點。第二季度的貨幣影響是對銷售額有利的 6%，對調整後的每股收益有利 17%。

Please turn to Slide 22. My comments from here onwards are on adjusted results, unless stated otherwise. Total sales growth was 13%, driven by strong performance across commercial operations as all product areas benefited from increased demand. Excluding pandemic-related sales, growth was 10%. Luke and Deborah have taken you through the commercial performance in the quarter and the key turnover dynamics, and I'll make comments on sales outlook shortly.

請轉到幻燈片 22。除非另有說明，否則我從這裡開始的評論都是關於調整後的結果。由於所有產品領域都受益於需求增加，整個商業運營的強勁表現推動了總銷售額增長 13%。不包括與大流行相關的銷售額，增長率為 10%。 Luke 和 Deborah 帶您了解了本季度的商業表現和關鍵的營業額動態，我將很快對銷售前景發表評論。

Turning to Slide 23. The second quarter margin of 29% was slightly higher as the margin benefited from operating leverage, driven by strong sales growth, product mix excluding Xevudy, higher royalty income and favorable currency movements, which were a 2.4 percentage point benefit in the second quarter. These factors were partly offset by the impact of lower margin sales of Xevudy.

轉到幻燈片 23。第二季度 29% 的利潤率略高，因為利潤率受益於經營槓桿，這得益於強勁的銷售增長、不包括 Xevudy 的產品組合、較高的特許權使用費收入和有利的匯率變動，這在第二季度。這些因素部分被 Xevudy 利潤率下降的影響所抵消。

COVID solutions reduced adjusted operating profit growth by approximately 14 percentage points and reduced the adjusted operating margin by approximately 4.4 percentage points at constant exchange rates.

在固定匯率下，COVID 解決方案將調整後的營業利潤增長降低了約 14 個百分點，並將調整後的營業利潤率降低了約 4.4 個百分點。

Within the cost of goods sold increased primarily related to sales of lower margins of Xevudy, which increased the cost of sales margin by 4.7 percentage points, mainly reflecting the profit share pay away to [veer].

內銷商品成本增加主要與Xevudy的銷售利潤率較低有關，這使銷售成本利潤率上升了4.7個百分點，主要反映了向[veer]支付的利潤分成。

Excluding Xevudy, (technical difficulty) a 60 basis point benefit to margin, driven by favorable business mix, with 61% of commercial operations sales ex-pandemic being from Specialty Medicines and Vaccines compared to 57% in the second quarter of last year. This mix benefit was partly offset by a modest increase in commodity prices and freight costs, which we continue to manage closely.

不包括 Xevudy，（技術難度）在有利的業務組合的推動下，利潤率提高了 60 個基點，其中 61% 的商業運營銷售來自專業藥品和疫苗，而去年第二季度這一比例為 57%。這種混合收益部分被商品價格和運費成本的適度上漲所抵消，我們將繼續密切管理。

SG&A increased at a similar rate to sales in the quarter, which reflect an increased level of launch investment in Specialty Medicines and Vaccines. This was particularly focused on HIV and Shingrix to drive post-pandemic demand recovery and support marketing (technical difficulty).

SG&A 以與本季度銷售額相似的速度增長，這反映了對特種藥物和疫苗的啟動投資水平的提高。這特別關注 HIV 和 Shingrix，以推動大流行後需求恢復和支持營銷（技術難度）。

The growth also included some increased freight and distribution costs. These factors were partly offset by continued delivery of restructuring benefits. Taking into account the commercial investment to date, we now expect SG&A to increase slightly above the rate of sales growth this year.

增長還包括運費和配送成本的增加。這些因素被持續提供的重組收益部分抵消。考慮到迄今為止的商業投資，我們現在預計 SG&A 的增幅將略高於今年的銷售增長率。

R&D was broadly stable in the second quarter, which primarily reflected the ongoing benefit of efficiencies from the one R&D restructuring program, the benefit in the comparator with regards to the timing of completion of several late-stage programs, including COVID-19 investments in 2021.

第二季度的研發總體穩定，這主要反映了一個研發重組計劃帶來的效率持續收益，比較者在完成幾個後期計劃（包括 2021 年 COVID-19 投資）的時間方面的收益.

These factors were largely offset by increased investment in vaccines across mRNA technology platforms, ongoing late-stage trials and the acceleration of several early-stage programs. There were also increases in early-stage HIV programs.

這些因素在很大程度上被 mRNA 技術平台對疫苗的投資增加、正在進行的後期試驗和幾個早期項目的加速所抵消。早期艾滋病毒項目也有所增加。

In the remainder of the year, we would expect the R&D run rate to increase, in part reflecting phasing and in part reflecting incremental investment following the Sierra Oncology acquisition and anticipated Affinivax deal.

在今年剩下的時間裡，我們預計研發運行率將會增加，部分反映了分階段，部分反映了 Sierra Oncology 收購和預期的 Affinivax 交易後的增量投資。

For the full year, given the dynamics we've seen in the first half, alongside our upgraded guidance for the full year sales growth, we now expect R&D to increase their rates slightly below sales.

對於全年，鑑於我們在上半年看到的動態，以及我們對全年銷售增長的上調指引，我們現在預計研發的增長率將略低於銷售額。

Royalties benefited from the contribution of Biktarvy and higher sales of Gardasil. The first half adjusted operating profit grew 26% to GBP 4 billion and operating margin of 28%, reflecting strong operating delivery. The commercial contribution of COVID solutions (technical difficulty) adjusted operating profit growth by around 1 percentage point.

版稅受益於 Biktarvy 的貢獻和 Gardasil 的更高銷售額。上半年調整後的營業利潤增長 26% 至 40 億英鎊，營業利潤率為 28%，反映出強勁的經營業績。 COVID解決方案的商業貢獻（技術難度）調整了營業利潤增長約1個百分點。

And I'll cover the outlook in a moment. Turning to Slide 24. Moving to bottom half of the P&L, I'd highlight that the effective tax rate of 15.2% reflected the timing of settlements with various tax authorities and higher noncontrolling interest charges related to an increased allocation of ViiV profits.

我稍後會介紹前景。轉到幻燈片 24。轉到損益表的下半部分，我要強調 15.2% 的有效稅率反映了與各個稅務機關結算的時間以及與 ViiV 利潤分配增加相關的更高的非控制性利息費用。

On the next slide, I'll cover cash flow. In the first half, we generated GBP 1.7 billion of free cash flow and cash generated from operations of GBP 3.9 billion from continuing operations.

在下一張幻燈片中，我將介紹現金流。上半年，我們產生了 17 億英鎊的自由現金流和 39 億英鎊的持續經營業務產生的現金。

The key drivers of higher free cash flow were as follows: a significant increase in operating profit, including the upfront income from the Gilead settlement in February, a favorable foreign exchange impact and favorable timing of collections and profit share payments for Xevudy sales.

自由現金流增加的主要驅動因素如下：營業利潤顯著增加，包括 2 月份吉利德和解的前期收入、有利的外匯影響以及有利的收款時機和 Xevudy 銷售的利潤分成支付。

These factors were partly offset by lower proceeds from disposals, increased contingent consideration payments reflecting the Gilead settlement, higher capital expenditure and a higher seasonal increase in inventory.

這些因素部分被出售收益減少、反映吉利德和解的或有對價支付增加、資本支出增加和庫存季節性增加增加所抵消。

Turning now to guidance on Slide 26. GSK has delivered first half performance ahead of its existing full-year guidance as expected, based on strong business delivery and the dynamics of prior-year comparators.

現在轉向幻燈片 26 的指導。基於強勁的業務交付和上一年比較公司的動態，葛蘭素史克的上半年業績按預期超過了現有的全年指導。

As Emma outlined earlier, with that performance to date and the momentum it provides, we're raising our guidance for sales to increase between 6% to 8% and adjusted operating profit to increase between 13% to 15%, excluding COVID solutions.

正如 Emma 之前概述的那樣，憑藉迄今為止的表現及其提供的動力，我們正在將我們的銷售指導提高到 6% 到 8% 之間，並將調整後的營業利潤提高到 13% 到 15% 之間，不包括 COVID 解決方案。

For both sales and adjusted operating profit, we would expect Q3 growth below full-year expectations, given the stronger comparator of last year, and a Q4 growth to be higher than Q3, given the more favorable comparator in 2021.

對於銷售額和調整後的營業利潤，我們預計第三季度的增長低於全年預期，因為去年的對比更強，而第四季度的增長將高於第三季度，因為 2021 年的對比更有利。

With regards to phasing considerations for the year to go, there are several factors which will influence the outturn. These include sales delivery within the upgraded range, given the more challenging second half sales comparator.

關於未來一年的分階段考慮，有幾個因素會影響結果。鑑於下半年銷售比較更具挑戰性，其中包括升級範圍內的銷售交付。

This includes the Shingrix stocking effect Luke covered earlier as well as ongoing generic competition in General Medicines, product mix, phasing of R&D spend as we step up investments strengthening our pipeline and technology platforms, continued investment through [SG&A] in supporting new launches and broader targeted business improvements such as further investment in data and analytics, the continued risk from COVID dynamics as we head into the Northern Hemisphere autumn and winter seasons and any possible developments in the current uncertain global macroeconomic environment.

這包括 Luke 之前提到的 Shingrix 庫存效應，以及在普通藥品、產品組合、研發支出階段的持續仿製藥競爭，因為我們加大了投資以加強我們的管道和技術平台，通過 [SG&A] 繼續投資以支持新的發布和更廣泛的有針對性的業務改進，例如對數據和分析的進一步投資，隨著我們進入北半球秋冬季節，COVID 動態帶來的持續風險以及當前不確定的全球宏觀經濟環境中的任何可能發展。

In terms of expectations for adjusted earnings per share, both including and excluding COVID solutions, we would expect growth around 1 percentage point below adjusted operating profit, reflecting lower associated profits -- sorry, lower associate profits.

就包括和不包括 COVID 解決方案在內的調整後每股收益的預期而言，我們預計增長將比調整後的營業利潤低 1 個百分點左右，反映出相關利潤下降——抱歉，聯營利潤下降。

On COVID-19 solutions specifically, the majority of expected sales for 2022 have been achieved in the first half of this year. Based on known binding agreements with governments, we expect that sales will be substantially lower in the second half. Compared with 2021, sales will be at a reduced profit contribution due to increased proportion of lower margin Xevudy sales.

特別是在 COVID-19 解決方案方面，2022 年的大部分預期銷售額已在今年上半年實現。根據已知的與政府簽訂的具有約束力的協議，我們預計下半年的銷售額將大幅下降。與 2021 年相比，由於利潤率較低的 Xevudy 銷售比例增加，銷售額的利潤貢獻將減少。

Given more than expected sales to date, we now expect this to reduce overall GSK adjusted operating profit growth by between 4 to 6 percentage points.

鑑於迄今為止的銷售額超過預期，我們現在預計這將使葛蘭素史克調整後的整體營業利潤增長減少 4 至 6 個百分點。

With respect to dividends, dividends declared in Q2 and those expected for the remainder of the year are in line with the existing expectations adjusted for the impact of the share consolidation completed on the 18th of July. Accordingly, GSK will pay 16.25p per share for Q2.

在股息方面，第二季度宣布的股息和今年剩餘時間的預期股息符合根據 7 月 18 日完成的股份合併影響調整後的現有預期。因此，葛蘭素史克將在第二季度每股支付 16.25 便士。

For the second half, GSK expects to pay a 27.5p per share dividend, which is equivalent to 22p per share previously indicated before the share consolidation. For 2023, we expect to pay a 56.5p per share dividend.

下半年，葛蘭素史克預計將支付每股 27.5 便士的股息，相當於此前股份合併前表示的每股 22 便士。對於 2023 年，我們預計將支付每股 56.5 便士的股息。

Turning to balance sheet. With the demerger of Haleon completed, we have now received the GBP [10.1] billion demerger dividend and half our 13.5% retained stake in Haleon that we intend to monetize in an orderly manner. This strengthened balance sheet supports our clear capital allocation priorities of further strengthening the pipeline, investing in new product launches and delivering dividends to shareholders.

轉向資產負債表。隨著 Haleon 的分拆完成，我們現在已經收到了 10.1 億英鎊的分拆股息和我們在 Haleon 的 13.5% 保留股份的一半，我們打算以有序的方式將其貨幣化。這種強化的資產負債表支持我們明確的資本配置優先事項，即進一步加強管道、投資新產品發布和向股東派發股息。

Taking all this together, we remain firmly on track to deliver the step change in performance for 2022, first referenced at our investor update in June last year. And this sets us on the right trajectory for delivering our 2026 outlook.

綜上所述，我們仍然堅定不移地在 2022 年實現業績的階梯式變化，這在我們去年 6 月的投資者更新中首次提到。這使我們走上了實現 2026 年展望的正確軌道。

With that, I'll turn it back to Emma.

有了這個，我會把它轉回給艾瑪。

Thanks, Iain. And turning to Slide 28. At GSK, we're guided by our purpose: to unite science, technology and talent to get ahead of disease together. We deliver this purpose considering the environmental, social and governance impacts across everything we do. Running a responsible business is integral to our strategy and future performance. It's how we build trust, deliver health impact at scale and reduce risk.

謝謝，伊恩。轉到幻燈片 28。在葛蘭素史克，我們的目標是：團結科學、技術和人才，共同戰勝疾病。考慮到我們所做的一切對環境、社會和治理的影響，我們實現了這一目標。經營負責任的企業是我們戰略和未來業績不可或缺的一部分。這就是我們建立信任、大規模提供健康影響和降低風險的方式。

We prioritize our resources to focus on 6 material areas: the environment, global health and health security; diversity, equity and inclusion; pricing access; product governance; and operating standards. We're focused on maintaining sector leadership in ESG with our #1 ranking in the Dow Jones Sustainability Index and our long-standing leadership in the Access to Medicines Index.

我們將資源優先集中在 6 個重要領域：環境、全球健康和健康安全；多樣性、公平性和包容性；定價訪問；產品治理；和操作標準。我們專注於保持 ESG 領域的領先地位，在道瓊斯可持續發展指數中排名第一，在藥品獲取指數中長期處於領先地位。

Looking ahead, we're also on track to deliver our ambitious environmental commitments with targets of net zero on carbon and net positive on nature by 2030.

展望未來，我們也有望兌現雄心勃勃的環境承諾，目標是到 2030 年實現碳淨零排放和自然淨正排放。

We're proud of our track record, but there is always more to do. And this quarter, we continue to advance our global health and health security leadership with a commitment to invest GBP 1 billion over 10 years to get ahead of infectious diseases in lower-income countries.

我們為我們的業績記錄感到自豪，但總有更多工作要做。本季度，我們將繼續推進我們在全球衛生和衛生安全方面的領導地位，承諾在 10 年內投資 10 億英鎊，以領先於低收入國家的傳染病。

As part of this commitment, we also formed a new global health unit under Roger Connor's leadership, which will be measured by its human health impact. GSK is committed to delivering health impact at scale, reaching more than 2.5 billion people worldwide over the next 10 years.

作為這一承諾的一部分，我們還在羅傑康納的領導下成立了一個新的全球衛生部門，該部門將根據其對人類健康的影響來衡量。 GSK 致力於大規模提供健康影響，在未來 10 年內惠及全球超過 25 億人。

So in this landmark year, GSK has delivered another quarter of strong performance and momentum, and I am very confident that as a focused global biopharma company, we will deliver our bold ambitions for patients reflected in our commitment to growth and a step change in performance.

因此，在這一具有里程碑意義的一年裡，葛蘭素史克又取得了強勁的業績和勢頭，我非常有信心，作為一家專注的全球生物製藥公司，我們將為患者實現雄心勃勃的雄心，這反映在我們對增長的承諾和業績的跨越式變化中.

With that, operator, can we please move to the Q&A for the team.

有了這個，接線員，我們可以轉到團隊的問答環節嗎？

(Operator Instructions) And the first question is coming from the line of Emmanuel Papadakis from Barclays.

（操作員說明）第一個問題來自巴克萊銀行的 Emmanuel Papadakis。

Was one for Barclays, Deutsche Bank now. On RSV, please. Maybe a question around pricing strategy to the extent you can help us there. We still don't know durability, of course. I'd love to hear your latest perspectives on where you think that's likely to land, right, presumably. That's an important input in the pricing calculation.

現在是德意志銀行的巴克萊銀行之一。請在 RSV 上。也許是關於定價策略的問題，您可以在那里為我們提供幫助。當然，我們仍然不知道耐用性。我很想听聽你對你認為可能會在哪裡著陸的最新觀點，對，大概。這是定價計算中的重要輸入。

And give us some kind of yardstick between the boundaries of Flu and Shingrix, what we should be thinking about and some of the considerations you're thinking of.

並給我們在流感和 Shingrix 的界限之間的某種尺度，我們應該考慮什麼以及您正在考慮的一些考慮因素。

Well, thanks, Emmanuel, but it won't surprise you to know that in a commercially competitive environment, we're not going to give very many indications around pricing. I'll let Luke add to this. But we are extremely excited about bringing forward further data on this.

嗯，謝謝，伊曼紐爾，但如果你知道在商業競爭環境中，我們不會就定價給出很多指示，你不會感到驚訝。我會讓盧克補充一下。但我們非常高興能提供更多關於這方面的數據。

And there's just no debate, not in an environment for governments under the inflationary pressures they are, with the questions as they are that prevention of disease is always a good investment for healthcare systems, and we're confident the payback for this, especially across multiple endpoints, will be a good one.

沒有任何爭論，在政府處於通脹壓力的環境中，問題是預防疾病始終是醫療保健系統的一項良好投資，我們有信心為此付出代價，尤其是在整個多個端點，將是一個很好的端點。

I don't know if there's anything you want to add on.

不知道你有沒有什麼要補充的。

I would just say, you've got the bookends right, Emmanuel, but we can't give you -- where we are about to sit between those 2 bookends between Flu and Shingrix.

我只想說，Emmanuel，你的書擋是對的，但我們不能給你——我們將坐在 Flu 和 Shingrix 之間的這兩個書擋之間。

Sorry, can we just go back to the durability question? And also, any comments around efficacy how?

抱歉，我們可以回到耐用性問題嗎？而且，關於功效的任何評論如何？

Well, I think we're going to be looking at the data to assess the durability, of course. The reason that we, in part, use the ASO was to assess whether that would increase the durability both within a given season to see if the treatment effect is actually preserved during what can sometimes be a long season, which could have really significant implications in terms of the timing of the vaccine as well as the potential for being even super seasonal, and that's why we have the extended study, where we're looking at additional vaccinations or [annual].

好吧，我想我們當然會查看數據來評估耐用性。我們使用 ASO 的部分原因是評估這是否會增加給定季節內的耐用性，以查看處理效果是否在有時可能是漫長的季節中真正保留，這可能對疫苗的時間安排以及超級季節性的可能性，這就是我們進行擴展研究的原因，我們正在研究額外的疫苗接種或[年度]。

And I think in terms of the effect, what we've said, and I think is very clear, is it's exceptional data. And it's not just exceptional on the primary endpoint, where we said this is this is a really exceptional data package, which includes both the effect on the primary endpoint, but -- as well as a myriad of secondary endpoints, including examining whether the effect was maintained in those over 70 versus those under, which it was, whether the effect was maintained in both the RSV A as well as RSV B, and it was, as well as the effect in patients with comorbidities and even reductions in severe disease.

我認為就效果而言，我們所說的，我認為非常清楚的是，它是特殊的數據。這不僅僅是主要終點的例外，我們說這是一個非常特殊的數據包，它既包括對主要終點的影響，而且 - 以及無數次要終點，包括檢查效果是否在 70 歲以上的人與那些在 70 歲以下的人中得到維持，這是，在 RSV A 和 RSV B 中是否保持這種效果，以及在患有合併症甚至嚴重疾病減少的患者中的效果。

So overall, a very exceptional data package, and we look forward to being able to present that to the community soon.

總的來說，這是一個非常出色的數據包，我們期待能夠盡快將其呈現給社區。

Yes. So lots more to come in due course.

是的。所以在適當的時候會有更多的東西進來。

Next, we have a question from Laura Sutcliffe from UBS.

接下來，我們有一個來自瑞銀的 Laura Sutcliffe 的問題。

I've got a question on Shingrix, please. I know you've got a sales goal -- doubling of sales goal through 2026, but do you have any sense of where the peak sales year sits for Shingrix?

我有一個關於 Shingrix 的問題，拜託。我知道你有一個銷售目標——到 2026 年銷售目標翻一番，但你知道 Shingrix 的銷售高峰年在哪裡嗎？

Thanks, Laura. Just -- I'll come to Luke in terms of overall outlook, but fantastic to see this momentum coming back. Record quarter, will be a record year and a really important move, a bit back to this durability question on deseasonalizing, if that's English.

謝謝，勞拉。只是——我會從整體前景來看盧克，但很高興看到這種勢頭回來了。創紀錄的季度，將是創紀錄的一年，也是一個非常重要的舉措，如果那是英語的話，稍微回到關於去季節化的耐久性問題。

Shingrix, which is important as this move to more and more adult vaccination comes in, the opportunity for us and retailers is very interesting, and that course is smoothing.

Shingrix，隨著越來越多的成人疫苗接種的出現，這一點很重要，我們和零售商的機會非常有趣，而且這一過程正在順利進行。

Amazing moves on geo expansion. Luke, do you want to comment further?

地理擴張的驚人舉措。盧克，你想進一步評論嗎？

Sure, Emma. I mean, I think, Laura, it's a great question. The main swing factor is probably China. You can imagine, the U.S. at some point will exhaust the population. Of course, our intent is to do that before any competitor would arrive or largely do it before any competitor that could arrive.

當然，艾瑪。我的意思是，我認為，勞拉，這是一個很好的問題。主要的搖擺因素可能是中國。你可以想像，美國在某個時候會耗盡人口。當然，我們的意圖是在任何競爭對手到來之前做到這一點，或者在很大程度上在任何可能到來的競爭對手之前做到這一點。

We're learning a lot from the launches in Europe, and you can see that performance coming through in the results, which are just being reported. We're now launching in emerging markets. We just started in Brazil and in a number of other smaller markets. So the speed at which the uptake there will really guide that.

我們從歐洲的發布中學到了很多東西，你可以在結果中看到這種表現，這些結果剛剛被報導。我們現在正在新興市場推出。我們剛開始在巴西和其他一些較小的市場。因此，那裡的吸收速度將真正指導這一點。

But yes, the main -- because of the conditions on the ground in China right now, that's the main swing factor for us, even though the growth in absolute terms is quite strong.

但是，是的，主要的——由於目前中國的實際情況，這對我們來說是主要的搖擺因素，儘管絕對增長相當強勁。

Thanks, Luke. And again, this is why it's very exciting to see the pipeline building through in our adult vaccination portfolio. Shingrix with lots of great growth prospects ahead, and we'll add to that, hopefully, in due course, the launch of RSV, and of course, the Affinivax portfolio later in the decade.

謝謝，盧克。同樣，這就是為什麼看到我們的成人疫苗組合中的管道建設非常令人興奮的原因。 Shingrix 未來有很多巨大的增長前景，我們希望在適當的時候推出 RSV，當然還有十年後期的 Affinivax 產品組合。

Next, we have a question from Keyur Parekh from Goldman Sachs.

接下來，我們有一個來自高盛的 Keyur Parekh 的問題。

First of all, thank you very much for all your help and support over your multiple innings in the biopharma industry. I'm sure all of us really appreciate it. So good luck in your nonexecutive role, but thank you very much for the multiple years of help.

首先，非常感謝您在生物製藥行業的多個回合中提供的所有幫助和支持。我相信我們所有人都非常感激它。祝你在非執行角色中好運，但非常感謝你多年來的幫助。

Kind of a couple of questions, please. One, just a broad one on RSV. I note that Pfizer, at least as per clinical trials, seem to have recently changed kind of the primary and the secondary endpoints on their kind of RSV study. Wondering if kind of you might be able to share your perspectives on what that means and why that might be the case.

請教幾個問題。一，只是關於 RSV 的一個寬泛的。我注意到輝瑞，至少根據臨床試驗，最近似乎改變了他們的 RSV 研究類型的主要和次要終點。想知道您是否可以分享您對這意味著什麼以及為什麼會這樣的看法。

Linked with that, kind of a look from a commercial perspective, how should we think about the demand trends kind of when you launch the product? Should we think of this as a Shingrix light kind of launch? Or is this one where you might have to kind of create a market unlike the situation with ZOSTAVAX and Merck. So that's kind of an RSV.

與此相關，從商業角度看，當你推出產品時，我們應該如何考慮需求趨勢？我們是否應該將其視為 Shingrix 輕型發射？或者，在這種情況下，您可能需要創建一個不同於 ZOSTAVAX 和默克公司的市場。所以這是一種RSV。

And then separately, as I look at kind of your updated guidance for the full year, at midpoint kind of for the operating profit growth range is essentially in price kind of little to zero growth in the second half of the year.

然後，當我查看您全年更新的指導時，營業利潤增長范圍的中點基本上是下半年的價格幾乎為零增長。

My question is not whether that's conservative or not, but if you're going to exit the year doing kind of 0% growth in the second half of the year, how should we feel comfortable with double-digit operating profit growth for '23 that you already guided to?

我的問題不是這是否保守，而是如果你打算在今年下半年實現 0% 的增長，那麼我們應該如何對 23 年兩位數的營業利潤增長感到滿意？你已經引導到了？

Thanks, Keyur. And obviously, come in turn to Hal, then Luke and then Iain. You know we're not about to give you '23 guidance in Q2 of '22. And -- as is already alluded to, but I'm sure we'll add to that after we've heard a bit more on RSV, this is really a comparator question. We feel very good about the momentum on fundamental demand across the business. We feel very good about the outlooks, overall, on this 5-year outlook we gave you last year.

謝謝，凱爾。顯然，輪流來找哈爾，然後是盧克，然後是伊恩。你知道我們不會在 22 年第二季度給你 23 年的指導。而且——正如已經提到的那樣，但我相信在我們聽到更多關於RSV 的信息後，我們會補充這一點，這確實是一個比較問題。我們對整個業務的基本需求勢頭感到非常滿意。總體而言，我們對去年為您提供的 5 年展望感到非常滿意。

And we have always said, that was not a back-weighted prospect. And we feel just that we've got all the fundamentals moving in the right direction, both on execution on net multiple core assets across the portfolio and on the progress we're making in terms of the launches that are coming through.

我們一直說，這不是一個後置加權的前景。而且我們覺得我們的所有基本面都朝著正確的方向發展，無論是在整個投資組合中淨多個核心資產的執行上，還是在我們正在推出的產品方面取得的進展上。

So well, let's come to how -- frankly, we're very focused on our own results in RSV, and then we'll hear from Luke. The only thing I would say is, the world has been waiting for 50 years for an RSV vaccine. I think the -- so -- and usually, when you have more than one competitor in a market, that bodes well for the size of the market, too. So we feel extremely excited about our results.

那麼好吧，讓我們來談談如何——坦率地說，我們非常關注我們自己在 RSV 中的結果，然後我們將聽取 Luke 的意見。我唯一想說的是，世界已經等待 RSV 疫苗 50 年了。我認為 - 所以 - 通常，當你在市場上有多個競爭對手時，這對市場規模來說也是個好兆頭。所以我們對我們的結果感到非常興奮。

But Hal, don't know if you -- if you want to make any [comments], what you would like to say?

但是哈爾，不知道你是否——如果你想發表任何[評論]，你想說什麼？

Yes. Thank you. Thank you for the kind comments, Keyur. That's very nice. And I just want to say, it's been a real honor to work in the field and particularly work as Head of R&D at GSK with the incredibly amazing colleagues that I've gotten to spend in the last 4.5 years transforming the R&D organization and really getting to this incredible place we are at GSK today. So thank you for that.

是的。謝謝你。感謝您的友好評論，Keyur。這是非常好的。我只想說，能夠在該領域工作，特別是在葛蘭素史克擔任研發主管，與令人難以置信的出色同事一起工作，我感到非常榮幸，在過去的 4.5 年裡，我花了很多時間來改造研發組織並真正得到來到我們今天在 GSK 的這個令人難以置信的地方。非常感謝你的幫忙。

In terms of the Pfizer change, yes, of course, we saw that. It's a bit unusual, but I'm not going to comment on other company's decisions on clinical trial design and regulatory involvement. I will say that we're -- we have exceptional results. This was a very unusual RSV season. And -- but we do have exceptional results.

就輝瑞的變化而言，是的，當然，我們看到了這一點。這有點不尋常，但我不會評論其他公司關於臨床試驗設計和監管參與的決定。我會說我們是——我們取得了非凡的成果。這是一個非常不尋常的 RSV 季節。而且——但我們確實取得了非凡的成果。

We've seen the treatment effect, as I mentioned, maintained in both RSV A and B. And importantly, and this is, I think, very important, we specifically added the adjuvant because we, in Phase II, observed -- and this was somewhat known, but we observed that the elderly T-cell response to viruses in general and RSV, in particular, are blunted. And we were able to show that with this modified dose of adjuvant that we can normalize that T-cell response. And we did see in the clinical program a treatment effect in the over 70 to be very similar to that under 70.

正如我所提到的，我們已經看到治療效果在 RSV A 和 B 中都得到了維持。重要的是，我認為這是非常重要的，我們特別添加了佐劑，因為我們在 II 期觀察到 - 這有點為人所知，但我們觀察到老年 T 細胞對病毒的反應，特別是對 RSV 的反應遲鈍。我們能夠證明，使用這種改良劑量的佐劑，我們可以使 T 細胞反應正常化。我們確實在臨床計劃中看到 70 歲以上的治療效果與 70 歲以下的非常相似。

So as Emma said, it's always terrific when you have outstanding data. This has been in the makings for 60 years or so, and it's very, very complicated. All of these scientific advances are now set to have a huge impact on the very, very large number of people whose, hopefully, lives we can save and certainly, hospitalizations we can avoid.

正如艾瑪所說，當您擁有出色的數據時，總是很棒。這已經醞釀了 60 年左右，而且非常非常複雜。所有這些科學進步現在將對非常非常多的人產生巨大的影響，我們希望他們可以挽救生命，當然，我們可以避免住院。

Right? Luke?

正確的？盧克？

So I think, Keyur -- I mean, it's very interesting. I mean there's been no solution to this problem. So you see high awareness amongst physicians because the numbers are quite striking with 6 million cases in the U.S., about 180,000 hospitalizations and on an average year, 14,000 deaths. So physicians are aware of it in terms of people potentially impacted by it. Not as great awareness as you'd imagine because there is no solution, but I would expect that changes quite dramatically.

所以我認為，Keyur——我的意思是，這很有趣。我的意思是這個問題沒有解決辦法。因此，您會看到醫生的高度認識，因為這個數字相當驚人，美國有 600 萬例病例，約 180,000 人住院，平均每年有 14,000 人死亡。因此，醫生會根據可能受其影響的人來了解它。沒有你想像的那麼大的意識，因為沒有解決方案，但我預計情況會發生很大的變化。

So I don't think it's like ZOSTAVAX . I think it's going to be us creating the market. Now the question is -- I think there's other variables, is the cutoff -- I mean, you should assume ACIP recommendation, the question is whether the cutoff is 60 or 65, whether you have individuals, say, with type 2 and respiratory and CV comorbidities in there.

所以我不認為它像 ZOSTAVAX 。我認為這將是我們創造市場。現在的問題是——我認為還有其他變量，是臨界值——我的意思是，你應該假設 ACIP 推薦，問題是臨界值是 60 還是 65，你是否有個人，例如，2 型和呼吸系統和CV合併症在那裡。

And then I think the other variable we've got is will there be another company there. We compete against that other company right now in meningitis B, high respect for them, but we get 77% of that market share. So I think we're ready for a dynamic contest. And if there is 2 companies in there, I think the market will expand faster.

然後我認為我們得到的另一個變量是那裡是否會有另一家公司。我們現在在 B 型腦膜炎領域與另一家公司競爭，我們非常尊重他們，但我們獲得了 77% 的市場份額。所以我認為我們已經準備好迎接一場充滿活力的比賽。如果那裡有兩家公司，我認為市場會擴大得更快。

Right. Thanks, Luke.

正確的。謝謝，盧克。

Iain, anything else to add on Keyur's specific question on...

伊恩，關於 Keyur 的具體問題還有什麼要補充的……

No. I was given a great advice by a colleague at HSBC many years ago to never try to out-analyze an analyst, so I'm not even going to try, Keyur. I think suffice it to say, the momentum we're taking out in the first half. The second half performance is very much influenced by the comps from the third and fourth quarter of last year, where we -- obviously, a pretty strong performance from Shingrix in the third quarter of last year being a key influence on that.

不。很多年前，匯豐銀行的一位同事給了我一個很好的建議，即永遠不要試圖超越分析師，所以我什至不會嘗試，Keyur。我認為足以說明我們在上半場取得的勢頭。下半年的表現很大程度上受到去年第三季度和第四季度的比賽的影響，我們 - 顯然，去年第三季度 Shingrix 的強勁表現對此產生了關鍵影響。

But suffice it to say, we've got a visibility to revenue performance in the second half of the year that we believe absolutely keeps us consistent with our longer-term, medium-term outlooks of more than 5% and more than 10% adjusted operating profit in -- through to 2026.

但我只想說，我們對下半年的收入表現有一定的了解，我們相信這絕對讓我們與超過 5% 和超過 10% 調整後的長期、中期展望保持一致到 2026 年的營業利潤。

So although the second half is absolutely going to be a little bit slower than the first half in terms of growth of the top line, we still see attractive growth coming through in the second half with momentum into next year. And when we get to our full year results, we'll be sure to give you a more specific view of what next year looks like, both on top line, adjusted operating profit and adjusted earnings per share.

因此，儘管下半年在收入增長方面絕對會比上半年慢一點，但我們仍然看到下半年將出現有吸引力的增長，並有動力進入明年。當我們獲得全年業績時，我們一定會讓您更具體地了解明年的情況，包括頂線、調整後的營業利潤和調整後的每股收益。

The next question is coming from Jo Walton from Credit Suisse.

下一個問題來自瑞士信貸的 Jo Walton。

I will respect the one-question rule, but ask for a clarification. My question is, please, about the General Medicines business. It's about 1/3 of your business at the sales level, and it's expected to decline. I wonder if you could tell us if there's any change in your appetite to potentially slimming that down, whether there is the opportunity to sell some of those assets and redeploy the cash in other areas.

我會尊重一個問題的規則，但要求澄清。我的問題是關於普通藥品業務。在銷售層面，它約佔您業務的 1/3，並且預計會下降。我想知道您是否可以告訴我們，您是否有可能減少減持的興趣，是否有機會出售其中一些資產並將現金重新部署到其他領域。

And my clarification, I apologize, it might just have been a Credit Suisse telephony, but the line went very crackly when Luke was talking about the Shingrix stocking. So I wonder if you could reiterate how much of the 2Q performance was effectively brought forward from the second half.

我的澄清，我很抱歉，這可能只是瑞士信貸的電話，但是當盧克談論 Shingrix 長襪時，線路變得非常響亮。所以我想知道你是否可以重申第二季度的表現有多少是從下半年有效地推進的。

Great. Thanks, Jo. And I'll come to Luke to comment on both of your clarification and your question. But just to say big picture, we've actually done an enormous amount of work over the last 5 years, as you know, on the portfolio of GSK in the broadest possible sense, including 2 weeks ago, the successful execution of the demerger and then within Gen Meds as well. We always keep that as a watching brief.

偉大的。謝謝，喬。我會來盧克對你的澄清和你的問題發表評論。但就大局而言，在過去 5 年裡，我們實際上在最廣泛的意義上就 GSK 的投資組合做了大量工作，包括兩週前成功執行分拆和然後在 Gen Meds 中也是如此。我們總是把它作為一個觀察簡報。

But I do want to emphasize, I think, actually, last year, we said sort of flat to slight decline on Gen Meds over the 5-year horizon. That is a combination of the growth of some assets in some geographies. And then, of course, as Luke referred to, the digestion of some genericizations of parts of the portfolio. But this is a nicely profitable business. And we've got parts of it like Trelegy that are growing extremely well.

但我確實想強調，我認為，實際上，去年，我們說過 Gen Meds 在 5 年的範圍內持平或略有下降。這是某些地區某些資產增長的組合。然後，當然，正如盧克所提到的，對部分投資組合的一些通用化的消化。但這是一項利潤豐厚的業務。我們已經得到了像 Trelegy 這樣發展得非常好的部分。

We will always keep a watching brief on that, but -- and continue to look from a capital allocation point of view at an overall level, as Iain reiterates, where we want to do BD. And we'll continue to, I think, do more of that with a newly flexible balance sheet, but no major initiatives.

我們將始終對此保持關注，但是 - 正如 Iain 重申的那樣，我們將繼續從整體層面的資本配置角度看待我們想要做 BD 的地方。我認為，我們將繼續通過新的靈活資產負債表做更多的事情，但不會採取重大舉措。

But Luke, do you want to do the clarification and add on Gen Meds?

但是盧克，你想澄清一下並添加 Gen Meds 嗎？

Sure, Jo. I mean, I think just on Gen Meds, I mean, we see opportunities to grow [in] that portfolio. I mean you see a surge in demand from Augmentin as things normalize. We have done divestments like [KS] in the past. But I mean if you take out pressure on products like Seretide and Advair, this is an outstanding portfolio. And we see opportunities using sort of nonmanpower ways to grow growth.

當然，喬。我的意思是，我認為僅在 Gen Meds 上，我的意思是，我們看到了在該產品組合中增長的機會。我的意思是，隨著事情的正常化，您會看到 Augmentin 的需求激增。我們過去曾進行過類似 [KS] 的撤資。但我的意思是，如果你對 Seretide 和 Advair 等產品施加壓力，這是一個出色的產品組合。我們看到了使用某種非人力方式來促進增長的機會。

In terms of your question around the inventory, just indulge me a little bit, I'll just expand on the broader answer. I mean, I think in half 1, we saw very good demand in the U.S. and Europe. That's usually the comparator. If you look at Q1, Q2 '21, it was very low. So percentage-wise, it was a relatively generous comparator. That will not be the case in the second half of the year.

關於您關於庫存的問題，請放縱我一點，我將擴展更廣泛的答案。我的意思是，我認為在上半年，我們看到美國和歐洲的需求非常好。這通常是比較器。如果您查看 21 年第一季度和第二季度，它非常低。所以從百分比來看，它是一個相對慷慨的比較器。下半年就不會這樣了。

We've also got the new launches we talked about. Emma made the point earlier around us trying to expand vaccination outside of the flu season. And we're doing that to normalize, but also obviously with one eye on RSV in our portfolio. And then the other Q1 trends were very much the same into Q2 around HCP willingness and pharmacists willing to rank, actually these improved.

我們也有我們談到的新發布。艾瑪早些時候在我們周圍提出了這一點，試圖在流感季節之外擴大疫苗接種範圍。我們這樣做是為了正常化，但顯然也只關注我們投資組合中的 RSV。然後其他 Q1 趨勢與 Q2 非常相似，圍繞 HCP 意願和藥劑師願意排名，實際上這些有所改善。

So the volume these -- the wholesalers in the U.S., I think, is a very good forecast as they've got a good sense of demand. But what we saw through Q1 was that it was within range. We talk about a 1.1 as a normal range. It sort of went up to 1.3 in Q1, and then it started to slide back down as we went into Q2. So 1.2, 1.1 and sat there for a while. But in the back half of Q2, we started to see it climb. So it softened and then it went from 1.6, 1.8, 1.9. So we finished at 1.9. So if normal is 1.1, 1.9 seems to be pulled forward on the part of wholesalers and that's certainly the feedback that they're giving us.

因此，我認為這些美國批發商的數量是一個非常好的預測，因為他們有很好的需求意識。但我們在第一季度看到的是它在範圍內。我們將 1.1 視為正常範圍。它在第一季度上升到 1.3，然後隨著我們進入第二季度開始回落。於是1.2、1.1又坐了一會兒。但在第二季度的後半段，我們開始看到它攀升。所以它軟化了，然後從 1.6、1.8、1.9 開始。所以我們以 1.9 結束。因此，如果正常是 1.1，批發商似乎將 1.9 提前，這肯定是他們給我們的反饋。

Next question is coming from Seamus Fernandez from Guggenheim.

下一個問題來自古根海姆的 Seamus Fernandez。

So we saw a good performance of Cabenuva in the quarter and the overall HIV portfolio. Just hoping to get a little bit more color on the treatment versus PrEP utilization. And then just conviction in -- that this trend is actually accelerating at this point. It does look like strong results, but just wondering if there was anything in the quarter that we should be aware of from a stocking perspective or a pull forward.

因此，我們看到了 Cabenuva 在本季度的良好表現以及整個 HIV 產品組合。只是希望在治療與 PrEP 使用方面有更多的色彩。然後只是確信——這一趨勢實際上正在加速。它看起來確實是強勁的結果，但只是想知道本季度是否有任何事情需要我們從庫存的角度或向前推進的角度來了解。

Thanks, Seamus. Well, we have a lot of conviction in this portfolio, but I'll let Deborah explain.

謝謝，西莫。好吧，我們對這個投資組合有很多信念，但我會讓黛博拉解釋一下。

Great. Thank you. So in terms of the balance between treatments and PrEP, I mean, as you probably know, the PrEP market is much smaller than the treatment market. Treatment is currently around about $23 billion, $23.5 billion with $2.5 billion for the PrEP market. So treatment versus PrEP, significantly different in size.

偉大的。謝謝你。因此，就治療和 PrEP 之間的平衡而言，我的意思是，正如您可能知道的那樣，PrEP 市場遠小於治療市場。目前治療費用約為 230 億美元，其中 235 億美元，其中 25 億美元用於 PrEP 市場。因此，治療與 PrEP 的大小明顯不同。

The uptake of Apretude is limited, as we've said it would be all along because we need to go through that process of securing access and also setting up the processes, building the market basically for an injectable in the PrEP space. But the feedback that we're getting from physicians and particularly patients about the impact that this medicine will have is phenomenally positive. But I think you'll see that translate into significant revenue next year.

Apretude 的吸收是有限的，正如我們一直所說的那樣，因為我們需要通過確保訪問和設置流程的過程，基本上為 PrEP 領域的注射劑建立市場。但是，我們從醫生，尤其是患者那裡得到的關於這種藥物將產生影響的反饋是非常積極的。但我認為你會在明年看到這轉化為可觀的收入。

In terms of Cabenuva, I mean, another strong quarter where we saw sales doubling. We've simplified the process by which physicians can acquire and administer this medicine. And again, all of the [ATU] work, so the sort of the tracking of the opinion of physicians around Cabenuva, continues to strengthen, confidence is high. And we absolutely see ourselves as being on track to deliver between Apretude and Cabenuva that GBP 2 billion worth of revenue that we talked about in the business investor update last June and reiterated in the investor session that we did in November, which was solely focused on HIV.

就 Cabenuva 而言，我的意思是，另一個強勁的季度，我們看到銷售額翻了一番。我們簡化了醫生獲取和使用該藥的流程。再一次，所有 [ATU] 工作，因此對 Cabenuva 周圍醫生意見的跟踪繼續加強，信心很高。我們絕對認為自己有望在 Apretude 和 Cabenuva 之間實現我們在去年 6 月的商業投資者更新中談到的價值 20 億英鎊的收入，並在我們在 11 月所做的投資者會議上重申，這完全集中在艾滋病病毒。

So let's just talk a little bit about the growth in the first half of the year. So the first half year is 10% growth. A vast majority of that is driven through volume uptake of our innovation medicines. So we're really seeing strong underlying demand for Dovato, both in the U.S. and in Europe. And again, very strong underlying demand for cabotegravir in the U.S. So that is the vast majority of why we are delivering that 10% growth. There's a little bit of net price mix in there as we move from the older products, which have higher discounts, to the new innovation products, which do not, through the mandated channels or to a lesser extent, so this is an incredibly positive story and one that is a story of volume and performance and market share.

那麼我們就簡單談談上半年的增長情況。所以上半年是10%的增長。其中絕大多數是通過我們創新藥物的大量吸收推動的。因此，我們確實看到美國和歐洲對 Dovato 的強勁潛在需求。同樣，美國對 cabotegravir 的潛在需求非常強勁，這就是我們實現 10% 增長的主要原因。當我們從具有更高折扣的舊產品轉移到沒有通過強制性渠道或在較小程度上沒有折扣的新創新產品時，其中存在一些淨價格組合，所以這是一個非常積極的故事還有一個是關於數量、性能和市場份額的故事。

The next question is coming from Andrew Baum from Citi.

下一個問題來自花旗的 Andrew Baum。

A couple of questions, please. First one to Hal, given it's my last opportunity on a GSK call. You highlighted the CCL17 monoclonal. Do you feel you have a subcu dose that is ready to take directly into Phase III? And do you think there's any role for this molecule to addressing the cognitive components of long COVID just given some of the recent preprints?

有幾個問題，請。第一個給哈爾的，因為這是我最後一次參加 GSK 電話會議的機會。您突出顯示了 CCL17 單克隆抗體。你覺得你有準備直接進入第三階段的亞立方劑量嗎？鑑於最近的一些預印本，你認為這種分子在解決長期 COVID 的認知成分方面有什麼作用嗎？

And then second for Deborah, our recent survey highlighted the shortage of nursing staff as a potential cap as the Cabenuva franchises expands. Are you seeing this as potentially problematic in terms of administering Cabenuva to a broader patient population?

其次是 Deborah，我們最近的調查強調了隨著 Cabenuva 特許經營權的擴大，護理人員的短缺是一個潛在的上限。在將 Cabenuva 用於更廣泛的患者群體方面，您是否認為這可能存在問題？

Thanks, Andrew. You just cut out on your question as you were bridging to the long COVID piece. Would you mind just repeating that?

謝謝，安德魯。您只是在連接到較長的 COVID 文章時取消了您的問題。你介意重複一遍嗎？

Sure thing.

肯定的事。

Hello? Right. I suggest we go to Deborah then.

你好？正確的。我建議我們去黛博拉。

Yes. I think what Andrew was asking, if I caught it correctly, was subcu. I think it was when...

是的。我想安德魯問的是，如果我沒聽錯的話，是 subcu。我想是當...

Okay. All right. Fine. Subcu for long COVID and CCL17. Any...

好的。好的。美好的。 Subcu 表示長 COVID 和 CCL17。任何...

[As we go subcu?]

[當我們去subcu？]

Yes, subcu for CCL17 and then long COVID, I think is what I heard.

是的，CCL17 的 subcu，然後是長 COVID，我想這就是我所聽到的。

[Happens at optimal dose], anyway. Thank you, Andrew, if you can hear us. So yes, we're very pleased by the CCL17 mAb data in osteoarthritis for a reduction of pain. As you know, that was based on a pretty compelling preclinical hypothesis that CCL17 may be involved in inflammatory pain, maybe neuropathic pain, lots of different preclinical models that have given us some confidence in that. And of course, that was what was, to some extent, behind the interest in anti-GM-CSF because GM-CSF is the proteins. When you expose a PBMC to GM-CSF, the CCL17 is the most over-expressed protein. Of course, a mAb to CCL17 is going to be a much more effective way of reducing CCL17 level. So we're pleased to see that in the randomized Phase Ib, which is a pretty unusual design, but we decided given that it's pain and all the challenges with assessing the benefits of a drug on pain that we would do a small but randomized Phase Ib study.

[發生在最佳劑量]，無論如何。謝謝你，安德魯，如果你能聽到我們的話。所以是的，我們對 CCL17 mAb 在骨關節炎中減輕疼痛的數據感到非常滿意。如您所知，這是基於一個非常令人信服的臨床前假設，即 CCL17 可能與炎症性疼痛有關，也許是神經性疼痛，許多不同的臨床前模型讓我們對此充滿信心。當然，這在某種程度上是對抗 GM-CSF 感興趣的原因，因為 GM-CSF 是蛋白質。當您將 PBMC 暴露於 GM-CSF 時，CCL17 是最過度表達的蛋白質。當然，針對 CCL17 的 mAb 將是降低 CCL17 水平的更有效的方法。所以我們很高興在隨機 Ib 期中看到這一點，這是一個非常不尋常的設計，但我們決定考慮到疼痛以及評估藥物對疼痛的益處的所有挑戰，我們將進行一個小但隨機的階段IB學習。

Now that data [as we said] was positive. That is going to enable us to initiate a Phase II study. We're certainly not ready to move to Phase III with that. So if there's any confusion -- I think you asked, are we ready for Phase III? No, we're going to be needing to do more dose ranging, more durability ranging. So this is an 8-week study, of course, we'll need longer. And maybe potential to see if there's biomarkers and subsets of patients, whether it be OA or other patient populations, patients with refractory pain that might benefit the most from that. So yes, we're very excited based on the biology and the clinical data, but we'll need Phase II data to optimize the program.

現在[正如我們所說的]數據是積極的。這將使我們能夠啟動 II 期研究。我們當然還沒有準備好進入第三階段。所以如果有任何困惑——我想你問過，我們準備好進入第三階段了嗎？不，我們將需要做更多的劑量範圍，更多的耐久性範圍。所以這是一項為期 8 週的研究，當然，我們還需要更長的時間。也許有可能看看是否有生物標誌物和患者亞群，無論是 OA 還是其他患者群體，難治性疼痛患者可能從中受益最多。所以是的，基於生物學和臨床數據，我們非常興奮，但我們需要 II 期數據來優化項目。

In terms of long COVID, at this point, we have not thought about CCL17 as an approach to long COVID. I think the definition, the epidemiology, the biology behind long COVID is really being challenging to understand and to elucidate the mechanism behind it. But as you point out, it does appear to be inflammatory. But at this point, we're focusing all our energy on developing CCL17 antibody for pain, given the enormous unmet medical need that exists with -- for patients with pain, particularly those who are needing narcotics and all the obvious problems with the opioid issue. So we're really excited about the role that could pay in pain. And maybe someday we'll look at it to see if it has roles outside of pain.

在長 COVID 方面，在這一點上，我們還沒有考慮將 CCL17 作為長 COVID 的一種方法。我認為長期 COVID 背後的定義、流行病學和生物學對於理解和闡明其背後的機制確實具有挑戰性。但正如你所指出的，它似乎確實具有炎症性。但在這一點上，我們將全部精力集中在開髮用於疼痛的 CCL17 抗體上，因為存在巨大的未滿足的醫療需求——對於疼痛患者，特別是那些需要麻醉劑的患者以及阿片類藥物問題的所有明顯問題.所以我們對這個可能付出痛苦的角色感到非常興奮。也許有一天我們會看看它是否有疼痛之外的作用。

Great. Thanks, Hal.

偉大的。謝謝，哈爾。

Deborah, are there any quick comments on the nursing staff shortage?

黛博拉，有沒有關於護理人員短缺的快速評論？

Yes, sure. So we do a huge amount of research like you do, Andrew. Basically, we're building a market and there are a number of things, which in building that market, can act a barrier. So nursing staff is one, people within clinics that can actually manage the reimbursement process would be another. We're supporting clinics to work their way through all of that. So that is about helping with workflows within the physicians' offices themselves, but also we're doing a huge amount of work to expand our alternative sites of care. So actually, physicians are struggling with nursing staff or they've got such a volume of Cabenuva patients now that they don't want to handle it all themselves, they can now move their patients into alternative sites of care.

是的，當然。所以我們像你一樣做了大量的研究，安德魯。基本上，我們正在建立一個市場，有很多東西在建立這個市場時可以起到障礙作用。因此，護理人員是一個，診所內可以實際管理報銷流程的人將是另一個。我們正在支持診所通過所有這些工作。所以這是關於幫助醫生辦公室本身的工作流程，但我們也在做大量的工作來擴展我們的替代護理站點。因此，實際上，醫生正在與護理人員作鬥爭，或者他們現在有大量的 Cabenuva 患者，他們不想自己處理這一切，他們現在可以將患者轉移到其他護理地點。

And also, we're doing a lot of work via a study called GLACIER and working with the community to move the kind of the injection of Cabenuva and actually, Apretude eventually, we hope, into pharmacies. So that kind of starts to unlock that bottleneck.

而且，我們通過一項名為 GLACIER 的研究做了大量工作，並與社區合作將 Cabenuva 的注射劑，實際上，我們希望，Apretude 最終進入藥店。所以那種開始解開那個瓶頸。

What I am struck by is all the physician visits I do, and I was in Los Angeles the other week, spoke to 10 of the biggest prescribers of HIV medicine and PrEP, is just the demand for this product. Both Apretude and Cabenuva, they have got people waiting on list to get this medicine. And the unlocker is the process within the physician's office and the ability to refer people into alternative sites of care. And eventually, we hope to do the same in pharmacists. So it's incredibly motivating to see the demand for these incredible medicines that will really revolutionize the [lives of those who] are living with HIV or who would benefit from PrEP.

令我印象深刻的是我所做的所有醫生訪問，前一周我在洛杉磯，與 10 位最大的 HIV 藥物和 PrEP 處方者交談，這正是對這種產品的需求。 Apretude 和 Cabenuva，他們都有人在等待獲得這種藥的名單。解鎖器是醫生辦公室內的流程以及將人們轉介到替代護理場所的能力。最終，我們希望藥劑師也能做到這一點。因此，看到對這些令人難以置信的藥物的需求將真正徹底改變 HIV 感染者或將從 PrEP 中受益的人的 [生活]，這是令人難以置信的激勵。

That's great. And then the other only thing to add in terms of any expression, we're still set on that. I think [our market switched off] because it's down 30%, isn't it, maybe pre-COVID?

那太棒了。然後就任何表達式而言，唯一要添加的另一件事是，我們仍然對此進行了設置。我認為 [我們的市場關閉] 因為它下跌了 30%，不是嗎，也許是在 COVID 之前？

Yes, yes exactly. So when the market is -- continues to come back, then we'll continue to benefit from that.

是的，沒錯。因此，當市場繼續回升時，我們將繼續從中受益。

And then in our more out-of-stage pipeline, but an important one for later in the decade, of course, as well as longer acting, longer acting with exploring self-admin, too, which helps solve some of that challenge.

然後在我們更多的舞台外管道中，但這是十年後期的重要管道，當然還有更長的演技，更長的演技以及探索自我管理，這有助於解決一些挑戰。

Next, we have a question from Simon Mather from BNP Paribas Exane.

接下來，我們有一個來自 BNP Paribas Exane 的 Simon Mather 的問題。

I'm just wondering, could you provide any comments on the ongoing (inaudible) and potential liabilities? I mean just generally your stance on the topic and whether or not you could quantify what portion of any liabilities, if any, have been transferred to Helion as part of the spin. So just any information you can give us would be greatly received.

我只是想知道，您能否就正在進行的（聽不清）和潛在的責任提供任何評論？我的意思是你對這個話題的一般立場，以及你是否可以量化任何負債的哪一部分（如果有的話）作為旋轉的一部分轉移到 Helion。因此，您可以提供給我們的任何信息都會得到極大的歡迎。

Thanks, Simon. A bit of a short answer to the question, I'm afraid I'm not going to comment as we never do on any legal matters like this.

謝謝，西蒙。對這個問題的回答有點簡短，恐怕我不會發表評論，因為我們從來沒有對這樣的任何法律問題發表評論。

The latest is in the earnings release, Simon. And any more detail beyond the earnings release was part of the annual report and accounts published a couple of months ago. So the latest is in the earnings release.

最新的是收益發布，西蒙。除了收益發布之外的任何更多細節都是幾個月前發布的年度報告和賬目的一部分。所以最新的是收益發布。

Next we have a question from James Quigley from Morgan Stanley.

接下來我們有一個來自摩根士丹利的 James Quigley 的問題。

I've got one on -- clinical one on otilimab. So looking at clinicaltrials.gov, contRAst-3 has completed, contrast 2 will finish October and contrast 1 is expected to finish in September. So should we anticipate that the data will be ready to present at ACR in November?

我有一個關於奧替利單抗的臨床試驗。所以看看臨床試驗網站，contRAst-3 已經完成，對比 2 將在 10 月完成，對比 1 預計在 9 月完成。那麼我們是否應該預期這些數據將準備好在 11 月的 ACR 上展示？

And then ACR 20 is the primary endpoint, which is sort of seen as a reasonably low bar or more of a sort of regulatory endpoint. So what would you say is the key endpoints that physicians are looking at? And what would be the bar for success across those endpoints?

然後 ACR 20 是主要終點，這在某種程度上被視為一個相當低的標準，或者更多的是一種監管終點。那麼你會說醫生正在關注的關鍵終點是什麼？在這些端點上取得成功的標準是什麼？

And also on the last call, you mentioned that the Phase II study failed to offer -- to meet the primary endpoint, which was [data] remission. So where would you say your physician sentiment, knowledge and excitement is around the program in the context of the Phase II data and the upcoming Phase III data?

在最後一次電話會議上，您提到 II 期研究未能提供 - 以滿足主要終點，即 [數據] 緩解。那麼，在 II 期數據和即將到來的 III 期數據的背景下，您會說您的醫生情緒、知識和興奮在哪裡？

Great. Thanks. So a variety of subquestions, Hal, around the otilimab program.

偉大的。謝謝。哈爾，圍繞 otilimab 計劃提出了各種各樣的子問題。

Yes. Thanks, James. So the way I would think about the otilimab program is to include in the program the CCL17 because -- so think of them as 2 molecules as part of a hypothesis that CCL17 may be driving the pain associated with -- in the contrast studies, rheumatoid arthritis-induced joint pain. The basis for us moving forward, despite, as you point out, a negative Phase II study, was that there was this, as I mentioned earlier, with Andrew's question, reasonably compelling preclinical models that suggested CCL17 was 1 of the most important proteins in creating this sort of inflammatory neuropathy, if you will.

是的。謝謝，詹姆斯。因此，我對 otilimab 計劃的看法是將 CCL17 包括在計劃中，因為 - 所以將它們視為 2 個分子，作為 CCL17 可能導致相關疼痛的假設的一部分 - 在對比研究中，類風濕關節炎引起的關節痛。儘管正如你所指出的那樣，我們前進的基礎是一項負面的 II 期研究，正如我之前提到的 Andrew 的問題，有一個合理令人信服的臨床前模型表明 CCL17 是最重要的蛋白質之一製造這種炎症性神經病，如果你願意的話。

And we did observe that anti-GM-CSF reduce CCL17 but to a small extent, and of course, would be seen with the map. That then gave us more confidence than one would have had in a negative Phase II study because we did see trends in improvements in symptoms. So the design of the Phase III, as you point out, was to have ACR 20 as the approvable endpoint. And given some of the safety concerns seen with some of the other rheumatoid arthritis drugs, we think that's a reasonable endpoint. Of course, if the medicine was to be both successful at ACR 20 and reduce pain that, that would be a very differentiated molecule, a very high bar. And as I point out, one that we're -- we should be thinking of as being part of the CCL17 anti-GM-CSF program.

我們確實觀察到抗 GM-CSF 減少了 CCL17，但程度很小，當然，在地圖上可以看到。這讓我們比在消極的 II 期研究中更有信心，因為我們確實看到了症狀改善的趨勢。因此，正如您所指出的，第三階段的設計是將 ACR 20 作為可批准的端點。鑑於其他一些類風濕性關節炎藥物存在一些安全問題，我們認為這是一個合理的終點。當然，如果藥物既要在 ACR 20 上取得成功，又要減輕疼痛，那將是一個非常差異化的分子，一個非常高的標準。正如我所指出的，我們應該將其視為 CCL17 抗 GM-CSF 計劃的一部分。

So by the end of the year, I think we'll have a much better sense of how to put both of those molecules into context and to think about how we will advance each.

因此，到今年年底，我認為我們將更好地了解如何將這兩個分子置於上下文中，並思考我們將如何推進每個分子。

The next question is coming from Graham Parry from BofA.

下一個問題來自美國銀行的 Graham Parry。

So Hal, a question on the RSV vaccine. And I guess, it's always good to go out on a high. And you've mentioned many times now, this is exceptional data. I think you've previously used similar language to describe potential vaccine efficacy of over 80% on your primary endpoint. So can we interpret the exceptional comments as referring to primary endpoints or to a more severe disease or secondary endpoint?

所以哈爾，關於 RSV 疫苗的問題。而且我想，出去玩高點總是好的。你現在已經多次提到，這是非常特殊的數據。我認為您以前使用過類似的語言來描述您的主要終點上超過 80% 的潛在疫苗效力。那麼我們能否將異常評論解釋為主要終點或更嚴重的疾病或次要終點？

And given Pfizer is shifting to a more severe disease endpoint, does that match more closely your definition of the infection? So the 3-symptom definition, your description in clinical trials is perhaps a little looser than that. So will we be able to compare their headline data or their primary efficacy data with yours?

鑑于輝瑞公司正在轉向更嚴重的疾病終點，這是否更符合您對感染的定義？所以 3 症狀的定義，你在臨床試驗中的描述可能比這更寬鬆一些。那麼我們能否將他們的標題數據或主要功效數據與您的數據進行比較？

And then secondly, on momelotinib, are you expecting a priority review? And how much physician education do you think would be needed at launch on this given there were 2 failed studies versus ruxolitinib and you're going into the more advanced setting. Or is it just an addressable pool of patients just waiting for therapy here?

其次，關於莫米洛替尼，您是否期待優先審查？鑑於有 2 項與魯索替尼相比失敗的研究，您認為在啟動時需要多少醫生教育，並且您將進入更高級的環境。還是只是在這裡等待治療的可尋址患者群？

Thanks very much. So Hal, if you could do RSV and leave comments on momelotinib. And Luke, I'll come to you and see if you have anything to add.

非常感謝。所以哈爾，如果你能做 RSV 並對莫米洛替尼發表評論。還有盧克，我會來找你，看看你有什麼要補充的。

Okay. Thanks, Graham. Lots of really good questions embedded in there. Let me clarify 2 things because they were done very intentionally. It wasn't exceptional. We said outstanding was more than 75%, and I specifically put in the quote exceptional, so they're different. Now you will want to see why we used different words. But the exceptional data was referring both to the primary endpoint as well as the key secondaries. And remember, we have an antigen of RSV A. And we were confident from the Phase II data that the treatment effect would be preserved in both A and B, but we didn't have the Phase III data. Now we do, and it is -- we're very confident that the treatment effect is preserved in both RSV A and RSV B.. The most important component of this is the treatment effect, and as I said, we're not going to give the point estimate, but the data is exceptional.

好的。謝謝，格雷厄姆。裡面嵌入了很多非常好的問題。讓我澄清兩件事，因為它們是故意做的。這並不例外。我們說優秀率超過 75%，我特別引用了優秀率，所以它們是不同的。現在你會想看看為什麼我們使用不同的詞。但異常數據既涉及主要終點，也涉及關鍵次要終點。請記住，我們有 RSV A 的抗原。我們從 II 期數據中確信治療效果將在 A 和 B 中保留，但我們沒有 III 期數據。現在我們這樣做了，而且我們非常有信心在 RSV A 和 RSV B 中都保留了治療效果。其中最重要的組成部分是治療效果，正如我所說，我們不會去給出點估計，但數據是例外的。

The other really important point, just to highlight again, is that we believe that the adjuvant that normalizes the T-cell response seen in the elderly compared to that which is seen in the young is really important in terms of engendering a treatment effect in the over 70, where much of the morbidity exists. So that's an incredibly important secondary endpoint [training] program. And as we said, the treatment effect in the under 70 and over 70 is very consistent.

另一個非常重要的一點，再次強調一下，我們認為，與年輕人相比，使老年人的 T 細胞反應正常化的佐劑對於在治療中產生治療效果非常重要。 70 歲以上，其中大部分發病率存在。所以這是一個非常重要的次要終點 [培訓] 計劃。而且正如我們所說，70歲以下和70歲以上的治療效果非常一致。

So that's what is the package that's exceptional. We'll be doing additional analyses on duration and durability, et cetera, as well as some other subgroups. But those patients with comorbidities, as was alluded to earlier, benefit.

所以這就是特殊的包裝。我們將對持續時間和持久性等以及其他一些子組進行額外的分析。但正如前面提到的，那些患有合併症的患者會受益。

I'm not going to comment on Pfizer's changing in the primary endpoint other than to say it's unusual that companies do that at the time of blinding. And we'll have to look at all of the data very carefully, but the over and under 70 and the durability response are the 2 key attributes that one are going to need to compare, and that probably won't be something you can do from a press release, but we're -- you should be seeing the data from our program within the next 2 or 3 months, so we're confident. A great discussion [one, too].

我不會評論輝瑞在主要終點的變化，只是說公司在致盲時這樣做是不尋常的。我們必須非常仔細地查看所有數據，但是超過 70 和低於 70 以及耐久性響應是需要比較的 2 個關鍵屬性，這可能不是你可以做的來自新聞稿，但我們 - 你應該會在接下來的 2 或 3 個月內看到我們計劃的數據，所以我們有信心。一個偉大的討論[一個，也是]。

In terms of momelotinib, we don't really comment on regulatory interactions at this point. We're very confident in the data, the unmet need and the robust nature of the findings.

就莫米洛替尼而言，我們目前並沒有真正評論監管相互作用。我們對數據、未滿足的需求和調查結果的穩健性非常有信心。

Luke, I don't know if you have anything to add.

盧克，我不知道你有什麼要補充的。

Yes. I mean -- I think, Graham, I mean, the deal was constructed on an assumption that we would have that second-line block, and so you should assume that at this point. I think at the recent conference where the Phase III data was presented. I think people were raving about it. It was very positive. So we remain very excited about the potential, and we've also just filed in the U.S., as you know, and then we'll file second half of this year in Europe.

是的。我的意思是 - 我認為，格雷厄姆，我的意思是，這筆交易是建立在我們將擁有第二線區塊的假設之上的，所以你應該在這一點上假設。我認為在最近的會議上展示了第三階段數據。我認為人們對此贊不絕口。這是非常積極的。因此，我們仍然對這種潛力感到非常興奮，我們也剛剛在美國提交了申請，如你所知，然後我們將在今年下半年在歐洲提交申請。

The next question is coming from James Gordon from JPMorgan.

下一個問題來自摩根大通的 James Gordon。

One on HIV. So I think you had said before that Cabenuva plus Apretude could be more than GBP 2 billion peak. But based on this initial ramp, could maybe Cabenuva be a GBP 2 billion-plus product by itself, even ahead of CAB 400 coming along? Or do we need to be a little bit cautious that maybe there's some low-hanging fruits, some warehouse patients and things then slow?

一個關於艾滋病毒的。所以我想你之前說過 Cabenuva 加上 Apretude 可能超過 20 億英鎊的峰值。但是基於這個最初的增長，也許 Cabenuva 本身就是一個超過 20 億英鎊的產品，甚至在 CAB 400 出現之前？或者我們是否需要謹慎一點，也許會有一些低垂的果實，一些倉庫病人和事情變得緩慢？

And also Apretude next year, could Cabenuva be a good guide to what the ramp might look like for this product next year? Smaller market but lots of wait-listed patients? Or do we need to be a lot more cautious in terms of taking a few years for the market to really build?

還有明年的 Apretude，Cabenuva 能否成為明年這款產品的坡道外觀的一個很好的指南？市場較小但有大量候補患者？還是我們需要更加謹慎才能真正建立市場？

And if I could also just squeeze in a clarification. So Blenrep, we heard that gamma secretase combo and a wider dose interval, there are 2 different ways you could do with the ocular tox and both look promising. So have you now decided to go down just one of the routes? Or are you going to do both? When do you start more trials? And when could the sales start accelerating as a result?

如果我也可以澄清一下。所以 Blenrep，我們聽說 γ 分泌酶組合和更寬的劑量間隔，有兩種不同的方法可以處理眼部毒素，兩者看起來都有希望。那麼你現在決定只走其中一條路線了嗎？或者你打算兩者都做？你什麼時候開始更多的試驗？什麼時候可以開始加速銷售？

All right. Well, now since we need to rebaptize questions as clarifications, I'm just going to ask my team to be as brief as possible. Deborah first and then how we can get to as many clarifications left as possible.

好的。好吧，既然我們需要重新提出問題作為澄清，我只想要求我的團隊盡可能簡短。首先是黛博拉，然後是我們如何才能得到盡可能多的澄清。

Thanks, James. So Cabenuva, we're still sticking with the EUR 2 billion in 2026. The competitive landscape, you know there's a little bit of uncertainty in there at the moment. So how that unfolds could make a difference. But for us, fundamentally, the GBP 2 billion is (inaudible) in 2026, so no change there.

謝謝，詹姆斯。所以 Cabenuva，我們仍然堅持 2026 年的 20 億歐元。競爭格局，你知道目前存在一些不確定性。因此，如何展開可能會有所作為。但對我們來說，從根本上說，20 億英鎊（聽不清）在 2026 年，所以沒有變化。

Apretude, similar journey to Cabenuva. So next year, you will see a ramp-up, which is going to be quite significant on the basis that we'll have solved all of the process and access issues in 2022.

Apretude，類似於 Cabenuva 的旅程。所以明年，你會看到一個增長，這將非常重要，因為我們將在 2022 年解決所有流程和訪問問題。

Right. I mean the only I'd add to that as well is that we are very excited about the emerging early-stage pipeline of how are [longer acting/longer-acting] is going to be growing through the end of the decade. So I don't see that as a full stop.

正確的。我的意思是，我唯一要補充的是，我們對新興的早期管道感到非常興奮，[更長的表演/更長的表演]將如何在本世紀末增長。所以我不認為這是一個句號。

Hal, anything to add on BCMA?

哈爾，對 BCMA 有什麼要補充的嗎？

Yes. Just really clearly, your point is excellent. The GSI combination is (inaudible) clear synergy, and it is completely independent from the opportunity to improve the benefit risk profile from [a Q 4-, 6- or even 8-week] regimen. So yes, the answer is both of those will be advanced forward as we move to earlier lines.

是的。真的很清楚，你的觀點非常好。 GSI 組合是（聽不清）明顯的協同作用，它完全獨立於改善 [a Q 4-, 6- 甚至 8-week] 方案的收益風險概況的機會。所以是的，答案是隨著我們移到更早的線路，這兩個都將向前推進。

We also, of course, have 2 other levers that is the holding for grade 2 ocular tox as well as the synergy we're observing with pomalidomide, another standard-of-care agent. So all of those will enable us to have a much more robust profile to enter into earlier lines.

當然，我們還有另外 2 個槓桿，即持有 2 級眼部毒素，以及我們觀察到的與另一種標準護理藥物泊馬度胺的協同作用。因此，所有這些都將使我們能夠擁有更強大的配置文件來進入早期生產線。

I think you said what's the data coming out. We're going to DREAMM-3 soon and DREAMM-7. Both of those are in earlier lines, third line and second line, respectively, and comparator arm with PFS as primary endpoints. So we're going to be able to see how potentially effective these agents are compared to VELCADE and other standard-of-care agents like DARZALEX as well as in the third line. So very excited about the molecule.

我想你說的數據是什麼。我們很快就會去 DREAMM-3 和 DREAMM-7。兩者都分別在較早的線、第三線和第二線，以及以 PFS 作為主要終點的比較器臂。因此，我們將能夠看到這些藥物與 VELCADE 和其他標準護理藥物（如 DARZALEX）以及第三線藥物相比的潛在有效性。對這個分子非常興奮。

Next we have a question from Simon Baker from Redburn.

接下來我們有一個來自 Redburn 的 Simon Baker 的問題。

A big picture question on R&D for you, Hal. You talked about cultural changes that you've implemented during your time. I wonder if you could discuss what the most important cultural changes have been in the R&D organization. And on the basis that the job is never truly finished, what are the key items remaining in Tony's inbox when he takes over?

哈爾，給你一個關於研發的大問題。您談到了您在此期間實施的文化變革。我想知道您是否可以討論一下研發組織中最重要的文化變化是什麼。而在工作從未真正完成的基礎上，托尼接手時的收件箱中還剩下哪些關鍵項目？

Well, I'll let Tony speak for his priorities. He's literally starting next week, and you're all going to have a great chance to meet him in coming months and certainly we'll be presenting next quarter.

好吧，我會讓托尼為他的優先事項說話。他下週就要開始了，在接下來的幾個月裡，你們都將有很好的機會見到他，當然我們將在下個季度展示。

But Hal, I don't know if there's anything briefly that you want to say in terms of the biggest dynamics within the culture change you've been driving. And as Hal concluded, there is always more to do, and we remain very focused on that. But...

但是哈爾，我不知道您是否想就您一直在推動的文化變革中的最大動力說些什麼。正如哈爾總結的那樣，總是有更多的事情要做，我們仍然非常關注這一點。但...

Yes. As I said in the beginning, the cultural change is incredibly important and one that actually will probably take longer than even revitalizing the portfolio. So I think that there's a lot more work to do.

是的。正如我在開始時所說，文化變革非常重要，而且實際上可能需要比振興投資組合更長的時間。所以我認為還有很多工作要做。

The things I'm most proud about the culture is we really did try to drive a culture where there was limited if no fear of failing, taking smart risks is the way we called it, which is sort of knowing that in this business, it's very risky, 90% of drugs that enter the clinic will fail. And if one is to -- trying to evoke a failure, you'll never have innovation. So we think on a long way there.

我對這種文化最自豪的事情是，我們確實試圖推動一種文化，即使不害怕失敗，也有一定的限制，我們稱之為明智的冒險，這有點知道在這個行業，它是風險很大，90%進入臨床的藥物都會失敗。如果有人要——試圖喚起失敗，你將永遠不會有創新。所以我們在這方面想得很遠。

The second thing, and I won't go to the rest, was that we really tried to be very obsessive with something called single accountable decision-making models where we identify individuals who are accountable for decisions and not relying on consensus, which I think can kill innovation.

第二件事，我不會去其他的，是我們真的試圖非常痴迷於一種叫做單一責任決策模型的東西，我們識別出對決策負責而不依賴共識的個人，我認為可以扼殺創新。

So I'm trying to be very brief, but I think we've made a lot of progress on the cultural change, but certainly much more to come.

所以我盡量簡短，但我認為我們在文化變革方面取得了很大進展，但肯定會有更多進展。

So we're running a bit longer. I'm going to take 2 more questions. That culture question, we could take up a whole hour and a half on presentations on them. I do not want to take away from the enormous impact on momentum that's already been driven there.

所以我們跑的時間更長一些。我要再回答2個問題。那個文化問題，我們可以用一個半小時來介紹它們。我不想擺脫已經在那裡推動的對勢頭的巨大影響。

The next question is coming from Peter Welford from Jefferies.

下一個問題來自 Jefferies 的 Peter Welford。

Just really one thing for Luke just on Shingrix. If we go back to what we've seen with the doses, thanks for detail there, but I wonder if you can just talk a little bit about who it is you're seeing now actually doing the administration. I think we talked about shift previously from retailers more into the doctors. Has that shift moved back again? And are you still detailing actively to the doctors, I guess, utilizing. I think you said the Trelegy sales force. And can you talk a little bit about how you're seeing that dynamic potentially evolving now in the second half of the year, I guess, as COVID truly unwinds with the vaccine?

盧克在 Shingrix 上只是一件事。如果我們回到我們所看到的劑量，感謝那裡的詳細信息，但我想知道你是否可以稍微談談你現在看到的實際執行管理的是誰。我認為我們之前討論過從零售商更多地轉向醫生。這種轉變又回來了嗎？我猜你還在積極向醫生詳細說明嗎？我想你說的是 Trelegy 銷售團隊。你能談談你如何看待這種動態在今年下半年可能發生的變化嗎？

Sure, Peter. So it's stabilized 55 retail, 45 nonretail. About 60% of the nonretail is doctors who, as I mentioned earlier, the trend rate for their willingness to recommend and strongly recommend continue to build. Having Trelegy -- and actually, we've expanded this to other teams globally. So we have Shingrix in the [P2 slot] across a whole number of teams, including Nucala teams globally, and it's working very well.

當然，彼得。所以它穩定了 55 個零售，45 個非零售。大約 60% 的非零售是醫生，正如我之前提到的，他們願意推薦和強烈推薦的趨勢率繼續建立。擁有 Trelegy——實際上，我們已經將其擴展到全球其他團隊。因此，我們在包括全球 Nucala 團隊在內的所有團隊的 [P2 插槽] 中都有 Shingrix，並且運行良好。

And final question is coming from Emily Field from Barclays.

最後一個問題來自巴克萊的 Emily Field。

Clarification is exceptional better than outstanding. And then question just on the guidance, the decision to maintain the year-over-year growth rate for specialty given that the HIV guidance was nudged up a little bit. Is there a deterioration in any other elements of the business there? Or just perhaps a broader era of conservatism? And then also just what drove the slight moderation in influenza guidance for the year? Was that share or anticipated market sizing?

澄清比傑出更好。然後僅對指南提出問題，鑑於 HIV 指南略微提高了一點，因此決定維持專業的同比增長率。那裡的業務的任何其他要素是否有惡化？或者只是一個更廣泛的保守主義時代？那麼，究竟是什麼推動了今年流感指南的輕微放緩？那是份額還是預期的市場規模？

Right. Iain, perhaps you can comment on guidance and then we'll come to Hal for the specificity and distinctions in his vocabulary, and then I'll close up.

正確的。 Iain，也許你可以對指導意見發表評論，然後我們會來看看 Hal，了解他的詞彙的特殊性和區別，然後我會結束。

Yes. No, it's a very good question. It's basically on proportionality. So the comments that Deborah made earlier around the performance of HIV or material and HIV context when you put in the context of the Specialty Medicines portfolio overall, it's not sufficiently material to kind of lift up the guidance for Specialty Medicines overall. So there's not -- it's not as if that's offsetting something else within Specialty, it's just in terms of proportionality, it's not -- it doesn't move the needle for Specialty overall.

是的。不，這是一個非常好的問題。基本上是比例關係。因此，當您將整體特殊藥物組合的背景下，Deborah 早些時候圍繞 HIV 或材料和 HIV 環境的表現發表的評論，不足以全面提升對特殊藥物的指導。所以沒有 - 這並不是說這會抵消專業內的其他東西，它只是在比例方面，它不是 - 它並沒有推動專業的整體發展。

Hal?

哈爾？

Well, let me just say as my last comments on my last call, that it's a real honor to say that the question as to whether outstanding or exceptional is how you would define the Phase III results for one of the most important trials done in the last 60 years for RSV. It's incredibly inspiring, and you can decide when you see the data.

好吧，讓我在上次電話會議上的最後評論中說，我很榮幸地說，關於傑出或卓越的問題是您將如何定義在RSV 使用了 60 年。這非常鼓舞人心，您可以決定何時看到數據。

Perfect. Right.

完美的。正確的。

Well, thank you, everybody. We are delivering, and I'm absolutely delighted that we've been able to upgrade our guidance this year and demonstrate pipeline progress included with our concluding comments as well as tremendous commercial momentum. We have delivered a successful separation and the biggest change for GSK in 2 decades and creates the capacity to continue to invest in future innovation and growth.

嗯，謝謝大家。我們正在交付，我非常高興我們今年能夠升級我們的指導並展示我們的結論意見中包含的管道進展以及巨大的商業動力。我們為 GSK 帶來了成功的分離和 2 年來最大的變化，並創造了繼續投資於未來創新和增長的能力。

I do want to conclude with my own very sincere thank you to Hal for the enormous impact he's had on the momentum of GSK. We're really looking forward to his graduation to being a member of the Science Committee and the Non-Exec Director of the Board. I know he'll continue to contribute wonderfully. And I know how much Tony is looking forward to spending time with you all in the coming weeks and months, and we look forward to seeing it in the days ahead.

最後，我衷心感謝 Hal 對 GSK 發展勢頭的巨大影響。我們非常期待他畢業成為科學委員會成員和董事會非執行董事。我知道他會繼續做出出色的貢獻。我知道托尼多麼期待在接下來的幾周和幾個月裡與大家共度時光，我們期待在未來的日子裡看到它。

Thank you very much. See you soon.

非常感謝。再見。