Pascal Soriot: Thank you, Iskra. Mattias Häggblom at Handelsbanken. Mattias, over to you.
Mattias Häggblom: Two questions, please. First, on manufacturing capabilities. The company is known as 1 of the strongest in small molecule manufacturing within the industry. But as the company moves into more complex modalities within R&D like cell therapies, I’m curious to hear if in the medium term, there is a need as well to step up in-house capabilities within manufacturing for those areas as well? And then secondly, when I look at consensus projections for both ’24 and ’25 top line is below double digit for ’26 and ’27 around 45% growth which I doubt would be enough to qualify as industry-leading growth. So which areas are perhaps beyond 25 areas where the company remains underestimated by the Street.
Pascal Soriot: Thank you, Mattias. So let me just try to cover the first one. We think we have strong manufacturing capabilities in small molecules but also in large molecules, we have been developing this over the last number of years. And as you’ve seen from our presentation, we have now several biologics. Now in terms of new technologies, it is true that moving forward, we will need new capabilities and we’re working on this in cell therapy, of course but in other fields as well. So we definitely are looking at this and we will build the capabilities we need as the pipeline progresses and we develop — we get data from products that give us confidence that we need to scale up. But definitely, we are looking at it from a CMC viewpoint already on with many technologies.
The second question, we don’t actually guide by products. So not exactly sure how to answer your question, really, in terms of your judgment based on the consensus. Consensus is looking at a variety of products. This — I would only say that we think we can derive growth across the totality of our portfolio, first of all, managing dependent expiries, as we’ve explained here; secondly, launching new products; and thirdly, growing the existing products we have in the pipeline. Now I don’t know if any of my colleagues want to add and he’s saying here. It’s a little bit difficult to give you guidance by products. . Yes, we have 15 new launches. And definitely, lots of growth in our so-called commercial portfolio, our existing products. But the 15 new launches of these are NMEs. And beyond this, we have a large range of line of life cycle management programs.
We launched 30 new Phase III this year. A lot of those are life cycle management programs that will add sales to existing products will become part of the consensus as people realize what those studies are. I think that a yes, we can’t say much more than this. The next question comes from Tim Anderson of Wolfe. Over to you.
Timothy Anderson: Two questions. On Dato-DXd, the decision to move into a new Phase III trial in frontline lung could be interpreted as you having even higher confidence in the pending TRC101 readout in second line. Is that a fair read through that we can make? Or is the decision to move into a new frontline trial totally independent of what Trop-1 shows? And then second question is on earnings guidance. you’re kind enough to give us revenue guidance for ’23 excluding COVID revenues. The earnings guidance still contains COVID contribution and that distorts results year-on-year. Could you give us an idea of what that earnings guidance would be if you excluded COVID from the base in 2022 as well as 2023?
Pascal Soriot: Great question, Tim. So the first one in, you can cover on the second one, even though we don’t split our EPS or our profit by product or franchise. I think Aradhana, you could give some color to this. Susan, do you want to cover the first one?
