Stephen Scala: Thank you very much. Two questions. GSK has had a strong run of under-promising and over-delivering and, for that, it deserves tremendous credit, but why shouldn’t we think about the statement that H1 will be stronger as H2 as more a messaging strategy and not a true reflection of fundamentals, and just assume that H2 will be much stronger than GSK states? I have heard everything you have said about the business, but the business has great momentum. The total turnover comps don’t support your statements and so I guess, in the end, the question is, why are you so pessimistic about your own business in H2? The second question is, why is GSK developing an H5N1 pandemic ‘flu mRNA vaccine. Is this a ‘just in case’, or are you hearing of significant concern from health and government authorities? Thank you very much.
Emma Walmsley: Thanks, Steve. I will come to Tony in a moment on your second question. On your first one, just to re-quote Luke, I would rather that it was that way around. But listen, we are absolutely – and I’m going to ask Julie actually to comment and reiterate the thinking on phasing. I just want remind that on we’re at Q1. We’re absolutely delighted with the start to the year. And really pleased in terms of the progress or the growth of Vaccines and Specialty, but also in the earlier as Luke just said, delivery in Gen Meds as well. And obviously, we intend to keep you updated through the year. There are some very real comparator questions, but make no mistake, the whole of this team and all the people that support these teams are very focused on maximizing the delivery that we can, whether it’s this year or way beyond it. But Julie, do you want to add any more points on the guidance?
Julie Brown: Thank you and thanks for the comment. I think the main thing is that we definitely know we’ve got a benefit with phasing in the first half. As we mentioned, we are going to annualize some very strong launches that we did in the second half last year, including Arexvy, Ojjaara and Jemperli life cycle indications. So that’s definitely a factor. Those alone added 5 percentage points of growth in our first quarter, just to give you a sense of the numbers. As Luke mentioned, secondly, we’ve got Zhifei in China for Shingrix, which is going to be first half loaded. We’re expecting around 60% to 80%. And therefore, that also skews the phasing. And then I think the final thing to say is there are two factors we’re very conscious of.
One is AMP Cap. I think Luke gave a good feel about the AMP Cap dynamics, and we’re waiting to see how that pans out in the second quarter. And then obviously, we’re entering the main vaccine season, and we have got – we believe we’ve got an expanding market for sure. And as Emma mentioned, we’re going to go all out to win. But we’ve also got a third competitor in the ring that we’ve got to be conscious of. So that’s why we’ve guided the way we have. Thank you.
Tony Wood: And I’ll keep it short on H5N1, it’s in response to health authority requests and it’s triggered by a change in the transmission associated with that variant very early and I would say in abundance of caution.
Emma Walmsley: Next question, please.
Nick Stone: Okay. We are going to come to Redburn Atlantic and Simon Baker. Simon, over to you, please.
Simon Baker: Thank you, Nick. Good afternoon, everyone, thanks for taking my questions. Two if I may, please; firstly on Shingrix, the very strong long-term efficacy data suggests that a general revaccination is still some way away but I just wonder, are there any specific populations where revaccination might be on the horizon? And then moving on to Oncology, a very strong performance in Oncology. I just wonder, how much is there left in the near-term given the strong share gain, particularly with Jemperli in endometrial, the strong performance in Ojjaara. The suggestion is that doctors will be using a lot more of it in the next six months and I just wondered if you could give us an idea of what that near-term upside is within Oncology in 2024. Thanks so much.
Emma Walmsley: Well, oncology has obviously started extremely well. So Luke, perhaps you would like to comment to that. Still an emerging business for us but you will definitely hear a lot more at Meet the Management too, but do you want to kick off with that and then, Tony, I’ll come to you on Shingrix.
Luke Miels: Yes, I mean I think, Simon, the short answer is this, that there is plenty left to run. If you look at Ojjaara and the launch, you saw the chart there, market research again is very encouraging. The positioning of the product has been very deliberate in terms of targeting individuals with anaemia which is about 40% of subjects in first-line and 70% in second-line. If you look at barriers to use, the number one barrier which is not a major one is, ‘I haven’t used the product before’ which of course we are happy to assist people in doing that. Then the second one is just access and have it on the tenders, so that’s what we are doing. If you look at early market share, I disclosed those earlier, I think they are quite exciting at 14% and 28% so far, so I think, yes, very encouraging to keep that and of course we are accumulating these patients.
They are very long tails once they’re on, particularly first line. So we had an initial bolus of patients who are more refractory, and now we’re moving into exactly the universe that we expect to see more durable usage in, which is first-line individuals with hemoglobin levels below about 10. In terms of Jemperli, I mean, endometrial is the focus right now. We’ll cover a lot more broadly. I don’t want to preempt the Meet the Management call that will cover more on the life cycle plants. So Jemperli, this is a pretty interesting and exciting work going there. If you look at the perception versus pembrolizumab, Pembrolizumab is the easier choice, is more broadly available. People are more familiar with it, but we are seeing quite a striking shift in terms of physicians’ assessment of Jemperli and willingness to try it.
And as we mentioned earlier, the fact that we have a very strong hazard ratio of 0.69, and that’s coming out of the FDA, hopefully, on the 5th of May. If that then means downstream NCCN guideline changes, then which you would expect with survival, then that’s a further propelling for growth. And then with Zejula, again, shift to tablets, that’s more of a one-off effect. But if we can just hold that business pretty stable in the U.S., which I think we can, following the label changes. And then if you look at ex U.S., we’ve got good growth in Europe, which is heavily volume-driven and emerging markets, we’re still in the launch phase with a lot of these smaller markets. So net-net, with oncology, I think we’re well placed to keep things moving, and we’ll tell you more at Meet the Management around ASCO.
