葛蘭素史克 (GSK) 2024 Q1 法說會逐字稿

Hello, everyone. Welcome to today's call and webcast. The presentation was sent to our distribution list by e-mail, and you can find this on gsk.com.

大家好。歡迎參加今天的電話會議和網路廣播。該簡報已透過電子郵件發送到我們的分發列表，您可以在 gsk.com 上找到該簡報。

Please turn to Slide 2. This is the usual safe harbor statement. We'll comment on our performance using constant exchange rates, or CR unless stated otherwise. As a reminder, adjusted results are now referred to as core like many European pharmaceutical peers.

請翻到投影片 2。除非另有說明，我們將使用固定匯率或 CR 來評估我們的業績。提醒一下，調整後的結果現在像許多歐洲製藥同行一樣被稱為核心。

Please turn to Slide 3. Today's call will last approximately 1 hour with the presentation taking around 25 minutes and the remaining time for your questions. Today, our speakers are Emma Walmsley, Luke Miels, Deborah Waterhouse, and Julie Brown with Tony Wood and David Redfern joining for Q&A. Please ask 1 to 2 questions so that everyone has the chance to participate.

請翻到投影片 3。今天，我們的演講者是艾瑪·沃姆斯利、盧克·米爾斯、黛博拉·沃特豪斯和朱莉·布朗，托尼·伍德和大衛·雷德芬也參與問答。請提出 1 至 2 個問題，讓每個人都有機會參與。

Turning to Slide 4. I will now hand the call over to Emma.

轉向投影片 4。

Thanks, Nick, and welcome to everybody joining us today. I'm delighted to be presenting to you all with another set of excellent quarterly results for GSK.

謝謝尼克，歡迎大家今天加入我們。我很高興向大家展示葛蘭素史克又一組出色的季度業績。

Please turn to the next slide. We have had a very strong start to the year. Sales and profits grew double digits for the quarter, with sales up 13% to GBP 7.4 billion, core operating profit up 35% to GBP 2.4 billion and core earnings per share up 37% to 43.1p, all excluding COVID solutions.

請翻到下一張投影片。我們今年有一個非常強勁的開局。本季銷售額和利潤實現兩位數增長，銷售額增長13%，達到74 億英鎊，核心營業利潤增長35%，達到24 億英鎊，核心每股收益增長37%，達到43.1 便士，所有這些均不包括新冠解決方案。

This excellent performance reflects our continued focus on execution, some benefit from phasing in the quarter and strong delivery of our recent launches. It also demonstrates the great momentum we continue to see across the business.

這一出色的業績反映了我們對執行的持續關注，部分受益於本季度的分階段實施以及我們最近推出的產品的強勁交付。它還展示了我們在整個業務中持續看到的巨大勢頭。

Demand for our innovative vaccines and specialty medicines was clear with strong growth across new products. Our very good sales performance was also underpinned by good cost control. Julie will take you through the details on this in a moment, but I particularly want to highlight our SG&A performance, which was delivered alongside increasing investment in R&D, demonstrating continued delivery of effective operating leverage and margin improvement.

隨著新產品的強勁成長，對我們創新疫苗和特殊藥物的需求顯而易見。我們良好的銷售業績也得益於良好的成本控制。朱莉稍後將向您詳細介紹這一點，但我特別想強調我們的銷售、一般行政管理(SG&A) 績效，該績效是在不斷增加研發投資的同時實現的，證明了有效營運槓桿和利潤率改善的持續交付。

These benefits are also delivering improved cash flow, providing funds for investment and returns to shareholders. Our dividend for the quarter was 15p. And for the full year, we are upgrading our guidance and looking forward to delivering another year of meaningful growth for shareholders.

這些好處也改善了現金流，為投資和股東回報提供資金。我們本季的股息是 15 便士。對於全年而言，我們正在升級我們的指導，並期待為股東帶來另一個有意義的成長。

Next slide, please. Alongside our excellent financial performance, we've seen strong pipeline progress across the therapy areas with Phase III data readouts for 4 medicines. For gepotidacin, further pivotal data that supports regulatory submission of this new antibiotic; for Cabenuva, further evidence of superior efficacy; for Jemperli, potential broader use of this medicine to treat endometrial cancer; and lastly, encouraging clinical data supporting use of Blenrep for the treatment of multiple myeloma.

請下一張投影片。除了我們出色的財務表現外，我們還看到了整個治療領域的管道進展強勁，有 4 種藥物的 III 期數據讀出。對於gepotidacin，支持監管機構提交這種新抗生素的進一步關鍵數據；對於 Cabenuva，進一步證明其優越功效；對 Jemperli 來說，該藥物可能更廣泛地用於治療子宮內膜癌；最後，令人鼓舞的臨床數據支持使用 Blenrep 治療多發性骨髓瘤。

These data will be presented at ASCO, and we look forward to sharing more with you on our plans for oncology at our Meet the Management event in June.

這些數據將在 ASCO 上公佈，我們期待在 6 月的「與管理層會面」活動中與您分享更多關於我們的腫瘤學計劃。

These readouts, together with other R&D achievements this quarter mean we've strengthened growth prospects in all of our key therapeutic areas. The 3 material points I'd highlight. First, we continued to strengthen our innovative vaccine portfolio this quarter, with regulatory submission of our new 5-in-1 meningococcal vaccine candidate alongside new expansion opportunities for both Arexvy in the U.S. and Shingrix in China.

這些數據以及本季的其他研發成果意味著我們增強了所有關鍵治療領域的成長前景。我要強調的 3 個要點。首先，本季我們繼續加強我們的創新疫苗產品組合，向監管機構提交了我們新的五合一腦膜炎球菌候選疫苗，同時為美國的 Arexvy 和中國的 Shingrix 提供了新的擴張機會。

Second, positive clinical trial findings for an ultra long-acting formulation of cabotegravir further supporting progression of this medicine and confidence in the important transition we expect in our HIV portfolio for long-term growth.

其次，卡博特韋超長效製劑的積極臨床試驗結果進一步支持了該藥物的進展，並讓我們對愛滋病毒產品組合實現長期成長的重要轉變充滿信心。

And third, in respiratory, we completed the acquisition of Aiolos Bio. A signal of our continued investment and leadership in this disease area where a next important step will be sharing data for depemokimab, which we expect in Q2.

第三，在呼吸領域，我們完成了對 Aiolos Bio 的收購。這是我們在這一疾病領域持續投資和領導地位的信號，下一個重要步驟將是共享 depemokimab 的數據，我們預計在第二季度實現這一目標。

Next slide, please. Alongside delivering stronger shareholder returns, we continue to build trust by delivering across the 6 key areas we prioritize for ESG. This quarter, we published our ESG performance report. 95% of the metrics we target are being met or exceeded. We also saw that GSK developed TB vaccine candidate enter Phase III, sponsored by the Gates MRI and Wellcome Foundation. This could potentially be the first new TB vaccine in over 100 years. So all in, a very good start to the year.

請下一張投影片。除了提供更強勁的股東回報外，我們還透過在 ESG 優先考慮的 6 個關鍵領域提供服務來繼續建立信任。本季度，我們發布了 ESG 績效報告。我們 95% 的目標指標都已達到或超過。我們也看到葛蘭素史克開發的結核病候選疫苗進入第三階段，由蓋茲 MRI 和威康基金會贊助。這可能是 100 多年來第一種新的結核病疫苗。總而言之，這是今年的一個很好的開始。

Let's now hear more from the team on our progress, starting with Luke.

現在讓我們從盧克開始，聽聽團隊關於我們進展的更多資訊。

Thanks, Emma. Please turn to the next slide. In Q1, we delivered growth across all our product areas and regions with GBP 7.4 billion of sales, up 13% versus last year, excluding COVID solutions. This includes a strong performance in the U.S. led by continued contributions from our new launch products.

謝謝，艾瑪。請翻到下一張投影片。第一季度，我們所有產品領域和地區均實現了成長，銷售額達 74 億英鎊，比去年增長 13%（不包括新冠肺炎解決方案）。這包括在我們新推出的產品的持續貢獻下在美國的強勁表現。

Please turn to Slide 10. In Vaccines, we saw a strong growth of 22% in Q1, excluding COVID solutions, led by Arexvy and Shingrix. Following the outstanding launch last year, Arexvy continued to deliver with sales of GBP 182 million in the quarter. Script data shows a strong preference for Arexvy as we received 2 out of every 3 retail prescriptions, with U.S. market penetration of around 14%. I'll cover Arexvy in more detail on the next slide.

請參閱投影片 10。繼去年推出出色產品後，Arexvy 本季繼續實現 1.82 億英鎊的銷售額。 Script 數據顯示人們對 Arexvy 的強烈偏好，每 3 個零售處方中我們就會收到 2 個，美國市場滲透率約為 14%。我將在下一張投影片中更詳細地介紹 Arexvy。

Shingrix delivered a record of GBP 945 million in the quarter and was up 18%, driven by public funding outside the U.S. together with early supply to our new partnership in China. Outside the U.S., Shingrix has launched in 39 markets and the majority have less than 5% penetration.

Shingrix 本季交付了創紀錄的 9.45 億英鎊，成長了 18%，這得益於美國以外的公共資金以及我們在中國的新合作夥伴的早期供應。 Shingrix 已在美國以外的 39 個市場推出，其中大多數市場的滲透率不到 5%。

In the U.S., sales decreased by 4%, reflecting the comparison to Q1 '23, which benefited from the removal of the co-pay for adults aged 65 and over in Medicare as well as the prioritization of other adult vaccines during the bio respiratory season.

在美國，銷售額下降了 4%，與 23 年第一季度相比，受益於醫療保險中 65 歲及以上成年人自付費用的取消以及生物呼吸季節期間優先接種其他成人疫苗。

We are investing in DTC and ACP campaigns as we seek to activate harder to reach consumers to continue to grow the cumulative immunization rate, now 37% of people aged 50 and older, which leaves more than 75 million Americans still unvaccinated and eligible to receive Shingrix.

我們正在投資DTC 和ACP 活動，因為我們尋求激活更難接觸到的消費者，以繼續提高累積免疫率，目前50 歲及以上人群的累計免疫率達到37%，這使得超過7500 萬美國人仍未接種疫苗且有資格接受Shingrix 。

Our expectation continues to be that Shingrix sales will reach more than GBP 4 billion over time, driven by growth outside the U.S. In addition, we have also recently shared exceptional data demonstrating vaccine efficacy of 82% at year 11.

我們仍然預計，在美國以外地區增長的推動下，隨著時間的推移，Shingrix 的銷售額將達到40 億英鎊以上。 82%。

Turning to our meningitis portfolio. Bexsero and Menveo sales were up 3% and 41%, respectively, in the quarter, with performance in Brazil and favorable phasing driving the growth in Menveo. We're pleased to have received FDA file acceptance for our MenABCWY vaccine in mid-April. And combined, our meningitis portfolio is expected to deliver around GBP 2 billion in peak year sales. Across our vaccines portfolio, we expect sales to increase high single to low double-digit percent in 2024.

轉向我們的腦膜炎產品組合。 Bexsero 和 Menveo 本季銷售額分別成長 3% 和 41%，巴西的業績和有利的階段性推動了 Menveo 的成長。我們很高興在 4 月中旬收到 FDA 批准我們的 MenABCWY 疫苗的文件。總而言之，我們的腦膜炎產品組合預計在高峰年銷售額將達到 20 億英鎊左右。在我們的疫苗產品組合中，我們預計 2024 年銷售額將實現高個位數百分比到低兩位數百分比的成長。

Next slide, please. Focusing on RSV, we've vaccinated over 1.3 million people with Arexvy in the retail setting during Q1. The launch was exceptional and exceeded our expectations. We now see seasonality similar to flu impacting use patterns in the first year.

請下一張投影片。以 RSV 為重點，第一季我們已在零售環境中為超過 130 萬人接種了 Arexvy 疫苗。這次發布非常出色，超出了我們的預期。我們現在看到類似於流感的季節性影響第一年的使用模式。

In 2024, we expect the vast majority of sales to be in the U.S. and weighted to the second half in preparation for the 2024-2025 RSV season. This year, we continue to build on our competitive profile with the potential to expand the label, adding at-risk individuals in the 50 to 59 cohort, which could impact approximately 15 million people in the U.S. This is subject to approval, followed by ACIP review in June.

2024 年，我們預計絕大多數銷售將在美國進行，並將在下半年進行，為 2024-2025 年 RSV 季節做準備。今年，我們繼續增強我們的競爭優勢，並有可能擴大該標籤，在 50 至 59 名隊列中增加高危險群，這可能會影響美國約 1500 萬人。

Last year, we presented data supporting an efficacy profile for Arexvy of at least 2 seasons. As the '23-'24 RSV season is coming to an end, later this year, we expect to have additional efficacy data on long-term duration of protection and immunogenicity data over 3 years. We plan to present the totality of data at a future public health forum in the second half of this year, and we do not expect public health officials to decide on the frequency of RSV vaccination or revaccination before 2025.

去年，我們提供的數據支持 Arexvy 至少 2 個季節的療效概況。隨著「23-」24 RSV 季節即將結束，我們預計將在今年稍後獲得有關長期保護持續時間和 3 年以上免疫原性數據的額外功效數據。我們計劃在今年下半年舉行的未來公共衛生論壇上展示全部數據，我們預計公共衛生官員不會在 2025 年之前決定 RSV 疫苗接種或重新接種的頻率。

We're ambitious about growth in an expanding market with increasing competition. Whether a 2-season or a 3-season vaccine profile, we remain very confident that Arexvy can achieve more than GBP 3 billion in peak year sales over time.

我們雄心勃勃地希望在競爭日益激烈的不斷擴大的市場中實現成長。無論是 2 季疫苗還是 3 季疫苗，我們仍然非常有信心 Arexvy 隨著時間的推移能夠實現超過 30 億英鎊的峰值年銷售額。

Next slide, please. In Specialty Medicines, including HIV, which Deborah will cover shortly, we increased sales by 19%, excluding COVID solutions. In Respiratory and Immunology, our market-leading medicines, Nucala and Benlysta continued to deliver good growth. Nucala was up 13%, reflecting high patient demand for treatments addressing severe eosinophilic asthma, chronic rhinosinusitis with nasal polyps and EGPA.

請下一張投影片。在特殊藥物（包括 Deborah 將很快涵蓋的 HIV 藥物）方面，我們的銷售額增長了 19%（不包括新冠肺炎解決方案）。在呼吸和免疫學領域，我們的市場領先藥物 Nucala 和 Benlysta 繼續實現良好成長。 Nucala 上漲 13%，反映出患者對治療嚴重嗜酸性粒細胞性氣喘、伴隨鼻息肉的慢性鼻竇炎和 EGPA 的治療需求很高。

Our MATINEE trial to confirm the efficacy of Nucala in COPD is expected to read out in the second half of this year. We also expect pivotal trial results for our 6 monthly IL-5 depemokimab. This year with readouts in asthma in Q2 and chronic rhinosinusitis with nasal polyps before year-end. Combined, we anticipate our IL-5 portfolio to deliver more than GBP 4 billion in peak year sales.

我們的 MATINEE 試驗旨在確認 Nucala 對 COPD 的療效，預計今年下半年公佈。我們也預期 6 個月一次的 IL-5 depemokimab 會出現關鍵試驗結果。今年第二季公佈了氣喘數據，年底前公佈了慢性鼻竇炎伴隨鼻息肉數據。我們預計 IL-5 產品組合在高峰年的銷售額將超過 40 億英鎊。

Benlysta continues to show consistent growth and was up 8% in the quarter, with opportunities to drive earlier intervention and increase penetration in both SLE and lupus nephritis.

Benlysta 繼續表現出持續成長，本季成長了 8%，有機會推動早期介入並提高 SLE 和狼瘡腎炎的滲透率。

In oncology, sales more than doubled in the quarter. Ojjaara has continued to perform well following last year's launch, and I'll talk more about this on the next slide. We are pleased to receive authorization from the European Commission for Ojjaara in late January, and we have since launched in the U.K. and Germany. Jemperli has also continued to grow strongly. And again, I'll discuss this further on the next slide.

在腫瘤學領域，本季銷售額成長了一倍以上。 Ojjaara 自去年推出以來繼續表現良好，我將在下一張幻燈片中詳細討論這一點。我們很高興在一月下旬獲得歐盟委員會對 Ojjaara 的授權，從此我們已在英國和德國推出。 Jemperli 也持續強勁成長。我將在下一張幻燈片中進一步討論這一點。

Zejula's performance was driven by increased patient demand and higher volumes due to the new tablet formulation, with further growth from new international launches. Overall, we expect strong performance for our Specialty Medicines in 2024, with growth of low double-digit percent.

Zejula 的表現得益於患者需求的增加和新片劑配方帶來的銷售增加，以及新的國際上市帶來的進一步成長。整體而言，我們預計 2024 年我們的專科藥品將表現強勁，成長率將達到低兩位數百分比。

Please turn to Slide 13. Ojjaara, which we acquired from Sierra Oncology, has performed exceptionally well following last year's launch and has the strongest uptake curve for a JAK inhibitor in myelofibrosis. Ojjaara is establishing market share in both the first line and second line settings, and we've seen encouraging data suggesting physicians are anticipating increasing their use of Ojjaara in the coming months.

請參閱投影片 13。 Ojjaara 正在一線和二線領域建立市場份額，我們看到令人鼓舞的數據表明醫生預計在未來幾個月內增加 Ojjaara 的使用。

For Jemperli, we've demonstrated strong execution in the quarter with our new patient share up 33%, and we continued to build further clinical evidence in endometrial cancer, where we recently presented data demonstrating that Jemperli plus chemotherapy is the only IO combination to show statistically significant and clinically meaningful OS data in the all-comers population.

對於Jemperli，我們在本季度展示了強大的執行力，新患者份額高達33%，並且我們繼續在子宮內膜癌方面建立進一步的臨床證據，我們最近提供的數據表明Jemperli 聯合化療是唯一顯示的IO組合所有參與者中具有統計意義和臨床意義的 OS 數據。

Subsequently, the FDA has granted a priority review to our file to expand the treatment with Jemperli to all adult patients with primary advanced or recurrent endometrial cancer. We also expect this data to be published soon in a peer-reviewed journal.

隨後，FDA 對我們的檔案進行了優先審查，將 Jemperli 的治療範圍擴大到所有患有原發性晚期或復發性子宮內膜癌的成年患者。我們也預計這些數據將很快在同行評審的期刊上發表。

On Blenrep, we're encouraged by the data from DREAMM-7, which showed a tripling of progression-free survival. DREAMM-8 also met its primary endpoint and showed a statistically significant and clinically meaningful PFS compared to standard of care in second-line multiple myeloma.

在 Blenrep 上，我們對 DREAMM-7 的數據感到鼓舞，該數據顯示無進展生存期增加了三倍。 DREAMM-8 也達到了其主要終點，與第二線多發性骨髓瘤的護理標準相比，顯示出具有統計學意義和臨床意義的 PFS。

In addition, DREAMM-7 and 8 also demonstrated strong overall survival trends, and we will continue to follow up to completion. We look forward to presenting these data at ASCO in June and are targeting regulatory filings in the second half of the year.

此外，DREAMM-7和8也表現出了強勁的整體生存趨勢，我們將繼續跟進直至完成。我們期待在 6 月的 ASCO 上展示這些數據，並計劃在今年下半年提交監管文件。

Next slide, please. Finally, turning to our General Medicines portfolio, sales grew 1% in the quarter led by Trelegy delivering GBP 591 million and established products in emerging markets. We've also seen growth owning the stockpiling and patient demand and it's still early in the year, and we are continuing to assess and manage the impact of the AMP Cap removal in the U.S. And as a reminder, there was a USD 150 million impact in 2023, and we continue to expect up to USD 550 million of sales at risk for the full year. The growth outlook for gen meds is unchanged.

請下一張投影片。最後，轉向我們的普通藥品產品組合，在 Trelegy 的帶領下，本季度銷售額增長了 1%，交付了 5.91 億英鎊，並在新興市場推出了成熟產品。我們也看到了庫存和患者需求的成長，而且現在還處於今年年初，我們正在繼續評估和管理 AMP 上限取消對美國的影響。銷售額將高達5.5 億美元。基因藥物的成長前景沒有改變。

I'll now hand over to Deborah to cover HIV.

我現在將把愛滋病毒的工作交給黛博拉。

Thank you, Luke. We continued to drive HIV market transformation and are pleased to see our growth momentum continuing with HIV sales growing 14% to GBP 1.6 billion in the first quarter. This is driven mainly by increased patient demand for our oral 2-drug and long-acting injectable regimens and represents an increase of more than 2 percentage points in global market share versus Q1 2023. This continued strong performance demonstrates our leadership in transforming the HIV marketplace and delivering on individual patient needs.

謝謝你，盧克。我們繼續推動 HIV 市場轉型，並很高興看到我們的成長勢頭持續，第一季 HIV 銷售額成長 14%，達到 16 億英鎊。這主要是由於患者對我們的口服兩種藥物和長效注射療法的需求增加，與2023 年第一季相比，全球市場份額增加了2 個百分點以上。愛滋病毒市場轉型方面的領導地位並滿足患者的個人需求。

Looking across our portfolio, Dovato, our leading oral 2-drug regimen and #1 selling HIV medicine grew sales by 27% versus Q1 2023. Our long-acting portfolio is also showing strong momentum with Cabenuva growing 73% and Apretude growing over 100%. With more than 60,000 patients benefiting from these medicines, our ongoing growth is underpinned by strong patient demand and excellent operational execution.

縱觀我們的產品組合，Dovato（我們領先的口服兩種藥物療法和排名第一的愛滋病毒銷售藥物）的銷售額與2023 年第一季相比增長了27%。顯示出強勁的勢頭，Cabenuva 增長了73%，Apretude 增長超過100% 。超過 60,000 名患者從這些藥物中受益，強勁的患者需求和出色的營運執行力支撐著我們的持續成長。

We believe that long-acting options have the potential to change the trajectory of the HIV epidemic. And as the leaders in driving this market shift, it is positive to see this portfolio growing more than 80% versus Q1 2023 and contributing 17% of total portfolio sales.

我們相信，長效選擇有可能改變愛滋病毒流行的軌跡。作為推動這一市場轉變的領導者，我們很高興看到該產品組合較 2023 年第一季增長了 80% 以上，佔產品組合總銷售額的 17%。

In absolute terms, this resulted in GBP 116 million of growth representing more than 50% of the total HIV CER growth. Overall, Q1 has been a very strong quarter and puts us firmly on track to deliver a growth rate of high single to low double digits in 2024.

從絕對值來看，這導致了 1.16 億英鎊的成長，佔 HIV CER 總成長的 50% 以上。總體而言，第一季是一個非常強勁的季度，使我們堅定地有望在 2024 年實現高個位數到低兩位數的成長率。

We were also pleased by the positive reaction from the scientific and medical community to the comprehensive set of early phase as well as Phase IIIb4 and real-world evidence data that was presented at CROI in March, demonstrating confidence in our current portfolio and progress towards our pipeline of ultra long-acting regimens.

我們也很高興看到科學界和醫學界對 3 月在 CROI 上提交的全套早期階段和 IIIb4 期以及真實世界證據數據的積極反應，這表明我們對當前的產品組合和我們的進展充滿信心。長效治療方案的管道。

HIV physicians and health care providers reinforce to us time and time again that the long-acting regimens which they have in their hands today are really transforming the lives of people living with HIV, liberating people from the daily burden of oral therapy, improving adherence and tackling stigma, which remains stubbornly pervasive.

愛滋病毒醫生和健康照護提供者一次又一次地向我們強調，他們今天手中的長效治療方案確實正在改變愛滋病毒感染者的生活，將人們從日常口服治療的負擔中解放出來，提高依從性和治療效果。

Data from over 11,000 patients participating in long-acting clinical and real-world evidence trials clearly demonstrates the effectiveness of our long-acting treatment regimen. We were particularly pleased with the interim data from the LATITUDE study, indicating that Cabenuva has superior efficacy compared to daily oral therapy in individuals living with HIV who have adherence challenges.

來自參與長效臨床和現實世界證據試驗的 11,000 多名患者的數據清楚地證明了我們長效治療方案的有效性。我們對 LATITUDE 研究的中期數據感到特別滿意，該數據表明，對於有依從性挑戰的 HIV 感染者來說，Cabenuva 比日常口服治療具有更優越的療效。

We also presented positive Phase I data from a study of cabotegravir ultra long-acting dosed at intervals of at least every 4 months and positive Phase IIa data from the [bNab] study, exploring the use of our novel broadly neutralizing antibody, N6LS, for the treatment of people living with HIV.

我們也提供了至少每 4 個月給藥一次的 cabotegravir 超長效研究的 I 期陽性數據和 [bNab] 研究的 IIa 期陽性數據，探索我們的新型廣泛中和抗體 N6LS 的用途艾滋病毒感染者的治療。

These data show continued progress towards our ambition to end the HIV epidemic, delivering our ultra long-acting pipeline with cabotegravir replacing dolutegravir as our foundational medicine. We remain on track to offer 4 monthly dosing options for prevention in 2026 and treatment in 2027 as well as extending the dosing interval of our long-acting regimens in treatment and prevention to enable every 6-month dosing towards the end of the decade.

這些數據表明，我們在實現終結愛滋病毒流行的目標方面不斷取得進展，以卡博特韋取代多替拉韋作為我們的基礎藥物，提供超長效產品線。我們仍有望在2026 年提供4 個月一次的預防用藥選擇，並在2027 年提供治療用藥選擇，並延長治療和預防方面的長效治療方案的用藥間隔，以便在本十年末實現每6 個月用藥一次。

At our September 2023 Meet the Management event, we committed to delivering around 40% of our revenue from long-acting medicines by 2027 and our current performance puts us on the right trajectory to achieve that goal. We are, therefore, confident in our ability to navigate through the revenue impact associated with the loss of exclusivity of dolutegravir.

在 2023 年 9 月的管理層會議上，我們承諾到 2027 年將約 40% 的收入來自長效藥物，而我們目前的業績使我們走上了實現這一目標的正確軌道。因此，我們對克服多替拉韋獨佔權喪失所帶來的收入影響的能力充滿信心。

With that, I will hand to Julie.

接下來，我將交給朱莉。

Thank you, Deborah, and good morning, everyone. As a reminder, to align with European pharmaceutical peers, we've changed our name in convention. So I will be referring to core instead of adjusted results.

謝謝黛博拉，大家早安。提醒一下，為了與歐洲製藥同行保持一致，我們按照慣例更改了我們的名稱。所以我將指的是核心結果而不是調整結果。

Next slide, please. Starting with the income statement, with growth rates stated at constant exchange rates. Sales increased 13%, excluding COVID solutions, and were up 10% overall, reflecting continued strong business performance. As Luke mentioned, growth benefited from newly launched products, Arexvy, Ojjaara and Jemperli, along with earlier than expected Shingrix sales to our partner, Zhifei in China.

請下一張投影片。從損益表開始，成長率以固定匯率計算。銷售額成長 13%（不含新冠肺炎解決方案），整體銷售額成長 10%，反映出持續強勁的業務表現。正如盧克所提到的，成長得益於新推出的產品 Arexvy、Ojjaara 和 Jemperli，以及 Shingrix 向我們的合作夥伴智飛在中國的銷售早於預期。

Together, these added 5 percentage points of growth in Q1. Core operating profit grew 35%, excluding COVID, and 27% overall, and the margin increased to 33.2% with leverage from gross margin and SG&A. Cost of goods benefited from mix effects, including growth of higher-margin Arexvy, Shingrix and specialty care products. We expect to deliver gross margin leverage in the full year with benefits predominantly in the first half given anticipated sales phasing and mixed dynamics.

這些合計為第一季帶來了 5 個百分點的成長。核心營業利潤（不包括新冠疫情）成長了 35%，整體成長了 27%，借助毛利率和銷售、一般管理費用（SG&A）的槓桿作用，利潤率增至 33.2%。商品成本受益於混合效應，包括利潤率較高的 Arexvy、Shingrix 和特種護理產品的成長。考慮到預期的銷售階段和混合動態，我們預計全年將實現毛利率槓桿化，其中效益主要集中在上半年。

At the full year, we discussed our focus on delivering improved operational leverage, as we seek to benefit from the investment made over recent years. Against this backdrop, we're pleased 2024 has started well, with underlying low single-digit percentage SG&A growth. This, together with a one-off benefit from the successful Zejula royalty dispute caused SG&A spend to increase in the quarter by 2%.

在全年中，我們討論了我們對提高營運槓桿的關注，因為我們尋求從近年來的投資中受益。在此背景下，我們很高興 2024 年開局良好，SG&A 成長率較低，為個位數百分比。再加上 Zejula 特許權使用費糾紛成功帶來的一次性收益，導致本季的 SG&A 支出增加了 2%。

R&D investment continued to grow broadly in line with sales, as expected, mainly within our vaccines, respiratory and infectious diseases late-stage portfolios. Core earnings per share grew 37%, excluding COVID solutions.

正如預期的那樣，研發投資繼續與銷售大致同步增長，主要是在我們的疫苗、呼吸道和傳染病後期投資組合中。每股核心收益成長 37%，不包括新冠疫情解決方案。

Now turning to the total results. Operating profit decreased 18% to GBP 1.5 billion, primarily reflecting a charge arising from the remeasurement of the ViiV CCL and Pfizer put option, largely resulting from improved longer-term prospects in our HIV business and currency. Overall, currency was adverse in the quarter due to the strengthening of sterling against the U.S. dollar and emerging market currencies.

現在轉向總結果。營業利潤下降 18%，至 15 億英鎊，主要反映了重新計量 ViiV CCL 和輝瑞看跌期權所產生的費用，這主要是由於我們的 HIV 業務和貨幣的長期前景改善。總體而言，由於英鎊兌美元和新興市場貨幣走強，本季貨幣不利。

Next slide, please. Moving to the core operating profit margin. On this slide, we have shared, including and excluding COVID, to provide a review of our margin dynamics. Excluding COVID, the margin improvement was significant at 580 basis points CER due to 2 main reasons: first, underlying margin benefits contributed 410 basis points driven largely by sales growth, favorable product mix and SG&A leverage partly offset by the impact from the loss of Gardasil royalties. And secondly, the Zejula royalty dispute contributed 170 basis points of margin improvement in the quarter. Including COVID solutions, there was a 460 basis point improvement driven by similar factors.

請下一張投影片。轉向核心營業利潤率。在這張投影片上，我們分享了包括和排除新冠疫情在內的情況，以回顧我們的利潤動態。不包括新冠疫情，利潤率顯著提高，達到580 個基點固定匯率，主要有兩個原因：首先，基本利潤收益貢獻了410 個基點，這主要是由於銷售增長、有利的產品組合和SG&A 槓桿，部分被Gardasil 損失的影響所抵銷。其次，Zejula 特許權使用費糾紛為本季利潤率改善貢獻了 170 個基點。包括新冠疫情解決方案在內，類似因素推動了 460 個基點的改進。

Next slide, please. Cash generated from operations was GBP 1.1 billion, representing an improvement of GBP 0.8 billion over Q1 last year. This was driven by core operating profit and favorable working capital, with the latter benefiting from higher receivable collections, particularly in the U.S. Vaccines business. Free cash flow was GBP 289 million in the quarter relative to an outflow last year and therefore, improving year-on-year by GBP 978 million.

請下一張投影片。營運產生的現金為 11 億英鎊，比去年第一季增加 8 億英鎊。這是由核心營業利潤和有利的營運資本推動的，後者受益於較高的應收帳款收款，特別是在美國疫苗業務中。與去年相比，本季自由現金流為 2.89 億英鎊，因此年增 9.78 億英鎊。

Next slide, please. Slide 20 shares our net debt position since the 31st of December last year and how we've actively deployed capital in the business in line with our framework. Net debt was broadly stable compared to the end of 2023 at GBP 15 billion. This included further monetization of our stake in Haleon and the completion of the acquisition of Aiolos Bio in the quarter. With our end 2023 net debt to core EBITDA ratio of 1.5x, and expected cash generation, we have a strong balance sheet to support continued investment in future growth, including through BD as we look to deploy funds to enhance growth and deliver attractive shareholder returns.

請下一張投影片。第 20 張投影片分享了自去年 12 月 31 日以來我們的淨債務狀況，以及我們如何根據我們的框架積極部署業務資本。與 2023 年底相比，淨債務基本上穩定在 150 億英鎊。這包括進一步貨幣化我們在 Haleon 的股份以及本季完成對 Aiolos Bio 的收購。到2023 年底，我們的淨債務與核心EBITDA 比率為1.5 倍，並且預期產生現金，我們擁有強大的資產負債表來支持對未來成長的持續投資，包括透過BD 進行投資，因為我們希望部署資金以促進成長並提供有吸引力的股東回報。

Now with that, I'll turn to our full year expectations. Next slide, please. Turning to guidance. There is no change to our sales range of 5% to 7%, but we're increasingly confident of the full year being towards the upper part of the range. We are upgrading our operating profit guidance to 9% to 11%, reflecting the strong start to the year and benefits from the Zejula patent dispute in the first quarter.

現在，我將談談我們的全年預期。請下一張投影片。轉向指導。我們 5% 至 7% 的銷售範圍沒有變化，但我們對全年達到該範圍的上限越來越有信心。我們將營業利潤指引上調至 9% 至 11%，反映了今年的強勁開局以及第一季 Zejula 專利糾紛帶來的好處。

We also expect royalty income to be slightly higher between GBP 550 million and GBP 600 million in 2024. These benefits also flow through to our earnings per share now upgraded to 8% to 10% for the year. I also wanted to give some color on anticipated phasing throughout the year, starting with sales. Continued execution of the successful launches of Arexvy, Ojjaara and Jemperli life cycle innovation, have contributed 5 percentage points of growth in Q1 and will continue to benefit Q2.

我們也預期 2024 年特許權使用費收入將略高於 5.5 億英鎊至 6 億英鎊。我還想從銷售開始，對全年的預期階段進行一些說明。繼續執行 Arexvy、Ojjaara 和 Jemperli 生命週期創新的成功推出，為第一季度的成長貢獻了 5 個百分點，並將繼續使第二季度受益。

However, we will annualize their launches, including the initial channel inventory build in Arexvy in the second half. This year is also the start of our agreement with Zhifei for Shingrix in China. As Luke said, we had earlier than expected sales in Q1, but still expect the majority of 2024 Shingrix sales to be in Q2. Taking these factors together, we therefore expect sales growth will be significantly higher in half 1 relative to half 2.

然而，我們將按年計算它們的發布，包括下半年在 Arexvy 建立的初始通路庫存。今年也是我們與智飛就Shingrix在中國達成協議的開始。正如 Luke 所說，我們第一季的銷售早於預期，但仍預計 2024 年 Shingrix 的大部分銷售將發生在第二季。綜合考慮這些因素，我們預計上半年的銷售成長將顯著高於下半年。

And turning to the operating profit dynamics. We continue to expect SG&A to increase in the low single-digit percentage range and for R&D to increase broadly in line with sales for the year. As a result, driven by the sales phasing, operating profit growth will also be significantly higher in half 1 given the operating leverage.

並轉向營業利潤動態。我們繼續預期 SG&A 將在較低的個位數百分比範圍內成長，研發將與今年的銷售額大致一致。因此，在銷售階段性的推動下，考慮到營運槓桿，上半年營運利潤成長也將顯著提高。

In summary, whilst it is still early in the year, we've made an excellent start to 2024 and are confident in delivering the full year guidance and longer-term outlook.

總而言之，雖然現在還處於今年年初，但我們已經為 2024 年開了一個良好的開端，並且有信心提供全年指導和長期展望。

Turning to Slide 22. Lastly, our IR road map, which shares our progress towards major milestones and value unlock opportunities. it's clear that we've had a very positive start to the year with a number of important pipeline events delivered, as Emma mentioned. The main milestones expected in the next 2 months are the U.S. FDA approval of Arexvy in adults aged 50 to 59. The Phase III data readout of depemokimab in severe asthma with an eosinophilic phenotype and the presentation of Blenrep data at ASCO in June.

轉向幻燈片 22。很明顯，正如艾瑪提到的那樣，我們今年有了一個非常積極的開局，交付了許多重要的管道活動。預計未來 2 個月的主要里程碑是美國 FDA 批准 Arexvy 用於 50 至 59 歲成人治療。

Turning to R&D milestones. Many of the successes since Q4 have been within oncology, and we look forward to our Meet the Management event in June to share a deeper review with you.

轉向研發里程碑。自第四季以來，許多成功都發生在腫瘤學領域，我們期待 6 月的管理層會議活動與您分享更深入的回顧。

I will now hand back to Emma to conclude.

現在我將把結論交給艾瑪。

Thanks, Julie. So to summarize, GSK continues to deliver on its commitments and perform to a new standard. Our excellent performance in Q1 provides us with clear momentum. We're pleased to be upgrading guidance and expect to deliver another year of meaningful growth in sales and earnings in 2024, as we continue to focus on prevention and changing the course of disease for millions of people.

謝謝，朱莉。總而言之，葛蘭素史克繼續履行其承諾並按照新標準行事。第一季的出色表現為我們提供了明顯的動力。我們很高興升級指導意見，並期望在 2024 年實現銷售和收入的另一個有意義的成長，因為我們將繼續專注於預防和改變數百萬人的病程。

This all bodes well, but it's still early in the year. And we remain very focused on delivering on our commitments and more at continued pace for patients, for shareholders and for our people, combining science, technology and talent to get ahead of disease together.

這一切都是好兆頭，但現在還為時過早。我們仍然非常專注於兌現我們的承諾，並不斷為患者、股東和我們的員工提供更多服務，將科學、技術和人才結合起來，共同克服疾病。

With that, I'll now open up the call for the Q&A with the team.

現在，我將開始與團隊進行問答。

Thanks, Emma. We're going to take our first question from Mark Purcell at Morgan Stanley.

謝謝，艾瑪。我們將回答摩根士丹利馬克‧珀塞爾 (Mark Purcell) 提出的第一個問題。

Yes. So 2 questions on Shingrix. Could you help us understand the contribution we might expect from Zhifei in full year '24? And then going back to your point of ex U.S. penetration being less than 5% versus 37% in the U.S., could you sort of like help us understand if there are any leading indicator countries, which we could think about in terms of the broader ex U.S. penetration increasing or other vaccines, there could be proxies for how high the ex U.S. penetration could go?

是的。關於 Shingrix 有 2 個問題。您能否幫助我們了解我們對智飛在 24 年全年可能做出的貢獻？然後回到您的觀點，即美國的滲透率低於5%，而美國的滲透率則為37%，您能否幫助我們了解是否存在任何領先指標國家，我們可以從更廣泛的角度來考慮這些國家美國的滲透率不斷增加或其他疫苗的普及率可能會達到多高？

And then the second one on Nucala, COPD. There's been some discussion around Dupixent and a potential delay to the PDUFA as Sanofi trades label breadth for time into the market. So could you help us understand the breadth of the MATINEE trial in terms of the patient population you're addressing? I think you've got bronchitic and emphysemic patients in there, and it's a broad eos phenotype as well. So it would be helpful to understand the relative breadth of your label and target population.

然後是 Nucala 的第二個，慢性阻塞性肺病。由於賽諾菲以標籤寬度換取進入市場的時間，因此圍繞 Dupixent 和 PDUFA 可能延遲進行了一些討論。那麼您能否幫助我們了解 MATINEE 試驗針對您所針對的患者群體的廣度？我認為那裡有支氣管炎和肺氣腫患者，而且這也是一種廣泛的 eos 表型。因此，了解標籤和目標群體的相對廣度會很有幫助。

Great. Thanks, Mark. So we'll come first to Luke on the prospects of expansion on Shingrix and then we'll come Tony to you.

偉大的。謝謝，馬克。因此，我們將首先向盧克介紹 Shingrix 的擴張前景，然後我們將向托尼介紹您。

Sure, Mark. So I'm pleased to say it's following very much in line with the strategy that we've been outlined over the last few years. So with the contract with Zhifei, we have -- it's around GBP 400 million with the contract. As we've said before, we are somewhat limited with supply into China this year. So GBP 400 million is the number that you should use and then GBP 800 million next year and then GBP 1.2 million. The intent, of course, is to run that relationship significantly beyond the initial 3 years. Encouraging start. We're now in the field as of April with Zhifei and the point of vaccination expansion is very encouraging. So good news there.

當然，馬克。因此，我很高興地說，它非常符合我們過去幾年所製定的策略。因此，透過與智飛的合同，我們的合約價值約為 4 億英鎊。正如我們之前所說，今年我們對中國的供應有些限制。因此，您應該使用 4 億英鎊，然後明年使用 8 億英鎊，然後是 120 萬英鎊。當然，我們的目的是在最初的三年之後繼續維持這種關係。令人鼓舞的開始。截至四月份，我們與智飛一起在現場，疫苗接種的擴大這一點非常令人鼓舞。這是個好消息。

In terms of analogs, look, I think -- there's -- in markets like Europe and Japan, it's very much about reimbursement penetration. So I think the U.K. is a good analog. Spain, Italy, these are good analogs, and we're very much at the start of the process in those markets with single-digit penetration overall.

就類比而言，我認為，在歐洲和日本等市場，這很大程度上與報銷滲透率有關。所以我認為英國是一個很好的類比。西班牙、義大利，這些都是很好的類比，我們在這些市場上還處於起步階段，整體滲透率只有個位數。

In terms of emerging markets, I think you've got a range of markets. I think Saudi is quite interested in terms of government support for tenders and things like that. At -- we've been very strict on pricing, so that's encouraging. And then out-of-pocket markets like Brazil, and again, we're in single-digit percentage penetration here. So very early days in those markets at a very tight price corridor.

就新興市場而言，我認為有一系列市場。我認為沙烏地阿拉伯對政府對招標之類的支持非常感興趣。我們對定價非常嚴格，所以這是令人鼓舞的。然後是像巴西這樣的自付費用市場，我們的滲透率再次達到個位數。因此，在這些市場的早期階段，價格走廊非常緊張。

Mark, so in COPD Nucala, MATINEE is the study you referred to. It's ongoing, and we expect it to read out at the end of the year. To get to your questions, it's a broader population. We've included emphysema as well as chronic bronchitis phenotypes, that's important because of the 500 million individuals with COPD, about 30% of them present with an emphysema phenotype. We're also excluding any current or prior diagnosis (inaudible). That was important given the nature of the CRL for the previous studies.

馬克，在 COPD Nucala 中，MATINEE 就是您提到的研究。它正在進行中，我們預計將在今年年底公佈。為了回答你的問題，這是一個更廣泛的人群。我們將肺氣腫和慢性支氣管炎表型納入其中，這一點很重要，因為有 5 億慢性阻塞性肺病患者，其中約 30% 存在肺氣腫表型。我們也排除任何目前或先前的診斷（聽不清楚）。考慮到先前研究的 CRL 的性質，這一點很重要。

And I think [it's way far] just pointing you to the data that we disclosed at ATS, which was a post-hoc analysis of those previous studies shown that in that broader population, we see a 24% reduction in exacerbations. It's also important to stress that this is a 2-year data set in an area in which quality of life is also important over and above headline reduction of exacerbations.

我認為[這已經很遠了]只是向您指出我們在 ATS 披露的數據，這是對先前研究的事後分析，表明在更廣泛的人群中，我們看到病情加重減少了 24%。還需要強調的是，這是一個為期 2 年的數據集，在該領域，除了總體上減輕病情惡化之外，生活品質也很重要。

Great. Thanks, Tony.

偉大的。謝謝，托尼。

Okay. We'll take our next question from Kerry Holford at Berenberg.

好的。我們將接受 Berenberg 的 Kerry Holford 提出的下一個問題。

On Arexvy, just thinking about underlying demand into the next winter season. When does the contracting process start for the upcoming season? Is that something you're already engaged in? And how might the arrival of a third competitor in Moderna impact that process, the competitive landscape? And then just a quick follow-up on Shingrix. Can you quantify the exact amount that was booked in Q1 relating to the Zhifei agreement in China?

在 Arexvy 上，只是考慮下一個冬季的潛在需求。下一季的合約流程什麼時候開始？這是你已經在從事的事情嗎？ Moderna 第三個競爭對手的到來會如何影響這個過程和競爭格局？然後是 Shingrix 的快速跟進。您能否量化第一季與中國智飛協議相關的具體金額？

Well, Luke, continue on this, please.

好吧，盧克，請繼續。

Yes, sure. So I mean underlying demand for Arexvy, we remain very confident. I mean if you look at all the market research, whether that's consumer patient awareness, which is around 86%. If you then look at measures of physician and pharmacy confidence to -- knowledge and confidence to discuss RSV with patients and potential people for vaccination, it's extremely high. It's in the 90s and high 80s, and that continues to be there. So there's our confidence and insight there behind that.

是的，當然。所以我的意思是對 Arexvy 的潛在需求，我們仍然非常有信心。我的意思是，如果你看所有的市場研究，無論是消費者患者的認知度，大約是 86%。如果你再看看醫生和藥房信心的衡量標準——與患者和潛在接種疫苗的人討論 RSV 的知識和信心，就會發現這是非常高的。這是 20 世紀 90 年代和 80 年代中期的情況，而且這種情況仍然存在。所以這背後有我們的信心和洞察力。

In terms of the -- so I think that will ultimately be translated because there's an ideal, obviously, synergy with the flu season that we can take advantage. Our overall intent over time, as we've done with Shingrix, is to deseasonalize that to manage pharmacy workflow. But yes, good signs there. And of course, if you look at Q1 demand, that was pretty much the same. When you look at in arm shots as we saw in Q3 of 2023, so good sign.

就這一點而言，我認為這最終會得到轉化，因為我們可以利用與流感季節的理想協同作用。隨著時間的推移，我們的總體目標是淡化管理藥局工作流程，就像我們對 Shingrix 所做的那樣。但是，是的，有好的跡象。當然，如果你看看第一季的需求，你會發現幾乎是一樣的。當你看到我們在 2023 年第三季看到的手臂照片時，這是個好兆頭。

In terms of contracting, everyone is very busily doing that. But I don't think anything will be ultimately consolidated until we see the June ACIP outcome, which is linked to the other part of your question, which is the presence of Moderna and the impact there. So if you can imagine, you're a pharmacy chain, you want to see whether at a, is there going to be 2 or 3 vaccines. Does anything come up in terms of subgroups, for example, asked for 50-59, further discussion on GBS and other topics. And also, yes, what's the interpretation of the data Moderna has. So all these are moving parts. Once we get through that, then I think there'll be a race for lock down contracts as we go into the season there.

在簽約方面，大家都忙得不可開交。但我認為，在我們看到 6 月 ACIP 結果之前，任何事情都不會最終得到鞏固，這與您問題的另一部分（即 Moderna 的存在及其影響）有關。因此，如果您可以想像，您是一家藥房連鎖店，您想看看是否會有 2 種或 3 種疫苗。是否有任何關於分組的問題，例如要求 50-59，進一步討論 GBS 和其他主題。另外，是的，Moderna 對數據的解釋是什麼？所以所有這些都是活動部件。一旦我們解決了這個問題，我認為當我們進入賽季時將會出現鎖定合約的競爭。

In terms of Zhifei split with Q1, we don't break that out for China. But the main thing to remember is if you think about phasing, just your modeling. Q1 is where we get orders. There's nothing in Q2, very limited as we ship. And then Q3, you'll see [bolus] and then very little in Q4 -- sorry, it's Q3, nothing in Q3 and a lot in Q4.

至於智飛與Q1的差距，我們不會針對中國進行細分。但要記住的主要事情是，如果您考慮分階段，只需考慮建模即可。 Q1 是我們獲得訂單的地方。第二季度沒有任何東西，我們發貨時非常有限。然後第三季度，你會看到[推注]，然後第四季度幾乎沒有——抱歉，這是第三季度，第三季度什麼也沒有，第四季度卻很多。

Yes. And just so RSV, I don't think we're going to see much in Q2, that would be an important point to make because it has stayed seasonally in its first year, although absolutely, we'd love to move that over time as we've done very successfully in Shingrix, too. Okay. Thanks, Luke.

是的。因此，RSV，我認為我們在第二季度不會看到太多，這將是一個重要的觀點，因為它在第一年一直保持季節性，儘管絕對，我們希望隨著時間的推移而改變它正如我們在Shingrix 中所做的那樣，也非常成功。好的。謝謝，盧克。

Next question will now come to Graham Parry at Bank of America.

下一個問題將由美國銀行的格雷厄姆·帕里提出。

So firstly, on Shingrix, just if you can just help us understand U.S. dynamics. So obviously, scripts were down. If you could just help us understand what's going on in the non-retail segment there. Is that stabilized or even growing again now? And on your peak sales guide there, I think it's still just GBP 4 billion by 2026. It looks like you have a fighting chance getting there this year, certainly '25. So just any thoughts on if and when you might have data on that? Do you need to see your supply issues in China sorted to get more confidence in Zhifei growth above the contracted volumes?

首先，關於 Shingrix，希望你能幫助我們了解美國的動態。很明顯，劇本已經失敗了。如果您能幫助我們了解那裡的非零售領域正在發生什麼。現在已經穩定下來甚至再次成長了嗎？根據你們的峰值銷售指南，我認為到 2026 年它仍然只有 40 億英鎊。那麼，您是否以及何時可以獲得這方面的數據，有什麼想法嗎？您是否需要解決在中國的供應問題，以便對智飛的增長超過合約數量更有信心？

And then on Arexvy, can you help us understand where the total penetration rates that you see are now between yourselves and Pfizer in the comorbid and the over-80s population where risk is greater? So as you go into the new season, how many of these people have actually already had a vaccine? And are you going to sort of, I guess, a more difficult to reach population now?

然後，在 Arexvy 上，您能否幫助我們了解您現在看到的共病人群和風險較高的 80 歲以上人群中您自己與輝瑞之間的總滲透率是多少？那麼，當你進入新的季節時，其中有多少人實際上已經接種了疫苗？我想，現在您是否會變得更難以接觸人群？

Okay. Well, the back to Luke, again. I would just say, Graham, that we're not going to update our peak year sales forecast for Shingrix. It's more than [4] over time. Obviously, we just had another record quarter, which is great and really excited about what's coming for Zhifei. But we -- as Luke said, we're contracted for 2.5% over the next few years, and we're hoping to be more ambitious to that. But Luke, do you want to comment specifically on the Shingrix?

好的。好吧，再次回到盧克。 Graham，我只想說，我們不會更新 Shingrix 的高峰年銷售預測。隨著時間的推移，它已經超過[4]。顯然，我們剛剛迎來了另一個創紀錄的季度，這很棒，而且對智飛即將發生的事情感到非常興奮。但正如盧克所說，我們在未來幾年內簽訂了 2.5% 的合同，我們希望對此更加雄心勃勃。但盧克，你想具體評論Shingrix嗎？

Sure. And Graham, on the supply, we're trying to -- it's a 2024 effect. There was a slight tweak in the process that the Chinese regulator required. We've done that. And then now we're shipping. So that's the key thing. We're uncapped in '25 and '26 and hopefully beyond. Okay. So there's some structural things that have occurred here. So the main element, as I said in the earlier part of the call was the Q1 '23, you saw a bolus of people who are waiting for co-pay to be removed. And so that was our highest retail TRx order with Shingrix. So it's a tough comparator for the TRx retail.

當然。格雷厄姆，在供應方面，我們正在努力——這是 2024 年的影響。根據中國監管機構的要求，流程略有調整。我們已經做到了。然後現在我們正在發貨。這就是關鍵。我們在 25 年和 26 年都沒有參加過國家隊比賽，希望能超越這一年。好的。所以這裡發生了一些結構性的事情。因此，正如我在電話會議的前半部分所說，主要因素是 23 年第一季度，您會看到一大群人正在等待取消共付額。這是我們與 Shingrix 的最高零售 TRx 訂單。因此，對於 TRx 零售來說，這是一個艱難的比較。

Now your question was obviously about nonretail. I mean if you look at the trends last year, we averaged at about 1.3, 1.4 a quarter in shops with Shingrix, whereas in quarter 1 was about 1. And what is happening is because the administration costs and the paperwork around the co-pay, we're just seeing the structural shift of physicians just saying that the patient looked a lot easier if you just go next door with the pharmacy and get your shop there. And so that shift has happened.

現在你的問題顯然是關於非零售的。我的意思是，如果你看看去年的趨勢，我們在Shingrix 的商店中平均每季度約為1.3、1.4 次，而第一季約為1 次。的文書工作，我們只是看到醫生的結構性轉變，只是說如果你去隔壁的藥房並把你的商店開在那裡，病人看起來會容易得多。所以這種轉變已經發生了。

We have actually recovered some ground in terms of growth in terms of penetration in the centers beyond the 2 core ones, the 3 core ones we had. But we are pushing against this tide, which is just much easier for everyone if they go next door. Now the challenge is when they go next door in quarter 1, the pharmacists are very clear in terms of the market research. Their priority is flu RSV, so a little bit of a victim of our own success there and COVID.

實際上，我們在 2 個核心中心（我們擁有的 3 個核心中心）之外的中心的滲透率增長方面已經恢復了一些基礎。但我們正在抵制這種潮流，如果每個人都去隔壁的話，這對他們來說會容易得多。現在的挑戰是，當他們在第一季去隔壁時，藥劑師在市場研究方面非常清楚。他們的首要任務是流感 RSV，因此我們自己的成功和新冠病毒在某種程度上成為了他們的受害者。

In quarter 2, we expect that, obviously, as we move to the summer months, they're all signaling very strongly, that they expect to move Shingrix up, and we've actually seen that in terms of stocking levels in pharmacies. Wholesaler levels are stable, but we've seen the pharmacist start to build the stock up. So when we see that there's clearly an expectation of a shift to start vaccinating those patients there. So that's encouraging. I think I've covered everything.

在第二季度，我們預計，顯然，隨著夏季的到來，他們都發出了非常強烈的信號，他們希望提高 Shingrix 的銷量，我們實際上已經在藥房的庫存水平上看到了這一點。批發商的庫存水準穩定，但我們看到藥劑師開始增加庫存。因此，當我們看到人們顯然期望開始為這些患者接種疫苗時。所以這是令人鼓舞的。我想我已經涵蓋了一切。

Yes. Anything you want to say on the Arexvy penetration?

是的。關於 Arexvy 滲透率您有什麼想說的嗎？

Yes. Yes, sorry. I mean I think our strategy has been very clear, which has been to concentrate on the comorbid individuals, and we have outstanding market research there showing the intent of pharmacists and doctors to discuss this with patients and vaccinate them. And when you look at the #1 reason someone recommends Arexvy, it's efficacy and its efficacy in these populations. But we're very much in the early days.

是的。是的，抱歉。我的意思是，我認為我們的策略非常明確，即專注於合併症個體，我們在那裡進行了出色的市場研究，顯示藥劑師和醫生與患者討論這一問題並為他們接種疫苗的意圖。當你看到有人推薦 Arexvy 的第一大原因時，你會發現它的功效及其對這些人群的功效。但我們還處於早期階段。

But that initial penetration, the bulk of that is those high-risk informed individuals that have gone in there. I don't have the exact percentages in front of me, but yes, it's about 80% of those people are comorbid older individuals. So there's 65-plus where there's a lot less than that 60-plus. And of course, if we can get the 50 to 59 comorbid, that's a nice growth opportunity for us because they're just as aware of their risk as is their physician with these [comorbid] individuals.

但最初的滲透，其中大部分是那些進入那裡的高風險知情人士。我沒有確切的百分比，但是，是的，其中大約 80% 是患有共病的老年人。因此，有 65 歲以上的人，但比 60 歲以上的人少很多。當然，如果我們能夠得到 50 到 59 種共病，這對我們來說是一個很好的成長機會，因為他們和他們的醫生一樣意識到這些[共病]個體的風險。

And that's 15 another million American in the at-risk comorbids from 50 to 59, which is an exciting prospect.

這意味著 50 歲至 59 歲之間還有 100 萬美國人患有高風險合併症，這是一個令人興奮的前景。

Now we're going to come to UBS and Jo Walton.

現在我們要來談談瑞銀和喬·沃爾頓。

Jo Walton, you are on mute.

喬沃爾頓，你處於靜音狀態。

Three quick ones, please, or 2 related. Just if you could tell us a little bit more about AMP Cap. Trelegy did extremely well. Can you confirm that there's no bleed across in terms of rebates, et cetera, that is going to impact that and that, that is continued. I wonder if you could also just talk about Zantac litigation.

請快速提供三個，或相關的兩個。希望您能告訴我們更多有關 AMP Cap 的資訊。特雷吉表現得非常出色。您能否確認，在回扣等方面沒有出現任何影響，這會影響這一點，而且這一點仍在繼續。我想知道您是否也可以談談 Zantac 訴訟。

You -- we've now had one case that has gone to trials where you have previously been settling and you haven't settled that one. And we now see lots of potential cases and a Sargon set of cases coming out in California. We're just wondering if there's any time frame or any update as to when you might be able to resolve this situation.

你——我們現在有一個案件已經進入審判階段，你之前已經和解了，但你還沒有解決這個問題。我們現在看到許多潛在的案例和薩爾貢的一系列案例在加州出現。我們只是想知道是否有任何時間框架或任何更新來說明您何時能夠解決此情況。

Okay. Well, I'll come to Luke in a second on AMP Cap and rebates off the back of another quarter of absolutely fantastic dynamics for Trelegy. But let me make some comments on Zantac for everybody on the call. I mean, first of all, we remain very confident in our position and continue to defend the science and the facts very vigorously.

好的。好吧，我稍後會談到關於 AMP Cap 的 Luke，並從 Trelegy 的另一個季度絕對出色的動力中回扣。但讓我為參加電話會議的每個人發表一些關於 Zantac 的評論。我的意思是，首先，我們對自己的立場仍然非常有信心，並繼續大力捍衛科學和事實。

Obviously, you know that since 2019, there have been 16 independent studies that have been categoric in showing no causal link between ranitidine and cancer and the extensive review to the FDA and the EMA as well. Now obviously, Jo and others, you would not expect me to comment on the specifics of our legal strategy and especially with ongoing and current cases. But I do want to also emphasize and remind everyone that the upcoming Daubert hearing is purely a question of visibility of evidence.

顯然，您知道，自 2019 年以來，已有 16 項獨立研究明確表明雷尼替丁與癌症之間沒有因果關係，並且 FDA 和 EMA 也進行了廣泛審查。顯然，喬和其他人，你們不會指望我對我們法律策略的具體細節發表評論，尤其是針對正在進行和當前的案件。但我確實想強調並提醒大家，即將舉行的多伯特聽證會純粹是證據可見的問題。

Absolutely nothing whatsoever to do with any judgment on liability. And we are very focused on, as I said, defending our position vigorously. And in the meantime, this team and the whole organization is really all about delivering on our operating performance, our momentum for growth and continuing to invest for growth as well in line with our capital allocation priorities. So that's as much comment as I'm going to make on Zantac today. Luke, would you like to come back to AMP Cap?

絕對與任何責任判斷無關。正如我所說，我們非常注重大力捍衛我們的立場。同時，這個團隊和整個組織實際上都是為了實現我們的營運績效、成長動力，並根據我們的資本配置優先事項繼續投資促進成長。這就是我今天對 Zantac 的評論。路克，你想回到 AMP Cap 嗎？

Yes. Thanks, Emma. Jo, I mean Trelegy is really quite separate from AMP Cap. I mean the drivers there are the momentum around the gold guideline changes, commercial execution, and we have a very strong team in the U.S. A very simple messaging there. I mean we have around 64% of those patients who are on triple therapy with COPD and about 67% with asthma in the U.S.

是的。謝謝，艾瑪。 Jo，我的意思是 Trelegy 確實與 AMP Cap 完全不同。我的意思是，推動黃金準則變化的動力、商業執行，以及我們在美國擁有一支非常強大的團隊。我的意思是，在美國，大約 64% 的患者接受慢性阻塞性肺病三合治療，大約 67% 的患者接受氣喘治療。

So very strong penetration there, and you've still got a sizable proportion of individuals who are not responding to treatment. So between 40% and 60% of patients still exacerbate depending on which numbers you look at, which is good for Trelegy and could be very good for Nucala and depemokimab long term.

那裡的滲透力非常強，但仍有相當一部分人對治療沒有反應。因此，40% 到 60% 的患者病情仍然會惡化，具體取決於您查看的數字，這對 Trelegy 有利，並且從長遠來看可能對 Nucala 和 depemokimab 非常有利。

In terms of AMP Cap, I mean, the numbers that we've given in the past are still the same. We had a USD 150 million effect at the end of 2023. If you look at broader exposure for the rest of 2024, it's still around USD 550 million. I mean, I think to be fair, we did better than we were expecting in quarter 1. Some of the strategies that we had commercially did exceed our own expectations, which is always nice for further than the other way around.

就 AMP 上限而言，我的意思是，我們過去給出的數字仍然相同。到 2023 年底，我們產生了 1.5 億美元的影響。我的意思是，公平地說，我們在第一季的表現比預期要好。

But -- and that there will be a countermove to those. And so I don't think we're going to see the full effect until we're talking at the half year results for the total AMP Cap exposure. And then just back on the China question, [Nick just helped me] is about 20% for Shingrix sales will be in Q1 and then 60% to 80% in half 1 if you're on phasing of that [400].

但是——而且將會有針對這些的反作用。因此，我認為在我們討論 AMP 上限總風險的半年結果之前，我們不會看到全部影響。然後回到中國問題，[Nick 剛剛幫助了我]Shingrix 的銷售額將在第一季度增長約 20%，然後在第一季度增長 60% 到 80%（如果你正在分階段實施）[400]。

Our next question from Steve Scala.

我們的下一個問題來自史蒂夫·斯卡拉。

Two questions. GSK has had a strong run of under-promising and over-delivering. And for that, it deserves tremendous credit. So why shouldn't we think about the statement that H1 will be stronger as H2 as more a messaging strategy, not a true reflection of fundamentals and just assume that H2 will be much stronger than GSK states.

兩個問題。葛蘭素史克 (GSK) 曾多次出現承諾不足和交付過多的情況。為此，它值得巨大的讚譽。那麼，為什麼我們不應該將 H1 將比 H2 更強的說法更多地視為一種訊息傳遞策略，而不是基本面的真實反映，而只是假設 H2 將比 GSK 聲明的強得多。

I've heard everything you've said about the business, but the business has great momentum. The total turnover comps don't support your statements. So I guess in the end, the question is, why are you so pessimistic about your own business in H2? The second question is why is GSK developing an H5N1 pandemic flu mRNA vaccine? This is a just in case? Or are you hearing a significant concern from health and government authorities?

我聽過你所說的有關該業務的所有內容，但該業務勢頭強勁。總營業額比較不支持你的說法。所以我想最後的問題是，你為什麼對自己的下半年事業如此悲觀？第二個問題是葛蘭素史克為什麼要開發H5N1大流行流感mRNA疫苗？這是以防萬一嗎？或者您聽到衛生和政府當局的重大擔憂？

Thanks, Steve. Well, I'll come to Tony on your second question. On your first one, just to requote, Luke, I'd rather it that way around. But listen, we are absolutely -- and I'm going to ask Julie actually to comment and reiterate the thinking on phasing. I just want remind that on we're at Q1. We're absolutely delighted with the start to the year. And really pleased in terms of the progress or the growth of Vaccines and Specialty, but also in the earlier as Luke just said, delivery in Gen Meds as well.

謝謝，史蒂夫。好吧，我會來問托尼你的第二個問題。關於你的第一個，只是重新引用一下，盧克，我寧願這樣。但聽著，我們絕對是——我實際上會請朱莉發表評論並重申關於分階段的想法。我只是想提醒一下，我們正處於第一季。我們對今年的開局感到非常高興。對於疫苗和專業的進展或成長感到非常高興，正如盧克剛才所說的那樣，也對 Gen Meds 的交付感到高興。

And obviously, we intend to keep you updated through the year. There are some very real comparator questions, but make no mistake, the whole of this team and all the people that support these teams are very focused on maximizing the delivery that we can, whether it's this year or way beyond it. But Julie, do you want to add any more points on the items?

顯然，我們打算全年為您提供最新資訊。有一些非常現實的比較問題，但毫無疑問，整個團隊和所有支持這些團隊的人都非常專注於最大限度地提高我們的交付能力，無論是今年還是以後。但是朱莉，你想在這些項目上添加更多積分嗎？

Thank you and thanks for the comment. I think the main thing is that we definitely know we've got a benefit with phasing in the first half. As we mentioned, we are going to annualize some very strong launches that we did in the second half last year, including Arexvy, Ojjaara and Jemperli life cycle indications. So that's definitely a factor. Those alone added 5 percentage points of growth in our first quarter, just to give you a sense of the numbers.

謝謝您並感謝您的評論。我認為最重要的是，我們肯定知道上半場的逐步推進會為我們帶來好處。正如我們所提到的，我們將把去年下半年推出的一些非常強勁的產品納入年度報告，包括 Arexvy、Ojjaara 和 Jemperli 生命週期適應症。所以這絕對是一個因素。光是這些就為我們第一季帶來了 5 個百分點的成長，僅供您了解這些數字。

As Luke mentioned, secondly, we've got Zhifei in China for Shingrix, which is going to be first half loaded. We're expecting around 60% to 80%. And therefore, that also skews the phasing. And then I think the final thing to say is there are 2 factors we're very conscious of. One is AMP Cap. I think Luke gave a good feel about the AMP Cap dynamics, and we're waiting to see how that pans out in the second quarter.

正如 Luke 所提到的，其次，我們在中國為 Shingrix 找到了智飛，該產品將在上半年完成。我們預計約為 60% 至 80%。因此，這也扭曲了階段。我認為最後要說的是，我們非常清楚有兩個因素。一是 AMP 帽。我認為盧克對 AMP 上限動態有很好的感覺，我們正在等待看到第二季的結果。

And then obviously, we're entering the main vaccine season, and we have got -- we believe we've got an expanding market for sure. And as Emma mentioned, we're going to go all out to win. But we've also got a third competitor in the ring that we've got to be conscious of. So that's why we've guided the way we have.

顯然，我們正在進入主要的疫苗季節，我們相信我們肯定有一個不斷擴大的市場。正如艾瑪所說，我們將全力以赴贏得勝利。但我們還必須注意擂台上的第三個競爭對手。這就是為什麼我們採用我們現在的方式。

And I'll keep it short on H5N1. It's in response to health authority requests, and it's triggered by a change in the transmission associated with that variant very early. And I would say (inaudible) quarter.

我將簡短介紹 H5N1。它是為了響應衛生當局的要求，並且是由與該變種相關的傳播變化很早就觸發的。我想說（聽不清楚）四分之一。

Okay. We go to come to Redburn Atlantic and Simon Baker.

好的。我們要去雷德本大西洋和西蒙貝克。

Two if I may, please. Firstly, on Shingrix. The very strong long-term efficacy data suggests that a general revaccination is still some way away. But I just wonder are there any specific populations where revaccination might be on the horizon? And then moving on to oncology. [Very] strong performance in oncology. I just wonder how much is there left in the near term, given the strong share gain, particularly with Jemperli in endometrial. The strong performance in Ojjaara. I mean the suggestion is that doctors will be using a lot more of it in the next 6 months. I just wonder if you could give us an idea of what that near-term upside is within oncology in 2024.

如果可以的話，請給我兩個。首先是Shingrix。非常強勁的長期療效數據表明，距離全面重新接種疫苗仍有一段路要走。但我只是想知道是否有任何特定族群可能即將重新接種疫苗？然後轉向腫瘤學。在腫瘤學方面的表現[非常]強勁。我只是想知道，鑑於份額的強勁增長，尤其是子宮內膜領域的 Jemperli，短期內還剩下多少。奧加拉的強勁表現。我的意思是，建議醫生在接下來的 6 個月內會使用更多的藥物。我只是想知道您能否讓我們了解 2024 年腫瘤學領域的近期優勢是什麼。

Well, oncology has obviously started extremely well. So Luke, perhaps you go to comment on that. It's still an emerging business for us, but you'll definitely get a lot more Meet the Management, too. But do you want to pick up with that and then Tony will come to you on Shingrix.

嗯，腫瘤學顯然已經開始得非常好。盧克，也許你可以對此發表評論。對我們來說，這仍然是一項新興業務，但您肯定也會獲得更多與管理層會面的機會。但你想接受這個嗎？

Yes. I mean I think, Simon, the short answer is there's plenty [left] around. If you look at Ojjaara and the launch you saw the chart there, market research again is very encouraging. The positioning of the product has been very deliberate in terms of targeting individuals within EMEA, which is about 40% of subjects in first line and 70% in second line.

是的。我的意思是，西蒙，我認為簡短的回答是還有很多[剩餘]。如果你看看 Ojjaara 和你在圖表中看到的發布，市場研究再次非常令人鼓舞。該產品的定位經過深思熟慮，針對歐洲、中東和非洲地區的個體，其中約 40% 的受試者處於一線，70% 處於二線。

If you look at barriers to use, the #1 barrier, which is not a major one is I haven't used the product before, which, of course, we're happy to assist people in doing that. And then the second one is just access and having on the [tender.] So that's what we're doing. If you look at early market share, I disclosed as earlier, I think are quite exciting at 14% and 28% so far. So I think, yes, very encouraging to keep that.

如果你看看使用障礙，第一大障礙（不是主要障礙）是我以前沒有使用過該產品，當然，我們很樂意幫助人們這樣做。然後第二個就是訪問並參與[投標]。如果你看看我之前透露的早期市場份額，我認為到目前為止 14% 和 28% 的市場份額相當令人興奮。所以我認為，是的，保留這一點非常令人鼓舞。

And of course, we're accumulating these patients that have very long tails once they're on, particularly first line. So we had an initial bolus of patients who are more refractory, and now we're moving into exactly the universe that we expect to see more durable usage in, which is first-line individuals with hemoglobin levels below about 10.

當然，我們正在累積這些患者，一旦上崗，就會有很長的尾巴，尤其是第一線患者。因此，我們最初對更難治的患者進行了推注，現在我們正在進入我們期望看到更持久使用的領域，即血紅蛋白水平低於 10 左右的一線個體。

In terms of Jemperli, I mean, endometrial is the focus right now. We'll cover a lot more broadly. I don't want to preempt the Meet the Management call that will cover more on the life cycle plants. So Jemperli, this is a pretty interesting and exciting work going there. If you look at the perception versus pembrolizumab, Pembrolizumab is the easier choice, is more broadly available. People are more familiar with it, but we are seeing quite a striking shift in terms of physicians' assessment of Jemperli and willingness to try it.

就 Jemperli 而言，我的意思是，子宮內膜是目前的焦點。我們將涵蓋更廣泛的內容。我不想搶佔與管理層會面的電話會議，該電話會議將涵蓋更多關於工廠生命週期的內容。 Jemperli，這是一項非常有趣且令人興奮的工作。如果您比較一下對派姆單抗的看法，您會發現派姆單抗是更容易的選擇，並且使用範圍更廣。人們對它更加熟悉，但我們看到醫生對 Jemperli 的評估和嘗試意願方面發生了相當驚人的變化。

And as we mentioned earlier, the fact that we have a very strong hazard ratio of 0.69, and that's coming out of the FDA, hopefully, on the 5th of May. If that then means downstream NCCN guideline changes, then which you would expect with survival, then that's a further propelling for growth.

正如我們之前提到的，我們的風險比非常高，為 0.69，FDA 預計在 5 月 5 日公佈這一結果。如果這意味著下游 NCCN 指南發生變化，那麼您會期望生存，那麼這將進一步推動成長。

And then with Zejula, again, shift to tablets, that's more of a one-off effect. But if we can just hold that business pretty stable in the U.S., which I think we can, following the label changes. And then if you look at ex U.S., we've got good growth in Europe, which is heavily volume-driven and emerging markets, we're still in the launch phase with a lot of these smaller markets. So net-net, with oncology, I think we're well placed to keep things moving, and we'll tell you more at Meet the Management around ASCO.

然後，Zejula 再次轉向平板電腦，這更像是一次性效果。但如果我們能夠在美國保持該業務相當穩定，我認為我們可以在標籤發生變化後做到這一點。然後，如果你看一下美國以外的地區，我們在歐洲有良好的成長，這是一個很大程度上由銷售驅動的新興市場，我們仍處於啟動階段，有許多較小的市場。因此，在腫瘤學方面，我認為我們完全有能力推動事情向前發展，我們將在與 ASCO 管理層會面時告訴您更多。

Yes. And probably the only thing to add to that. Obviously, we have a premier OS data coming in [this June] as well. So -- and that will also figure early in the year. Let me address your question on Shingrix, Simon. So (inaudible) followed it, the long-term followed data were exceptional with nearly 80% efficacy overall in the 50-plus population. Of course, what that does is underscores the value of vaccinating with Shingrix from 50 years onwards. I'd say based on the strength of the data we've got so far, there's no clear evidence as to when a booster will be warranted. But obviously, we're continuing to monitor the nature of breakthrough in particular at the -- in average populations.

是的。這可能是唯一需要補充的。顯然，我們[今年六月]也將獲得重要的作業系統數據。所以——這也將在今年年初出現。西蒙，讓我回答一下你關於 Shingrix 的問題。所以（聽不清楚）遵循了它，長期追蹤數據非常出色，在 50 歲以上人群中整體療效接近 80%。當然，這強調了 50 年後接種 Shingrix 疫苗的價值。我想說，根據我們迄今為止獲得的數據強度，沒有明確的證據表明何時需要加強。但顯然，我們正在繼續監測突破的性質，特別是在普通人群中。

So next question is James Gordon from JPMorgan.

下一個問題是來自摩根大通的詹姆斯·戈登。

James Gordon, JPMorgan. First question was about Arexvy revaccination and make sure I've got Luke's comments correctly. So was it that the 2-year dosing interval revaccination data is now going to be in H2? It may be an ACIP meeting in October. And this is the not study antibody titer data, so do you now have data that says with the 2-year interval? There are much stronger -- is a much stronger boost on antigo levels. And that's what's giving you the confidence that you'd get the 2-year recommendation even though you won't have clinical data?

詹姆斯‧戈登，摩根大通。第一個問題是關於 Arexvy 重新接種疫苗，並確保我正確理解了盧克的評論。那麼兩年給藥間隔再接種資料現在將在下半年嗎？可能是 10 月的 ACIP 會議。這是未研究的抗體滴度數據，那麼您現在有兩年間隔的數據嗎？還有更強大的 - 是對 Antigo 水平的更強大的提升。這就是為什麼即使您沒有臨床數據也能讓您有信心獲得 2 年推薦？

And then the second question was just a couple of one-offs that Luke and Julie mentioned. One was Shingrix, U.S., I believe, was down 4%, but there was some pricing on prior inventory moves. So is that a clean trend? Or could Shingrix in the U.S. still be down teens for the year?

第二個問題只是盧克和朱莉提到的幾個一次性問題。其中之一是美國的 Shingrix，我相信它下跌了 4%，但之前的庫存變動有一些定價。那麼這是一個乾淨的趨勢嗎？或者美國的 Shingrix 今年仍會下滑？

And Gen Meds looks like there could be a bit of a one-off as well. So I think it grew 1%, but you're saying down mid-single digit. So the extent which Gen Meds has a one-off? And then also just gross margin that's very good up [20 bps], but you're going to have higher Arexvy sales in H2. So can we say the Q1 gross margin and then give a boost from more of Arexvy sales in the second half? Or is there something one-off there at all?

Gen Meds 看起來也可能是一次性的。所以我認為它增長了 1%，但你說的是下降了中個位數。那麼Gen Meds在多大程度上具有一次性性呢？然後，毛利率也大幅上升 [20 個基點]，但下半年的 Arexvy 銷售額將會更高。那麼，我們是否可以先計算第一季的毛利率，然後再考慮下半年 Arexvy 銷售的成長？或是那裡有什麼一次性的東西嗎？

That's at least 4 or 5 questions in there. Anyway, I'm going to come to Julie first on gross margin. Then, Tony, if you could talk about the 2-year, 3-year data. Just clarify that. And then Luke will come back to repeat on the Shingrix and Gen Meds questions that have been raised.

裡面至少有4、5個問題。無論如何，我首先要談談毛利率。那麼，東尼，您能談談 2 年、3 年的數據嗎？只是澄清一下。然後盧克會回來重複Shingrix 和Gen Meds 提出的問題。

Thank you. Thank you, Emma. It is definitely the product mix. So because we had such a strong half in the second half of last year, largely based on those launches, which, as you know, specialty care and vaccines, a high margin. Because we had Shingrix, we had Arexvy and we also had Ojjaara and Jemperli life cycle. They significantly change the gross margin. And we'll be up against those in the second half of this year because they were new launches. So that changes the dynamic in gross margin overall. We also have the stocking effect, of course, last year. I think that was gross margin down.

謝謝。謝謝你，艾瑪。這絕對是產品組合。因為我們去年下半年的業績非常強勁，主要是基於這些產品的推出，正如你所知，特別護理和疫苗的利潤率很高。因為我們有 Shingrix，我們有 Arexvy，我們還有 Ojjaara 和 Jemperli 生命週期。它們顯著改變了毛利率。我們將在今年下半年與這些產品競爭，因為它們是新推出的。因此，這改變了整體毛利率的動態。當然，去年我們也有庫存效應。我認為毛利率下降了。

Yes. So Tony or me?

是的。那麼托尼還是我？

We get that.

我們明白了。

Yes. Okay. And look, I think I don't want to repeat myself on Shingrix U.S. I mean the key thing is there is a structural shift out of nonretail to retail. We're addressing that. We've also said as you go up that curve of adoption, you have to work harder for those patients, and that's what we're doing. But if you look at it last year, we increased the penetration by 7%. So if we can keep adding 1 -- 1-plus percent each quarter, then it's still big numbers, James.

是的。好的。看，我想我不想在 Shingrix U.S. 上重複我的話，我的意思是關鍵是從非零售到零售的結構性轉變。我們正在解決這個問題。我們也說過，當你沿著採用曲線上升時，你必須為這些患者更加努力工作，這就是我們正在做的事情。但如果你看看去年，我們的滲透率提高了 7%。因此，如果我們每個季度都能繼續增加 1% 至 1% 以上，那麼這仍然是一個很大的數字，詹姆斯。

And I think as I said earlier, you'll see pharmacists start to switch on and come back to vaccinating Shingrix instead of the respiratory vaccines as we come out of winter in the Northern Hemisphere. So I think still lots of reasons to be balanced and certainly not double-digit pressure.

我認為，正如我之前所說，當我們走出北半球的冬天時，你會看到藥劑師開始重新接種 Shingrix，而不是呼吸道疫苗。所以我認為仍然有很多理由需要平衡，當然不是兩位數的壓力。

And then also, again, the strategy has always been with Shingrix, which is to saturate the U.S. and then move into Europe, which, again, the extended efficacy data helps us, which is when we're negotiating with payers that haven't got national tenders like we are right now with France. The fact that you've got this outstanding efficacy at 11 years is really compelling value for money for these governments. So that's very helpful. And also for individuals paying out of pocket. And then, of course, we mentioned China. So the strategy that we've had of U.S., Europe, emerging markets is very much in place.

而且，再說一次，Shingrix 的策略一直是，那就是讓美國飽和，然後進入歐洲，這再一次，擴展的功效數據對我們有幫助，這就是當我們與尚未付款的付款人進行談判時。我們現在在法國進行的國家招標一樣。事實上，11 年以來取得的卓越成效對於這些政府來說確實物有所值。這非常有幫助。也適用於自付費用的個人。然後，當然，我們提到了中國。因此，我們針對美國、歐洲和新興市場的策略非常到位。

With prices maintained (inaudible) .

價格不變（聽不清楚）。

Exactly with very disciplined pricing corridors. And then ultimately, I mean, we mentioned booster, which may only be a subset, but there's also the exciting work that we're looking into with dementia which, again, I think you have to rewrite the penetration rates in a few years' time if we did demonstrate a prospective outcome on that one.

正是有非常嚴格的定價走廊。最後，我的意思是，我們提到了助推器，這可能只是一個子集，但我們也正在研究癡呆症的令人興奮的工作，我認為你必須在幾年內重寫滲透率。證明了這一點的預期結果，那麼是時候了。

In terms of General Medicines, look, I mean, the way to look at AMP Cap about a 4% drag. So if you factor that in, I think we're still very much in with the range that we've talked about. We did see an effective product like Augmentin, a good season in Japan with Hay fever. So these will start to wash out over the year and the more typical structural effects in General Medicines will keep that.

就普通藥品而言，我的意思是，AMP 上限大約有 4% 的阻力。因此，如果你考慮到這一點，我認為我們仍然非常符合我們討論過的範圍。我們確實看到了像Augmentin這樣有效的產品，在日本花粉症的好季節。因此，這些將在一年內開始消失，普通藥物中更典型的結構效應將保持這種狀態。

And the fact is when we get up in the morning, our first priority, of course, Vaccines and Specialty care, General Medicines in terms of resources, everything by definition has to be third on that priority. So we can grow in other areas that's where we're going to spend time, money and effort.

事實上，當我們早上起床時，我們的首要任務當然是疫苗和專業護理、普通藥物，就資源而言，根據定義，一切都必須排在第三位。因此，我們可以在其他需要花費時間、金錢和精力的領域中實現發展。

And the super contribution to the mix as we said. I mean -- we are now at 2/3 of the business. It's one of the most important structural shifts in the company and is what is helping to drive leverage for us is this move to where innovation can either be truly unique sustained and an enormous demand because of its direct returns in prevention and vaccines or real breakthroughs in step changes in care and prevention in specialties we're seeing with the pipeline that's coming through. Tony, do you want to talk about that.

正如我們所說，對混音的巨大貢獻。我的意思是——我們現在佔業務的 2/3。這是公司最重要的結構性轉變之一，也是幫助我們提高影響力的原因之一，因為這種轉變可以使創新真正獨特、可持續，並產生巨大的需求，因為它在預防和疫苗方面有直接回報，或在預防和疫苗方面取得了真正的突破。東尼，你想談談這個嗎？

Yes. It's very high level. I'll walk you through the considerations for the season 3 data, James. So first of all, just to remind you, an ACIP decision is very unlikely before '25. And that's because the first subjects to receive the commercial vaccine are protected through the '25 season. So whether or not you revaccinate, that can wait until '25, '26 season.

是的。這是非常高的水平。詹姆斯，我將向您介紹第三季數據的考慮因素。首先，謹提醒您，ACIP 在 25 年前做出決定的可能性很小。這是因為第一批接受商業疫苗的受試者在整個 25 年季節都受到保護。所以無論你是否重新接種疫苗，都可以等到25、26賽季。

There are 2 important data flows running into that. One is the vaccine efficacy study 006, that is dependent on the season. And the Northern Hemisphere '23, '24 season has not yet finished. That's a CDC decision. It's a global study and that is what is behind the move of the data into the second half.

有兩個重要的資料流涉及其中。一是疫苗功效研究006，即取決於季節。而北半球'23、'24賽季還沒結束。這是疾病預防控制中心的決定。這是一項全球性研究，也是下半年資料轉移的原因。

The second data flow is the immunogenicity study, that's 004, and that is on track to report out in the second half. It includes a number of different revaccination schedules. I don't want to get into the detail on that. Safe to say that what we're seeing there from earlier data as is expected, which is the longer you wait between vaccination, the greater the boost.

第二個資料流是免疫原性研究，即004，預計下半年報告。它包括許多不同的重新接種計劃。我不想詳細討論這一點。可以肯定地說，我們從早期數據中看到的結果正如預期的那樣，即接種疫苗之間等待的時間越長，促進作用就越大。

Okay. We're going to come to Emily Field at Barclays.

好的。我們要去巴克萊銀行的艾蜜莉菲爾德。

The first one is Gilead last week talked about the impact of the Part D redesign on their HIV business, resulting in flat growth for 2025. I was just wondering if you could give any color on how you're expecting that to impact your own business in '25.

第一個是吉利德上週談到了 D 部分重新設計對其 HIV 業務的影響，導致 2025 年增長平穩。

And then secondly, just on Blenrep. Before it was removed from the peak sales guide. I believe it had been for a guidance of over GBP 3 billion in peak sales and now having DREAMM-8 and DREAMM-7, I was awaiting the data from DREAMM-8. Could you talk about perhaps expecting when you may add that in or characterize sort of how that peak sales opportunity may have changed with the new indications?

其次，就 Blenrep 而言。在它被從高峰銷售指南中刪除之前。我相信這是針對超過 30 億英鎊的峰值銷售的指導，現在有了 DREAMM-8 和 DREAMM-7，我正在等待 DREAMM-8 的數據。您能否談談您可能期望什麼時候添加這一點，或者描述峰值銷售機會如何隨著新的跡象而變化？

Thanks, Emy. I mean just on the peak year sales from Blenrep, we're obviously not going to be updating that today. We explicitly -- and it's an interesting reference point to look at '21 when we were talking about earlier lines. But we have new data, the exciting data that's come through. We're going to be presenting at ASCO.

謝謝，艾米。我的意思是，就 Blenrep 的高峰年銷售而言，我們今天顯然不會更新。我們明確地——當我們談論早期的台詞時，看看 21 年是一個有趣的參考點。但我們有新的數據，令人興奮的數據。我們將在 ASCO 上進行展示。

Tony, Luke and their teams will update you at Meet the Management about how we see the path forward. But we've obviously got a journey to go on with the regulators. We're very engaged in that. But clearly, what we're interested is in the step change of impact for patients, and that could be very exciting. And we'll keep you updated along that journey in due course.

東尼、盧克和他們的團隊將在與管理層會面時向您介紹我們如何看待未來的發展道路。但顯然我們還有一段與監管機構合作的旅程要繼續。我們對此非常投入。但顯然，我們感興趣的是對患者影響的逐步變化，這可能非常令人興奮。我們將在適當的時候向您通報這一歷程的最新情況。

Deborah, excited to have a question on HIV. So perhaps you could comment. We don't guide by asset by year, but we have factored this into our broader outlook. And Deborah, can you give a bit more color to that, please?

黛博拉很高興有一個關於愛滋病毒的問題。所以也許你可以發表評論。我們不按年份劃分資產進行指導，但我們已將其納入我們更廣泛的前景中。黛博拉，你能給它多一點色彩嗎？

Thanks, Emily. So the first thing to say is, we're obviously delighted by our growth in Q1, which was 14%, and we're particularly delighted because as I said earlier, 50% of our growth, our pound growth came from long-acting injectables and the momentum behind those medicines is continuing to be extremely important today in driving growth and will continue to be important together the decade as our pipeline, which is long-acting injectable orientated continues to make great progress.

謝謝，艾米麗。所以首先要說的是，我們顯然對第一季 14％ 的增長感到高興，而且我們特別高興，因為正如我之前所說，我們增長的 50％，我們的英鎊增長來自長效注射劑和這些藥物背後的動力在當今推動成長方面仍然極其重要，並且隨著我們以長效注射劑為導向的管道繼續取得巨大進展，未來十年也將繼續發揮重要作用。

In terms of 2025, so we believe that the IRA, Medicare Part D redesign, will have an impact of about GBP 200 million next year. So it will be a drag. But actually, as you can see, our growth is -- our growth and our momentum is very strong. So it will have a headwind, but we believe that's manageable and has already been factored into all of the guidance we've given, including our upgrade last year to our 5-year CAGR '21 to '26 being 6% to 8% growth and more than 7% at a group level.

就 2025 年而言，我們認為 IRA（醫療保險 D 部分的重新設計）明年將產生約 2 億英鎊的影響。所以這將是一個拖累。但實際上，正如你所看到的，我們的成長和勢頭非常強勁。因此，它將面臨阻力，但我們相信這是可控的，並且已經納入我們給出的所有指導中，包括我們去年將 21 至 26 年的 5 年複合年增長率升級為 6% 至 8%集團層面超過7%。

Thanks. I'm mindful of the fact that we are at the end of the call, so we're going to run for another 10 minutes. We do have 5 individuals with hands raised, so we can (inaudible) get through as many of these as possible if we can keep both the question and answer concise, then hopefully, we'll get there. So Richard Parkes will come to you, please next, BNP Paribas.

謝謝。我注意到我們已經結束通話了，所以我們還要再跑 10 分鐘。我們確實有 5 個人舉手了，所以如果我們能夠保持問題和答案簡潔，我們就可以（聽不清楚）盡可能多地回答這些問題，那麼希望我們能做到這一點。理查德·帕克斯 (Richard Parkes) 會來找您，接下來請法國巴黎銀行 (BNP Paribas)。

I just want to push a bit more on the RSV revaccination potential. It's my understanding is that you'll no longer have vaccine efficacy data for patients having received a booster before season 3. So we're just going to have immunogenicity data. So I'm just wondering about how confident you are that ACIP will make a recommendation based on just immunogenicity data when the previous booster data, we're sure, showed no additional benefit from (inaudible) season 1? So that's the first question.

我只是想進一步推動 RSV 重新接種的潛力。我的理解是，您將不再獲得在第三季之前接受加強疫苗的患者的疫苗功效數據。所以我只是想知道，當我們確信之前的加強劑數據沒有顯示（聽不清楚）第一季沒有帶來額外好處時，您對 ACIP 將僅根據免疫原性數據提出建議有多大信心？這是第一個問題。

And then second on -- just on Shingrix, just to round off the discussion. So in Europe, growth is slow to single digits. I'm just wondering is that just a capacity allocation? Or could we expect to see a sort of reacceleration in growth for Shingrix in Europe?

然後是關於 Shingrix，只是為了結束討論。因此在歐洲，成長緩慢至個位數。我只是想知道這只是容量分配嗎？或者我們可以期望看到 Shingrix 在歐洲的成長再次加速？

Okay. Quick answers. Tony and then Luke.

好的。快速回答。東尼，然後是盧克。

Yes. So ACIP will make a decision this year, and it will be on vaccine efficacy from 3 seasons and immunogenicity when we present those data together.

是的。因此，ACIP 今年將做出決定，當我們將這些數據放在一起時，將根據 3 個季節的疫苗功效和免疫原性做出決定。

Thanks. Luke?

謝謝。盧克？

Yes, it's very much driven as we open up tenders. I said we're in discussions with France right now. We've got a very good rating in tough system and another of the smaller European markets are starting to open up. So I would expect growth in the second half to be encouraging.

是的，當我們進行招標時，它受到了很大的推動。我說我們現在正在與法國進行討論。我們在嚴格的體系中獲得了非常好的評價，另一個較小的歐洲市場也開始開放。因此，我預計下半年的成長將令人鼓舞。

We'll take the next question from (inaudible).

我們將回答（聽不清楚）的下一個問題。

Sorry, 2 more for Luke, Pete (inaudible) here from Citi. On the IL-5 franchise, we're assuming biologics penetration in severe asthma, currently around 20% to 30%. Just interested to hear whether you had more precise data and thoughts or hopes where penetration could peak out?

抱歉，還有 2 位來自花旗銀行的 Luke、Pete（聽不清楚）。對於 IL-5 專營權，我們假設生物製劑在嚴重氣喘的滲透率目前約為 20% 至 30%。只是想知道您是否有更精確的數據和想法，或者希望滲透率能夠達到頂峰？

And then secondly, the mepo COPD data does play out as you hope in terms of target clinical profile. How are you thinking about biologics penetrating in COPD. I mean, can the ramp be quicker than what has been seen in asthma in line with pulmonologist already being experienced in biologics? Or would you take a more cautious view given the novelty of biologics as a treatment option in COPD?

其次，mepo COPD 數據在目標臨床特徵方面確實如您所希望的那樣發揮作用。您如何看待生物製劑在慢性阻塞性肺病中的滲透？我的意思是，根據肺科醫師在生物製劑方面的經驗，這種上升速度是否可以比氣喘中所見的速度更快？或者考慮到生物製劑作為慢性阻塞性肺病治療選擇的新穎性，您會採取更謹慎的觀點嗎？

Yes, Peter. I mean, I think -- look, your numbers are very consistent with what we see in terms of tracking insurance databases, ATUs, physicians, surveys, et cetera. If anything, physician surveys, they tend to overstate their usage, I think this is part historical. I mean there are lots of parallels we've seen, of course, with TNFs and rheumatologists.

是的，彼得。我的意思是，我認為 - 看，你們的數字與我們在追蹤保險資料庫、ATU、醫生、調查等方面看到的數據非常一致。如果有的話，醫生調查顯示，他們傾向於誇大其用法，我認為這部分是歷史性的。當然，我的意思是，我們已經看到腫瘤壞死因子和風濕病學家有很多相似之處。

When you see more recent graduates that have been trained and employed antibodies throughout their training, they're more comfortable with the utilization. You've also got the evidence trend is moving in our favor. There's an emerging and we've done some good studies here and plan to build on this around the capacity to drive remission through earlier intervention with antibodies.

當您看到更多最近接受過培訓並在整個培訓過程中使用抗體的畢業生時，他們對使用感到更加滿意。您還得到了趨勢正在朝著對我們有利的方向發展的證據。這是一個新興的領域，我們在這裡做了一些很好的研究，並計劃在此基礎上透過早期抗體幹預來推動緩解。

So with IL-5, in particular, Nucala, we published on that. So I think that's all working in our favor. With COPD, my expectation is, yes, they would use it more actively because they've had a number of years' experience in asthma subject. So let's see, of course, it's going to be driven by the strength of the data. And of course, we have huge synergies with Trelegy, Arexvy and the COPD treatment group. So yes, let's see.

因此，對於 IL-5，特別是 Nucala，我們發表了相關內容。所以我認為這一切都對我們有利。對於慢性阻塞性肺病，我的期望是，是的，他們會更積極地使用它，因為他們在氣喘領域有多年的經驗。所以讓我們看看，當然，這將由數據的強度驅動。當然，我們與 Trelegy、Arexvy 和 COPD 治療組有著巨大的協同效應。所以是的，讓我們看看。

Obviously, we're going to (inaudible) the Nucala, but then we have play in the rest of the longer-acting IL-5s and also the deal we closed this quarter in terms of where other technologies can take us.

顯然，我們將（聽不清楚）Nucala，但隨後我們將參與其餘的長效 IL-5，以及我們本季完成的交易，以了解其他技術可以帶我們去哪裡。

Peter Welford at Jefferies.

傑富瑞 (Jefferies) 的彼得‧韋爾福德 (Peter Welford)。

I'll stick to one question. Just curious on Arexvy with regards to the 50- to 59-year-old. Your degree of confidence that you'll get a positive CDC ACIP review of that, given some of the prior commentary the earlier this year. And obviously, not in the approval, but we're just thinking about the ACIP rather than FDA and I'd love related to that, any commentary you have on the recent headline data we saw for an 18- to 59-year-old cohort from your competitor? And whether do you think there's any commercial risk from the 18- to 50-year-old cohort that there is there?

我會堅持一個問題。只是對 Arexvy 對 50 至 59 歲的人感到好奇。鑑於今年早些時候的一些評論，您對獲得 CDC ACIP 積極審查的信心程度。顯然，不是在批准中，但我們只是考慮 ACIP 而不是 FDA，我很樂意與此相關，您對我們最近看到的 18 至 59 歲人群的頭條數據有任何評論嗎？您認為 18 至 50 歲族群是否有任何商業風險？

Tony?

托尼？

Yes. So just quickly then, Peter, FDA accepted the submission, we got a PDUFA date for June. So it will be available for ACIP and as Luke mentioned, in the 50 to 59 population, we are focused on high-risk individuals. The data is just as strong as the 60-plus population. So I think we're in good shape for that particular decision. And then remind me what the second question...

是的。 Peter 很快就接受了 FDA 的提交，我們得到了 6 月份的 PDUFA 日期。因此，它將適用於 ACIP，正如 Luke 所提到的，在 50 至 59 歲的人群中，我們將重點放在高風險族群。這個數據和60歲以上的人口一樣有力。所以我認為我們已經做好了做出這個決定的準備。然後提醒我第二個問題...

Well, Luke will take the second question.

那麼，盧克將回答第二個問題。

Yes. I mean I think the other thing to factor in, Peter, is you've got 7 new ACIP members now on a new chair. So the question will be, will you see we see a change in behavior? Now if you look at the 18 to 59 with Pfizer and the commercial consequences of that, I mean, in the end, the bulk of this volume is going to be driven by retail business, 90% and that's older individuals.

是的。我的意思是，Peter，我認為另一個需要考慮的事情是，現在有 7 位新 ACIP 成員擔任新主席。所以問題是，你會看到我們的行為改變嗎？現在，如果你看看輝瑞的 18 至 59 歲人群及其商業後果，我的意思是，最終，這一銷量的大部分將由零售業務驅動，其中 90% 是老年人。

And we've seen that pattern again with Shingrix. Remember, we've got the [ISE] label 18-plus there, and it's a small number. It does help with contracting, but the 50 to 59 for us also helps with contracting. The younger individuals are more likely to be -- the non-Medicare population are more likely to be treated in the retail, e.g. (inaudible), et cetera. So not too concerned about it at this point.

我們在 Shingrix 中再次看到了這個模式。請記住，我們那裡有 [ISE] 標籤 18+，而且這個數字很小。它確實有助於收縮，但 50 到 59 對我們來說也有助於收縮。年輕人更有可能－非醫療保險族群更有可能在零售店接受治療，例如（聽不清楚）等等。所以目前還不太關心這一點。

And we're the first to submit a file in that adult -- in the 50 to 59 adult population.

我們是第一個提交該成年人（50 至 59 歲成年人口）的文件的公司。

Okay. Next question will come to Tim Anderson at Wolfe Research.

好的。下一個問題將由沃爾夫研究中心的蒂姆·安德森提出。

On depemokimab, just your confidence in the level of -- in having compelling data. And then your excitement about the commercial opportunity. To me, it seems like twice your injection would be quite compelling to make it the category leader, but maybe that's unrealistic. I can't really ever tell how excited you are about that program, partly cannibalizes Nucala.

對於 depemokimab，只是您對擁有令人信服的數據的水平的信心。然後是您對商業機會的興奮。對我來說，似乎兩次注射就足以使其成為該類別的領導者，但這也許是不切實際的。我真的無法說出你對這個項目有多興奮，它部分地蠶食了 Nucala。

And then just Blenrep, pretty clear coming back to market. Do you think we're just completely passed there being any commercial considerations on the [EyeTox] issue? Would you still think that's going to be something to contend with given what else is available out there?

然後就是 Blenrep，很明顯會回到市場。您認為我們完全不考慮 [EyeTox] 問題上的任何商業考慮嗎？考慮到還有其他可用的東西，您是否仍然認為這將是一個需要應對的問題？

Okay. Well, listen, thanks, Tim. First of all, I'm going to come to Tony and then Luke in a second on depe, which obviously the readouts are coming this coming quarter. And also, we can hear on Blenrep and the commercial impact around [EyeTox]. But let me start by simply saying it's hard for (inaudible) excited. I'd refer everybody to the Meet the Management that was done specifically on respiratory, when we were clear, we thought the (inaudible) and IL-5s led by long-acting and a lot of great data and research that I'm sure Luke can repeat, means we think this is a very important pillar for us and one of the most, Julie mentioned earlier, important unlocks for us to see. But Tony, do you want to...

好的。好吧，聽著，謝謝，提姆。首先，我將先介紹托尼，然後介紹盧克，顯然，讀數將在下個季度公佈。此外，我們還可以聽到 Blenrep 以及 [EyeTox] 的商業影響。但首先我要簡單地說（聽不清楚）很難感到興奮。我建議大家參考專門針對呼吸系統進行的會見管理層，當我們清楚時，我們認為（聽不清楚）和 IL-5 是由長效藥物和大量重要數據和研究主導的，我確信盧克可以重複，意味著我們認為這對我們來說是一個非常重要的支柱，也是朱莉之前提到的最重要的支柱之一，對我們來說是最重要的。但是托尼，你想...

So just to remind you, full data set available at the end of this half. So we'll update you on it next half. Confidence in the data comes from a very clear PK/PD relationships from our new color experience. And I'd leave it at that actually rather than get any more details.

所以只是提醒您，完整的資料集將在本半期結束時提供。因此，我們將在下半場向您通報最新情況。對數據的信心來自於我們新的色彩體驗中非常清晰的 PK/PD 關係。實際上我會就此保留，而不是了解更多細節。

Yes. So -- yes, I mean it's really interesting. I am excited about depemokimab. This is [very] excited, Tim.

是的。所以——是的，我的意思是這真的很有趣。我對 depemokimab 感到興奮。這是[非常]興奮，提姆。

(inaudible) enthusiasm.

（聽不清楚）熱情。

Exactly, max enthusiasm. So yes, you've got a validated mechanism that physicians you're aware of, you've got this trend towards remission. You've got a Part B component, which obviously has certain incentives in the U.S. environment, which is encouraging. The physician has total control of compliance, and we know from our market research that patients would prefer something twice a year versus 26 times a year or 12 times a year or 6 times a year.

沒錯，最大的熱情。所以，是的，你已經有了一個經過驗證的機制，你知道醫生，你已經有了緩解的趨勢。你已經有了 B 部分組件，這顯然在美國環境中具有一定的激勵作用，這是令人鼓舞的。醫生可以完全控制依從性，我們從市場研究中得知，患者更喜歡每年兩次，而不是每年 26 次、每年 12 次或每年 6 次。

So yes -- and then the other important thing is we've compacted the life cycle management to all the indications EGPA, nasal polyps, et cetera, are arriving within 2 years of launch in contrast to Nucala with the exception of COPD with -- in contrast to Nucala, which is multi 6-plus years. So quite exciting.

所以是的 - 然後另一件重要的事情是我們已經將生命週期管理壓縮到所有適應症 EGPA、鼻息肉等，與 Nucala 相比，在推出後 2 年內到達，但 COPD 除外 -與Nucala 相比， Nucala 已有6 年多的歷史。非常令人興奮。

In terms of Blenrep, we'll present some interesting data at ASCO. As you know, hematologists, oncologists are very comfortable managing toxicity. I think the main question historically was around the appropriate dose and the scheduling. We've got a lot more insight from that from DREAMM-7, DREAMM-8 and also some of the Phase IV work that we've done.

就 Blenrep 而言，我們將在 ASCO 上展示一些有趣的數據。如你所知，血液學家、腫瘤學家非常擅長管理毒性。我認為歷史上主要的問題是適當的劑量和時間安排。我們從 DREAMM-7、DREAMM-8 以及我們已經完成的一些第四階段工作中獲得了更多的見解。

So no doubt we'll cover that in more depth. But I think we've got a different picture and then also helpfully first line with the MRD shift with the FDA is also helpful in terms of life cycle management of Blenrep and compression of launch time frames.

因此，毫無疑問，我們將更深入地討論這一點。但我認為我們已經有了不同的情況，並且與 FDA 的 MRD 轉變也很有幫助，這對於 Blenrep 的生命週期管理和壓縮啟動時間框架也很有幫助。

Yes. Just to add to that, reversible, transient and manageable, those are the 3 words to think about. And I'll point you to the first-line ISS study interface that was published at the European myeloma network in April, if you want to get a sense of what sits behind those 3 words.

是的。補充一點，可逆、瞬態和可管理，這是三個需要考慮的詞。如果您想了解這 3 個字背後的含義，我將向您介紹 4 月在歐洲骨髓瘤網路上發布的一線 ISS 研究介面。

In spirit of keeping this at the time I said, I think we'll have to close the call there. So Emma, anything you want to just add in terms of closing comment.

本著我當時所說的保留這一點的精神，我認為我們必須在那裡結束通話。艾瑪，您想在結束評論中添加任何內容即可。

Just to repeat a very strong start to 2024, another quarter of excellent performance and critically continued pipeline progress. And this whole team and all that support remain very strongly committed to delivering our potential and more. So we look forward to catching up with many of you on calls in coming days and over the months ahead.

只是為了在 2024 年重複一個非常強勁的開局，又一個季度的出色表現和關鍵的持續管道進展。整個團隊和所有支援人員仍然堅定地致力於發揮我們的潛力以及更多。因此，我們期待在未來幾天和未來幾個月內透過電話與你們中的許多人取得聯繫。