葛蘭素史克 (GSK) 2025 Q3 法說會逐字稿

Ladies and gentlemen, a very warm welcome to the GSK Q3 2025 results call. I'm delighted to be joined today by Emma Walmsley, Luke Miels, Deborah Waterhouse, and Julie Brown, with Tony Wood, David Redfern, joining for Q&A.

女士們、先生們，熱烈歡迎參加葛蘭素史克2025年第三季業績電話會議。今天我很高興能與艾瑪·沃姆斯利、盧克·米爾斯、黛博拉·沃特豪斯和朱莉·布朗一起參加節目，托尼·伍德和大衛·雷德芬將參與問答環節。

Today's call will last approximately one hour, with a presentation taking around 30 minutes and the remaining time for your questions. Please ask only one to two questions so that everyone has a chance to participate.

今天的電話會議將持續約一小時，其中演示時間約 30 分鐘，剩餘時間供您提問。請每人只提一到兩個問題，以便每個人都有機會參與。

Before we start, please turn to slide 3. This is the usual Safe Harbor statement. We will comment on our performance using Constant Exchange Rates, or CER, unless otherwise stated.

開始之前，請翻到第3張投影片。這是常見的安全港聲明。除非另有說明，否則我們將使用固定匯率（CER）對我們的業績進行評論。

I will now hand over to Emma on slide 4.

接下來我將把投影片4交給艾瑪。

Thank you, and welcome to everybody joining us today. Please turn to the next slide. Our third-quarter results once again demonstrate GSK's continued strong performance with positive momentum driving an upgrade in our guidance for the year. They also further demonstrate the quality and strength of GSK's portfolio with sales driven by sustained growth across specialty medicines in RI&I, oncology, and HIV. Total sales were up 8% for the quarter, with leverage delivering core operating profit up 11% and core earnings per share up 14% to 55p.

謝謝大家，歡迎各位今天加入我們。請翻到下一張投影片。我們第三季的業績再次證明了葛蘭素史克持續強勁的業績表現，積極的成長勢頭促使我們上調了全年業績預期。它們也進一步證明了葛蘭素史克產品組合的品質和實力，銷售額的持續成長得益於RI&I、腫瘤和HIV等專科藥物的持續成長。本季總銷售額成長 8%，槓桿作用使核心營業利潤成長 11%，核心每股收益成長 14% 至 55 便士。

Alongside this, we're continuing to make excellent progress in R&D, strengthening our late-stage portfolio and already securing four FDA approvals this year, including Blenrep last week and with the fifth, depemokimab, before year-end.

同時，我們在研發方面繼續取得優異進展，加強了後期產品組合，今年已獲得四項 FDA 批准，包括上週的 Blenrep，第五項 depemokimab 也將在年底前獲得批准。

Cash generation also continues to be very positive at GBP6.3 billion for the year so far. This supports investment in our growth priorities and returns to shareholders, including a dividend of 16p for the quarter.

今年迄今為止，現金流狀況依然非常良好，已達 63 億英鎊。這將有助於投資我們的成長重點領域，並為股東帶來回報，包括本季派發每股 16 便士的股息。

And finally, I'm very proud of the progress we continue to make with our trust priorities, in particular, this quarter, with the positive Phase III data reported for our low-carbon version of Ventolin. This successful transition will reduce GSK's carbon footprint by up to 45%, and it's a meaningful development for the 35 million patients who rely on Ventolin worldwide, and we expect to launch in 2026.

最後，我為我們在信託優先事項方面取得的持續進展感到非常自豪，特別是本季度，我們低碳版萬託林的 III 期臨床試驗數據取得了積極進展。此次成功轉型將使葛蘭素史克的碳足跡減少高達 45%，這對全球 3500 萬依賴萬託林 (Ventolin) 的患者來說是一個意義重大的發展，我們預計將於 2026 年推出。

Next slide, please. Our number one priority remains investing for growth, and I'm pleased with the progress we are making, both in the late-stage portfolio and in the work ongoing to build the next wave of innovation at GSK. With the addition of efimosfermin, the long-acting FGF21 for steatotic liver disease, we now have 15 scale opportunities with peak year sales potential of greater than GBP2 billion, all with the potential to launch before 2031.

請看下一張投影片。我們首要任務仍然是投資成長，我對我們的進展感到滿意，無論是在後期投資組合方面，還是在為葛蘭素史克打造下一波創新浪潮而正在進行的工作方面。隨著長效 FGF21（用於治療脂肪肝疾病）efimosfermin 的加入，我們現在有 15 個規模化機會，峰值年銷售潛力超過 20 億英鎊，所有這些機會都有可能在 2031 年之前推出。

By the end of the year, we expect new pivotal trials to have started for several of these 15 opportunities, depemokimab for COPD patients, efimosfermin in MASH, GSK'981 for second-line GIST, and our GSK'227 ADC in extensive stage small cell lung cancer. It's worth noting that those last three assets have all come from focused, successful business development, and BD remains a key driver of our pipeline expansion.

到今年年底，我們預計這 15 個機會中的幾個將開始新的關鍵性試驗，包括用於 COPD 患者的 depemokimab、用於 MASH 的 efimosfermin、用於二線 GIST 的 GSK'981 以及用於廣泛期小細胞肺癌的 GSK'227 ADCSK'227 ADC。值得注意的是，這最後三項資產都源自於專注、成功的業務拓展，而業務拓展仍是我們產品線擴張的關鍵驅動力。

And we continue to add high-value innovation at earlier stages of development. For example, I'm excited by GSK'261, a new monoclonal antibody for polycystic kidney disease, which received orphan drug designation by the FDA.

我們持續在研發早期階段加入高價值創新。例如，我對 GSK'261 感到興奮，這是一種用於治療多囊性腎病的新型單株抗體，已獲得 FDA 的孤兒藥資格認定。

Lastly, and very importantly, we continue to optimize our supply chain to scale up capacity for our new medicines and vaccines.

最後，也是非常重要的一點，我們將繼續優化供應鏈，以擴大新藥和疫苗的產能。

Last month, we confirmed our intention to invest $30 billion in R&D and advanced manufacturing in the US over the next five years, including the imminent construction of a new biologics flex factory in Pennsylvania.

上個月，我們確認了未來五年在美國研發和先進製造領域投資 300 億美元的計劃，其中包括即將在賓州建造一座新的生物製劑彈性生產廠。

Next slide, please. Since 2021 and then GSK's successful launch as a new focused biopharma company, we've delivered 18 consecutive quarters of profitable sales growth, upgraded annual guidance each year, improved our medium-term outlooks, and upgraded long-term outlooks twice from an initial GBP33 billion by 2031 to now more than GBP40 billion, all underpinned by a much stronger balance sheet.

請看下一張投影片。自 2021 年 GSK 成功轉型為專注於生物製藥的新公司以來，我們已連續 18 個季度實現盈利銷售增長，每年都上調年度業績預期，改善了中期展望，並將長期展望兩次上調，從最初到 2031 年的 330 億英鎊提高到目前的 400 億英鎊以上，所有這一切都得益於我們更加強勁的負債。

We've all been resolutely focused on this step change in sharper operational performance alongside accelerating investment in R&D and significantly improving the quality and scale of GSK's innovation. So today, GSK is a very different company in performance, pipeline, and prospects. And this team is determined to sustain and improve upon this track record.

我們一直堅定地致力於實現營運績效的顯著提升，同時加快研發投入，並大幅提高葛蘭素史克創新產品的品質和規模。因此，如今的葛蘭素史克在業績、產品線和前景方面都與以往大不相同。這支隊伍決心保持並提升這項成績。

As we look ahead, we are again upgrading our guidance for the year with meaningful improvement for 2025 sales and profits. And this momentum positions us well as we go into 2026 and to deliver on the long-term commitments for growth we've set out for shareholders.

展望未來，我們再次上調了今年的業績預期，預計 2025 年的銷售額和利潤將有顯著改善。這一勢頭使我們在邁入 2026 年時處於有利地位，並能夠實現我們為股東制定的長期成長承諾。

So let me now hand over to the team to take you through more of the detail on our performance, starting with Luke. Next slide, please.

現在讓我把麥克風交給團隊成員，讓他們帶大家更詳細地了解我們的表現，首先是盧克。請看下一張投影片。

Thanks, Emma. Please turn to the next slide. In Q3, we delivered growth across all our product areas and in the regions with GBP8.5 billion of sales, up 8% versus last year. Growth in the quarter was driven by Specialty Medicines, up 16%. And another quarter of strong Shingrix, Arexvy, and meningitis demand in Europe.

謝謝你，艾瑪。請翻到下一張投影片。第三季度，我們所有產品領域和地區的銷售額均實現成長，達到 85 億英鎊，比去年同期成長 8%。本季成長主要由特藥推動，成長了 16%。歐洲對欣格瑞（Shingrix）、阿瑞斯維（Arexvy）和腦膜炎疫苗的需求又持續強勁一個季度。

And in the US, we navigated the impact of the Medicare redesign from the IRA and the impact is now expected to be closer to the lower end of our GBP400 million to GBP500 million range.

在美國，我們應對了 Medicare 改革對 IRA 的影響，目前預計其影響將接近我們 4 億至 5 億英鎊範圍的下限。

Next slide, please. Specialty Medicine continues to be the most important driver of our diversified business with double-digit growth once again in all therapy areas. Starting with RI&I, sales were up 15%, driven by strong demand.

請看下一張投影片。專科醫療仍然是我們多元化業務最重要的驅動力，所有治療領域再次實現了兩位數的成長。以RI&I為例，在強勁需求的推動下，銷售額成長了15%。

Benlysta, our treatment for lupus grew 17% with global guidelines supporting earlier use of biologics and recommending Benlysta as a preferred treatment option. 84% of bio-naive patients are now starting on Benlysta, and we continue to differentiate with strong organ damage prevention data and a well-characterized safety profile.

隨著全球指南支持更早使用生物製劑並將貝利尤單抗（Benlysta）推薦為首選治療方案，我們用於治療狼瘡的藥物貝利尤單抗的銷量增長了17%。目前，84%的初治患者正在接受貝利尤單抗治療，我們憑藉其強大的器官損傷預防數據和完善的安全性特徵，持續保持市場差異化優勢。

Nucala, our anti-IL-5 biologic, grew 14% in the quarter, driven by COPD uptake and continued growth across all in-line indications.

我們的抗IL-5生物製劑Nucala在本季成長了14%，這主要得益於COPD的吸收以及所有現有適應症的持續成長。

Moving to our growing oncology portfolio, which is up 39%. Jemperli sales were up for the 10th quarter in a row as our teams continue to differentiate Jemperli from the competition, as the only immuno oncology medicine to demonstrate overall survival in endometrial cancer. Jemperli's global market share in endometrial cancer is now higher than the leading competitor in DMMR.

接下來談談我們不斷成長的腫瘤產品組合，成長了 39%。由於我們的團隊不斷努力使 Jemperli 與競爭對手區分開來，Jemperli 的銷售額連續第十個季度增長，Jemperli 是唯一一種在子宮內膜癌中證明能提高總生存率的免疫腫瘤藥物。Jemperli 在子宮內膜癌領域的全球市佔率目前高於 DMMR 領域的主要競爭對手。

And Ojjaara sales were up 51% in the quarter, driven by increasing first- and second-line patient demand in the US and volume growth in Europe following EHA, where new data emphasized the importance of early intervention. And Blenrep is now in the early days of launch with approval in eight markets and more on that in a minute.

本季 Ojjaara 的銷售額成長了 51%，這主要得益於美國第一線和第二線病患需求的增加，以及歐洲 EHA 會議後歐洲銷售的成長，新數據強調了早期介入的重要性。目前，Blenrep 已在八個市場獲得批准，正處於上市初期，稍後我們將詳細介紹。

And with the strong momentum we're seeing across RI&I and oncology and the continued performance of ViiV, we are now increasing our full year specialty guidance from low-teens to mid-teens percentage growth.

鑑於 RI&I 和腫瘤學領域強勁的成長勢頭以及 ViiV 的持續表現，我們現在將全年專科領域的成長預期從 10% 左右提高到 10% 左右。

Next slide, please. In Q3, we had a very strong start for Nucala and COPD with the latest NBRx data showing we are now getting close to one out of every two prescriptions. Our differentiated label is enabling us to reach a wide spectrum of COPD patients, including those with emphysemia and EOS counts down to 150. We've now reached 95% of our top ACP targets and have a broad formulary coverage.

請看下一張投影片。第三季度，Nucala 和 COPD 的開局非常強勁，最新的 NBRx 數據顯示，我們現在每兩張處方中就有一張是 Nucala 的產品。我們獨特的品牌定位使我們能夠接觸到廣泛的 COPD 患者，包括肺氣腫患者和 EOS 計數低至 150 的患者。我們目前已達到 95% 的頂級 ACP 目標，並且擁有廣泛的處方集覆蓋範圍。

In this population, hospitalizations remain a critical unmet need with one in two patients dying within five years of their first admission, and there is plenty of room to grow in this market with less than 5% biologic penetration in the US.

在這一人群中，住院治療仍然是一個亟待滿足的關鍵需求，二分之一的患者在首次入院後的五年內死亡，而且由於生物製劑在美國的滲透率不到 5%，這個市場還有很大的增長空間。

The success we have had with this launch gives us further confidence in the potential we have for depemokimab, our long-acting IL-5, which we expect to launch early next year. There are four compelling reasons underpinning why we believe depe will be a very material medicine. First, there's plenty of room to grow in the market, starting with bio-naïve patients as only 27% of them currently receive a biologic.

此次上市的成功讓我們對長效 IL-5 藥物 depemokimab 的潛力更有信心，我們預計明年初推出該產品。我們有四個令人信服的理由相信，Depe 將會是一種非常有效的藥物。首先，市場還有很大的成長空間，首先是生物製劑初治患者，因為目前只有 27% 的初治患者接受生物製劑治療。

Second, patients discontinuing therapy is an issue with up to 65% of new patients on current biologics discontinuing therapy within the first 12 months. And unsurprisingly, less adherent patients have worse clinical outcomes, including around a 30% increased rate of inpatient and emergency department visits. The 72% reduction that depe has demonstrated in hospitalization with just two doses a year is material.

其次，患者停止治療是一個問題，目前接受生物製劑治療的新患者中，高達 65% 的人會在前 12 個月內停止治療。不出所料，依從性較差的患者臨床結果較差，包括住院和急診就診率增加約 30%。每年只需接種兩劑疫苗，就能使住院率降低 72%，意義重大。

And finally, we know ACPs want this medicine with 86% of pulmonologists surveyed believing it could become a standard of care.

最後，我們知道高級臨床醫師協會 (ACP) 希望使用這種藥物，86% 的受訪肺科醫生認為它有可能成為標準療法。

Next slide, please. Our oncology portfolio is progressing well. Starting with Blenrep, we now have approval in eight markets, seven in Europe and international regions in the second-line plus population and now the US, where just last week, we received approval in the third-line plus setting. This US approval is a significant step forward for the US patients and the indication granted reflects that Blenrep has demonstrated superior efficacy versus the standard of care daratumumab triplet and now gives us certainty and the ability to launch.

請看下一張投影片。我們的腫瘤產品組合進展順利。從 Blenrep 開始，我們現在已經在八個市場獲得批准，其中七個市場位於歐洲和國際地區，用於二線及以上人群，現在又在美國，就在上週，我們獲得了三線及以上人群的批准。此次美國批准對美國患者來說是一個重要的進步，所授予的適應症表明 Blenrep 已證明其療效優於標準療法 daratumumab 三聯療法，現在我們獲得了確定性和上市能力。

Data from DREAMM-7 in this population is very compelling with a 51% reduction in the risk of death and a tripling of median progression-free survival versus the dara-based triplet. We see a significant opportunity here as of the 71,000 patients in the US receiving treatment today, over a third are treated in the third-line plus setting. And Blenrep is the only anti-BCMA option, which is practically able to be used in the community where 70% of patients are treated and could benefit from a much needed novel MOA.

DREAMM-7 研究的數據表明，該族群的死亡風險降低了 51%，中位無惡化存活期比達拉非尼三合一療法增加了三倍。我們看到了一個重要的機會，因為目前美國有 71,000 名患者正在接受治療，其中超過三分之一的患者是在三線及以上治療階段接受治療的。而 Blenrep 是唯一一種抗 BCMA 藥物，它實際上可以在社區中使用，70% 的患者都在社區接受治療，並且可以從急需的新型作用機制中受益。

We also have a new and significantly simplified REMS program, including, importantly, the use of optometrists versus the original REMS, which required ophthalmologists only. This will make it much easier for patients and HCPs to manage eye care. And while we anticipate a slower ramp-up in the US with the initial third-line plus label, as we said previously, we will take the time to ensure a positive patient and provider experience to achieve the long-term potential of this highly effective drug.

我們還推出了一項新的、大大簡化的 REMS 計劃，其中一項重要的改進是允許使用驗光師，而原 REMS 只要求眼科醫生參與。這將使患者和醫護人員更容易進行眼部護理。雖然我們預期該藥物在美國最初的三線及以上適應症標籤的推廣速度會比較慢，但正如我們之前所說，我們將花時間確保患者和醫護人員獲得積極的體驗，從而實現這種高效藥物的長期潛力。

Our clinical development and evidence generation plan continues. And again, working closely with the FDA, this will now be expanded in the US and will support the use of Blenrep in earlier and all stages of multiple myeloma globally.

我們的臨床開發和證據生成計劃仍在繼續。此外，透過與 FDA 的密切合作，這項技術將在美國推廣，並將在全球範圍內支持 Blenrep 用於多發性骨髓瘤的早期和所有階段。

In summary, we expect Blenrep to meaningfully advance treatment options for patients with multiple myeloma, and we continue to expect Blenrep to be a material growth driver for GSK in the next three to four years.

總而言之，我們期望 Blenrep 能顯著推進多發性骨髓瘤患者的治療選擇，並且我們繼續期望 Blenrep 在未來三到四年內成為 GSK 的重要成長驅動力。

Moving to future indications for Jemperli. We're looking forward to the opportunity we have to change the lives of patients with rectal cancer. And following the transformative data showing a 100% complete response rate in Phase II, we initiated the AZUR-1 pivotal trial and expect to see results in the second half of 2026. And additional trials are ongoing to understand the benefit Jemperli can bring patients with colon and head and neck cancer.

接下來討論Jemperli的未來適應症。我們期待有機會改變直腸癌患者的生活。在 II 期臨床試驗中獲得 100% 完全緩解率的突破性數據後，我們啟動了 AZUR-1 關鍵性試驗，預計將於 2026 年下半年看到結果。目前正在進行更多試驗，以了解 Jemperli 能為結腸癌和頭頸癌患者帶來哪些好處。

Finally, we continue to progress our key oncology pipeline assets, starting with our B7-H3 antibody drug conjugate or GSK'227. We're now recruiting for our Phase III trial in second-line extensive stage small cell lung following a clear signal we saw in the early-stage clinical data from Hansoh, our partner.

最後，我們將繼續推進我們關鍵的腫瘤藥物研發管線資產，首先是我們的 B7-H3 抗體藥物偶聯物或 GSK'227。鑑於我們在合作夥伴 Hansoh 的早期臨床數據中看到了明確的信號，我們現在正在招募患者參與針對二線廣泛期小細胞肺癌的 III 期試驗。

And our KIT inhibitor for GIST, GSK'981 acquired earlier this year, will start Phase III in second line by the end of the year and first line in 2026. And GSK'584, our B7-H4 antibody drug conjugate, is expected to advance to Phase III in endometrial and ovarian cancer next year.

我們今年稍早收購的用於治療胃腸道間質瘤的 KIT 抑制劑 GSK'981，將於今年底開始二線治療的 III 期臨床試驗，並於 2026 年開始一線治療。而我們的 B7-H4 抗體藥物偶聯物 GSK'584 預計明年將進入子宮內膜癌和卵巢癌的 III 期臨床試驗。

And overall, this oncology portfolio offers significant future growth opportunity for GSK and is a clear priority for investment and resources alongside RI&I.

總體而言，此腫瘤產品組合為葛蘭素史克提供了巨大的未來成長機會，並且與RI&I一起，是投資和資源投入的明確優先事項。

And with that, I'll now hand over to Deborah to cover our great momentum in HIV.

接下來，我將把麥克風交給黛博拉，讓她來介紹我們在愛滋病防治方面取得的巨大進展。

Thank you, Luke. Our HIV portfolio continues to deliver double-digit growth, up 12% in the quarter, primarily driven by 10 points of strong patient demand growth for our long-acting injectables, and Dovato. Demand continues to increase across all regions and major markets, particularly the US, which grew 17% and where we saw total share gain outpacing the competition. We are delighted with the continued transition we are seeing to long-acting injectables.

謝謝你，盧克。我們的 HIV 產品組合持續保持兩位數成長，本季成長 12%，主要得益於患者對我們的長效注射劑和 Dovato 的強勁需求成長 10 個百分點。所有地區和主要市場的需求持續成長，尤其是美國，成長了 17%，我們在美國的市佔率成長速度超過了競爭對手。我們很高興看到長效注射劑的持續普及。

More than 75% of our growth now comes from long-acting injectables. And in the US, they already represent around a third of our sales.

我們超過 75% 的成長來自長效注射劑。在美國，它們已經占到我們銷售額的三分之一左右。

Cabenuva, the first and only long-acting injectable HIV treatment regimen grew 48%, driven by strong patient demand. Our competitive performance is reinforced by the acceleration of Cabenuva switches from competitors in the US, which this quarter reached 75%.

Cabenuva 是首個也是目前唯一一個長效注射型 HIV 治療方案，受患者強烈需求的推動，其銷量增長了 48%。Cabenuva 在美國的競爭對手客戶加速轉向使用我們的產品，本季這一比例達到了 75%，這進一步增強了我們的競爭力。

As we anticipated, in long-acting prevention, we saw continued positive momentum of Apretude in the US with competitive growth also of 75%. This quarter, we shared results from CLARITY, a Phase I study comparing acceptability and tolerability of single-dose CAB LA for PrEP marketed as Apretude and lenacapavir. We know patient experience is an important factor for injectables.

正如我們預期的那樣，在長效預防領域，我們看到Apretude在美國繼續保持積極的成長勢頭，競爭性成長也達到了75%。本季度，我們分享了 CLARITY 的結果，這是一項 I 期研究，比較了單劑量 CAB LA（用於 PrEP，以 Apretude 和 lenacapavir 的商品名銷售）的可接受性和耐受性。我們知道，患者體驗是注射美容的重要因素。

Results showed 69% of participants found CAB LA to be totally or very acceptable with 90% of participants and 86% of HCPs preferring CAB LA over lenacapavir in terms of injection experience after a single dose. These data add to the growing body of clinical and real-world efficacy, safety, and tolerability data we have for Apretude and will help inform expectations and decision-making when initiating long-acting injectables for HIV prevention.

結果顯示，69% 的參與者認為 CAB LA 完全或非常可以接受，90% 的參與者和 86% 的醫護人員在單次注射後，就注射體驗而言更喜歡 CAB LA 而不是 lenacapavir。這些數據進一步豐富了我們目前掌握的關於Apretude的臨床和真實世界療效、安全性和耐受性數據，並將有助於在開始使用長效注射劑預防HIV時，為預期和決策提供資訊。

We expect continued growth momentum in Q4. And so today, we are upgrading our 2025 guidance from mid- to high-single digit to grow around 10%.

我們預計第四季將繼續保持成長勢頭。因此，今天我們將 2025 年的成長預期從個位數中高段上調至 10% 左右。

Next slide, please. Our industry-leading pipeline with best-in-class integrase inhibitors at the core continues to progress and have multiple long-acting options with strong profiles that deliver what we know patients want and need. This pipeline will further drive the transition we are making in our portfolio to ultra-long-acting regimens and will help us navigate the dolutegravir loss of exclusivity towards the end of the decade.

請看下一張投影片。我們以一流的整合酶抑制劑為核心的行業領先研發管線持續取得進展，並擁有多種具有強大療效的長效藥物，能夠滿足患者的需求。這項研發管線將進一步推動我們產品組合向超長效療法的轉型，並將幫助我們應對多替拉韋在本世紀末失去獨家使用權的問題。

Building on our established two monthly injectable regimens, we believe four monthly dosing in PrEP and treatment will be important options, delivering longer dosing intervals and ensuring continuity of care. We have a confirmed date from Janssen on rilpivirine Phase III clinical trial supply that leads to a delay to the start of CUATRO, our Q4M treatment registrational study, to H1 2026.

在我們已建立的每月兩次注射方案的基礎上，我們相信 PrEP 和治療中每四個月一次的給藥方案將是重要的選擇，可提供更長的給藥間隔並確保護理的連續性。我們已經從 Janssen 確認了利匹韋林 III 期臨床試驗的供應日期，這將導致我們的 Q4M 治療註冊研究 CUATRO 的啟動時間推遲到 2026 年上半年。

Despite this, we remain on track to file in 2027, and we look forward to launching this next wave of innovation in 2028, building on continued strength and performance of our Q2M Cabenuva, the world's first and only LAI for HIV treatment. At the launch of Q4M treatment, we still expect to have the only long-acting injectable treatment regimens on the market for years to come.

儘管如此，我們仍有望在 2027 年提交申請，並期待在 2028 年推出下一波創新浪潮，鞏固我們 Q2M Cabenuva（世界上第一個也是唯一一個用於 HIV 治療的長效注射劑）的持續優勢和表現。在 Q4M 療法推出之際，我們仍然期望在未來幾年內擁有市場上唯一的長效注射治療方案。

Looking ahead to our twice yearly injectables, we're on track to confirm the dosing regimen for Q6M treatment in 2026 and expect to file and launch both Q6M for treatment and PrEP between 2028 and 2030. For Q6M treatment, we remain excited about the potential of VH184, our third-generation INSTI, which has the best resistance profile seen to date and IP protection through to at least 2040.

展望我們每年兩次的注射劑，我們正按計劃於 2026 年確認 Q6M 治療的劑量方案，並預計將在 2028 年至 2030 年間提交並推出用於治療和 PrEP 的 Q6M。對於 Q6M 治療，我們仍然對我們的第三代 INSTI VH184 的潛力感到興奮，它具有迄今為止最好的抗藥性特徵，並且智慧財產權保護至少到 2040 年。

To partner with our selected INSTI, we are evaluating two assets: VH499, a capsid inhibitor; and N6LS, one of the broadest and most potent bNAbs in development.

為了與我們選定的 INSTI 合作，我們正在評估兩種資產：VH499，一種衣殼抑制劑；以及 N6LS，一種正在開發中的最廣泛、最有效的 bNAb。

Regarding N6LS, this quarter, we again showed more positive results from part two of our Phase IIb study in BRACE and are pleased to confirm the next phase of this study is now fully recruited. As a reminder, Q6M for treatment in PrEP is not yet in GSK's outlook for 2031. Our long-acting injectable portfolio is backed by three years of real-world evidence and implementation science.

關於 N6LS，本季我們再次展示了 BRACE IIb 期研究第二部分更積極的結果，並很高興地確認研究的下一階段現已全面招募。需要提醒的是，GSK 尚未將每 6 個月用於 PrEP 治療的藥物納入其 2031 年的展望中。我們的長效注射產品組合擁有三年真實世界證據和實施科學的支持。

As we look to the future, we expect our industry-leading long-acting pipeline powered by unparalleled patient insight to deliver five launches through 2030. We remain confident in our ability to drive sustained long-term performance and look forward to sharing more at meet the management investor event in Q2 2026.

展望未來，我們預計憑藉無與倫比的患者洞察力，我們行業領先的長效產品線將在 2030 年前推出五款產品。我們對實現持續長期業績的能力仍然充滿信心，並期待在 2026 年第二季與管理層投資者見面會上分享更多資訊。

With that, I'll hand back to Luke.

接下來，我將把麥克風交還給路克。

Thanks, Deborah. Turning to Vaccines. Sales were up GBP2.7 billion in the quarter, up 2%, driven by continued strong demand for Shingrix, Arexvy, and Bexsero, particularly in Europe, which was up 35%. Shingrix sales grew 13% overall, largely due to the strong performance in Europe, up 48%, where we're driving across multiple markets and with significant new uptake in France, and a strong performance in Germany, the Netherlands, and Poland.

謝謝你，黛博拉。轉向疫苗。本季銷售額成長 27 億英鎊，成長 2%，這主要得益於對 Shingrix、Arexvy 和 Bexsero 的持續強勁需求，尤其是在歐洲，成長了 35%。整體而言，Shingrix 的銷售額成長了 13%，這主要歸功於歐洲市場的強勁表現，成長了 48%。我們在歐洲多個市場積極拓展業務，並在法國取得了顯著的新用戶成長，在德國、荷蘭和波蘭也取得了強勁的業績。

In international, sales in Japan continue to grow following the expanded public funding. Ex US sales now account for around 70% of global Shingrix sales. And in the US, penetration is now 43% of the eligible older adult population with immunization rates slowing as expected as we access harder-to-reach patients.

在國際市場上，隨著公共資金的增加，日本的銷售額持續成長。目前，除美國以外，Shingrix 的銷售額約佔全球銷售額的 70%。在美國，符合條件的年長成年人口的免疫接種率目前為 43%，隨著我們接觸到更難接觸到的患者，免疫接種率正如預期那樣放緩。

In meningitis, our portfolio was up 5%, driven by double-digit growth for Bexsero in Europe, where the updated recommendation and reimbursement in Germany continues to pull through and in France following a meningitis B outbreak and the implementation of mandatory newborn vaccination requirements, along with new reimbursed cohorts.

在腦膜炎領域，我們的產品組合成長了 5%，這主要得益於 Bexsero 在歐洲的兩位數成長。德國更新的推薦和報銷政策持續奏效，而法國在爆發 B 型腦膜炎疫情後實施了強制性新生兒疫苗接種要求，並新增了報銷人群，這些因素也推動了 Bexsero 的增長。

Also in the quarter, even though the ACIP recommendation came slightly after the back-to-school season window, we booked the first sales of our pentavalent vaccine, Penmenvy, in the US with initial CDC purchases. We expect this vaccine to simplify immunization schedules and contribute to increased coverage and protection against a serious life-threatening illness.

此外，儘管 ACIP 的建議是在返校季窗口期稍晚之後才發布的，但本季度我們還是實現了五價疫苗 Penmenvy 在美國的首次銷售，這得益於 CDC 的初步採購。我們期望這種疫苗能夠簡化免疫接種程序，並有助於提高疫苗覆蓋率，增強對嚴重危及生命的疾病的保護。

Turning to Arexvy. Growth was driven by Europe with good commercial progress in Germany, Spain, and Belgium. International also grew driven by tender volumes in Canada. And in the US, we maintained our market-leading share in the older adults population. However, the US declined due to lower preseason channel inventory build and slower market uptake in the 60-plus population.

轉向 Arexvy。成長主要由歐洲推動，德國、西班牙和比利時的商業發展良好。國際業務的成長也得益於加拿大招標數量的增加。在美國，我們在老年人群中保持了市場領先的份額。然而，由於季前通路庫存累積減少以及 60 歲以上人群市場接受度降低，美國市場銷量下滑。

In Q3, our flu vaccines were down in part due to competitive pressure in the market where we compete for healthy younger cohort populations who are harder to activate in older adults for flu vaccines. And established vaccines were down primarily due to the prior year impact of our divested brands.

第三季度，我們的流感疫苗銷售量下降，部分原因是市場競爭壓力，因為我們需要爭取健康的年輕族群接種流感疫苗，而老年人接種流感疫苗的意願則難以調動。成熟疫苗銷售下降主要是由於上一年剝離的品牌所帶來的影響。

So in summary, with the Vaccines business, we now expect to land towards the top of our vaccines guidance range of declining low-single digit to stable. And as we look forward, although we continue to remain cautious in the near term on vaccines in the US, we are confident in the prospects pipeline and benefit this business offers over the long term.

綜上所述，對於疫苗業務，我們現在預期其業績將接近我們先前給出的疫苗績效指引範圍的上限，即個位數低幅至穩定。展望未來，儘管我們近期對美國的疫苗仍保持謹慎態度，但我們對未來的發展前景以及這項業務在長期內帶來的益處充滿信心。

Next slide, please. Turning to General Medicines. Sales were up 4%, driven by the strong growth of Trelegy in all regions, up 25% in the quarter. And the SITT class remains very strong, up around 23%, driven by GOLD guidelines, new data, and competitive share of voice.

請看下一張投影片。轉而使用普通藥物。銷售額成長了 4%，這主要得益於 Trelegy 在所有地區的強勁成長，該季度成長了 25%。SITT 課程依然非常強勁，成長了約 23%，這得益於 GOLD 指南、新數據和激烈的市佔率競爭。

Within the SITT class, Trelegy continues to gain more share than any other brand and is the top-selling brand for both COPD and asthma globally.

在SITT類藥物中，Trelegy的市佔率持續超過其他任何品牌，並且是全球COPD和氣喘治療領域銷售量最高的品牌。

We also have completed IRA negotiations on Trelegy in line with expectations and our outlook. The remaining portion of the portfolio was stable, reflecting continued generic competition, and expected adjustments in rebates and returns.

我們也已按照預期和我們的展望完成了與 Trelegy 的 IRA 談判。投資組合的其餘部分保持穩定，反映了持續的仿製藥競爭以及預期的回扣和回報調整。

We continue to expect sales to be broadly stable in 2025 and are looking forward to future opportunities in this portfolio, including launching low-carbon Ventolin and further establishing our anti-infective portfolio through building access in the US for Blujepa in uncomplicated urinary tract infections and also filing tebipenem in complicated UTIs by the end of the year. All three of these represent practical innovation for important areas of medical need.

我們繼續預期 2025 年銷售額將保持穩定，並期待未來在該產品組合中出現更多機會，包括推出低碳 Ventolin，並透過在美國推廣 Blujepa 用於治療非複雜性尿路感染，進一步鞏固我們的抗感染產品組合，並在年底前提交 tebipenem 用於治療複雜性尿路感染的申請。這三者都代表了針對重要醫療需求領域的實用創新。

I'll now hand over to Julie.

現在我將把麥克風交給茱莉。

Thank you, Luke, and good afternoon, everyone. Next slide, please.

謝謝你，盧克，大家下午好。請看下一張投影片。

Starting with the income statement for the quarter with growth rates stated at CER. As already highlighted, sales grew 8%, driven by the specialty portfolio across HIV, oncology, and RI&I. Core operating profit grew 11%, reflecting a 5% increase in SG&A as we continue to invest to support key asset launches alongside driving productivity.

首先是以固定匯率計算的季度損益表，成長率以固定匯率表示。正如先前強調的那樣，銷售額增長了 8%，這主要得益於 HIV、腫瘤和 RI&I 等專科產品組合的成長。核心營業利潤成長了 11%，反映出銷售、一般及行政費用成長了 5%，因為我們持續投資以支持關鍵資產的推出，同時提高生產力。

R&D growth of 10% was driven by accelerated pipeline investment across key specialty medicines. Our royalty income benefited from the Kesimpta performance as well as new RSV and mRNA royalty streams. Core EPS grew 14%, aided by a tax rate of 16% in the quarter and benefits from the share buyback, partially offset by higher NCIs relating to ViiV's strong performance.

研發投入成長 10%，主要得益於重點專科藥物研發管線投資的加速。我們的版稅收入受益於 Kesimpta 的出色表現以及新的 RSV 和 mRNA 版稅收入。核心每股收益成長了 14%，這得益於本季 16% 的稅率和股票回購帶來的收益，但部分被 ViiV 強勁業績帶來的較高少數股東權益所抵消。

Turning to our total results. The significant growth reflects the Zantac settlement charge taken in Q3 last year.

接下來來看看我們的整體結果。這一顯著增長反映了去年第三季提列的Zantac和解費用。

Next slide, please. The operating margin improved 90 bps in the quarter, largely driven by SG&A margin improvement of 70 bps. This increase demonstrates the efficiency gains achieved through our returns-based approach as we invest in new product launches whilst continuing to generate productivity improvements in the promotion of the existing portfolio.

請看下一張投影片。本季營業利益率提高了 90 個基點，主要得益於銷售、管理及行政費用利潤率提高了 70 個基點。這一成長表明，我們透過以回報為導向的方法實現了效率提升，因為我們在投資新產品發布的同時，也不斷提高現有產品組合的推廣效率。

Additionally in the quarter, gross margin improved, reflecting mix benefits from the continued transition towards specialty, and R&D expenditure increased as we reinvest additional royalty income into our pipeline, supporting the acceleration of the ADC programs and pivotal trial starts for efimosfermin and GSK'981 in second-line GIST. Year to date, our operating margin is now 33.9%, up 100 bps at constant exchange rates, driven by sales mix, productivity gains, and growth in royalties.

此外，本季毛利率有所提高，反映了專科領域持續轉型帶來的產品組合效益；研發支出也有所增加，因為我們將額外的特許權使用費收入再投資於我們的產品線，從而支持加速 ADC 項目以及 efimosfermin 和 GSK'981 在二線 GIST 治療中的關鍵性試驗啟動。今年迄今為止，我們的營業利潤率達到 33.9%，按固定匯率計算增長了 100 個基點，這主要得益於銷售組合、生產力提高和特許權使用費增長。

Next slide, please. Turning to the cash flow with commentary before the one-off impact of Zantac payments. Cash generated from operations year-to-date was GBP6.9 billion, improving GBP1.7 billion, benefiting from increased operating profit, favorable movements in return and rebate provisions, and the CureVac IP settlement announced in August. This was partially offset by increased working capital, impacted by higher Arexvy and Shingrix collections in Q1 of last year.

請看下一張投影片。在 Zantac 付款的一次性影響出現之前，我們先來看看現金流情況。今年迄今為止，公司經營活動產生的現金流為 69 億英鎊，比上年同期增長 17 億英鎊，這得益於營業利潤的增長、退貨和退款條款的有利變動，以及 8 月份宣布的 CureVac 知識產權和解協議。去年第一季 Arexvy 和 Shingrix 的收款額增加，導致營運資金增加，部分抵銷了上述損失。

Free cash flow increased GBP1.8 billion versus last year, driven by strong CGFO and favorable phasing of tax payments, partially offset by higher spend on in-licensing deals.

自由現金流較上年增加 18 億英鎊，主要得益於強勁的資本利得和稅收支付的有利階段性安排，但部分被引進許可交易的更高支出所抵消。

Zantac payments year to date totaled nearly GBP0.7 billion, and we expect the remaining GBP0.5 billion to be paid by the end of the year, drawing a line under the settlement agreed and disclosed last October.

今年迄今為止，Zantac 的付款總額已接近 7 億英鎊，我們預計剩餘的 5 億英鎊將在年底前支付完畢，為去年 10 月達成和解協議畫下句號。

Next slide, please. Turning to capital allocation. In line with our framework, we continue to deploy cash in a disciplined manner and underpinned by a strong balance sheet. Our net debt to core EBITDA ratio remains broadly aligned with the end of 2024 at 1.3 times. Our priority is always to invest for growth as demonstrated by our sustained acceleration of late-stage R&D, the next wave of pipeline innovation, and targeted BD.

請看下一張投影片。接下來討論資本配置。根據我們的框架，我們繼續以嚴謹的方式部署現金，並以強勁的資產負債表為支撐。我們的淨負債與核心 EBITDA 比率與 2024 年底基本持平，約 1.3 倍。我們的首要任務始終是投資於成長，這體現在我們持續加速後期研發、下一波產品線創新以及有針對性的業務拓展。

In 2025, we have signed multiple deals, including the acquisition of IDRX-42 and efimosfermin as well as the Hengrui licensing agreement and earlier-stage pipeline and platform technologies. We have also made GBP3 billion in shareholder distributions so far this year through the dividend and the buyback program, of which GBP1.1 billion has been executed so far with a cumulative total of GBP1.4 billion expected to be completed by the end of the year.

2025年，我們簽署了多項協議，包括收購IDRX-42和efimosfermin，以及與恆瑞的授權協議和早期管線及平台技術。今年以來，我們已透過股利和股票回購計畫向股東發放了 30 億英鎊的收益，其中 11 億英鎊已執行，預計到年底累計將完成 14 億英鎊。

Next slide, please. As Emma shared, we are upgrading our guidance on the back of the continued strong performance this year. We are raising our full year sales expectations from 3% to 5%, to 6% to 7%, with underlying upgrades for Specialty, including HIV, and we now expect to be towards the top of the vaccines range.

請看下一張投影片。正如艾瑪所說，鑑於今年持續強勁的業績表現，我們上調了業績預期。我們將全年銷售預期從 3% 至 5% 上調至 6% 至 7%，其中特種疫苗（包括 HIV 疫苗）的預期有所提升，我們現在預計疫苗銷售額將接近市場最高水準。

Alongside this, we're also raising our guidance ranges for operating profit to 9% to 11% and EPS to 10% to 12%. Looking through the P&L guidance, we maintain that gross margin will benefit from product mix, partially offset by supply chain charges of around GBP100 million to be taken in Q4. SG&A will grow at low-single digits for the year as committed, including Q4 charges of around GBP150 million to fund further productivity initiatives. And R&D continues to increase ahead of sales as we reinvest incremental royalty income into our pipeline.

同時，我們將營業利潤率預期範圍上調至 9% 至 11%，每股盈餘預期範圍上調至 10% 至 12%。從損益表來看，我們認為毛利率將受益於產品組合，但部分將被第四季將產生的約 1 億英鎊的供應鏈費用所抵銷。銷售、一般及行政費用將按計劃實現低個位數增長，其中包括第四季度約 1.5 億英鎊的費用，用於資助進一步的生產力提升計劃。研發投入持續成長，超過銷售投入，因為我們將新增的特許權使用費收入再投資到我們的產品線。

We are upgrading our expectations for higher royalties to GBP800 million to GBP850 million, supported by income from the CureVac settlement announced in August and lower net interest costs than previously guided due to the strong cash generation and the later timing of Zantac payments. Finally, in line with previous guidance, we expect the tax rate to be around 17.5%.

我們將特許權使用費預期上調至 8 億至 8.5 億英鎊，這得益於 8 月宣布的 CureVac 和解協議帶來的收入，以及由於強勁的現金流和 Zantac 付款時間的推遲而導致的淨利息成本低於先前的預期。最後，根據先前的指導意見，我們預計稅率將在 17.5% 左右。

In summary, we look forward to delivering a fourth-consecutive year of double-digit EPS growth, notwithstanding the Q4 charges of around GBP250 million, demonstrating the successful execution of our strategy since we became a standalone biopharmaceutical business.

總而言之，儘管第四季度產生了約 2.5 億英鎊的費用，我們仍期待連續第四年實現兩位數的每股收益增長，這表明自我們成為一家獨立的生物製藥企業以來，我們的策略得到了成功執行。

As a reminder, our guidance is inclusive of tariffs enacted and indicated thus far. We are positioned to respond to these with mitigation actions identified. And looking beyond, we remain very confident in our medium- and longer-term outlooks to 2026 and '31.

再次提醒，我們的指導意見包含了迄今為止已實施和已宣布的關稅。我們已做好準備，透過制定緩解措施來應對這些問題。展望未來，我們對 2026 年和 2031 年的中長期前景仍然非常有信心。

Next slide, please. Moving to our road map, which illustrates our progress towards major milestones and upcoming value unlocks. We have made good progress through 2025, and we expect to continue to build momentum as we move towards 2026.

請看下一張投影片。接下來是我們的路線圖，它展示了我們在實現重大里程碑和即將釋放的價值方面取得的進展。2025 年我們取得了良好的進展，我們預計在邁向 2026 年的過程中將繼續保持這種勢頭。

Over the coming months, we will continue to focus on flawlessly executing the five key asset launches. The FDA regulatory decision for depemokimab is due this December. And we are looking forward to delivering multiple pivotal readouts across our 15 scale opportunities, including bepirovirsen, cabotegravir, camlipixant, depemokimab in EGPA, and Jemperli in rectal cancer next year.

在接下來的幾個月裡，我們將繼續專注於完美執行五項關鍵資產的發布。FDA將於今年12月對depemokimab做出監管決定。我們期待明年能公佈我們在 15 個規模化項目中的多個關鍵性結果，包括 bepirovirsen、cabotegravir、camlipixant、用於治療 EGPA 的 depemokimab 以及用於治療直腸癌的 Jemperli。

And with that, I am pleased to hand back to Emma.

接下來，我很高興地把麥克風交還給艾瑪。

Thanks, Julie. So in summary, our Q3 results demonstrate the continued momentum in our business with strong financial performance reflected again in our increased guidance for 2025 and through meaningful R&D progress.

謝謝你，朱莉。總而言之，我們的第三季業績表明，我們的業務持續保持成長勢頭，強勁的財務表現再次體現在我們提高了 2025 年的業績預期，以及在研發方面取得的顯著進展。

Our portfolio continues to demonstrate strength and quality and we're excited by the prospects in our pipeline. All of this positions GSK strongly for the next phase in the company's development to deliver our long-term outlooks, outstanding impact for patients, and sustained value for shareholders.

我們的產品組合持續展現實力和品質，我們對在研專案的前景感到興奮。所有這些都使葛蘭素史克在公司發展的下一階段佔據了有利地位，從而實現我們的長期願景，為患者帶來卓越的影響，並為股東創造持續的價值。

So I'm now going to open up the call for Q&A with the team. But before I do so, of course, we know that alongside questions on our results, many of you will be eager to ask our new CEO designate for his views on the future. Well, Luke and I both respectfully ask that you don't. I am, of course, so delighted and very proud to be passing the baton to Luke, but that is in January. And today, we'd like to focus on our Q3 performance.

現在我將開啟團隊問答環節。當然，在此之前，我們知道，除了對我們的業績提出問題之外，你們中的許多人也迫切想了解我們新任執行長對未來的看法。我和路克都懇請您不要這樣做。我當然非常高興和自豪能將接力棒交給盧克，但這要等到一月份。今天，我們想重點談談第三季的業績。

So with that, let's please now open up the call for your questions with the team.

那麼，現在讓我們開始接受大家對團隊的提問。

Thank you very much, Emma.

非常感謝你，艾瑪。

Peter Verdult, BNP Paribas.

Peter Verdult，法國巴黎銀行。

Thanks, Constantin. Good afternoon, good morning, everyone. Pete Verdult here, BNP Exane. Two quick questions. Firstly, for Julie or Emma, there's a EUR6 billion revenue gap between market expectations in 2031 and the GSK revenue target over EUR40 billion. If we move Blenrep's obviously a major point of disconnect, but can you just remind us which other assets you believe are being materially underappreciated?

謝謝你，康斯坦丁。各位下午好/早安。我是 Pete Verdult，來自 BNP Exane。兩個問題，簡單問一下。首先，對於 Julie 或 Emma 來說，2031 年的市場預期與 GSK 超過 400 億歐元的收入目標之間存在 60 億歐元的收入差距。如果我們把 Blenrep 的資產轉移出去，這顯然是一個主要的脫節點，但您能否提醒我們一下，您認為還有哪些其他資產被嚴重低估了？

And then secondly, I hear you about not asking questions about strategy, which I will -- won't go down, but just a factual question for Luke. Is it your intention to either reiterate or tweak the go-forward strategy at the full-year results, or do we have to wait for your unveil later in '26? Thanks.

其次，我明白你的意思，不要問有關戰略的問題，但我不會－－只是問盧克一個事實性的問題。您打算在全年業績報告中重申還是調整未來的發展策略？還是我們需要等到 2026 年晚些時候才能看到？謝謝。

Thanks. Well, I'll ask Julie just to comment on the difference between our full team shared confidence in the short-, medium-, and long-term outlooks and where the market is today. As we've said before, it is largely in oncology and RI&I.

謝謝。好的，我請 Julie 談談我們整個團隊對短期、中期和長期前景的共同信心與當前市場狀況之間的差異。正如我們之前所說，它主要應用於腫瘤學和放射免疫學領域。

The only other point I would make is that as well as a gap between the top line, there is also quite a material difference, as we've said before, in our view of the continued leverage of SG&A and where the market currently sits.

我唯一要補充的是，除了營收差距之外，正如我們之前所說，在銷售、一般及行政費用的持續槓桿作用以及當前市場狀況方面，也存在相當大的實質差異。

But Julie, do you want to comment just quickly on that?

朱莉，你想就此簡單說幾句嗎？

Yeah, sure. Thank you very much, Emma, Peter, for the question. So the major areas, as Emma mentioned, oncology and respiratory, immunology and inflammation. And we do think the data readouts and commercial execution will make the difference here. But clearly, the Blenrep launch is one of the areas. Within oncology, I think people are also waiting for the rectal readout in Jemperli.

當然可以。非常感謝艾瑪和彼得的提問。正如 Emma 所提到的，主要領域包括腫瘤學、呼吸系統、免疫學和發炎。我們認為，數據解讀和商業執行將起到決定性作用。但很顯然，Blenrep 發射是其中一個領域。我認為腫瘤學界的人們也在等待 Jemperli 的直腸癌檢測結果。

And then the other difference, of course, is the ADCs recently licensed in from Hansoh, which we're very optimistic about in terms of the future.

當然，另一個不同之處在於我們最近從韓森公司獲得了ADC的授權，我們對其未來發展非常樂觀。

Within respiratory, I have to say the gaps are closing. They've improved. So we've obviously got the depe PDUFA date in December this year. People are clearly waiting for that.

在呼吸系統方面，我不得不說差距正在縮小。他們有所進步。所以很明顯，我們今年12月有部門PDUFA日期。人們顯然都在等待這一點。

And then the other one, of course, is camlipixant, where we've got the data readout from CALM this year and then CALM-2 next year. So we think these are going to be the key trigger points that will make a difference between ourselves and consensus.

當然，還有一種藥物是 camlipixant，我們今年已經獲得了 CALM 的數據讀數，明年還將獲得 CALM-2 的數據讀數。所以我們認為這些將是決定我們能否達成共識的關鍵觸發點。

Thanks, Julie. And as you pointed out before, it's always we know, going to be a combination of the launch execution delivery as well as the data that comes. And it is quite pleasing with our upgraded guidance this year as a reminder that our initial outlook of 33 billion to be delivered by 2031. We are well on track to be delivering this year, six years early.

謝謝你，朱莉。正如你之前指出的那樣，我們知道，最終結果將取決於產品發布執行情況以及後續數據的綜合表現。今年我們上調了業績預期，這令人非常滿意，也提醒大家我們最初預計到 2031 年將實現 330 億美元的目標。我們目前進展順利，預計今年完成交付，比原計劃提前六年。

So Luke, the second part of the question was related to what's coming despite our shared request in what's coming for 2026. And as usual, we are not going to give a huge amount of detail now about what's coming in '26, but we do want to all as a team reiterate our very high confidence in those not only '26 outlooks, but also '31 outlooks, which are forecasted by this team and committed by this team, as you've heard us all do together again today.

所以盧克，問題的第二部分與我們對 2026 年即將發生的事情的共同期望有關。像往常一樣，我們現在不會透露太多關於 2026 年即將發生的事情的細節，但我們團隊想重申，我們不僅對 2026 年的展望，而且對 2031 年的展望都充滿信心，這些展望都是由我們團隊預測和承諾的，正如你們今天再次聽到我們一起所做的那樣。

At the beginning of -- with the full year '25 results, you'll hear the outlook for '26. And then later on in the year, the building blocks to delivering that longer-term '31 outlook. But Luke, I know you don't want to say too much, but is there anything else you'd like to add to that?

在 2025 年全年業績公佈之初，您將會聽到對 2026 年的展望。然後在今年晚些時候，我們將為更長期的「31 年展望」奠定基礎。但是盧克，我知道你不想說太多，但你還有什麼要補充的嗎？

Sure. Thanks, Emma. Thanks, Peter. Look, what I'll say is, look, the number 40 is doable, and I stand behind it. Look, the majority of the products in it were forecast by me.

當然。謝謝你，艾瑪。謝謝你，彼得。我的意思是，40這個數字是可以實現的，我支持這個目標。你看，裡面的產品大部分都是我預測的。

Right. Well, that's clear. And you'll hear more next year. So next question, please.

正確的。嗯，這很清楚。明年你們還會聽到更多消息。那麼，請問下一個問題。

Matthew Weston, UBS.

瑞銀集團的馬修‧韋斯頓。

Thank you, Constantin. Two questions, please. The first for Luke on Shingrix. There was a great benefit ex US from the rollout in France, both in Q2 and Q3. Can you give us some help for the pushes and pulls on Shingrix into '26? Should we assume that there's been a France bolus, which wanes next year? And then we need a geography to take up the baton. If so, which one? Or do you think there's just consistent rollouts, which mean Shingrix ex US can keep growing?

謝謝你，康斯坦丁。請問兩個問題。盧克在辛格里克斯的第一個任務法國市場的推廣為美國以外的地區帶來了巨大的好處，無論是在第二季還是第三季。您能幫我們分析一下 Shingrix 在 2026 年的表現嗎？我們是否應該假設法國股市出現了一波上漲行情，而這波行情將在明年減弱？然後我們需要一位地理學家來接過接力棒。如果是，是哪一個？或者你認為只是持續的推廣，這意味著 Shingrix（除美國外）可以繼續成長？

And then the second one for Julie, another quarter of great margin leverage. I know this -- I promise it's not really a '26 guidance question. But can you at least help us with pushes and pulls on OpEx? So obviously, a statement about R&D reinvestment in 4Q. How much should we assume that carries on, but also depemokimab, Nucala, COPD, and Blenrep launches, should we think of needing more next year?

然後是朱莉的第二個季度，又是一個利潤率很高的季度。我知道這一點——我保證這真的不是一個 26 年的指導性問題。但您至少可以幫我們解決營運支出的推動和拉動問題嗎？顯然，這是一份關於第四季研發再投資的聲明。我們應該假設這種情況會持續多久，但同時，depemokimab、Nucala、COPD 和 Blenrep 的上市，我們是否應該考慮明年需要更多？

Right. So Luke, first on Shingrix, and then Julie, on our continued drive for meaningful SG&A leverage, please?

正確的。那麼，路克，先談談欣格瑞克斯（Shingrix）吧；朱莉，再談談我們持續推動有意義的銷售、一般及行政費用槓桿作用的情況，好嗎？

Thanks, Matthew. I mean the short answer in Europe is yes. I mean if you step back, we've quietly pursued a three-stage strategy, and I've mentioned this on multiple quarterly earnings calls when Shingrix has come up in line with the current label. The first step, of course, was max the US and get to a point where we penetrated and where that starts to slow. So we've got an immunization rate of 43%, which is in line with the 3% to 5% increment that we've signaled. It's very much linked to flu though, and flu is softer.

謝謝你，馬修。我的意思是，在歐洲，簡短的答案是肯定的。我的意思是，如果你回顧一下，我們一直在悄悄地推行三階段戰略，而且我在多次季度財報電話會議上都提到過這一點，當時 Shingrix 的進展與目前的標籤一致。當然，第一步是盡可能滲透美國，直到滲透速度開始放緩。因此，我們的免疫接種率達到了 43%，這與我們先前提出的 3% 到 5% 的成長目標相符。它與流感有很大關係，而流感症狀較輕微。

And then the plan, of course, was within the US, which we started to pivot on to focusing on the comorbid and high-risk subgroups. And that's just started now in June, and I think the results are encouraging.

當然，計劃是在美國境內進行的，我們開始將重點轉向合併症和高風險亞組。這項工作從六月才開始，我認為結果令人鼓舞。

Maybe with hindsight, we could have gone there earlier. But again, we're getting traction there. So that's a good sign, but the US will still be tough because of sort of macro factors around vaccines, which I doubt we'll get into later.

事後看來，我們或許應該早點去那裡。但我們在這方面又取得了一些進展。所以這是個好兆頭，但美國的情況仍然會很艱難，因為疫苗方面存在一些宏觀因素，我想我們以後可能不會深入探討這些因素。

In Europe, I mean, really, the strategy was to maintain pricing discipline and then build the evidence of the launch in Europe and Japan, and that's exactly where we are now. So the average immunization rate in the top 10 markets ex US is around 10%, about 9.7% to be exact. So there's more opportunities, more work to do as we broaden those populations in those countries.

在歐洲，我的意思是，實際上，我們的策略是保持價格紀律，然後累積在歐洲和日本上市的成功案例，而這正是我們現在所處的階段。因此，除美國以外排名前 10 的市場的平均免疫接種率約為 10%，準確來說約為 9.7%。隨著這些國家人口的成長，機會也隨之增加，工作也更加繁重。

And then the third part, which we're really not in yet, is a pivot to emerging markets in the midterm with more pricing flexibility. We did start there with China. We had a bit of a challenge there, but we've got a pathway, again, focusing on comorbid and that is resonating despite a tough backdrop. So it's very much a midterm story with China and emerging markets. But yes, net-net, I think we're in good shape with Europe, and we just need to keep that going.

第三部分（我們目前還沒有真正進入這一部分）是在中期轉向新興市場，並擁有更大的定價彈性。我們確實是從中國開始的。我們遇到了一些挑戰，但我們找到了一條途徑，再次強調關注合併症，儘管背景艱難，但這條途徑仍然引起了共鳴。所以，這很大程度上是一個與中國和新興市場相關的中期問題。但總的來說，我認為我們與歐洲的關係很好，我們只需要保持這種勢頭。

Right. Thanks, Julie?

正確的。謝謝你，朱莉？

Thank you very much. Thanks for the question. In terms of -- first of all, we're confident in reaching '26 margin target that we laid out of more than 31%. To your point about investment in R&D, we have deliberately been putting more investment behind R&D now for a number of years, and we expect the same next year that R&D will grow ahead of sales. And then in terms of the investment in the launches, we are totally investing in the new launches.

非常感謝。謝謝你的提問。首先，我們有信心實現我們設定的 2026 年利潤率目標，超過 31%。關於您所提及的研發投入問題，我們多年來一直有意識地加大研發投入，我們預計明年研發投入將超過銷售投入。至於產品上市方面的投資，我們正全力投資新產品上市。

We're here to grow the business. So definitely investment gone already into Blenrep, depemokimab coming up, et cetera, Nucala COPD. These are big areas of investment. The thing that we're doing in parallel, as you've probably seen, is that we are driving productivity benefits also through SG&A and the gross margin.

我們來這裡是為了發展業務。所以，投資肯定已經投入到 Blenrep、depemokimab 等產品中，還有 Nucala COPD。這些都是重要的投資領域。正如您可能已經看到的，我們正在同步進行的一件事是，我們也在透過銷售、管理及行政費用和毛利率來提高生產力。

And basically, we're looking at operating model cost and tech to modify and simplify what we do. These are really important components. And we now have a track record of doing this. We've guided at more than a 31% margin by '26. This will be over 500 basis points of accretion for the company between '21 and '26, which is really a considerable achievement as well as funding those launches.

基本上，我們正​​在研究營運模式成本和技術，以改善和簡化我們的工作。這些都是非常重要的組成部分。我們現在已經有了這方面的成功紀錄。我們預計到 2026 年利潤率將超過 31%。2021 年至 2026 年間，這將為公司帶來超過 500 個基點的成長，這確實是一項相當大的成就，也為這些產品的推出提供了資金。

Yeah. And as I said, I think we all expect that to continue. I mean just don't underestimate how much technology is changing the way you can effectively and efficiently do sales and marketing work very differently than it has been the history of this industry, and we're all seeing that change happen whilst allowing us to invest very competitively behind the launches that you're considering -- continuing to see us deliver competitively on. Next question please.

是的。正如我所說，我認為我們都希望這種情況能夠持續下去。我的意思是，千萬不要低估科技在多大程度上改變了銷售和行銷工作的方式，使其與以往的行業歷史截然不同，我們都看到了這種變化，同時也讓我們能夠以極具競爭力的價格投資於您正在考慮的產品發布——並繼續看到我們在這些方面保持競爭力。下一個問題。

Michael Leuchten, Jefferies.

Michael Leuchten，傑富瑞集團。

Two questions for Luke, please. One for depemokimab with the pending approval. Luke, can you update us on your latest thinking on phasing of access, likely source of business for the product into 2026?

請問盧克兩個問題。其中一項是depemokimab，目前正在等待批准。盧克，你能否向我們介紹一下你關於產品分階段推廣的最新想法，以及該產品到 2026 年可能的業務來源？

And then Blenrep, there's been a lot of debate after the approval on label, scope, REMS and the like. Is there any learnings you can point to from the -- albeit early experience in Europe or small experience in Europe that helps us understand sort of how the shape of the curve could look like in the US? Thank you.

至於 Blenrep，在獲得批准後，人們對標籤、範圍、REMS 等問題進行了許多討論。從歐洲早期或較小的經驗中，您能否指出一些經驗教訓，幫助我們了解美國疫情曲線的形狀可能會是什麼樣子？謝謝。

Luke?

盧克？

Thanks, Michael. I mean I'll start with Blenrep first. Yes, I think there's a number of lessons. I chair a task force every two weeks to look at this to ensure cross-functional learnings, and we're certainly incorporating those. I think the key, again, no surprise is that once people have experience with this product, they tend to be, how would I say, pleasantly surprised by the reputation leading into this versus the experience of using it.

謝謝你，麥可。我的意思是，我先從Blenrep開始。是的，我認為這裡有很多值得學習的教訓。我每兩週主持一次特別工作小組會議，審查此事，以確保跨部門學習，我們當然會將這些經驗納入考慮。我認為關鍵在於，不出所料，一旦人們體驗過這款產品，他們往往會對這款產品之前的聲譽和實際使用體驗感到驚訝。

And that's why we've been very focused on supporting physicians with those first five patients to ensure that they understand the dosing and how to manage that and how to hold doses and integrate that into their practice. And that's everything that we will then take into the US. We also have close to 8,000 patients now who've been exposed to Blenrep globally. So we've got a lot of clinical and operational experience in those centers as well.

因此，我們一直非常注重支持醫生治療前五名患者，以確保他們了解劑量、如何管理劑量、如何控制劑量以及如何將劑量融入他們的實踐中。這就是我們將要帶進美國的所有東西。目前全球已有近 8,000 名患者接觸過 Blenrep。因此，我們在這些中心也累積了豐富的臨床和營運經驗。

On depe, look, it's obviously a competitive environment right now. So I'll be careful around some of the phasing around access and our strategy there. But what I will say is I think this is quite a fascinating opportunity. The basic facts when I try and look at that sort of simplify things is that you've got a lot of eligible refractory patients who, by definition, are at risk of exacerbation. And in the US, access is actually extremely good for all biologics. Yet the conundrum, the paradox is that only 27% of them actually get a biologic.

關於Depe，你看，現在顯然是一個競爭激烈的環境。因此，我會謹慎對待准入方面的一些分階段安排和我們的策略。但我認為這是一個非常難得的機會。當我試圖簡化問題時，基本事實是，有許多符合條件的難治性患者，根據定義，他們有病情惡化的風險。在美國，所有生物製劑的取得途徑其實都非常好。然而，令人困惑和矛盾的是，只有 27% 的患者真正獲得了生物製劑。

And then I think a few physicians must scratch their heads on this one. Those that do get a biologic, we see this with our data, it's true with Dupixent, Fasenra, et cetera. After 12 months, you're losing around two-thirds of them. And of course, if you're not adherent, you are put on a biologic for a reason. And if you're not adherent, then you have a higher risk of an exacerbation and subsequent ER visit, for example.

我想，這肯定會讓一些醫生感到困惑。那些接受生物製劑治療的患者，我們可以從數據中看到這一點，Dupixent、Fasenra 等藥物就是如此。12 個月後，你會失去大約三分之二的人。當然，如果你不遵醫囑，醫生會給你使用生物製劑，這是有原因的。如果你不遵守醫囑，那麼你出現病情加重和隨後去急診室就診的風險就會更高。

So for us, there's a clear opportunity here for ATP-driven administration with long intervals between dosing and a strong efficacy that's associated with that. The market research is very, very consistent. This is probably the most market research product in GSK. And yes, 86% of pulmonologists say this could be a new standard of care when we show them the target label and 82% of pulmonologists said they would consider using this product ahead of other MOAs. So our strategy is very simple. We will be focusing on the naïve new patients that are first going on to biologics.

因此，對我們來說，這裡存在著一個明顯的機遇，即透過 ATP 驅動的給藥方式，延長給藥間隔，並提高療效。市場調查結果非常非常一致。這可能是葛蘭素史克公司進行市場調查最多的產品。是的，86% 的肺科醫生表示，當我們向他們展示目標標籤時，這可能是一種新的治療標準；82% 的肺科醫生表示，他們會考慮使用該產品而不是其他作用機制。所以我們的策略非常簡單。我們將重點放在首次接受生物製劑治療的初次患者。

I think this is just an extraordinary opportunity when you see the material difference in compliance the material reduction, 72% reduction in the kind of attacks that cause hospitalization and consequently, a very significant cost sparing benefit for healthcare systems in such a scale disease as asthma. And then, of course, we're very excited about taking depe into COPD and other indications, too.

我認為這是一個難得的機會，因為你會看到合規性方面的實質差異，以及導致住院的氣喘發作次數減少了 72%，從而為醫療保健系統節省了大量成本，尤其是在氣喘這種大規模疾病方面。當然，我們也對將 depe 應用於 COPD 和其他適應症感到非常興奮。

Next question, please.

下一個問題。

Luisa Hector, Berenberg.

路易莎·赫克托，貝倫貝格。

And maybe I could take this chance, Emma, end of an era. So thanks to you on behalf of all of us, many insightful conversations and I think many significant achievements whilst navigating some of the challenges. So thank you very much.

或許我可以抓住這個機會，艾瑪，一個時代的終結。所以，我代表我們所有人感謝您，我們進行了多次富有洞見的對話，我認為在應對一些挑戰的過程中也取得了許多重大成就。非常感謝。

And my questions would be on business development because we've seen a very neat series of small deals. So where are we now in terms of appetite capacity for the next round of deals and any changes in terms of size or area phasing, et cetera?

我的問題主要集中在業務拓展方面，因為我們看到了一系列非常巧妙的小額交易。那麼，就下一輪交易的需求能力而言，我們現在的情況如何？交易規模或區域劃分等方面是否有任何變化？

And perhaps a quick check on the comments you made on J&J and rilpivirine. Should we assume that they can now supply everything you need and that this would not be any kind of constraint when you get closer to filing and launch?

或許可以快速查看一下你之前對強生公司和利匹韋林發表的評論。我們是否可以假設他們現在可以提供您所需的一切，並且在您接近提交申請和發佈時不會構成任何限制？

Great. Yeah. I mean, I think we are really supremely confident in our long-acting portfolio, both because of the momentum in the business and the prospects in the pipeline. I'll ask Deborah to talk about that. And in terms of Look, and once again, Luke and Tony and David have been all been co-architects of some deals that we are extremely pleased with the progress on.

偉大的。是的。我的意思是，我認為我們對我們的長期投資組合非常有信心，這既是因為業務發展勢頭良好，也是因為未來的發展前景廣闊。我會請黛博拉談談這件事。至於 Look 方面，盧克、托尼和大衛再次共同策劃了一些交易，我們對這些交易的進展感到非常滿意。

It's great to see three out of the four Phase III or the pivotal trials that are due to start at the end of this year are from deals that we've been very pleased to sign. We're thrilled with the discipline we've put through in terms of value and returns. When we look at these deals, whether it's in the -- what's become more fashionable FGF21 market or indeed our ADC plays or of course, we're very excited to see what's going on in terms of pipeline development in China and thrilled to see where that partnership with Hengrui will do.

很高興看到今年年底即將開始的四項 III 期或關鍵性試驗中，有三項是我們非常樂意簽署的協議所促成的。我們對自己在價值和回報上所展現出的自律精神感到非常滿意。當我們審視這些交易時，無論是在如今越來越流行的 FGF21 市場，還是我們的 ADC 業務，當然，我們都非常興奮地看到中國在產品線開發方面取得的進展，並期待與恆瑞的合作能夠取得怎樣的成果。

And then, of course, once again, we added a couple more deals just this week in our earlier stage pipeline because we're all very focused and you're all very focused on the models of what's happening with the core 15, but I know how much the team are also thinking about that next wave of development through the 2030s when we come out the other side of successfully digesting dolutegravir.

當然，就在本週，我們又在早期階段的研發管線中增加了幾筆交易，因為我們和你們都非常關注核心 15 個藥物的研發模式，但我知道團隊也在認真思考 2030 年代的下一波研發浪潮，屆時我們將成功消化多替拉韋。

So I think you should expect that BD will continue to be a very -- it's about half of our pipeline, and it will continue to be a very material contributor to our pipeline with a focus on RI&1 and onc and the kind of scale and pace. But we're always going to be looking out at things and review it very, very regularly.

所以我認為，BD將繼續佔據我們產品線的一半左右，並將繼續成為我們產品線的重要貢獻者，重點關注RI&1和腫瘤領域，以及其規模和速度。但我們會一直關注事態發展，並定期進行審查。

And obviously, the market stays competitive, and we're right in the middle of that. So not much more, I think, to add on that. But let's get back to long-acting.

顯然，市場競爭依然激烈，而我們正處於競爭的中心。所以我覺得沒什麼要補充的了。但我們還是回到長效藥的話題來吧。

Now, a third of our -- or 30% of our business in the US already. So Deborah, do you want to talk about that and the pipeline question?

現在，我們三分之一（或 30%）的業務已經在美國開展。黛博拉，你想談談這個問題以及輸油管的問題嗎？

Yeah. Thanks, Emma. So just to start, delighted with the Cabenuva performance, 75% growth in the quarter. And actually 75% of our Cabenuva switches now come from competitors. And our long-acting injectable performance is at the heart of why we've been able to upgrade our HIV guidance this quarter.

是的。謝謝你，艾瑪。首先，我對 Cabenuva 的表現非常滿意，本季成長了 75%。事實上，我們現在75%的Cabenuva交換器都來自競爭對手。我們長效注射劑的優異表現，正是我們本季能夠提升 HIV 治療績效預期的核心原因。

So let's just talk a little bit about Q4M. So our Q4M CUATRO Phase III study start is going to be delayed into H1 2026, and that's due to a delay in the delivery of recovering clinical trial supply by Janssen.

那我們就來簡單談談Q4M吧。因此，我們原定於 2026 年 4 月啟動的 CUATRO III 期研究將推遲到 2026 年上半年，這是由於 Janssen 公司恢復臨床試驗供應的延遲造成的。

There is no ongoing issue, which would cause us anything but complete confidence from Janssen. They're a great partner. This is just a one-off. I think the key thing to communicate is that this is a clinical trial, supply delay is not related to efficacy or tolerability concerns at all, and we remain committed to 2027 file and 2028 launch of Q4.

目前沒有任何問題，這讓我們對強生公司充滿信心。他們是很好的合作夥伴。這只是個別事件。我認為需要傳達的關鍵訊息是，這是一項臨床試驗，供應延遲與療效或耐受性問題完全無關，我們仍然致力於在 2027 年提交申請，並在 2028 年第四季推出產品。

We've looked over the financials and there's no material impact on outlook from the delay because we've got Cabenuva in the market already, and that product is performing so well. Demand is high. We've got really fantastic momentum.

我們已經查看了財務數據，由於 Cabenuva 已經上市，而且該產品表現非常出色，因此此延遲不會對前景產生實質影響。需求量很大。我們現在勢頭非常強勁。

And whilst we're disappointed, obviously, not to be able to launch Q4M at the end of 2027, as we originally said, actually, this is a marketplace where there's no competitor for a long, long period of time. So we are the only long-acting injectable in treatment, and we're going to remain that way for the foreseeable future.

雖然我們很失望無法在 2027 年底推出 Q4M，但正如我們最初所說，實際上，這是一個在很長一段時間內都沒有競爭對手的市場。因此，我們是目前唯一一種長效注射治療藥物，在可預見的未來，我們仍將維持這一地位。

Cabenuva will power on, and we will do everything we can to get Q4M into the marketplace as soon as we can. And then obviously, we've got Q6M coming next year. We will be doing our regimen selection for Q6M, and then we will be launching that asset as the next phase of our long-acting injectable journey.

Cabenuva 將繼續運轉，我們將盡一切努力盡快將 Q4M 推向市場。當然，明年我們還有Q6M。我們將對 Q6M 進行方案選擇，然後我們將推出該產品，作為我們長效注射劑研發的下一階段。

It's just so important to remember that we are the only one on the treatment market for a very long time ahead, and that is a business that continues to accelerate momentum.

重要的是要記住，在未來很長一段時間內，我們將是治療市場上唯一的參與者，而這個行業的發展勢頭還在繼續加快。

And there are obviously, Emma, as we've seen ourselves, some sort of bumps in the road of long-acting injectables that we and our competitors experience. So I think it's just a complicated area, mainly around CMC. But in terms of the patient benefit, really significant and the demand from patients is also very material.

顯然，艾瑪，正如我們自己所看到的，長效注射劑的發展道路上存在一些坎坷，我們和我們的競爭對手都會遇到這些坎坷。所以我認為這只是一個比較複雜的領域，主要集中在CMC附近。但就患者獲益而言，意義重大，患者的需求也十分迫切。

Next question, please.

下一個問題。

Sachin Jain, Bank of America.

Sachin Jain，美國銀行。

Just a follow-on actually to the Q4M question. So thank you for that update, Deborah. I wonder if you could just talk about the commercial impact of delay relative to Gilead's weekly oral len plus islatravir, which is probably 6 to 12 months ahead. We hear mixed KOL feedback on weekly oral versus Q4.

實際上，這是對 Q4M 問題的後續提問。謝謝你提供的最新信息，黛博拉。我想知道您能否談談，相對於吉利德每週口服的len plus islatravir（可能提前6到12個月上市），這種延遲對商業的影響是什麼。我們收到的意見領袖對每週口服和每4分鐘口服的回饋不一。

Secondly, I wonder if you could just update on US policy. So any color you're willing to give on ability to do a deal with the administration given your high Medicaid exposure? And then how is dialogue around IRA going? And then just one quick clarification, if I can chance my arm for Luke as a follow-on to earlier question on Blenrep depe.

其次，我想請您介紹美國政策的情況。鑑於您在醫療補助方面面臨巨大風險，您願意透露多少與政府達成協議的可能性？那麼，圍繞愛爾蘭共和軍的對話進展如何？然後，我還有一個簡短的澄清，能否請 Luke 幫忙解答一下之前關於 Blenrep depe 的問題？

Clearly bullish commentary, Luke, but just trying to triangulate versus '26 consensus for both, which is around GBP200 million. I know it's a tough question, but any color directionally would be helpful. Thank you.

盧克，這顯然是看漲的評論，但我只是想把它與 2026 年的共識進行比較，共識約為 2 億英鎊。我知道這是一個棘手的問題，但任何顏色方向性的提示都會有所幫助。謝謝。

Luke, do you want to say anything on that?

盧克，你對此有什麼要說的嗎？

Look, I would just say these are big assets in the long term. I can't give any sort of color, but clearly we're going to approach both assets very aggressively. And I would just point to the performance in Nucala COPD, where in May, we had 0% market share, and we've now got 46% of those new patients in COPD against Dupixent. That's not a read across depemokimab.

你看，我只想說，從長遠來看，這些都是巨大的資產。我無法透露具體細節，但很顯然，我們將以非常積極的態度對待這兩項資產。我只想指出我們在 Nucala COPD 方面的表現，5 月份我們的市場份額為 0%，而現在我們在 COPD 新患者中已經佔據了 46% 的市場份額，與 Dupixent 展開競爭。這並不能代表所有depemokimab的療效。

It just tells you that the team is very effective at executing, and we're going to be focused on that asset and Blenrep already in the field and receiving very good feedback. Again, it's going to be more of a stage process to give people experience and confidence to use the product more broadly.

這說明團隊的執行力非常強，我們將專注於此優勢，Blenrep 已經在現場，並收到了非常好的回饋。同樣，這將是一個分階段的過程，目的是讓人們累積經驗和信心，從而更廣泛地使用該產品。

Great. So on MFN, I'm not really going to give any more detail or get ahead of anything, except to say, as you would expect, we're engaging, as I've said, very constructively with the administration. Medicaid is 10% of our total US business. I'm really confident in our ability to navigate this over the last four years through a variety of different environments.

偉大的。所以關於最惠國待遇，我不會透露更多細節或提前透露任何事情，只想說，正如你所預料的那樣，我們正在與政府進行非常建設性的接觸，正如我所說。醫療補助計劃占我們美國總業務的 10%。我對我們過去四年在各種不同環境下成功應對這項挑戰的能力非常有信心。

The strength and quality of our portfolio has continued to allow us to do repeated upgrades and navigate through these kinds of challenges.

我們投資組合的實力和品質使我們能夠不斷進行升級改造，並應對這類挑戰。

The US is our number one priority market. We've committed to very material investments there. And we fully agree that we should be partnering and working towards being in a place where step change innovation can be made affordably available and sustainably available for innovators to American patients. And we also fully agree that we'd like to see all countries recognize the value that innovation can bring -- to bring down the demand care on healthcare.

美國是我們最重要的優先市場。我們已承諾在那裡進行大量投資。我們完全同意，我們應該攜手合作，努力使美國患者能夠負擔得起並可持續地獲得突破性創新成果。我們也完全同意，我們希望所有國家都能認識到創新能帶來的價值——降低醫療保健的需求。

So the demand, sorry, curve and therefore, the cost on health care. So continue to engage here and we'll keep you updated and very much bearing in mind and sits with a strong underpin to our confidence on our outlook overall.

所以，需求曲線，抱歉，是曲線，以及醫療保健成本。所以請繼續關注我們，我們會隨時向您通報最新情況，同時我們也牢記這一點，這為我們對整體前景的信心提供了強有力的支撐。

You mentioned IRA. I think Luke already said it. We're very pleased to have concluded the latest rounds of IRA negotiations and all fully factored into our outlook. So nothing more to report on that.

你提到了個人退休帳戶（IRA）。我覺得盧克已經說過了。我們非常高興地宣布，最新幾輪個人退休帳戶（IRA）談判已經完成，所有相關因素都已充分納入我們的預期。所以這件事沒有什麼新的進展了。

And on islatravir, I think that is an important point to remind people of.

關於伊斯拉曲韋，我認為這一點需要提醒大家。

Yeah. Thanks, Sachin. So there is an expectation that len plus islatravir will launch in 2027. All of the research that we have done indicates that the once weeklies will cannibalize other orals. And actually, there is on that particular asset, a bit of a mixed view, firstly, because of the history of islatravir and the CD4 depletion.

是的。謝謝你，薩欽。因此，預計 len plus islatravir 將於 2027 年上市。我們所做的所有研究都表明，每週一次的藥物會蠶食其他口服藥物的市場份額。事實上，對於這種特定的資產，存在著一些不同的看法，首先是因為伊斯拉曲韋的歷史以及 CD4 耗竭。

But secondly, I mean, we absolutely believe that you need to have an integrase at the core of any two-drug regimen, whether it is an oral weekly or a long-acting injectable because integrase have got incredible potency, tolerability, high barrier to resistance and 78% of those people who are on treatment today are on an integrase inhibitor because they are the cornerstone of HIV treatment.

但其次，我的意思是，我們絕對相信，任何雙藥療法的核心都必須包含整合酶抑製劑，無論是每週口服一次還是長效注射劑，因為整合酶抑製劑具有極強的效力、良好的耐受性、較高的耐藥屏障，而且目前接受治療的患者中有 78% 都在使用整合酶抑製劑，因為它們是 HIV 治療的基石。

Now we know that, obviously, the other once weekly from our competitor, which is the prodrug of len and an integrase inhibitor is on clinical hold. So again, you've just got the islatravir plus the lenacapavir option in '27, and we don't think that's going to be a challenge to our Q4M, one, because the long-acting injectables is a very unique value proposition; two, because we've got an entity at the core of that particular regimen. So we're feeling very confident about our ability to keep driving our HIV business forward and growing strongly and helping GSK navigate through the loss of exclusivity of dolutegravir.

現在我們知道，很顯然，我們競爭對手的另一種每週一次的藥物，即len的前藥和整合酶抑制劑，目前處於臨床試驗暫停狀態。所以，2027 年你們只有 islatravir 和 lenacapavir 這兩種選擇，我們認為這不會對我們的第四季度業績構成挑戰，原因有二：一是長效注射劑具有非常獨特的價值；二是因為我們在這個特定方案的核心擁有一個實體。因此，我們對繼續推動 HIV 業務向前發展並實現強勁增長的能力充滿信心，並相信能夠幫助 GSK 應對多替拉韋失去獨家銷售權的局面。

Simon Baker, Redburn.

西蒙貝克，雷德本。

Thanks for taking my questions. Two, if I may, please. Luke, going back to something I asked you on the Blenrep call on Friday around the 2031 target. Back in '21, you gave a number of peak sales estimates for products in RSV, Blenrep, Juluca and Jemperli. You've reiterated the EUR40 billion target. I just wonder if you could give us thoughts on the pushes and pulls. You always said that there were a lot of factors going towards the aggregate figure, but just a check on where you see the pushes and pulls there would be very helpful.

謝謝您回答我的問題。如果可以的話，請給我兩個。盧克，回到我周五在 Blenrep 電話會議上問你的關於 2031 年目標的問題。早在 2021 年，您就對 RSV、Blenrep、Juluca 和 Jemperli 的產品給出了一些銷售高峰預測。您重申了400億歐元的目標。我想知道您能否談談對這些推拉因素的看法。你總是說影響總數字的因素有很多，但如果能找出你認為哪些因素在起作用，那就非常有幫助了。

And then for Deborah on HIV and the Q4 slight delay, that pushes it a little bit closer to the Q6 launch, but not materially so. So I'm guessing you've always thought that it's not one duration fits all. I just wonder if you could give us some thoughts on how the long-acting market will pan out with the various injection duration options that you will be offering?

至於 Deborah 的 HIV 問題以及第四季度的輕微延遲，這使得它離第六季發布更近了一點，但並沒有實質性的延遲。所以我猜你一直都認為沒有一種時長適合所有人。我想請您談談，您認為在您提供的各種注射持續時間選擇下，長效製劑市場的發展前景如何？

So I'm going to come to Deborah first on this. But also -- and I will turn back to Luke. But just to be clear, as we've already said, it will be beginning of next year when Luke will give an outlook for '26 and more likely much later in the year when he will talk about the building blocks to deliver on more than 40 and his more than 40 in '30 -- '31. So I just want to give Luke the permission not to get into detail of the ups and downs as the portfolio continues to mature.

所以，我首先要談談黛博拉。但是──我還要回到路加福音。但需要明確的是，正如我們已經說過的，盧克將在明年年初展望 2026 年，而更有可能在今年晚些時候，他會談到實現 2030 年至 2031 年超過 40 年目標的基礎。所以我只想允許盧克不要詳細說明作品集在不斷成熟過程中遇到的起伏。

But Deborah, let's come to you first. And Luke, if you want to add anything to that, then I'll let you.

但是黛博拉，我們先來說說你。路克，如果你還有什麼要補充的，我會讓你補充的。

Thanks for the question, Simon. So with Q2M, 15% of patients would be willing to take that regimen to treat their HIV. When you get up to Q4M, it doubles to 30%. And then when you get to Q6M, half of the people who are living with HIV and all of our research say that they would be willing and keen to take a six-month long-acting injectable.

謝謝你的提問，西蒙。因此，根據 Q2M 方案，15% 的患者願意接受該方案來治療他們的 HIV 感染。當達到 Q4M 時，它會翻倍至 30%。然後，當涉及 Q6M 時，一半的 HIV 感染者以及我們所有的研究都表明，他們願意並渴望接受一種長效注射劑，有效期為六個月。

Within the research, though, and with physicians, too, you are right. Some people say, actually, I would like to give Q4M to my patients on an ongoing basis because I like to pull them back into the doctor's office three times a year to have viral load testing, sexually transmitted disease testing and all the things that they do to care for their patients. Others are very keen to see that their patients go to Q6M.

不過，在研究領域以及與醫生的交流中，你的說法是正確的。有些人說，實際上，我希望持續地給我的病人 Q4M，因為我喜歡每年三次把他們帶回醫生辦公室進行病毒載量檢測、性傳染病檢測以及他們為照顧病人所做的一切。其他人則非常希望他們的病人能去 Q6M 就診。

So there will not be one size fits all, but what there would be is a market expansion that is significant as we extend the duration between administration from 2 to 4, 4 to 6. And obviously, when we get to Q6M, it's a brand-new set of medicines because you've got the third-generation integrase inhibitor, VH184, which has a unique resistance profile and is a third-generation integrase inhibitor.

因此不會有萬能的解決方案，但隨著管理間隔從 2 到 4，從 4 到 6，市場將會顯著擴張。顯然，到了 Q6M 階段，我們將迎來一套全新的藥物，因為其中包含了第三代整合酶抑制劑 VH184，它具有獨特的抗藥性，並且是第三代整合酶抑制劑。

And then you have a capsid inhibitor, or N6LS, depending on which regimen we select for our Q6M, and it's great to have options. So feeling very bullish about the future of Q6M, but also see a place for Q4M as patient choice remains critical.

然後，根據我們為 Q6M 選擇的治療方案，也可以使用衣殼抑制劑或 N6LS，有多種選擇總是好的。因此，我對 Q6M 的未來非常看好，但也認為 Q4M 有一席之地，因為患者的選擇仍然至關重要。

Thanks, Deborah. Luke, any comments you want to add?

謝謝你，黛博拉。路克，你還有什麼要補充的嗎？

Thanks, Simon. I mean I would just say, again, confident overall in the late-stage assets. And yes, we look forward to updating everyone with the team next year.

謝謝你，西蒙。我的意思是，我再次重申，我對後期資產整體充滿信心。是的，我們期待明年向大家介紹團隊的最新情況。

In terms of Blenrep, I mean, look, it's going to be material. I said that over the next couple of years. And the key is obviously the initial launch and then the pathway to second line, which Tony is very much in hand, and the usual pushes and pulls with competitive datasets.

就 Blenrep 而言，我的意思是，你看，它將會是重要的素材。接下來的幾年裡，我一直這麼說。關鍵顯然在於最初的發布，然後是通往第二線的途徑，托尼對此掌控得很好，以及與競爭數據集的通常博弈。

Thank you. Next question, please.

謝謝。下一個問題。

Sarita Kapila, Morgan Stanley.

薩里塔·卡皮拉，摩根士丹利。

Hi. Thanks for taking my questions. Thanks for the color on Nucala. I was just wondering if we could have a little bit more on the rollout in COPD, how the launch is going versus your initial expectations and where you're seeing the most use? Is it in the 150 to 300 eosinophil group, or is it in the over 300 where it would be more head-to-head with Dupixent?

你好。謝謝您回答我的問題。謝謝你為Nucala著色。我想問一下，能否詳細介紹 COPD 的推廣情況，上市進展與您最初的預期相比如何，以及您在哪些方面看到使用率最高？它適用於嗜酸性粒細胞計數在 150 到 300 之間的患者，還是適用於嗜酸性粒細胞計數超過 300 的患者？如果是後者，它就能與 Dupixent 進行更直接的比較了。

And then the second one on Jemperli, please. It seems to be a very strong rollout in the US or momentum in the US How penetrated are you now in endometrial cancer? And is this momentum sustainable into 2026? And should we think about Jemperli being able to get to your guide of over $2 billion in the existing indications, or would you definitely need the pipeline to hit that? Thanks.

然後，請給我第二張Jemperli的。它在美國似乎取得了非常強勁的推廣或發展勢頭。目前，該療法在子宮內膜癌領域的滲透率如何？這種勢頭能否持續到2026年？我們是否應該認為 Jemperli 能夠根據現有跡象達到您超過 20 億美元的預期銷售額，還是說您肯定需要整個產品線才能達到這個目標？謝謝。

So we'll come to Luke on both Nucala and Jemperli, but I think it would be good as well when we've heard on the Nucala launch, just to hear a little bit from Tony because I think we are all want to know, we're all getting more and more ambitious on the portfolio for COPD, whether that's depe or the other assets that we're bringing forward.

所以，我們稍後會請 Luke 談談 Nucala 和 Jemperli，但我覺得在聽完 Nucala 的發布情況後，也應該聽聽 Tony 的一些看法，因為我想我們都想知道，我們都對 COPD 的產品組合越來越有雄心，無論是 depe 還是我們正在推出的其他資產。

I know when we announced the deal we just did, the statements that it's going to be the leading cause of hospitalization in coming years. And we're talking about hundreds of millions of people. So this is really a scale disease where we have a lot of expertise for the pipeline coming forward.

我知道，在我們宣布剛剛達成的協議時，聲明中提到，這將是未來幾年住院的主要原因。我們談論的是數億人。所以這確實是一種規模性疾病，我們在後續的研發管線方面擁有豐富的專業知識。

But in terms of what's in hand right now, do you want to comment on Nucala and?

但就目前的情況而言，您想對努卡拉（Nucala）發表一些評論嗎？

Yeah. I mean -- thanks, Sarita. It's broad. I mean when I was talking to the BU head in the US about this, he said broad several times, broad label, broad uptake, broad resonance.

是的。我的意思是——謝謝你，薩麗塔。它的範圍很廣。我的意思是，當我跟美國業務部門負責人談到這件事時，他多次提到“廣泛”，廣泛的標籤，廣泛的接受度，廣泛的共鳴。

And I mean, another market research point that's interesting is 9 out of 10 US pulmonologists strongly agree that preventing severe exacerbations is essential to COPD management. I'm not sure about the 1 in 10. I don't suggest you go and visit them. Yeah, clearly, it's landed well.

我的意思是，另一個有趣的市場調查結果是，十分之九的美國肺科醫生強烈認為，預防嚴重急性發作對於 COPD 管理至關重要。我不確定十分之一的可能性。我不建議你去拜訪他們。是的，顯然效果不錯。

But as I've said on other calls, this is a population of prescribers that only use it in one in three patients for many reasons. So that is just a balancing caution, but how we're going against Dupixent is very encouraging. Yeah, it's across the label, both bronchiotetic emphysemia and different EOS levels.

但正如我在其他電話會議中所說，出於多種原因，這部分處方醫生只在三分之一的患者中使用這種藥物。所以這只是一個需要權衡的謹慎意見，但我們對抗 Dupixent 的進展非常令人鼓舞。是的，標籤上都有，包括細支氣管肺氣腫和不同的EOS水平。

Just moving on and on Jemperli. In terms of endometrial, obviously, we're pleased that we have the only and first label with dual primary endpoints of PFS and OS and endometrial cancer. We're following that up with a study called DOMENICA, which is looking at evaluating gemperirdine a chemo-free regimen. Importantly, as well, obviously, the rectal studies continue to progress well, where we have fantastic complete responses.

繼續前進，Jemperli。就子宮內膜癌而言，顯然，我們很高興我們擁有唯一且第一個以 PFS 和 OS 雙重主要終點為指標的標籤，並且適用於子宮內膜癌。我們正在進行一項名為 DOMENICA 的研究，旨在評估吉培利定這種無化療方案的療效。顯然，同樣重要的是，直腸研究也持續取得良好進展，我們獲得了非常好的完全緩解率。

Just a quick reminder on some of those programs for you, AZUR-1, which is the locally advanced MSI-H rectal results, which we're expecting to read out in the second half of '26. AZUR-2, which is colon cancer, and there's an interim for that in '28 and the JADE study, which is in the unresectable head and neck setting for which we're also expecting readouts in '28. So lots of momentum going around Jemperli to continue to support the growth of that medicine.

簡單提醒一下，關於其中一些項目，AZUR-1，它是局部晚期 MSI-H 直腸結果，我們預計將在 2026 年下半年公佈結果。AZUR-2 研究針對結腸癌，該研究將於 2028 年進行中期評估；JADE 研究針對不可切除的頭頸部腫瘤，我們也預期將於 2028 年獲得相關結果。因此，圍繞 Jemperli 的勢頭強勁，將繼續支持該藥物的成長。

Anything you want to say on COPD?

關於慢性阻塞性肺病，你有什麼想說的嗎？

On COPD, just look, I'm delighted with where our COPD portfolio is currently sitting. You may have noticed we have now three Phase III studies starting in COPD. There are the ENDURA-1 and 2 studies in the more typical COPD population and a study called VIGILANT, which is looking at earlier COPD patients.

關於 COPD，你看，我對我們 COPD 產品組合目前的狀況非常滿意。您可能已經注意到，我們目前有三項針對慢性阻塞性肺病的 III 期研究正在啟動中。目前有針對較典型的 COPD 族群的 ENDURA-1 和 ENDURA-2 研究，以及一項名為 VIGILANT 的研究，該研究針對的是早期 COPD 患者。

These are individuals who are not treated typically with bios, but for which they have secondary factors. that predispose them to rapid progression.

這些患者通常不接受生物製劑治療，但他們存在一些繼發性因素，使他們的病情容易快速惡化。

Coming along behind all of that solidly is the long-acting TSLP and IL-33 options. And as Emma has mentioned, the ongoing option in PD3/4 and the latest deal that we have with Empirical that was announced this week with an entirely new novel mechanism, which is oligo-based.

緊隨其後的是長效 TSLP 和 IL-33 這兩種選擇。正如 Emma 所提到的，PD3/4 中持續存在的選擇權，以及我們本周宣布的與 Empirical 達成的最新協議，該協議採用了一種全新的、基於寡核苷酸的機制。

Yes. And Sarita, back on your question on Jemperli and endometrial. And I think the good news overall, if you just look just in the last 12 months, you've gone from 80% of oncs using IO typically in endometrial to now 96%, which is great. 90% of these patients are now on some form of IO. For us, there are clear opportunities if a physician can accurately cite the RUBY overall survival figure, then the likelihood of using the drug is double that versus someone who can't.

是的。薩麗塔，回到你之前關於 Jemperli 和子宮內膜的問題。我認為總體而言，好消息是，如果只看過去12個月，使用免疫療法治療子宮內膜癌的腫瘤科醫生比例已經從80%上升到現在的96%，這非常棒。現在90%的患者都在接受某種形式的免疫療法。對我們來說，如果醫生能夠準確引用 RUBY 整體存活率數據，那麼使用該藥物的可能性將是無法準確引用該數據的醫生的兩倍，這顯然是一個機會。

So that's our focus is the DMMR population. We do have the broad label, of course. MMRP tends to be more dominated by pembro. But globally, there's about a 5% difference in market share in our favor against pembrolizumab, which is very encouraging.

所以，我們的重點是DMMR族群。當然，我們也有這個廣泛的標籤。MMRP 常以 pembro 為主。但從全球來看，我們的市佔率比帕博利珠單抗高出約 5%，這非常令人鼓舞。

Yes, lots coming on. Next question, please.

是的，有很多事情即將發生。下一個問題。

Zain Ebrahim, JPMorgan.

Zain Ebrahim，摩根大通。

Hi. Thanks for taking my questions. This is Zain Ebrahim from JPMorgan. So my first question is on Blenrep. You talked about it, but you mentioned that you expect to see a material growth driver over the next three to four years. So how much of that growth do you expect to come from the US based on the current label versus ex US? And how much of that is driven by the expected indication expansion in 2028? That's my first question.

你好。謝謝您回答我的問題。我是摩根大通的Zain Ebrahim。我的第一個問題是關於Blenrep的。你談到了這一點，但你提到你預計在未來三到四年內會看到實質的成長驅動因素。那麼，根據目前的標籤，你預期這其中有多少成長來自美國，又有多少成長來自美國以外的地區？其中有多少是由預計在 2028 年擴大適應症範圍所驅動的？這是我的第一個問題。

And my second question is just on general medicines. It sounds like the Trelegy IRA negotiation was in line with your expectations. So how are you thinking about the development of general medicines over the midterm? Thank you.

我的第二個問題是關於一般藥物的。聽起來 Trelegy IRA 的談判結果符合你的預期。那麼，您如何看待中期內通用藥物的發展？謝謝。

Yeah. I mean, on gen med, we're not going to change our '21 to '26 guidance, which we upgraded slightly because of the operating performance. So there's no more update on that. And I'm not sure, Luke, how much you want to itemize. I know Darzalex is about 0.5x.

是的。我的意思是，在一般內科方面，我們不會改變 2021 年至 2026 年的業績指引，我們只是因為營運績效略微上調了指引。所以這件事沒有更多進展了。盧克，我不太確定你想列出多少項目。我知道達札雷克斯大約是0.5倍。

Yes, that's right, Emma. I mean, I think, look, the priority is to get to second line in the US to match the rest of world label. The US initially will be ahead of Europe because we're launching. But as markets like Germany and Japan come online, that should balance out over time.

是的，沒錯，艾瑪。我的意思是，我認為，當務之急是在美國達到二線水平，與世界其他地區的標籤保持一致。美國最初會領先歐洲，因為我們是首發國。但隨著德國和日本等市場的上線，這種情況應該會逐漸得到平衡。

Yeah. And I think as Luke can tell you went through in great deal of detail on the calls. There is a material opportunity in third line, and we have a good pathway to getting to second line. And in fact, studies planned, as you all know, in first line, too. So I think this is definitely one to watch as part of our broader oncology portfolio, which continues to build.

是的。而且我想正如盧克所能看出的那樣，你們在通話中進行了非常詳細的討論。第三線存在實質的機會，我們有很好的途徑進入第二線。事實上，正如你們所知，研究計劃也在第一線進行。所以我認為這絕對是我們不斷成長的腫瘤產品組合中值得關注的一部分。

So look, I just want to say one last thing because I know that was our last question, and we went -- because we had a technical issue, I think, at the beginning, so apologies if you were made to wait. You do know this -- I know this is my last quarter to report as CEO. And I do want to just take a moment to thank everyone on this call for your time and engagement with me and most of all, with this tremendous team who over the last nine years together have transformed our great company's performance, pipeline, and prospects.

所以，我只想最後再說一件事，因為我知道這是我們最後一個問題，而且我們——因為我想，一開始我們遇到了技術問題，所以如果您久等了，我深表歉意。你知道的——我知道這是我作為CEO匯報的最後一個季度。我也要藉此機會感謝所有參加此次電話會議的各位，感謝你們抽出時間與我交流，尤其要感謝我們這支傑出的團隊，在過去的九年裡，他們共同努力，改變了我們這家偉大公司的業績、業務渠道和發展前景。

And in doing so, we've set out a clear pathway for patient impact at serious scale, already 2 million -- 2 billion, sorry, people around the planet. And I firmly believe that GSK's value for shareholders will be fully recognized and sustained.

透過這樣做，我們已經為大規模地影響患者制定了明確的路徑，目前已經惠及全球 200 萬人——抱歉，是 20 億人。我堅信，葛蘭素史克為股東創造的價值將得到充分認可和維持。

When you step back and reflect, it's really hard to think of a sector that matters more than ours, where innovation and trust really can change people's lives and drive sustained performance and value for shareholders.

當你冷靜下來思考時，很難想像還有哪個產業比我們這個產業更重要，在這個產業裡，創新和信任真的可以改變人們的生活，並為股東帶來持續的績效和價值。

And all of us, whether it's those of us here in this room or everybody on the call, well, we're all part of a really extraordinary incredible industry, and it's a privilege to be part of it, and it is not a responsibility to leave lightly.

我們所有人，無論是在座的各位，還是所有參與電話會議的人，我們都身處一個非凡的行業，能夠成為其中的一員是一種榮幸，離開這個行業絕非易事。

I am so delighted and very proud to be passing the baton to Luke and to be leaving all that GSK has to offer in such fantastically good hands.

我非常高興和自豪地將接力棒交給盧克，並將葛蘭素史克的所有資源託付給如此優秀的人。

So I just wanted to finish up the last time wishing everybody listening in just great good fortunes for the future. And I, of course, look forward to cheering Luke and all the wonderful people working at GSK to a lot of further success as they combine science, technology, and their talent to get ahead of disease together. Thank you all very much.

最後，我想再次祝福所有收聽節目的朋友們未來一切順利。當然，我也期待為盧克和所有在葛蘭素史克工作的優秀員工加油，祝福他們能夠結合科學、技術和他們的才能，共同戰勝疾病，取得更大的成功。非常感謝大家。

Bye-bye.

再見。