AstraZeneca Q2 2025 Earnings Report

AstraZeneca EPS Results

• Actual EPS: $1.09
• Consensus EPS: $1.09
• Beat/Miss: Met Expectations
• One Year Ago EPS: $1.24

AstraZeneca Revenue Results

• Actual Revenue: $14.46 billion
• Expected Revenue: $14.08 billion
• Beat/Miss: Beat by +$377.14 million
• YoY Revenue Growth: +16.10%

AstraZeneca Announcement Details

• Quarter: Q2 2025
• Date: 7/29/2025
• Time: Before Market Opens
• Conference Call Date: Tuesday, July 29, 2025
• Conference Call Time: 9:00AM ET

AstraZeneca (NASDAQ:AZN), a biopharmaceutical company, focuses on the discovery, development, manufacture, and commercialization of prescription medicines. The company's marketed products include Tagrisso, Imfinzi, Lynparza, Calquence, Enhertu, Orpathys, Truqap, Zoladex, Faslodex, Farxiga, Brilinta, Lokelma, Roxadustat, Andexxa, Crestor, Seloken, Onglyza, Bydureon, Fasenra, Breztri, Symbicort, Saphnelo, Tezspire, Pulmicort, Bevespi, and Daliresp for cardiovascular, renal, metabolism, and oncology. Its marketed products also comprise Vaxzevria, Beyfortus, Synagis, FluMist, Soliris, Ultomiris, Strensiq, Koselugo, and Kanuma for covid-19 and rare disease. The company serves primary care and specialty care physicians through distributors and local representative offices in the United Kingdom, rest of Europe, the Americas, Asia, Africa, and Australasia. It has a collaboration agreement with Neurimmune AG to develop and commercialize NI006; BenevolentAI for drug discovery for systemic lupus erythematosus; and Absci Corporation for AI-driven drug discovery against an oncology target. The company was formerly known as Zeneca Group PLC and changed its name to AstraZeneca PLC in April 1999. AstraZeneca PLC was incorporated in 1992 and is headquartered in Cambridge, the United Kingdom.

AstraZeneca Q2 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Strong H1 performance with 11% total revenue growth and 17% core EPS increase, driven by sustained demand for innovative medicines.
• Positive Sentiment: Outstanding pipeline delivery year-to-date with 19 regulatory approvals and 12 positive Phase III trials, including pivotal data for Baxrostat and Geforlimab.
• Neutral Sentiment: Core R&D spend rose 17% to 23% of revenue due to accelerated clinical trial recruitment and expanded investment in transformative technologies.
• Neutral Sentiment: 2025 guidance reiterated: high single-digit revenue growth and low double-digit EPS growth, with H2 weighted by LOE, biosimilar competition, and Medicare Part D impacts.
• Positive Sentiment: Baxrostat Phase III HTN trial met all endpoints with statistically significant systolic BP reductions and good tolerability, and six more large outcomes studies are underway.

Presentation

[Operator]

Good afternoon and welcome to AstraZeneca's H1 and Q2 twenty twenty five 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.

[Operator]

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.

[Operator]

And with that, I'd now like to hand the conference over to the Head of Investor Relations at AstraZeneca, Andy Barnett.

[Andy Barnett, Head of Investor Relation at AstraZeneca]

A warm welcome, everybody, to AstraZeneca's Half Year and Second Quarter twenty twenty five Presentation, Conference Call and Webcast for Investors and Analysts. I'm Andy Barner, 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 harbor statement, which I'd encourage you to take the time to read.

[Andy Barnett, Head of Investor Relation at AstraZeneca]

We will be making comments on our performance using constant exchange rates or CER, core financial numbers and other non GAAP measures. Our non GAAP to GAAP reconciliation is contained within the results announcement, and all numbers quoted are in millions of U. S. Dollars unless stated otherwise. This slide shows our agenda for today's call.

[Andy Barnett, Head of Investor Relation at AstraZeneca]

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 and A. And with that, I'll hand the call over to Pascal.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Thank you, Andy, and welcome, everyone. I'm pleased to report that our strong growth momentum and excellent pipeline delivery continued through the 2025. In the first six months of the year, total revenue grew by 11%, driven by continued demand for our 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've achieved 19 regulatory approvals in key regions.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

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've already announced the results of 12 positive Phase III 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 Geforlimab, which both represent important potential contributors to our 2030 ambition. Please move to the next slide.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Our diverse broadband 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. Underlying demand also remained strong across other regions, including in China, where the growth rate continues to be affected by Pulmicort generics.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

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 camisestrant in SER-one hundred six and in HER2 in the DESTINY BREST-nine and DESTINY BREST-eleven trials. We are also expanding our presence in gastrointestinal and bladder cancers with the Matterhorn and Potomac trials of Imfinzi. In addition, we saw positive overall survival data from FLORA two for Tagrisso plus chemotherapy, consolidating our leading position in EGFR mutated lung cancer.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

In biopharmaceuticals, the CALOS LOGOS program has the potential to bring BRACE3 into uncontrolled asthma, And the Bax HTN trial for Baxrostat 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 oncilamimab in severe light chain amyloidosis and the PREVAIL trial for Geforlimab in, gMG. Including the trials highlighted here, the Phase III readouts in 2025 have the combined potential to generate well over $10,000,000,000 in PKR 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 would have a very good sense of the direction in terms of our $80,000,000,000 target for 02/1930, which we believe we are on track to achieve at this stage.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Next slide, please. We continue to make exciting progress with our transformative technologies, which have the potential to drive our growth well beyond 02/1930. At ASCO this year, we shared the first combination data for our IO bispecific hilvagostomyg in combination with DATROWE as we seek to displace both first generation IO checkpoint inhibitors as well as traditional chemotherapy. Since ASCO, we have 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 Aradhana.

[Aradhana Sarin, Group CFO & Executive Director at AstraZeneca]

Thank you, Pascal, and good morning, afternoon, everyone. As usual, I will start with a reported p and l. Next slide, please.

[Aradhana Sarin, Group CFO & Executive Director at AstraZeneca]

As Pascal highlighted, total revenue increased by 11% in the first half. Product sales increased by 10% with sustained strong momentum across key brands and Alliance revenue was up 38% driven by growth in shared profits of Enhertu, Despire and Befortis in regions where our partners booked product sales. Next slide, please. Turning to our core P and L, we saw a total revenue gross margin of 83% in the first half, benefiting from product sales mix and favorable FX impact in the first quarter, which somewhat reversed in the second quarter. As previously stated, we anticipate that the total revenue or gross margin will decline by around 60 to 70 basis points in 2025, driven by factors such as Medicare Part D redesign, Solaris biosimilar competition, and increased profit share related to partnered products. We anticipate a gross margin in the second half of the year driven by these factors as well as the usual seasonal pattern for medicines such as Flubist.

[Aradhana Sarin, Group CFO & Executive Director at AstraZeneca]

Total operating expenses increased by 9% in the first half, below top line growth of 11%. Core R and D costs increased by 17% and represented 23% of total revenue, driven by accelerated recruitment into our clinical trials, the additional costs relating to medicines acquired through business development and a step up of investments in transformative technologies. As mentioned at our ASCO event in June, we now anticipate core R and D costs for the full year to land at the upper end of the low 20s percentage range of total revenue. Core SG and A costs increased by 3%, growing at a much smaller rate than total revenue. We are anticipating continued operating leverage and margin improvement this year.

[Aradhana Sarin, Group CFO & Executive Director at AstraZeneca]

Similar to prior years, we expect a lower margin in the second half, primarily relating to the gross margin effects previously mentioned. Core tax rate was 18% in the first half, which benefited from a favorable settlement in the first quarter and is anticipated to remain 18% to 22% for the full year. Core EPS of $4.66 represents 17% growth. Next slide, please. As I just mentioned, the increase in R and D cost was driven in part by accelerated clinical trial recruitment with more than 50% of our trials recruiting significantly ahead of plan.

[Aradhana Sarin, Group CFO & Executive Director at AstraZeneca]

We've seen a growing number of patients in our clinical trials and by the end of the second quarter, the total had reached 56,000 patients. We also saw increased investments in our transformative technologies, including in our IO bispecifics, our in house ADCs, cell therapy, as well as our growing portfolio in cardiovascular renal medicines. We continue to make investments not only to achieve our 2030 ambitions, but also to drive continued growth beyond 02/1930. Given the breadth and depth of our portfolio, we anticipate R and D cost to remain in the low 20s percentage range of total revenue for the longer term. On the SG and A side, I'm pleased to report that we're making great progress and I would like to thank all our teams globally.

[Aradhana Sarin, Group CFO & Executive Director at AstraZeneca]

We are seeing productivity gains from initiatives undertaken in the last few years, including the redeployment of resources, utilization shared service centers and investments in digital and AI, all of which have led to SG and A costs increasing by only 3% in the first six months despite the high number of new launches. Next slide please. We are reiterating our guidance for the year where we anticipate high single digit percentage increase in revenue and low double digit percentage increase in EPS. We have had strong performance in the first half and expect that momentum to continue in our core products. But note that the Brilinta LOE, Solaris biosimilar and products like FluMist are more second half weighted, and there's uncertainty regarding Farxiga.

[Aradhana Sarin, Group CFO & Executive Director at AstraZeneca]

Also note that the year on year growth rate in the second half will be skewed by the $600,000,000 Lynparza related milestone received in the 2024. Net cash flow from operating activities increased by 27% to $7,100,000,000 in the first half. As previously communicated, we expect CapEx to increase by 50% this year with $1,300,000,000 spent in year to date. As a reminder, our total CapEx, including both tangible and software related intangible assets, was 2,200,000,000.0 last year. Earlier this month, we announced a new multibillion dollar manufacturing facility in The US that will produce drug substance for innovative weight management and metabolic portfolio, including our oral GLP one, Bactrostat, oral PCSK nine, and combination small molecule products. This facility makes a part of the recently announced $50,000,000,000 investment plan in The United States, which also includes R and D spend, operating expenses and investments across several of our existing sites. These investments are in line with our previously stated objectives to increase both our manufacturing and R and D footprints in The U.

[Aradhana Sarin, Group CFO & Executive Director at AstraZeneca]

S. Deal payments of $2,300,000,000 in the first half included Enhertu milestone and an approximately $400,000,000 upfront payment for the Eso Biotech acquisition, which closed in the second quarter. Net debt increased by $650,000,000 in the first half, driven by the dividend payment made in the first quarter. We remain comfortable with our current level of debt and decrease in the net debt to EBITDA ratio to 1.4 times reflects our improving operating cash flow. With that, please advance to the next slide and I will hand over to Dave, who will take you through our Oncology and Hematology business performance.

[David Fredrickson, EVP - Oncology Business at AstraZeneca]

Thank you, Aradhana. Next slide, please. Oncology total revenues grew 16% in the first half to $12,000,000,000 underpinned by strong double digit growth across The U. S, Europe and emerging markets. Growth in The U.

[David Fredrickson, EVP - Oncology Business at AstraZeneca]

S. Was particularly notable, up 19% with demand growth substantially offsetting the impact of the Medicare Part D redesign rebates, which started at the 2025. Turning now to quarterly performance for our key medicines, we saw double digit growth across all key brands this quarter. Tagrisso delivered 12% growth in the second quarter, reflecting strong demand across all indications. The market share for the FLORA-two regimen continues to expand and the recently announced positive overall survival results reinforce Tagrisso's position as the frontline standard of care in EGFR mutated lung cancer.

[David Fredrickson, EVP - Oncology Business at AstraZeneca]

Overall, we anticipate continued sequential growth across all indications through the remainder of the year. Calquence remains the leading BTK inhibitor across major with total revenues increasing by 10% to $872,000,000 in the second quarter. In The U. S, we saw growth in new patient starts, having secured preferential formulary placement in CLL across several commercial plans driving frontline share gains. We also saw strong uptake in the first line mantle cell lymphoma following the approval of ECHO in January.

[David Fredrickson, EVP - Oncology Business at AstraZeneca]

Looking ahead, we see meaningful growth potential for the fixed duration AMPLIFY regimen in CLL following its recent approval in Europe and filing acceptance in The U. S. Lynparza remains the leading PARP inhibitor globally with 11% growth in the second quarter. In The U. S, we saw new share gains in both prostate and breast cancer alongside robust growth in Medicare.

[David Fredrickson, EVP - Oncology Business at AstraZeneca]

We anticipate further volume growth globally to partially offset potential impact of VBP inclusion in China anticipated later this year. TruCap delivered $170,000,000 in second quarter revenues, reflecting 84% growth compared to Q2 last year. We continue to see growing demand in the core second line patient segment. And as we reported last quarter, we've achieved nearly 100% market share in the AKT P10 biomarker altered population. Further growth will be driven by increased uptake within the PIK 3CA population and additional global launches.

[David Fredrickson, EVP - Oncology Business at AstraZeneca]

We saw particularly strong growth of Imfinzi and EMJUTO in the second quarter, up 2618%, respectively. In The U. S, there's been rapid early uptake of new Imfinzi regimens, Adriatic And Aegean in lung cancer, in Niagara in bladder cancer, as well as continued momentum in the established lung and liver indications. The strong launch of Adriatic and small cell lung cancer in Europe more than offset the increased competitive pressures in biliary tract cancer in Japan.

[David Fredrickson, EVP - Oncology Business at AstraZeneca]

The We remain focused on driving further adoption of Imfinzi and EMJUTO with additional launches for Niagara, Adriatic and Aegean expected in the coming months and with Matterhorn and gastric cancer set to contribute significantly to growth in 2026. And HER2 total revenues grew 42% in the second quarter, reflecting sustained market leadership in both HER2 positive and HER2 low metastatic breast cancer. We're seeing strong initial uptake in China within HER2 on the back of very rapid and broad hospital formulary listings following NRDL enlistment in January. We see accelerating uptake for DESTINY Breast six with momentum building in The U. S.

[David Fredrickson, EVP - Oncology Business at AstraZeneca]

And early use in the chemotherapy naive segment emerging in European markets following approval in April. DATROA is gaining traction in hormone receptor positive HER2 negative breast cancer with early positive signals and share gains across key markets. We expect growth to accelerate through the remainder of the year following the recent U. S. Approval and NCCN guideline inclusion for patients with previously treated advanced EGFR mutated lung cancer.

[David Fredrickson, EVP - Oncology Business at AstraZeneca]

With strong momentum across our portfolio, we are well positioned for continued growth through the rest of the year as we deliver innovative oncology medicines to more patients across the globe. With that, please advance to the next slide, and I'll hand over to Susan to cover R and D highlights from the quarter.

[Susan Galbraith, EVP - Oncology R&D at AstraZeneca]

Thank you, Dave. This year at ASCO, AstraZeneca delivered multiple datasets with the potential to transform clinical practice, including two plenary presentations. This marks the seventh consecutive year our science has been selected for the ASCO plenary session, highlighting both the caliber and consistent impact of our research and underscoring the value our data brings to patients, to clinicians, and the wider oncology community. The SERENO six data represent the first phase three results for camisestrant, on next generation oral third and complete ER antagonist, which is an exciting new molecular entity with best in class potential. A key first line treatment objective for patients with hormone receptor positive advanced breast cancer is to prolong the time until disease progression whilst maximizing quality of life.

[Susan Galbraith, EVP - Oncology R&D at AstraZeneca]

In this interim analysis, cambifestrant plus a CDK4six inhibitor reduced the risk of progression or death by fifty six percent compared to an aromatase inhibitor plus CDK foursix inhibition, and showed an encouraging trend for improvement in second progression free survival. Camricesterin also demonstrated a very well tolerated safety profile with a discontinuation rate due to adverse events of less than one and a half percent, and it meaningfully meaningfully prolonged the time patients maintained their quality of life by a median of over sixteen months. The significance of these findings is reinforced by the recent breakthrough therapy designation granted by the FDA. The DESTINY breast o nine trial moves in HER2 one line earlier in the treatment of metastatic HER2 positive breast cancer into the first line setting. The trial demonstrated that combination of Enhertu plus birtuzumab resulted in a median progression free survival of more than three years, with a forty four percent reduction in the risk of progression or death compared to the standard of care three drug regimen THP.

[Susan Galbraith, EVP - Oncology R&D at AstraZeneca]

There was also a strong trend to second progression free survival benefit, and an early trend towards overall survival benefit. Treating HER2 positive breast cancer at the earliest opportunity with the most effective therapy is critical, as approximately a third of patients diagnosed with metastatic disease don't go on to receive a second line of therapy. These data establish InHER2 as a potential first line option for HER2 positive breast cancer, and their value has been recognized by the FDA, who recently also granted this dataset breakthrough therapy designation. Matterhorn demonstrated a significant improvement in event free survival for perioperative Imfinzi plus FLOT chemotherapy compared with FLOT alone. With two thirds of patients with resectable gastric or gastroesophageal cancer remaining event free at two years, and with a strong trend towards improved overall survival.

[Susan Galbraith, EVP - Oncology R&D at AstraZeneca]

This represents the third perioperative regimen for Imfinzi after a gene in Niagara, and introduces a new treatment approach in a disease where options have traditionally been limited. We're delighted that Matterhorn has been granted priority review by the FDA. This quarter, we also reported three key high level data readouts, DESTINY Breast 11, Potomac, and FLORA two overall survival. DESTINY Breast 11 moves Inherit into the neoadjuvant early breast cancer setting where the chance for cure is at its highest. The trial focuses specifically on patients with high risk disease where there's a large unmet need, with nearly half of patients not currently achieving a pathologic complete response to treatment and many struggling to tolerate current standard of care combination chemotherapy regimens.

[Susan Galbraith, EVP - Oncology R&D at AstraZeneca]

Enhertu followed by THP demonstrated a statistically significant and clinically meaningful improvement in pathologic complete response rate compared to standard of care, with a trend to improve event free survival and an improved safety profile versus dose dense doxorubicin and cyclophosphamide followed by THP. The full data will be presented at ESMO later this year. Data from our other early breast cancer and HER2 trial DESTINY BREST-five, which looks at adjuvant and HER2 in high risk patients post surgery, are also expected later this year. In addition, we recently initiated our first trial of subcutaneous in HER2, which has the potential to further improve the patient experience across our broad range of indications. Potomac moves Imfinzi into the earliest treatment space of non muscle invasive cancer, with Imfinzi plus BCG induction and maintenance regimen demonstrating an improvement in the time until disease recurrence or progression compared with BCG alone.

[Susan Galbraith, EVP - Oncology R&D at AstraZeneca]

These data will be presented later this year. Alongside the trials we have in muscle invasive disease, the recently approved NIAGRA trial and the ongoing Volga trial, Potomac potentially broadens and reinforces Imfinzi's position in bladder cancer. Both DESTINY Breast eleven and Potomac underscore our commitment to bring transformative treatments into the earlier lines of care to maximize the chance of cure. Finally, I also want to briefly highlight, as Dave mentioned, the recent announcement that FLORA two demonstrated a statistically significant and clinically meaningful improvement in overall survival versus Tagrisso monotherapy. These data reinforce the impact of Tagrisso and its role as the backbone therapy across all stages of EGFR mutated lung cancer, and we also look forward to sharing these data later this year.

[Susan Galbraith, EVP - Oncology R&D at AstraZeneca]

And with that, please advance to the next slide, and I'll pass over to Ruud to cover biopharmaceuticals performance.

[Ruud Dobber, EVP - BioPharmaceuticals Business Unit at AstraZeneca]

Thank you so much, Susan. Next slide, please. Our biopharmaceuticals medicines continued to deliver strong performance in the first half, with double digit growth of 10%, taking total revenue to $11,200,000,000 R and I continued its impressive momentum with total revenue of $4,200,000,000 up 13%, with growth medicines now making up 60% of the therapy area's revenue. CVRM achieved total revenue of $6,600,000,000 growth of 8%. We are consistently seeing robust performances from our key medicines in R and I each quarter.

[Ruud Dobber, EVP - BioPharmaceuticals Business Unit at AstraZeneca]

Fasenra grew 18% to $5.00 $2,000,000 in the second quarter. We have now launched Fasenra in China. And in The United States, we saw strong uptake in the new eGPA indication, where Fasenra has already achieved leading share of new to brand prescriptions. We also had the positive readout for the NATROM trial in hypereosinophilic syndrome in June, and we are awaiting the results of the RESOLUTE trial of Fasenra in COPD due in the second half of this year. DESPIRE grew by 65% in the second quarter and has achieved leading new to brand biologic share in asthma across key markets.

[Ruud Dobber, EVP - BioPharmaceuticals Business Unit at AstraZeneca]

The regulatory review of the WAYPOINT data in nasal polyps is well underway, and we are looking forward to launching this new indication in the second half. DESPIRE is also being investigated in COPD with its Phase III program ongoing. Breastfe was up 20% in the second quarter, benefiting from growing adoption of inhaled triple therapies in COPD and now has the potential to expand into asthma following the positive readout from the KLOS and LOCOS trials in May. Demand for es supra remains impressive, with the clinical proposition in moderate asthma strengthened by the VETURA trial, results of which were published in the New England Journal of Medicine in May. Savnelo grew by forty eight percent this quarter and has steadily gained share among systemic lupus erythematosus patients treated with intravenous infusion.

[Ruud Dobber, EVP - BioPharmaceuticals Business Unit at AstraZeneca]

We are looking forward to the results of TULIP SC, our subcutaneous trial, later this year. CVRM grew by 3% in the second quarter, with continued demand for Farxiga and Leukauma, offsetting the expected impact of Brilinta generic competition in The United States and European markets. Farxiga's strong trajectory continued, with revenues up 10% to $2,200,000,000 in the quarter. In the second half, we expect demand to continue to increase. However, revenues in China are expected to be impacted by the VBP implementation.

[Ruud Dobber, EVP - BioPharmaceuticals Business Unit at AstraZeneca]

Lokelma delivered another impressive quarter with revenues of $175,000,000 and growth of 27%. Lokelma is the leading potassium binder in chronic kidney disease and heart failure. We firmly believe that Lokelma has blockbuster potential, giving opportunities for further regional expansion. WAYNUA delivered $44,000,000 in the quarter, including the first sales in Ex U. S.

[Ruud Dobber, EVP - BioPharmaceuticals Business Unit at AstraZeneca]

Markets. We are excited for the CARDIO TRANSFORM trial of WAYNUA, the Phase III trial in ATTR cardiomyopathy, which is due to readout in the 2026. This is the largest trial in this population and has the potential to address key questions regarding the optimal use of silences and stabilizers to treat this debilitating and deadly disease. And finally, we were particularly excited to see the first positive phase three readout for Bexarstad earlier this month. And with that, I will hand over to Sharon.

[Sharon Barr, EVP & Biopharmaceuticals R&D at AstraZeneca]

Thanks, Rude. Next slide, please. I'm pleased to share the positive high level results from the BaxHDN phase three trial of Baxterstat in uncontrolled resistant hypertension, which were announced earlier this month. Hypertension is a leading modifiable risk factor for heart attack, stroke, heart failure, and kidney disease, and it remains a huge unmet medical need. Currently, nearly fifty percent of adults in The US live with hypertension, and half of those patients still have inadequately controlled blood pressure despite taking multiple medications. With no new treatments for over two decades, Baxterstat has the potential to be a first in class, highly selective aldosterone synthase inhibitor that targets the hormone driving elevated blood pressure, leading to increased cardiovascular and renal risk. It's designed to reduce aldosterone production at its source, delivering a highly targeted approach that may help avoid the hormonal side effects often associated with current therapies.

[Sharon Barr, EVP & Biopharmaceuticals R&D at AstraZeneca]

In Bax HTN, seven ninety six patients with uncontrolled or treatment resistant hypertension were randomized one to one to one to receive one mg or two mg of Baxrostat or placebo on top of standard of care without the need for dose titration. The primary endpoint was change in seeded systolic blood pressure, or SBP, measured at twelve weeks using automated office blood pressure readings. Secondary endpoints included assessment of seeded SBP after randomized withdrawal of treatment from weeks twenty four to thirty six, seeded SPP in the subpopulation of patients with resistant hypertension, and the proportion of patients achieving SPP below 130 millimeters of mercury at week twelve, alongside safety and tolerability measures. We are delighted that both doses of Bactristat demonstrated statistically significant and clinically meaningful reductions in SBP at twelve weeks. And the trial also met all secondary endpoints.

[Sharon Barr, EVP & Biopharmaceuticals R&D at AstraZeneca]

Baxterstat was generally well tolerated in the trial with a favorable safety profile. The robust trial design of Bax HTN gives us great confidence in the data, and these results add to the compelling body of evidence supporting Baxterstat's clinical promise in addressing a critical unmet need in this hard to treat population. We look forward to presenting these data at the upcoming European Society of Cardiology meeting in the late breaking hotline session next month and are working at pace to share these data with the regulatory authorities. Our ongoing phase three development program for Baxterstat is broad, with six additional clinical trials enrolling more than 20,000 patients. We believe the long half life of Baxterstat is a key differentiator for this potential medicine, supporting twenty four hour systolic blood pressure control.

[Sharon Barr, EVP & Biopharmaceuticals R&D at AstraZeneca]

And we are looking forward to confirming this in the Bax24 trial due to readout later this year. We are looking to extend the potential reach of Baxterstat across the globe. And Bax Asia will provide us with data for the Asian population in the first half of next year. We are also in the process of initiating a new trial, Bax PA, in primary aldosteroneism. This is a condition where excess aldosterone is driving hypertension, electrolyte imbalances, and longer term cardiovascular risk.

[Sharon Barr, EVP & Biopharmaceuticals R&D at AstraZeneca]

Beyond this, we are rapidly advancing the combination of Baxterstat and dapagliflozin with three phase three trials ongoing, two of which are outcome studies. BaxDuo Arctic investigates whether the combination can slow the progression of chronic kidney disease. BaxDuo Pacific, initiated in 2024, looks at whether the combination reduces the risk of kidney decline or failure and cardiovascular death. Prevent HF, started this year, is the first of its kind trial and investigates whether the combination results in reduction of heart failure events and cardiovascular death. We are very excited with the strong momentum across our CVRM pipeline, underpinned by multiple novel approaches and our ability to explore unique, multi mechanism combinations to address interrelated CVRM diseases.

[Sharon Barr, EVP & Biopharmaceuticals R&D at AstraZeneca]

And with that, please proceed to the next slide, and I'll pass over to Mark to cover rare disease.

[Marc Dunoyer, CEO of Alexion & Chief Strategy Officer at AstraZeneca]

Thank you, Sharon. Can I get the next slide, please? Rare disease medicine returned to growth in the second quarter with total revenue up 7%, resulting in 3% growth in the first half to $4,300,000,000. In the second quarter, Ultomiris grew 23% driven by patient demand across indications, including the competitive generalized myasthenia gravis and paroxysmal nocturnal immunoglobulinuria markets. Soliris revenues continued to decline due to the successful conversion to Ultomiris as well as biosimilar pressure in Europe.

[Marc Dunoyer, CEO of Alexion & Chief Strategy Officer at AstraZeneca]

This decline was partially offset by all the timing in tender markets. Beyond complement, both Strensiq and Cosolugo grew 1518% respectively, driven by continued patient demand. Please advance to the next slide. We recently reported phase three readouts for two new molecular entities, gefurlimab and enzalimumab. We are excited by our phase three PREVAIL trial investigating gefurlimab, or dual binding nanobody targeting c five in patients with generalized myasthenia gravis meeting all endpoints.

[Marc Dunoyer, CEO of Alexion & Chief Strategy Officer at AstraZeneca]

Gefurlimab demonstrated a statistically significant and clinically meaningful improvement from baseline in myasthenia gravis activities of daily living total score at week 26 compared to placebo. The PREVELT trial was conducted in a broader gMG patient population compared with prior trials of c five targeted therapies. And we are highly encouraged by geferlimab rapid complete and sustained complement inhibition with improvements in both patient and protection reported outcomes. Geferlimab is self administered subcutaneously once a week with the potential for two delivery option, a prefilled syringe and a first class auto injector. We believe that with the strength of this data and convenient administration, geferlimab has a potential to become a new first line therapy following corticosteroids and immunosuppressant treatments.

[Marc Dunoyer, CEO of Alexion & Chief Strategy Officer at AstraZeneca]

The gMG market has expanded significantly over the past three years with new branded entrants increasing disease awareness and diagnosis rates. Currently, less than twenty percent of patients are on branded treatments, and we expect this to increase to approximately fifty percent in the next three years. Additionally, self administered medicine represent only a small part of this market today, and we expect this segment to grow substantially. Moving now to oncilizumab. We recently provided an update on our phase three CARES program in patients with severe light chain amyloidosis.

[Marc Dunoyer, CEO of Alexion & Chief Strategy Officer at AstraZeneca]

While the result did not achieve statistical significance for the primary endpoint in the overall patient population, Onselimumab showed a highly clinically meaningful improvement in all cause mortality and cardiovascular specialization in a pre specified patient subgroup on top of background standard of care. We are continuing to evaluate the full result from CARES to further characterize the efficacy and safety of enzalizumab, and we intend to share this data with global health authorities. It is important to note that this is the first phase three trial to demonstrate that targeting amyloid fibrils for depletion with specific antibodies can be highly effective in reducing death and hospitalization in an amyloid driven disease. These posters are confidence to develop novel therapy that deplete amyloid. We're also investigating another febrile depleter, girmitug, previously known as Alexion twenty to twenty in transthyretin amyloid cardiomyopathy.

[Marc Dunoyer, CEO of Alexion & Chief Strategy Officer at AstraZeneca]

The DEPLET TTR phase three trial has now completed recruitment with more than 1,000 patients enrolled, more than one year ahead of plan. This is an exciting year for rare disease pipeline with additional key trials expected to read out in the second half. The registrant on trial of ULTOMIRIS in HTTMA represents an important commercial opportunity and would be the first indication for ULTOMIRIS beyond the SOLIRIS level. A synsophotase alpha, a next generation enzyme replacement therapy, which is studied in broad hypophosphatemia patient population, has a potential to reach between three billion and five billion dollars in peak sales revenue. Importantly, much of this value would be unlocked with the studies expected to read out this year.

[Marc Dunoyer, CEO of Alexion & Chief Strategy Officer at AstraZeneca]

And finally, you may recall AstraZeneca and several partners spearheaded efforts to secure an update to the One Big Beautiful Bill Act, which broadens the scope of orphan drug exclusion from Medicare direct price negotiation. The Orphan Cures Act is a significant positive for rare disease patients. Companies will no longer be deterred from innovating in orphan indication or investigating medicine across multiple rare diseases. We're now working with CMS to understand the implementation process, but we believe our current and future rare disease portfolio would be protected by this legislation. And with that, please advance to the next slide, and I will hand back to Pascal.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Thank you, Marc. Next slide, please. In conclusion, our company has continued to deliver strong growth in the first half of the year, driven by sustained commercial and pipeline momentum with multiple positive data readouts and important advances across our late stage pipeline. Year to date, we've seen above industry success rates in our late stage portfolio. Looking ahead, we have several exciting readouts over the next six months across oncology, rare disease and biopharmaceuticals.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Next slide, please. We're making significant progress towards our 2030 ambition and are confident in our growth trajectory beyond 2030 as we invest behind transformative technologies that have the potential to change medical practice. We want to be a growth company to 2030 and beyond. And for that, we need to invest in technologies that will actually transform the future of medicine, but also drive the company forward over the next decade and beyond. And that explains why we continue to invest heavily in research and development.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Additionally, as Ahatna mentioned, we are continuing to drive operating leverage across the the company while not compromising on our investment in r and d and high priority medicines, as I just said. We've already launched nine new medicines towards our target of 20 by 02/1930. And with pivotal data for five enemies announced this year, we are very much on track to meet or even exceed this objective. Please advance to the next slide, and we'll now move to the q and a. As Andy mentioned at the start of the call, please limit the number of questions you ask to allow others a fair chance to participate.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

For those online, please use the raise hand function on Zoom. With that, let's now move to the first question, is from James Gordon at JPMorgan. Over to you, James.

[James Gordon, VP - European Pharma Equity Research at JP Morgan]

Hello, James Gordon, JPMorgan. Thanks for taking the two questions. The first question was on Datua and Avansar and the the 2030 revenue target. So just putting Datua and Avansar in context, so how much do you now need Avansar to work to to deliver your 80,000,000,000 in 2030 revenue target? What was baked in and what's required?

[James Gordon, VP - European Pharma Equity Research at JP Morgan]

And we've seen quite a lot of phase two readouts since the 80,000,000,000 target was set last year. So most favorite nations aside, are are you more or less confident? How has confidence changed in things outside oncology such as, say, '33 or and Selimab was just was talked about? So that's the first question. How how how derisked are things beyond Dutch way?

[James Gordon, VP - European Pharma Equity Research at JP Morgan]

And then the the second question was on VEGF bispecifics. So VEGF is a mechanism that's got quite a lot of interest recently for lung cancer. I've seen you've started a a trial of rule visa p d one TIGIT with a CTLA four with or without bevacizumab, so a single agent VEGF. So so I guess how how exciting is VEGF? You're doing VEGF.

[James Gordon, VP - European Pharma Equity Research at JP Morgan]

So are VEGF agents exciting for combos for lung cancer? And is it better to do a mono, or or what about bispecific? Because I don't think you have a bispecific. So do you think it's better to be bispecific and get the two together or to do them by themselves?

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Thank you, James. So maybe I'll cover quickly the first question. Susan, you might want to take the VEGF question. So on your first question, James, the answer is straight. No.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

We don't need Avansra to deliver 80,000,000,000 target. Of course, we are hoping we believe Avansara will be a successful trial and will drive that whole way. But as we've said many times before, 80,000,000,000 is a risk adjusted number across the totality of the portfolio. And, you know, as we progress, we derisk projects. Baxrostad was, at least from an R and D perspective, recently derisked.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

We now have, of course, to launch it and commercially succeed, but derisked from an R and D viewpoint. Geforolumab, an important product, just derisked. We have many other studies that we've just mentioned in the last few minutes that are not derisked and basically no longer have to be risk adjusted in this forecast of 80,000,000,000 to 2,030. So we don't need the Avenza. The last point I will make is that Huawei is not only about Avenza.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

We already have approval in breast cancer indication. We have approval in EGFR patients post post post EGFR inhibitors and chemotherapy. So, you know, that Huawei is more than Avenza. Having said that, of course, I hope that Avenza is a positive trial. So Susan, over to you for VEGF.

[Susan Galbraith, EVP - Oncology R&D at AstraZeneca]

Yeah. Sure. Thanks, Pascal. So in terms of the bispecifics, obviously, as you're aware, we've got our PD one and TIGIT rilvagostomyg and PD one with CT four CTLA four, valvustamig as the core components of our bispecific portfolio. And what we're doing is combining those extensively with the rest of our portfolio.

[Susan Galbraith, EVP - Oncology R&D at AstraZeneca]

The the profile that we've seen with rilvagostomyg, I think, is differentiated from other agents out there because you've got the ability to inhibit both molecules with with one molecule, both targets to one particular cell with one molecule, and I think that's important. What we also see because of its efficacy, silent or reduced design, is really excellent safety, particularly in combination with very low discontinuation rates. So we're looking at that both in combination with chemotherapy, but in combination with our extensive ADC portfolio as well. There are clearly some indications where VEGF mechanism of action has been shown over many years to have some added benefit, and we're looking at that in combination with with rilvagustamig, for example, in the HCC and the gastric GEMINI trials. I think there is some potential for that activity also in lung cancer, and we're also going to be investigating that in lung cancer trials as well, looking at combinations with ramucirumab.

[Susan Galbraith, EVP - Oncology R&D at AstraZeneca]

So I think there's there's some potential, but, know, the the key thing is that the real value of real vigostomy is its combinability across many different indications and with our ADC portfolio, and that's what we're focusing on on doing there. And one final point on Avansar, you know, that's an event driven trial. I'll just point out that we completed a crawl for that at the 2024, actually, well ahead of schedule. It's often it's often the case that you have to wait for the events to come. That's sometimes a positive thing. Thanks.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

All right. Thank you, Susan. The next question is from Sarita Kapila at Morgan Stanley. Over to you, Sarita.

[Sarita Kapila, Co-Head - European Pharma Equity Research at Morgan Stanley]

Hi. Thanks for taking my questions. One on Imfinzi, please, and the second on Enhertu. So on Imfinzi, could you talk about how large the revenue opportunities are for Imfinzi across bladder cancer as well as gastric cancer? And how are you viewing the emerging competition from petrudopad to cancer?

[Sarita Kapila, Co-Head - European Pharma Equity Research at Morgan Stanley]

I believe there's competing data in the Niagara and Vulgar settings expected in 2027. And then secondly, on HER2, could you help us understand how you expect in HER2 to be integrated into the first line HER2 positive setting in breast cancer? Are you expecting majority of patients to use in HER2 in line with the d b o nine protocol? Or could you see in HER2 move more to a maintenance treatment I'm sorry, an induction treatment versus maintenance as your competitor has been highlighting. And if you could just touch on the confidence of the Inher2 monotherapy arm and when we could expect data, please. Thank you.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Thank you, Saita. So, Dave, two good questions for you. You have to unmute, Dave. I mean, I keep forgetting myself that we need to unmute and not unmute.

[David Fredrickson, EVP - Oncology Business at AstraZeneca]

Sorry about that, Pascal. Thank you for that, Sarita. Thank you for the questions on this. Just an opportunity to reiterate here that the growth that we saw in the quarter on Imfinzi, which was quite strong, really did come from the new indications that we were launching. You call out within one of those bladder cancer and Niagara, and we were really pleased to see the uptake that we saw there.

[David Fredrickson, EVP - Oncology Business at AstraZeneca]

In terms of the size of the bladder cancer opportunity, if you look across the various studies that we have, Niagara, Potomac, and then we look forward to the Volga readout, bladder cancer is a blockbuster opportunity. And certainly, the potential for competition is one that we're aware of. EV and PADCEV has an important role, but that's the reason that the Volga study is also such an important part of all of the portfolio of bladder cancer studies that we have. So far, the uptake that we've seen with Niagara has been strong, and we'll look forward to hopefully building on that with readout from Volga and and and have an opportunity for that to go forward. And I think that depending upon the readouts, it's it's we'll we'll see exactly how EV does.

[David Fredrickson, EVP - Oncology Business at AstraZeneca]

There's multiple different scenarios that could play out. One of them is that Niagara continues to remain the primary standard of care going forward. Another is is that the incorporation of EV is important, and that's why we've got a study within this setting. Within gastric cancer, and specifically, we talked about the Matterhorn study. Again, I think Matterhorn is in and of itself a blockbuster opportunity.

[David Fredrickson, EVP - Oncology Business at AstraZeneca]

Obviously, this is something that we need to move forward with approval, but I think that we heard a very positive reception at ASCO from the discussant characterizing DFLOT as a new standard of care moving forward. And I think that, again, when you take a look at the incidence of gastric cancer across the globe, this is an opportunity certainly for a very, very important opportunity forward. And The US priority review for Matterhorn together with the guidelines updates, I think, speaks really well to the opportunity there. On Enhertu, our expectation is that with the transformative forty months in progression free survival, clear superiority on a PFS basis over THP. And really that that was done in a treat to progression context that we will see the utilization of d b o nine in line with the clinical study.

[David Fredrickson, EVP - Oncology Business at AstraZeneca]

I think on top of that also that the the CR rates of fifteen percent versus eight percent is something that has really struck the investigator community as something really, really important. And you don't know which of those patients might get those complete responses. And what we do know is that treat to progression is the design of the study that resulted in the clinical benefit that we saw within DB09 in the phase three. So there is certainly some interest in hypothesis and understanding certain sub segments and how duration of therapy might be modulated within those. But I don't expect that at launch that that's what we're going to see.

[David Fredrickson, EVP - Oncology Business at AstraZeneca]

And I would also just point to that, you know, we've seen treat to progression as the primary behavior that we see with three, four, and six in the marketplace. And while dB09 is a slightly different context, I again expect that that to be, the predominant behavior that we'll see, forward so that patients get the best chance to achieve the results that we're seeing within the studies.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Thanks, Maybe let me ask a couple of quick comments. As it relates to an HER two induction versus maintenance, I mean, of course, can always speculate all sorts of things. But in the end, medical practice has to be learned by data. So you can speculate. It's a useful hypothesis, but then you have to test it with a with a clinical trial.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Until you have data, it's a little bit dangerous, I think, to speculate. Patients' lives depend on those treatments, and doctors should really stick to the data. The other comment I would want to make is maybe taking advantage of the Imfinzi question is I personally think that because there are so many indications that are developed for Imfinzi, new indications, some of them are smaller, some of those are bigger. Overall, it looks like Imfinzi has been a little bit the potential of Imfinzi has been a little bit underestimated maybe because possibly it's difficult to forecast all those indications. But if you look at the first half, I mean, Imfinzi grew 21%.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

And for the second quarter alone, we had a growth of 26%. And if you look at our top products, of course, RUD is still leading the race with fasigab. Tyrissos are number two, but Imfinzi Imfinzi is our number three product. So it's a very large product, very important product for us and, of course, for patients. So I think it's important to really sort of consider all those smaller indications that collectively will actually fuel the growth of this important product.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

The third question is gone from Gonzalo Atias at Danske Bank. Over to you, Gonzalo.

[Gonzalo Artiach, Pharma & Biotech Equity Analyst at Danske Bank]

Hello, and thank you for taking my questions. The first one I want to ask is on tozorakimab on the COPD program with readouts coming in H1 twenty twenty six. We recently saw aspegolimab and itatecimab from Roche and Sanofi reporting somewhat mixed data in COPD putting some questions around the IL-thirty three pathway in COPD. So I was wondering if you could give us some words on your view on tocilizumab given the recent events in the space. And my second question is on antelamimab.

[Gonzalo Artiach, Pharma & Biotech Equity Analyst at Danske Bank]

As you, Mark, mentioned, you recently reported that the program did not meet primary endpoint, but there is a subgroup where you see positive outcomes. I was wondering if you could expand a bit on that, on who are these patients and how big this population is and give us some flavor on what is in your eyes the likelihood of FDA approval for this subset of patients with data you have now. Thank you very much.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Thanks, Gonzalo. So, Sean, do you wanna take the first one, and Mark will take the second one?

[Sharon Barr, EVP & Biopharmaceuticals R&D at AstraZeneca]

Sure. So about your question regarding tocilizumab and COPD, I will say broadly that not all molecules are the same, and we believe that we have a differentiated profile in tozarakimab as our IL 33 monoclonal antibody. One of the features that differentiates tozarakimab is that it can inhibit signaling through both the s t two pathway as well as the RAGE eGFR pathway. And we think that's incredibly important in COPD because RAGE eGFR helps drive epithelial remodeling and mucus production. We know that's important in CPD because mucus is driving exacerbations, and exacerbations are driving mucus production.

[Sharon Barr, EVP & Biopharmaceuticals R&D at AstraZeneca]

Remember that we had a phase two study, FROMTIER four, which is a small proof of concept study in patients with COPD recruited irrespective of blood eosinophil counts. And we saw clinical benefit in lung function and reduced risk of COPD worsening in both current and former smokers. So we look forward to the readout of the LUNAR program next year, and that includes the OBRAN, TITANIA, and MIRANDA trials for tozarakimab.

[Marc Dunoyer, CEO of Alexion & Chief Strategy Officer at AstraZeneca]

So regarding on selamimab, so let me remind you that, we conducted two, clinical studies, phase three clinical studies in Mayo Stage three to, one in 3a and one in 3b. The both studies were, an add on to plasma cell dyscrasias, CBORD, but also, daratumumab was was possible. And the third remark I would like to make this, obviously, this condition is very severe with the fat with fatality and severe morbidity. Now to answer your question more directly about this prespecified subgroup, I'm not going to comment further today, but I can only say that this is a sizable minority, and the clinical benefit that we have seen is very meaningful.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Thank you, Mark. Next question is Sachin at Bank of America. Over to you, Sachin.

[Sachin Jain, Vice President at Bank of America]

Hi there. Thanks for taking my questions. And one onk and then one respiratory, if that was okay. Firstly, on Datto, Avansar, TL-seven. Any color on timing of Avansar relative to TL-seven?

[Sachin Jain, Vice President at Bank of America]

The reason for the question is how do you view the probability of those two studies? I think investors have been more cautious on seven given PD L1 cost offs and lack of QCS. And then the second question was just going back to the prior one on tozo. So Sharon, thanks for answers on RAGE and the Phase two data. But I wondered if you've looked at the event rates you're seeing within that study and any ability to change here given that's been the issue that both competitors have had? Thank you.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Sean, do you want to start with the second one? And then maybe Susan, you'll take the Avansar one.

[Sharon Barr, EVP & Biopharmaceuticals R&D at AstraZeneca]

Sure. So I'll continue with the topic of tozarakimab. We won't comment on event rates in our ongoing studies. I am aware that some of the other companies noted that they saw a slowing of events during COVID nineteen. We can't comment on the ongoing study, but as I mentioned earlier, we remained very positive about the potential for tocilizumab to become a new medicine for patients with COPD.

[Sharon Barr, EVP & Biopharmaceuticals R&D at AstraZeneca]

We're doing that based on the encouraging outcomes from our FONTYEAR four studies, and we continue to move forward recruiting at pace for our winner program. And so we look forward to that readout next year.

[Susan Galbraith, EVP - Oncology R&D at AstraZeneca]

So thanks for the question on on Databanza. Obviously, TLO-seven study, given it's also a first line study in you might expect that the event rates for Banza are going to be reflected in event rates generally across the first line studies for the combinations of of Datto plus IO. So we'll have to wait and see. I mean, I would just comment that Avansar completed accrual, you know, at an earlier time point. So that's one one one piece just worth bearing in mind.

[Susan Galbraith, EVP - Oncology R&D at AstraZeneca]

And I think, you know, as as well, the learnings that we've had across the program from a biomarker perspective, you know, we're looking to see how we can, you know, think about how those might be used across the program for Datu Way as well.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Thank you, Susan. Next question is from Seamus at Guggenheim. Over to you, Seamus.

[Seamus Fernandez, Research Analyst - Healthcare at Guggenheim Partners]

Oh, thanks very much. Had a little unmute problem. So I two questions very quickly. So, you know, Dave, I think historically when we talked about the opportunity for Enhertu, the numbers that, you know, we could comfortably get to, in our own models were north of $10,000,000,000, especially considering the success that we've seen within Enhertu so far. Can you just help us understand a little bit the path to, you know, numbers north of or at $10,000,000,000 for this opportunity?

[Seamus Fernandez, Research Analyst - Healthcare at Guggenheim Partners]

I think it's also starting to show through a little bit that AstraZeneca's own market performance in some of the, you know, direct reported markets is actually outperforming, perhaps what we may have assumed in in partner markets. So just trying to get a better understanding of the future of Enhertu, you know, as we look at the the overall growth trajectory. And then just the second question, as we think about the opportunity in cardiovascular disease, you know, Pascal, we've really seen opportunities emerge, from AstraZeneca over time in several categories where you were either third to market, or came on very strong from a set from a fourth or third to market position and, ultimately became the third or second largest product in category, Imfinzi being a great example. What do you see as the opportunity in obesity for AstraZeneca's existing product portfolio in that context, particularly as, you know, some of the large, very established second players, seem to be stumbling? Thanks so much.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Thanks so much. Dev, do you want to take the first one?

[David Fredrickson, EVP - Oncology Business at AstraZeneca]

Yeah. Be my pleasure. So, Sheamus, let me start just first with one of the really important dynamics that we've seen on Enhertu globally across regions within 2025. At the end of last year, we were commenting that d b o six coming online and NCCN inclusion and guidelines was gonna be an important catalyst along with d b o nine, d b 11, d b o five towards really reinvigorating growth beyond what we had seen so far with o three. And I'm really pleased that we've seen strong sequential growth not only in q one, but also continuing into q two.

[David Fredrickson, EVP - Oncology Business at AstraZeneca]

And I think that that's, you know, double digit sequential growth that we're seeing on Enhertu is coming as a result of really driving across the various growth opportunities that we've got within the marketplace. So within The US specifically, we see d b o six driving launch growth along with contributions coming from the tumor agnostic label as well as DBO3. Within Europe, we're seeing DBO3 growth along with continued opportunities as we're making inroads into the HER2 low. And then again, the EM progress that we're making and and really driven by China in in in no small part, I think, has been really, really very, very encouraging to see. So if we take a look at the opportunity for in HER two in terms of where could we get to if we imagine at peak, I think that we can very much see that we'll see contribution across regions.

[David Fredrickson, EVP - Oncology Business at AstraZeneca]

And then in addition to that, I think that, you know, d v o nine represents a very, very important opportunity to move into the frontline setting. As Susan mentioned in her comments, there are many patients who don't get an opportunity to be able to see a treatment in the second line. So there are more patients available in the frontline, and that's why DB09 represents an important growth opportunity above and beyond what we've been able to achieve with those three. Of course, also the duration of therapy is something that we would expect to be longer. Eleven and five together represent near blockbuster opportunities as we move into the early setting.

[David Fredrickson, EVP - Oncology Business at AstraZeneca]

And there's still clearly a lot more opportunity that we've got to move forward in the ultra low segment. For the successes that we've had in d d o six, Seamus, ultra low remains a place where we still have opportunity for continued progress, and I expect that we'll be able to make that. And then finally, we see combinations as part of the future, combinations with our novel IO, bispecifics being an opportunity for growth down the road. So Enhertu, is really delivering nicely against, our vision to be able to be, one of the largest, medicines in our portfolio.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Thanks, David. So your second question, Seamus. It's a great question, actually, because it gives me a chance to recognize the incredibly talented team we have in this company, not only commercial. Commercially, I mean, the commercial teams around the world are really absolutely exceptional. You've just mentioned yourself that, you know, HER two is doing better than you would ex you expected, and David's and his team are doing, you know, incredibly good job everywhere.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Oud and his team are doing a great job, same in rare disease. So if we now look at your specific question, one aspect is is really the the quality, the talented teams we have in every geography. And quite frankly, it's taken us ten years to build the team we have today in every country because it's not that simple. So that's number one. Number two is we have a tremendous footprint.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

And, you know, our motto is, of course, we follow the science, but it's also that we bring our medicines to as many patients as possible around the world. And so that means the emerging markets, that means China, that means every single country around the world. We want to bring our medicines to those people. And we should remember that there are many, many more people living outside The US and Europe than inside those two important geographies. And if you look at Farxiga, it's a good marker of this.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

The great majority of our sales these days, they come from countries that are not The US. US is very, very important, of course, but still, as soon as you have a medicine that is affordable, easy to take like an oral agent, then you can reach out to the millions, hundreds of millions of people around the world who who who need our medicine. So so the talent, the footprint, the way we develop those products, I think we always try to be innovative. And oral agent is a different route. Of course, compared to an injectable, it would be easier, seem cheaper, but also our our clinical development programs.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

We leverage the combinations. People, you know, people who suffer from obesity, and I hate this word obesity actually because at the end of the day, what it is about is abdominal central what you call central obesity. I mean, in fact, you can be someone who doesn't necessarily look obese, but you have you have central fat. You have abdominal fat. And abdominal fat is really what drives insulin resistance, inflammation, and all the secondary considerations that you can think about.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

So then these people typically, they come they suffer from other complications, hypertension, cholesterol, dyslipidemia, kidney disease, etcetera. So we really try to look at how do we address all the components of this metabolic syndrome by combining our products. So our offering will be not only an oral agent, but it's also gonna be combinations and addressing all the risk factors. So we we what we try to focus on is less the sort of what you might call the cosmetic obesity market, which, you know, is a consideration for some people. But we believe the most important piece is really central fat and and and the insulin resistance and all the the consequences of this.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

But I'd also like to ask Ruud maybe to tell us a little bit about what we're going to do with this cardiometabolic franchise.

[Ruud Dobber, EVP - BioPharmaceuticals Business Unit at AstraZeneca]

Yeah. No. Thank you so much, Pascal. And I think you have summarized it quite well.

[Ruud Dobber, EVP - BioPharmaceuticals Business Unit at AstraZeneca]

We truly believe we have a differentiated strategy here. We have a long heritage, as you already mentioned, in in in this disease area. There's a deep understanding from a science perspective. And I'd like to say we have excellent relationships across the world with top cardiologists, internal medicine physicians. And I think the combination and the different mechanism of action is a true differentiator.

[Ruud Dobber, EVP - BioPharmaceuticals Business Unit at AstraZeneca]

There are so many people who are overweight and have very serious, risk factors like the ones you you mentioned. And the fact that we have in our portfolio, I think, a quite unique oral PCSK9. Sharon discussed the potential of Bexorstad. We discussed our own SGLT2 Farxiga. It also means that if everything works and the oral GLP one is a is a is a is a let's say, is in in medicine, it's relatively easy to combine it, and it will also be then, easily accessible for for so many, people around the world.

[Ruud Dobber, EVP - BioPharmaceuticals Business Unit at AstraZeneca]

So I think it's a truly differentiated strategy. We are committed to it. We are investing a lot of, let's say, resources, money into it because we truly believe that we can change the trajectory of so many people around the world with cardiovascular and renal diseases.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Thanks for Peter Verdult at BNP Paribas. Over to you, Peter.

[Peter Verdult, MD - Pharmaceuticals Equity research at BNP Paribas]

It's Pascal, for your board asking this question, but latest thoughts on tariff dynamics and where expectations or your expectations sit and what the current administration is cooking up with respect to part b and or reforms. Secondly, just for Sharon or Mark on and the c five data. I realize you can't go into any sort of quantification, but there are public datasets from competitors out there. So can I push you on how the data stacks up in your view? Is it the overall profile of efficacy, safety, and convenience, or can we dream that, you know, there is superior efficacy on either asset?

[Peter Verdult, MD - Pharmaceuticals Equity research at BNP Paribas]

And then lastly, hate to remind just the third one, Sharon or Pascal, just because most people on the call today have probably hopped over from Novo's profit warning call earlier. You got a clear strategy for obesity. It's not gonna play out until next decade, but it's likely that investors are gonna increasingly question obesity market value expectations going forward. So can I just confirm that when you think about future pricing, it's at a materially lower level than the current GLP-one price? Thank you.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Thank you, Peter. So I had the World Board at the beginning. I'm not sure if I captured your question. I think your question was about tariffs and also MFN. So maybe

[Peter Verdult, MD - Pharmaceuticals Equity research at BNP Paribas]

Correct.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Tariffs. Aradhana, you want to take that one?

[Aradhana Sarin, Group CFO & Executive Director at AstraZeneca]

Sure. So I think your question was whether, you know, the tariffs that we expected are are in line. Clearly, the the tariffs between US and Europe have been announced. I think it's still it's a question of timing and what happens with the, you know, with with the administration when they get implemented, etcetera. We had mentioned on our first quarter call that, you know, we have pretty good and segregated supply chains.

[Aradhana Sarin, Group CFO & Executive Director at AstraZeneca]

And therefore, there's only a handful of products where we do import some products from Europe into The US. We do already have capacity for those products in The U. S. And we've already started some of the tech transfers, which obviously will take a little bit of time. But we will not be significantly impacted by tariffs.

[Aradhana Sarin, Group CFO & Executive Director at AstraZeneca]

We reconfirmed the guidance this year. And this year, obviously, we're managing through inventory and so forth. But any impact, even if there is, is going to be very short lived since we've already started the tech transfer process.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Thank you, Arna. On the MFN, maybe I can take this one. And we've had, as you can imagine, many interactions with the administration at different levels. The industry has had all our companies, and we as a company have had several interactions that suddenly personally had many interactions. And, you know, we've basically shared what we think could be done because I do believe our rebalancing equalization, if you want to call it this way of pricing or rebalancing of pricing around the world is necessary.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

The US can no longer pay for the r and d for the world. I mean, it's not sustainable. So we need to have a a fairer sharing of the cost of r and d in our industry across rich countries. And, of course, you know, poor countries, we need to be more flexible with price. But rich countries need to share and then share and and, you know, you have to consider GDP levels, etcetera, for sure.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

So we've actually made a number of proposals. Of course, as you know, the pricing structure in The US, and The US market is a huge market. It's a complicated market. Pricing is very complicated, so there's a lot of technicalities involved. But we we didn't make our our proposals, which we believe could achieve what the president is trying to achieve.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

But we also need Europe to increase their share of GDP allocated to innovative pharmaceuticals. I mean, if you think about it, today, The US spends 0.8 of GDP in innovative pharmaceuticals. 0.8%. The UK and many countries in Europe Germany is better, but many countries in Europe spend 0.3% of GDP. That's not enough.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

They need to increase it. And actually, increasing it would be good not only for patients because we talk about price, but it's not only a question of price, a question of access. In many countries in in Europe, people or patients wait for years to get access to medicines that could save their lives. So it's a question of access, not only price. The second reason it would be good for Europe is we believe our sector is a great sector in terms of science, innovation, creating jobs, and economic value.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

So, you know, today, innovation I I mean, I started in the industry a long time ago. And at the time, innovation was driven out of Europe when we were selling, you know, pills, really. Today, innovation is driven out of The US. There's an explosion of technologies, as you know, that is driven by all these investments that has taken place. China is ramping up, as we've talked about before, very rapidly.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

And sadly, Europe is falling behind. So so I think this rebalancing needs to take place, not only for the industry, but also and and not only for The US pricing level, but also so that that Europe can actually contribute to this innovation and then benefit from it in terms of value creation and economic development. But, you know, the administration is considering all these things, and we'll see what comes out of of all these proposals that different companies may have made. I'll on the c five data, I'll ask Mark to comment, but I wanna make a quick comment. You know, we we all we really want to be respectful of congresses and data presented at the congress.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

We don't want to disclose data ahead of the congress because we want to be respectful of the processes that are in place and the right of congress to keep the data until it's presented. But maybe Mark in a minute wants to make a few points. The last point I will make about the so called obesity, I've never really liked, as I said, the world obesity. For me, it's about weight management. Because, actually, at the end of the day, for me, it's not about how you, you know, how you look.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

I know, you look the way you want to look, quite frankly. The question is how much abdominal fat do you have and how much inflammation do you create around your liver, around your pancreas, around your heart, in your body, and how much that drives multiple conditions, in particular metabolic conditions. So our approach has always been to target this central fat, this abdominal fat, and and the and the I mean, metabolic syndrome is not the right term because never been a recognized indication, but let's say this insulin resistance. And that's really what we target. We believe it's a big market.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

We believe it's a market that needs to be addressed with prices that are affordable. And then and then payers and patients around the world should benefit and then should be reimbursed because if you address that, you're gonna really help patients. But at the end of the day, these are chronic treatments. And, essentially, you have to be easy to take and you have to be affordable so people can take these medicines for a long time. Sorry to talk, a little bit long, but, Mark, over to you for the c five data.

[Marc Dunoyer, CEO of Alexion & Chief Strategy Officer at AstraZeneca]

Yeah. So as, as you advised, Pascal, I'm not going to be able to talk about detailed data. What I can say, on top of what I've, expressed in my prepared remark, is that the rapid onset in patients reported outcome is going to be a strong point of this, geferlimab. And overall, for our c five franchise, I think it will be a very good will complete the injectable franchise, infusion franchise that we have with Ultomiris and Soliris in Myasthenia gravis. So we see it as a complementary product in addition to the strong franchise that we have today. Thank you.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Okay, Mark. Matthew Weston, UBS. Over to you, Matthew.

[Matthew Weston, MD - Pharmaceutical Research at UBS Group]

Thank you very much. Two questions, if I can. The first on the C5 franchise. Mark, I'd be very interested to understand the dynamics in the market with the first launch of SOLIRIS biosimilars. Are we seeing any signs of payers in The U.

[Matthew Weston, MD - Pharmaceutical Research at UBS Group]

S. Or ex U. S. Introducing step edits or therapeutic substitution, forcing patients back down to biosimilar Soliris away from Ultomiris? And then a question for Iskra on Farxiga BBP.

[Matthew Weston, MD - Pharmaceutical Research at UBS Group]

Can you remind us how much of Farxiga is in China? And also, I realize you don't know yet what the potential financial impact is. But in the past, Astra has previously given guidance on other BBP products suggesting that potentially sometimes there are commercial measures that may offset the impact of VBP. And I just wondered whether that was something that you expected to see here.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Thanks very much. Mark, do you want to take the first one?

[Marc Dunoyer, CEO of Alexion & Chief Strategy Officer at AstraZeneca]

And then So to try to try to address your question, I think the, the the continued progression of Ultomiris and the, you know, the the increasing also conversion from Soliris to Ultomiris, I I think, brings part of the of the answer. So we do not have, we do not face a sort of a back to biosimilar salaries from payers. Once once a conversion has been established in any given indication or any given market, usually, ULTOMIRIS, has a very sustainable growth.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Thanks, Malak. Ishfa?

[Iskra Reic, EVP - International at AstraZeneca]

Thanks for the question. So as you know, Forsiga represents a very important growth driver for our CVRM portfolio in China, and both in diabetes as well as in CKD and heart failure indication. As we already communicated and Rude already mentioned, we do expect VBP for Farxiga as part of batch 11 with the impact in the second half of this year. Your question is very, very right. There are definitely the different implications of the usage of the drugs in a post VBP setup.

[Iskra Reic, EVP - International at AstraZeneca]

And, you you know that VBP is usually driving much broader utilization and broader access for many more patients. And given the unmet need in China, I'm sure the the the Farxiga and SGLT two class will be widely used, which means that in in the in the in the short period, you can anticipate the reduction primarily driven by by price. But equally, you can expect the tail, and the potential increase volume driven as we saw in, many other brands in the post VBP time in China. So basically, we anticipate very similar trend to the brands like Crestor, for example, in the in the in the past.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Actually, Matthew, you referred to commercial activities. In fact, it's what we call consumerization in China. To be honest, it's actually very similar to what companies are now considering in The US, and they and they they call go direct or direct to consumer. It's essentially selling directly to patients who, of course, receive a prescription. And if you look at Crestor, that's what we have been able to achieve.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Patients get a script from their doctors, and more and more, they get electronic script these days for video consultation. And then they get their Crestor delivered to their home. And, you know, a lot of people prefer to pay 25 or $30. I think it cost delivered to your to their home rather than go to the hospital and queue you to have it for free. So so we think we can actually do a similar approach in in with with Farxiga in China.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Of course, sales will be lower, but as I as Scott said, there will be there will be quite quite a tail. And actually, quite interestingly, you see in some parts of The US, similar behavior. Sometimes people can't put up with all the hurdles of getting reimbursed, and then they decide just to pay out of pocket and be done with it. So if the product is at a price that is affordable and you can get it delivered to your home, of course, you need a script, but it's it's a convenient option for patients. Hajan Sharma at Goldman. Over to you, Hajan.

[Rajan Sharma, ED - Pharma & Biotech Equity Research at Goldman Sachs]

Hi. Thanks for taking the question. So just on the rare disease side of things. So one of the key catalysts this year is obviously Amphicosalpha. Could you just help us understand what the target profile is for the drug, particularly in the context of Strensiq in the same setting? What's the residual unmet need there? Thank you.

[Marc Dunoyer, CEO of Alexion & Chief Strategy Officer at AstraZeneca]

So thank you for this question on the Esfins Fotazalpha. So first of all, Esfins Fotazalpha has been developed in both the adult and pediatric indications. And our goal is to achieve a much wider geographic coverage than we have with TransSeq. The coverage of TransSeq is strong in a few countries, but the, access and the reimbursement, is has been slower in other parts of the world. Now if you look at the two, the two products, it seems that there's alpha will be one administration, one injection every two weeks.

[Marc Dunoyer, CEO of Alexion & Chief Strategy Officer at AstraZeneca]

And if you compare this to StrenSiec, you have either six or 12 injection in the same period of two weeks. So it will have a greater, you know, patient benefit. As I said, earlier on, we will have the results of our phase three trials towards the end of the year, and, we look forward to, bringing this new therapeutic solution to many countries around the world.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Thanks, Mark. Michael Lushton at Jefferies. Over to you, Michael.

[Michael Leuchten, Managing Director at Jefferies]

Thank you for taking the question. Quick question on the Part D redesign, please. One of your European competitors talked about how the volume uplift in the second quarter was below their expectations and the overall impact from the Part D redesign, maybe not as hoped. Your oncology franchise overall performed very, very strong in the second quarter. So wondering if you could talk to, was that despite the Part D redesign maybe not having the volume effect?

[Michael Leuchten, Managing Director at Jefferies]

Or or did you not see that slower uptake, and you're quite happy with what you saw? Thank you.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Dave, I mean, it's really mostly, an oncology question. Do you wanna cover that?

[David Fredrickson, EVP - Oncology Business at AstraZeneca]

Yeah. Be my pleasure. So, Michael, you know, I commented last quarter that the Part d redesign really was a rebasing event as we saw the gross to net impact take place for, paying for the offset for the copay capping. And we've also talked about how we've seen an offset in addition to that with fewer patients on free drug, lower abandonment rates, and so some of these elements really coming into play to to to help to offset the additional liability that we face. I also commented that after that rebasing, we would see sequential growth pick up and and and that we would see growth from there, not only, on the existing medicines, but also from new launches.

[David Fredrickson, EVP - Oncology Business at AstraZeneca]

I'm really pleased that we saw that with Calquence and with Tagrisso. So with Calquence, we saw sequential growth of 15% in The United States. With Tagrisso, we saw sequential growth of 12%. And in both of those instances, demand was the overwhelming driver of the growth that we saw. And so, as we take a look at the opportunities in front of us, Tagrisso, we're gonna continue to drive FLORA two, which we've been having very nice success with alongside with Adora and Laura.

[David Fredrickson, EVP - Oncology Business at AstraZeneca]

With Calquence, we look forward to the opportunity to continue to take advantage of the leading share position that we have and and moving forward with that and getting ready for the Amplify launch as we move to a finite option. So I would say that this is playing out consistent with our expectations and how I believe that we've been talking about it for the last year or so.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Thanks, Dave. We'll take one last question. Luisa Hector at Berenberg. Over to you, Luisa.

[Luisa Hector, Head of Global Pharma Equity Research at Berenberg]

Hi. Thank you, Pascal. A a big picture one, really. So, I mean, it's intriguing. The the diversification of Astra is very clear, and we've heard a lot of it through the call today.

[Luisa Hector, Head of Global Pharma Equity Research at Berenberg]

You've also seen an unprecedented number of positive trial readouts, but there's still a bit of a leaning towards oncology. I mean, great that we now see Imfinzi with so many, uses in cancer, potentially on track to be your highest selling drug. So I'm just wondering two things, really. Has the mix of your 2030 revenue ambition shifted? And how confident are you that you now have the right number of therapy areas at Astra and that your end to end pipeline filling is sufficient to sustain the company through to the next decade?

[Luisa Hector, Head of Global Pharma Equity Research at Berenberg]

So I guess it's really where where are the gaps that you see given all of the infilling that you have very successfully achieved? Thank you.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

That's true, sir. I'm not I suspect, actually, would take offense of that comment because, I mean, in the first half, if you look at it, oncology was almost 12,000,000,011.95, and biopharma was 11.2 and still growing. So it is a very important part of our company. And I think it shouldn't be what what shouldn't be underestimated is the fact that in the emerging markets, in particular, the foundation of our presence is actually bio biopharmaceuticals. And it's key because that creates the platform to then launch products in oncology, in rare disease.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

If you start from very little, it's hard, and you don't have the talent. Mean, I many geographies, you know, I was in The Middle East, Southeast, many geographies, we've been able to build really, really talented people, teams because we've we've got this presence, and we've attracted those people. And then on this foundation of biopharmaceuticals, we actually can add oncology, which is really a great opportunity for Ishqa in the emerging markets, but also rare disease where Mark and the team have been driving growth. So that's one aspect. The second aspect is if you actually look at the pipeline, there are several medicines that are actually going to drive our future in so what we call biopharmaceuticals.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

In respiratory disease, we have several products. I mean, those are commercialized growing and then new ones. And in cardiovascular medicine, we have quite a number of products that can be big. I mean, an old PCSK9, if if it works the way we hope it will work, has enormous potential around the world. PCSK9 had great products, but they're injectable.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

They're kind of expensive outside The US. The use is limited. If you bring an an affordable oral agent, you have a huge potential. Hypertension, huge potential. A lot of people across the world have, again, this sort of central fat even though they may not look overweight.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

They have central fat and then insulin resistance, and they have hypertension, huge potential. Same for, of course, the oral GLP one. So I think over the next few years, if our pipeline delivers the way we are hoping it does, and we started well with Baxdol, you'd see a great growth in cardiovascular disease. So as to the point about do we have enough therapy areas, I think yes. You know, we can always go and explore new things, but the big what are the biggest killers in the world?

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

Cardiovascular disease, number one. Respiratory disease, people forget always that mortality from asthma attacks or COPD attacks is high. And the third is oncology. So we are actually addressing the three biggest oncology, I mean, oncology, hematology. We are actually addressing the three biggest killers in the world, you know, and we'll and the science is exploding, not only in oncology, but now in cardiovascular and respiratory disease and immunology.

[Pascal Soriot, CEO & Executive Director at AstraZeneca]

So I think we have enough, and, you know, we are very focused on changing medicines in those areas, with new technologies and to grow post 02/1930. So with this, thank you so much for all your great questions and your interest, and, I will wish you a great day.

Participants

Executives

• Andy Barnett, Head of Investor Relation
• Pascal Soriot, CEO & Executive Director
• Aradhana Sarin, Group CFO & Executive Director
• David Fredrickson, EVP - Oncology Business
• Susan Galbraith, EVP - Oncology R&D
• Ruud Dobber, EVP - BioPharmaceuticals Business Unit
• Sharon Barr, EVP & Biopharmaceuticals R&D
• Marc Dunoyer, CEO of Alexion & Chief Strategy Officer
• Iskra Reic, EVP - International

Analysts

• James Gordon, VP - European Pharma Equity Research at JP Morgan
• Sarita Kapila, Co-Head - European Pharma Equity Research at Morgan Stanley
• Gonzalo Artiach, Pharma & Biotech Equity Analyst at Danske Bank
• Sachin Jain, Vice President at Bank of America
• Seamus Fernandez, Research Analyst - Healthcare at Guggenheim Partners
• Peter Verdult, MD - Pharmaceuticals Equity research at BNP Paribas
• Matthew Weston, MD - Pharmaceutical Research at UBS Group
• Rajan Sharma, ED - Pharma & Biotech Equity Research at Goldman Sachs
• Michael Leuchten, Managing Director at Jefferies
• Luisa Hector, Head of Global Pharma Equity Research at Berenberg