AstraZeneca PLC

Well, a warm welcome, everybody, to AstraZeneca's fourth quarter and full year 23 results presentation conference call and webcast for investors and analysts. I'm Andy Barnett, head of investor relations. And before I hand over to Pascal and members of the executive team, I'd like to cover some important housekeeping points. Firstly, as I'm probably sure you realize, all the materials are already on our website for your review. Here is our forward-looking statement, which I'd encourage you to take the time to read. We'll be making comments on our performance using constant exchange rates, or CER, core financial numbers, and other non-gap measures. A non-gap-to-gap reconciliation is contained within the results announcement, as you'll have seen. All numbers quoted are in millions of US dollars, unless otherwise stated. This slide shows the agenda for today's call. Following our prepared remarks, we'll open the line for questions. Of course, if you want to ask a question in the room, you raise your hands. There'll be roving mics. For those online, please use the Zoom function to raise your hand. As usual, we'll try and get to as many questions as we can through the course of the call. But if you limit the number of questions you ask at once, it'll give others a fair chance to participate. And with that, Pascal, I'm going to hand over to you.

Thank you, Andy. Good morning, everybody, and welcome to this London Stock Exchange, where we are celebrating our 25th anniversary as a company, merging Astra from Sweden and Zeneca from the UK quite a number of years ago. But I want to start... my talk with this slide. And this slide is important because I want to recognize or celebrate the fact that not only it's our 25th anniversary, but importantly, we actually did achieve the goal we set ourselves 10 years ago to reach $45 billion sales in 2023. And in fact, I could argue we overachieved it because at the current exchange rates, our 45 billion gold probably is closer to 40 billion. And I don't want to say that just to kind of pat ourselves on the back, even though I'd like to do this and celebrate our team's effort, but I want to mention it because We always did this with our eyes on the long-term and growth. And we are embarking on another 10-year cycle. And we have announced an R&D day because we want to refresh our strategy and show you what we are planning to do over the next 10 years. But we got this $45 billion through ups and downs, and I have to say often a lot of skepticism, But always with our eye on the long-term growth rate. And that's what we're going to do. We believe we can grow. And we believe over the next 10 years, we will deliver superior growth. And that's, of course, going to drive our profitability as a result of it. But our growth and sustainable strong growth is really what we are after. and we've done this whole following the science and again we're embarking on a new cycle and we're investing in new science that will shape the future of medicine and shape the future of this company and we can talk more about this we have achieved this whole discipline investment even though we often have extensive debates inside the company, and Aradna is challenging everybody to be even more disciplined in terms of our investment, but we've constantly focused our investment on where we can deliver the most growth, and also continuously focusing on oncology, cardiovascular disease, respiratory disease, more recently increasing our investment and keeping our eye on immune diseases, and finally rare diseases. And the company we have today and the team we have today is very different from what it was 10 years ago. And it's really rewarding to see the progress we've made and the strengths we have developed in our portfolio, but also in the strengths of the talent in the company. The way we operate in oncology today and the same in the other TAs is very, very different. And it gives me confidence we can actually deliver another cycle of very strong growth over the next 10 years. So importantly, we delivered our upgraded guidance for the year. 15% growth, excluding COVID. We had guided to increasing to low teens. So 15% is slightly better. On the EPS front, we grew by 15%, which is also slightly better than our upgraded guidance for the year. And in the quarter four, we saw an opportunity because we had a tax benefit. We saw an opportunity to invest to drive further growth and stronger growth next year and the years after. As we are launching new products and expanding our footprint, you saw that the emerging markets out of China grew by 35%. China itself is rebounding and growing again. So China is back again on the growth trajectory, and this year should be another good year. We've been improving our operating margin. You see a drop in 21, but that was a bit of an artifact because it's driven by the very large COVID sales we experienced. And of course, those were at no profit. So it dilutes our operating margin. But essentially, you can see our continuous progress. And I wanted to say today that we are committed to our goals of mid-30s in the midterm. And of course, long term, will be depending on our growth opportunities and our pipeline in particular. So we are doing three things, as I've said before. We're driving, we are focusing on today, we're driving growth, top-line growth and operating margin, so we deliver our financial goals, and that now is 2024, really. We're building the pipeline, continuously building the pipeline, so that we drive growth tomorrow, which is 25 to 2030. And we are investing in new technologies and new products to shape the future of medicine and drive long-term growth. And what I call long-term growth is what I often refer to as being the day after tomorrow, and it's 28, 29, and beyond. Ultimately, our goal is to remain a high-growth company for the next period of time, 10 years and beyond. You can see here that our revenue is spread across a variety of therapy areas, but oncology, as you know very well, biopharma, as you know very well, in rare disease. And we had growth across all therapy areas. Oncology, 21%, CVRM, 18%, RNI, 10%. Of course, VNI declined because we had a massive decline in COVID sales. And rare disease grew by 12%, which is more than most people expected, and actually more than we ourselves expected. If you remember, we guided that we could grow by a single digit this rare disease business. But in fact, we're delivering low double-digit growth rate. And Mark will talk more about this. All geographies did very well, 14% in the US, 20% in the emerging market, which is 35% ex-China, and 8% in China. And you can see here the growing importance of the emerging markets outside of China. In Europe, we grew by 17% and established rest of the world 8%. Japan is starting to be impacted by the loss of exclusivity of NXIVM, of course. But still, 8% growth is a pretty nice number there. So again, well-diversified growth across geographies and across our disease areas. So tomorrow, so this is today and tomorrow is really the pipeline, during the pipeline. We guided earlier this year that we had a goal of 30 new phase three. We've achieved 27. We're short by three that are a little bit delayed and starting in the early 24 instead of 23. But 27 is a very large number of phase three starts. Importantly, 10 of those have a potential to be blockbusters, either new products or new indications. Blockbuster, of course, being more than a billion. So we have 10 of these phase three trials that, if they are successful, will deliver a billion dollar sales or more each. We also achieved 24 regulatory approval across major markets. And finally, we got approval for four new medicines, and we are on track to deliver 15 new molecular entities, launches by 2030. And as you can see on this slide, those approvals, those new medicines, range from biopharma, which is supra, to oncology, which is trucap. Again, back to BioPharm with Wenhua and Plontersen, and also rare diseases, Alexion with Danicopan's Voidea approval in PNH. So across the whole pipeline, we are launching new medicines. And finally, what I call the day after tomorrow is really these new technologies, those new platforms. So what are we trying to do here? First of all, we have, we believe, a tremendous opportunity to leverage our growing pipeline of antibody drug conjugates with our IO by specifics. So in the ADC space, we started with this collaboration with Daichi Sankyo that you know very well. We've now built our own internal portfolio of ADCs. We have six ADCs. ADCs that are totally owned by AstraZeneca with unique targets and unique warheads. And there's more to come. We can talk about it later, but we are working on multiple targets and warheads. And finally, importantly, we can combine those with our bispecifics. And we have three of those, two that are more advanced. and are very exciting products. And we believe in oncology, this ADC combination with IO can totally transform the way cancer is treated and position us as one of the few companies that has the potential to leverage these combinations. We work on cell therapy because we believe cell therapy will be an important technology for the future. Today, those are mostly CAR T's in hematology. We want to take this into solid tumors. We want to take this into allogenic, off-the-shelf cell therapy. And we also want to take this into immune diseases. And we've started working on this. So what we have been doing is leveraging our own internal effort and our own internal technologies and combining these ways, putting together a series of technologies and platforms that has really the potential for us not to deliver what I was just talking about, which is moving into solid tumors, moving into allogenic cell therapy, and moving into immune diseases. And we now have a complete set of what we need. Now it's a question of integration and execution, but we have the technology that are required to achieve what our long-term goal is in cell therapy, and you've got listed here neogen, quail, selectees, gray cell, and all of those together will enable us to build what we want to do in oncology and biopharm. Another technology that we believe will shape the long-term is T-cell engagers, and again, we've done that with our own internal effort and complemented with BD. The BD we do is not a random BD. It's always with a view to build a strong presence in some of the technologies we've identified. And we've done this with DC. We're doing it with cell therapy. We're doing it with T-cell engagers. And finally, we do it in gene therapy with a focus on rare diseases. If you are in rare diseases, you really have to have a gene therapy approach complementing your portfolio. And, of course, here you know well the Pfizer gene therapy portfolio acquisition and complemented with the Selectis collaboration. So this is really what we believe is going to drive a little bit of mid-term growth with the HECO's collaboration and some of the ADCs, but mostly looking at driving growth 28, 29, and beyond so we can deliver growth today, tomorrow, and the day after. So with this, I'll hand over to Aradna, who's going to take you for the final shots. Over to you.

Thank you. Thank you, Pascal. As usual, I will start with our reported P&L. As Pascal mentioned in his opening comments, total revenue increased 6% in 2023, which was at the top end of our updated guidance range. Product sales increased by 4% despite a decline of 3.8 billion in COVID-19 product sales in the year. Alliance revenue increased by 89%, driven by higher Inheritance sales in regions where Daiichi Sankyo books product sales. Turning to the core P&L, our core product sales... Sorry. Our core product sales gross margins increased by two percentage points to 81.7%. This step up in gross margin was driven by lower COVID-19 revenues in 2023. In 2024, we anticipate a slightly lower product sales gross margin percentage driven by higher sales in emerging markets increased before this product supply. higher production costs in certain facilities, as well as higher product sales for partner products and regions where we book sales and then pay out a profit share to our partners through cost of sales. Core operating costs increased by 9% in 2023. R&D costs increased by 9% driven by 27 new phase three starts in last year, including multiple trials of our PD-1 CTLA-4 bispecific borustimic and our oral SIRD camisestrant. R&D costs as a percentage of total revenue was 22% in line with our ambition. As expected, core SG&A stepped up in the fourth quarter relative to the third quarter in 2023. We increased our investment in new launches behind Whenua, TrueCap, and AirSupra, and continue to invest behind indications expansions such as Forsega in CKD and heart failure, and Infinsi across tumor types. Our full-year core tax rate of 17% came in slightly below our guidance. The fourth quarter tax rate benefited from an adjustment to deferred taxes following an intra-group purchase of certain intellectual property, offset by unfavorable tax ruling in certain jurisdictions. Overall, our P&L allowed us to increase investments in both R&D and SG&A in the fourth quarter. Core EPS for the full year 2023 was $7.26, a growth of 15% versus the prior year. As Pascal stated earlier, we have made good progress on both top and bottom line delivery in recent years, and we remain on track to deliver both industry leading growth and improve operating margin to the mid 30s in the mid term, balanced by the need for continued investment to drive top line growth in both the near term and mid term and long term. Today, we're pleased to announce our 2024 full year guidance. We anticipate We anticipate our total revenue of low double digits to low teens percentage increase and our core EPS of low double digits to low teen percentage increase as well. Collaboration revenue is expected to increase substantially, driven by success-based milestones and certain anticipated transactions. Other operating income, on the other hand, is anticipated to decrease substantially. Recall that in 2023, it included a one-off gain of around $700 million related to the renegotiated before-test agreement and another $240 million related to the sale of Palma Court in the U.S. If FX rates for February to December were to remain at average rates seen in 2024 January, we anticipate a low single digit adverse FX impact on both revenue and core EPS in 2024. Cashflow from operating activities increased by $537 billion in 2023. We continue to focus on improving our cash conversion and have already made significant progress in this area. Deal payments amounted to approximately $4 billion, of which nearly half related to past business development payments, including milestone payments to Daiichi Senkyo. For this year, we again anticipate about $2 billion in deal payments relating to historical transactions. CAPEX in 2023 was around $1.4 billion. In 2024, we anticipate a significant step up in CAPEX, potentially in the 50% range, driven by investments in new manufacturing capabilities such as API, inhaled products, and cell therapy. Our net debt at the end of 2023 was $22.5 billion, and given very recent BD transactions totaling about $2 billion, we anticipate this to remain at about the same level in 2024. With this in mind, our finance expense is expected to increase given the current interest rate environment. Our net debt to adjusted EBITDA ratio is 1.6 times on the last 12-month basis. Our capital allocation priorities remain unchanged, with our number one priority to reinvest in the business, both in the pipeline and behind new launches. We remain committed to keeping a strong investment-grade rating and will continue to pursue value-enhancing business development transactions. Towards the end of last year, we announced a license agreement with Ecogene and the proposed acquisitions of ICOSAVAX and Gracell. Finally, we maintain our progressive dividend policy defined as either a stable or increasing dividend. With that, I will hand over to Dave.

Thanks, Aradna. Really appreciate that. So oncology total revenues of $18.4 billion in the full year period grew 21% versus the prior year, and that was driven by strong global demand of our key medicines. Tegriso global revenues grew 6% in the fourth quarter, reflecting strong double-digit growth for the U.S. and Europe. Performance in the quarter was partially offset by continued impact from the June 2023 mandatory price reduction in Japan and as well as expected impact from hospital ordering dynamics in China and a rebate reclassification in Australia. In the fourth quarter, Lymparza delivered 8% product sales growth and remains the leading PARP inhibitor globally, despite ongoing class challenges. In the period, we recognized $245 million in regulatory milestones for Merck following the U.S. Propel approval in BRCA-mutated prostate cancer. In Finzi, inclusive of Imgudo, grew 52% in the fourth quarter, fueled by further global demand growth in gastrointestinal tumors. In 2024, we expect continued progress with Topaz-1 in Himalaya, although Topaz-1 demand in the U.S. will moderate as the regimen is now established as the clear standard of care. In Japan, a 25% price reduction based on sales took effect in February of this year. An additional mandatory price reduction is anticipated later this year based on recent fixed dosing approvals. Calquin's total revenues increased 14% in the fourth quarter, driven by continued new patient share gains across both frontline and relapsed refractory CLL. In her two total revenues of $364 million in the fourth quarter, increased 68% year-on-year. In the U.S. and Germany, we're very encouraged by new patient share gains in the HER2-positive setting, firmly establishing in HER2 as the undisputed standard of care across HER2-positive and HER2-low metastatic breast cancer. In November of last year, we received approval for TruCap, our novel AKT inhibitor in the U.S. and foreign Finzi Topaz-1 in China. Importantly, We received a priority review designation for an HER2 and HER2-expressing tumors, and adjuvant use of Tigriso was added for the first time to the NRDL in China at no discount. With the exciting approval of TrueCap, we have the opportunity to further extend our leadership in breast cancer, including in the hormone receptor positive landscape. In HER2 is the established standard of care in late line HER2 low, and we look forward to the results of the Destiny Breast 06 trial in the first half of this year, and the opportunity to bring in HER2 one line earlier and expand into HER2 ultra low tumors. Data from the Tropion Breast O1 trial of DATODX and hormone receptor-positive HER2-low breast cancer was presented at ESMO last year during the Presidential Symposium. Discussions with health authorities and prelaunch planning activities are already well underway. Finally, aligned with our ambition to establish a new endocrine therapy backbone, we now have several pivotal trials ongoing in the front line for our next generation oral CERD camazestrin, including in combination with CDK4-6 inhibitors and TruCap. TruCap is being very well received by the clinical community in the United States, and we are already seeing rapid adoption, with the majority of new starts in patients with biomarker altered tumors who have previously received a CDK4-6 inhibitor, which is consistent with our views of the addressable population. We see potential for TrueCap to become the new standard of care and second line for endocrine-treated patients with PIK3CA, AKT1, or P10 altered tumors. And with that, we'll advance to the next slide, and I'll hand over to Susan to cover R&D highlights in the quarter.

Thank you, Dave. In December, we entered into a definitive agreement to acquire Gray Cell Technologies, which furthers our cell therapy ambition across oncology and autoimmune diseases. Gracell has a proprietary cell therapy manufacturing platform called FASCAR. The FASCAR platform has several key benefits. First, it significantly reduces the manufacturing time from between one and three weeks to 22 to 36 hours with the opportunity to improve median turnaround time and also enable increased manufacturing capacity as well as predictability of CAR-T delivery. Second, a lower dose of cells needs to be manufactured for each patient, which reduces the risk of cytokine release syndrome, and that can improve the safety profile. And third, the shorter manufacturing time delivers fitter T cells, and this potentially improves the efficacy of this CAR-T. This proposed acquisition also enriches our growing pipeline of cell therapies, with GCO12F, a novel clinical stage, dual BCMA and CD19 targeting autologous CAR-T. Phase 1 data were presented at the ASH meeting in December. In 22 patients with newly diagnosed high-risk multiple myeloma, the objective response rate was 100%. And we saw a minimal residual disease negativity rate between 95% and 100% 6 to 12 months after infusion. This demonstrates the promise of this potential therapy when you move it into an early aligned setting. Safety was also favourable, with only 27% of patients experiencing either grade 1 or 2 cytokine release syndrome, and no grade 3 or above events. Additionally, we did not see any neurological toxicity which can be associated with this type of therapy. With a median follow-up time of 18.8 months, median PFS and median duration of response had not been reached, also highlighting the durability of the response. We believe that GCO12F has potential applications across haematologic malignancies, including multiple myeloma, and will further bolster our haematology pipeline, adding to Calquence AZD0486, our CD19-CD3 next-generation bispecific T-cell engager, and AZD0305, our GPRC5D-targeting antibody drug conjugate. We also have two further homegrown haematology molecules which have just entered the clinic. A CD123 antibody drug conjugate, AZD9829, and a PRMT5 inhibitor, AZD3470. We look forward to updating you on our exciting haematology pipeline over the course of this year. And with that, can you please advance to the next slide and I'll pass over to Ruud to cover biopharmaceuticals performances.

Thank you so much, Susan. Biopharmaceuticals delivered total revenue of $18.4 billion in 2023, driven by growth of 18% in CVRM and 10% in R&I. Key highlights for the year included Fasiga, nearing $6 billion in total revenue, and R&I returning to double-digit growth. Turning now to the fourth quarter, where within R&I, nearly half of the total revenue came from Vecenra, Tespire, Savnella and Breastree. These medicines grew by a combined 40%, more than offsetting the impact of Symbicort's generic entry. And in VNI, Bay Fortis continued to see strong demand in its first RSV season, generating $95 million of product sales and alliance revenue for AstraZeneca in the quarter. Lastly, we received our first sales-related milestone payment from Sanovi, totaling $27 million. We have recently launched three innovative new medicines within biopharmaceuticals. Launches in new areas of science and medicine require us to raise awareness among patients and practitioners, and often to build additional sales forces. Maximizing early momentum for these launch brands is critical to delivering on their full potential. Eplondison is an amyloidosis treatment that we are developing in partnership with IONAS. In January it launched with the brand new WENUA for patients with ATTR polyneuropathy, a debilitating ultra rare disease which is generally fatal within a decade if left untreated. AirSupra is the first rescue medicine to reduce exacerbation and treat the underlying inflammation. and we have shown with the Mandela trial a 28% reduction in the risk of severe asthma exacerbations in adult patients compared to albuterol. We formally launched Air Supra last month for adult patients and over time we hope to see primary care physicians in the United States change 50 years of prescribing habits. As mentioned, we are off to a strong start and are only halfway through the first RSV season that Bay Fortis has been available for infants. Following continued strong demand and the recent approval in China, we are planning for a substantial increase in capacity in 2024. We continue to invest behind the Fasica brand, with growth being driven across the globe by recent launches in heart failure and chronic kidney disease. In the coming years, we aim to continue to build on this franchise with new combination medicines in development that address unmet needs in hypertension, heart failure and CKD. And with additional NMEs in our late-stage and early-stage pipeline, our CVRM portfolio is set to expand and evolve over the mid- to long-term. We recently faced three trials for Baxofstat in uncontrolled and resistant hypertension, as well as for Zibatentin combined with Depakliflozin, addressing patients with CKD and high proteinuria. Eplunderson is also being evaluated for the treatment of ATTR cardiomyopathy, which is estimated to affect up to half a million patients worldwide. Our Phase III CardioTransform trial is the largest of its kind and has power to show a cardiovascular mortality benefit, and we are very pleased to share today that we have obtained fast-track designation from the FDA for our cardiomyopathy regulatory file. I will now hand over to Sharon to present the latest developments from the Viya Pharma pipeline.

Thank you so much, Ruud. I wanted to take this opportunity to highlight our current portfolio in immunology, as well as provide more color on our recent business development deals focused on immune-mediated diseases. In Safnello's pivotal phase 3 TULIP trials in systemic lupus erythematosus, we saw positive changes in cutaneous lupus. We are building on this and expanding into new indications. We have started enrolling patients in our Phase 3 DAISY trial of Cefnello in patients with systemic sclerosis, a chronic disease characterized by diffuse fibrosis and vascular abnormalities in the skin, joints, and internal organs, which can be fatal. We also have plans to initiate two other Cefnello Phase 3 trials this year in cutaneous lupus and myositis. Our recent business development deals have accelerated our ambitions in immune-mediated diseases. Emerging data from Dr. Shett's academic group have shown the potential for long-term remission with CAR-Ts in systemic lupus erythematosus. Part of our definitive agreement to acquire Gray Cell includes autologous CAR-Ts with an ongoing Phase I investigator-initiated trial with GCO12F, a CD19 and BCMA CAR-T in 15 Chinese patients with SLE. We look forward to sharing the Phase I data at an upcoming conference. Our collaboration with Quell is designed to develop multiple engineered T-regulatory cell therapies, which have the potential to be transformative in type 1 diabetes and inflammatory bowel diseases. Treg cell therapies have a unique approach of modulating the immune system to reduce inflammation and prevent immune-mediated damage to tissues. Quell's innovative platform of armored Tregs could enable sustained clinical benefit. And finally, our collaboration with Selectus allows us to explore the potential of an allogeneic CAR-T platform. Off-the-shelf availability from allogeneic CAR-T cells is expected to reduce the time and cost associated with manufacturing. With these innovative transformational cell therapies, as well as our internal capabilities, we are building a platform for a pipeline in immune-mediated diseases with transformative potential. I will now hand over to Mark, who will cover our rare disease portfolio.

So thank you, Sharon. And for rare disease, the total revenue achieved $7.8 billion in 2023, up 12% year over year, driven by growth in neurology indications, increased patient demand and launches in new markets. In the quarter, Riltomiris grew 38% and plus 52% for the full year, driven by neurology indication with a vast majority of growth coming from generalized mastenogravies patients who are naive to branded treatments. As previously indicated, Riltomiris revenues were broadly in line with Soliris for the year, but if you look at the fourth quarter, Riltomiris revenues exceeded Soliris. Our conversion strategy is progressing well with a majority of patients already converted across PHN, atypical hemolytic uremic syndrome and GMG in our major markets. We continue to launch both medicines globally and expect the C5 franchise, Soliris and Ultomeris, revenues to remain sustainable and durable. Beyond complement, both Strensic and Cucilugo grew 13 and 48% respectively, driven by continued patient demand. I'm also delighted to announce that we have started enrolling patients in our phase three trials for transthyretin amyloid cardiomyopathy, as well as for hypophosphatasia. Alexion 2220 is a monoclonal antibody designed to deplete toxic amyloid fibrils in the heart with the potential to treat TTR cardiomyopathy in combination with standard of care stabilizers or silencers. Our phase three trial is recruiting a broad range of patients with moderate and severe disease. It has been designed with hard cardiovascular endpoints, all cause mortality, and cardiovascular events, which are extremely important for patients and clinicians, as well as for regulators and payers. We have begun enrollment in our phase three program, Poesphine Photase Alpha in Epophosphatasia, including two trials in the pediatric setting, investing both naive and switched patients, as well as a larger trial in naive adults and adolescents. These trials represent a broad set of hypophosphatesia patients, including those with both skeletal and functional improvements. We believe that this product with every two week dosing and lower volume injections, coupled with improved manufacturing, creates a significant opportunity to increase the addressable population by three times as compared to strain sick. We have made great progress in our last stage pipeline, with nine phase three programs underway, and our tenth program, Ultomeris in Aigan, is initiating soon. With that, please announce, we'll get to Pascal.

Thank you, Marc. If I move to the last slide. This is really to show you that over the next few months we have a quite a number of catalysts that are going to drive us across oncology, biofarm, but also rare diseases. And you have a few here that are listed. Of course, a number are missing. We also have FLORA2 that will deliver updated OS data in the course of 2024. But some of the most important ones here are going to drive the growth of several of our important products. LoRa for Tagrisso, Destiny Breast 06 driving an HER2, Tropion Breast 02 with DatoDXD, The waypoint study, studying despair in chronic sinusitis with nasal polyps. And finally, MOL2 in Finzi. But there is, of course, a lot more than this. The other point I wanted to make in conclusion is that The mid-term pipeline is actually emerging very rapidly. We have some very good data coming up out of our biospecifics portfolio, and there will be more data points communicated in the course of this year. Our ADCs, we'll have more data also to share about our ADCs and how this pipeline is shaping up. We have an emerging metabolism portfolio that we don't talk much yet, but is actually progressing very nicely. We have a very exciting oral PCSK9 that is making good progress. Baxrostat for hypertension is now in phase 3. And finally, we have, of course, the oral GLP-1 agent we licensed in. And the beauty about those agents is that they can be combined. They can be combined with ADC, they can be combined between themselves. And so we have here a metabolism portfolio that is really starting to take good shape. And beyond the products I've mentioned, there's more to come, of course, in obesity, but also in cardiovascular, in heart disease and in renal disease. Cell therapy, we will this year communicate some of the results of our mid-stage studies, progression. And finally, we will also... be communicating information about our new DDR pipeline and in particular the PAP1 selective. So as you can see here, quite a lot of new data coming up both from the phase three pipeline but also from our mid-stage pipeline that will give you a sense for what is coming up and why we believe, why we're so excited, why we believe we can continue to drive top line growth over the next 10 years and drive improvement and profitability as a result of this. Finally, I want to invite you all to our R&D day. This will be in Cambridge at the DISC, our new R&D center. You will see, for those of you who join us on the 21st of May, you will see this is a fantastic site. And our teams are very excited to be there. And I'm sure it will drive further momentum in our R&D productivity. And the reason we do this R&D Day is, as I said before, we've just completed our 10-year journey that we started in 2014. We're engaging in the next phase of our journey, the next 10 years, and we thought it's a good time to sit back and update our strategy and show you why we are so confident that the future is bright for AstraZeneca.