AstraZeneca PLC

Good afternoon and welcome to AstraZeneca's H1 and Q2 2025 webinar for investors and analysts. Before I hand over to AstraZeneca, I'd like to read the Safe Harbor Statement. The company intends to utilize the Safe Harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Participants on this call may make forward-looking statements with respect to the operations and financial performance of AstraZeneca. Although we believe our expectations are based on reasonable assumptions, by their very nature, forward-looking statements involve risks and uncertainties, and may be influenced by factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Any forward-looking statements made on this call reflect the knowledge and information available at the time of this call. The company undertakes no obligation to update forward-looking statements. Please also carefully review the forward-looking statements disclaimer in the slide deck that accompanies this presentation and webcast. There will be an opportunity to ask questions after today's presentations. Please use the raise a hand feature to indicate you wish to ask a question at any time during the call. And with that, I'd now like to hand the conference over to the Head of Investor Relations at AstraZeneca, Andy Barnett.

A warm welcome, everybody, to AstraZeneca's half year and second quarter 2025 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 other members of the executive team, I'd like to cover some important housekeeping items. Firstly, all of the materials presented today are available on our AstraZeneca investor relations website. This slide contains our safe harbour statement, which I'd encourage you to take the time to read. We will be making comments on our performance using constant exchange rates or CER, core financial numbers and other non-GAAP measures. A non-GAAP to GAAP reconciliation is contained within the results announcement and all numbers quoted are in millions of US dollars unless stated otherwise. This slide shows our agenda for today's call. Following the prepared remarks, we will open the line for questions. As usual, we'll try and address as many questions as we can during the allotted time, although please limit the number of questions that you ask to allow others a fair chance to participate in the Q&A. And with that, I'll hand the call over to Pascal.

Thank you, Andy, and welcome, everyone. I'm pleased to report that our strong growth momentum and excellent pipeline delivery continued through the first half of 2025. In the first six months of the year, total revenue grew by 11%, driven by continued demand for innovative medicines. Core EPS grew 17%, reflecting the importance we place upon investing in our pipeline while driving operating leverage across our company. Since our full year results in February, we have achieved 19 regulatory approvals in key regions, and the pace at which we are bringing new medicines to patients around the world continues to accelerate. In the year to date, our pipeline delivery has been excellent. We have already announced the results of 12 positive phase 3 trials this year, including the first pivotal data for five new molecular entities. In the past few weeks alone, we communicated the high-level results for Baxrostat and Giforolimab, which both represent important potential contributors to our 2030 ambition. Please move to the next slide. Our diverse, broad-based business continues to present an attractive risk profile, resilient to regional disruption. And I'm pleased to report once again that we saw strong growth across therapy areas and geographies. In the first half, we saw double-digit growth across oncology and biopharmaceuticals, and a return to growth for our rare disease business in the second quarter, which was up 7%. We also saw robust growth across geographies, particularly in the US and the emerging markets outside of China. And the line demand also remained strong across other regions, including in China, where the growth rate continues to be affected by Pulmicort generics. Next slide, please. We continue to progress through a catalyst-rich period, and we've already announced multiple high-value trials, with many more to come throughout the remainder of the year and into 2026. In oncology, we continue to grow our leading position in breast cancer, reinforced by positive trial results for Camisestron in Seran S6 and Unher2 in the Destiny Breast 09 and Destiny Breast 11 trials. We are also expanding our presence in gastrointestinal and bladder cancers with the Matterhorn and POTOMAC trials of INFINSI. In addition, we saw positive overall survival data from FLORA2 for TAGRISO plus chemotherapy, consolidating our leading position in EGFR-mutated lung cancer. In biopharmaceuticals, the Carlos Logos program has the potential to bring Breast 3 into uncontrolled asthma, and the BAX-HTN trial for Baxtrostat represents an exciting opportunity to redefine treatment for patients with hard-to-treat hypertension. Finally, our rare disease pipeline is making excellent progress. We recently announced readouts for the CARES program of anselamimab in severe light chain amyloidosis and a prevailed trial for gefurimab in GMG. Including the trials highlighted here, the phase three RIDADs in 2025 have the combined potential to generate well over $10 billion in PQR revenue on a risk-adjusted basis. And this is why I've said many times in the past, by the end of this year, early next year, you will have a very good sense of the direction in terms of our $80 billion target for 2030, which we believe we are on track to achieve at this stage. Next slide, please. We continue to make exciting progress with our transformative technologies, which have the potential to drive our growth well beyond 2030. At ASCO this year, we shared the first combination data for our I-O bispecific relvigostomy in combination with Datraway, as we seek to displace both first-generation I-O checkpoint inhibitors, as well as traditional chemotherapy. Since ASCO, we've moved yet another ADC using our proprietary platform into the clinic, furthering our ambition to replace chemotherapy across a broad range of cancer types. And with that, please advance to the next slide, and I will hand over to Aradna.