Thirdly, accelerating productivity gains notably in supply chain and in SG&A with increased use of AI and analytics to underpin and further support GSK’s profitability in this period. Taking all of this together, our expectation is for operating margins to be broadly stable through the three years where Dolutegravir loses exclusivity. Known headwinds including the impact of the IRA on certain products are also incorporated into this expectation. And finally, we will continue to have a strong focus on margin improvement and ensure our P&L is both competitive and invested for growth. We remain ambitious and we’ll seek further upside through progression of the early-stage pipeline, targeted business development and a continued drive for efficiency.
Next slide, please. Turning to capital allocation. Our first priority remains to invest in the business with capital allocated towards development of the pipeline, both organic and targeted business development. We also remain committed to delivering attractive returns to shareholders and pursuing a progressive dividend policy. We are therefore, pleased to announce, an uplift in the fourth quarter dividend to bring the total for 2023 to 58p, allowing shareholders to benefit from the upgraded performance last year and our increased confidence in the future. In addition, we are announcing today, that we expect to pay a dividend of 60p, for the year 2024 in line with our progressive policy and to be paid in equal quarterly installments. Next slide, please.
It is important that we share our progress with you, and that you’re able to track our major milestones and value unlocks, Emma referred to earlier. Last year, we set out an IR road map for investors covering the next 18 months, inclusive of four major areas: execution, pipeline, capital allocation and investor engagement. Our progress on this has been very positive and is available in our appendix. Today, we are providing you with a new and updated road map for 2024, and extending this into 2025. Outlining the milestones and potential inflection points, we expect to deliver in the next 24 months. The Phase III and regulatory decisions are highlighted and aligned to the planned major launches Emma referenced, and include expected progress from MenABCWY vaccines, depemokimab, Nucala COPD and camlipixant in respiratory gepotidacin in infectious disease together with Blenrep and Jemperli in oncology.
We hope you’ll find this useful, and we also look forward to providing you with updates at several scientific conferences this year. And we were also planning to hold two additional Meet The Management events, covering oncology in the summer, and selected early-stage pipeline assets towards the end of the year. I will now hand back to Emma to conclude.
Emma Walmsley: Thanks, Julie. So to summarize, GSK is delivering on its commitments and performing to a new standard. The excellent performance that we delivered in 2023 provides us with clear momentum, and we expect to deliver another year of meaningful growth in 2024, as we continue to focus on prevention and changing the course of disease for millions of people. Our progress means we’re also upgrading our outlook for 2026 and 2031. All of this bodes well. But equally, we also know there is much to be done. We remain very focused on delivering this potential and more at continued pace for patients, for shareholders and for our people combining science, technology and talent to get ahead of disease together. With that, I will now open up the call for the Q&A with the team.
A – Nick Stone: Thanks, Emma. We’re going to take our first question from Peter Welford. Peter, over to you please.
Q – Peter Welford: Hi. Yes. Thanks. You said one or two. So I’ll stick to two, if I may. Firstly, on Arexvy, I wonder if Luke, can you just talk a little bit about the contracting discussions that you’ve got in place for 2024, given comments from Pfizer about trying to become more competitive this year? And if you could give us any insights into the sort of levels of stocks that you have at the moment, and whether that is now a sort of sustainable level that you think going forward given the apparent lack of seasonality at least relative to flu that we’re seeing? And then the second just a quick one just on oncology. Looks though you’ve got two — over 3 billion peak year sales potentials in oncology that you’re including in the 2031 now. Just we’re curious when could we get some visibility I guess to increase the confidence in the oncology part of that £38 billion. And to be clear that it doesn’t include a return of Blenrep? Thank you.
Emma Walmsley: Right. Thanks Peter. We’ll come to Luke first on Arexvy, we’re obviously delighted with fastest run to blockbuster in four months that the company has ever done in 2023 and ambitious for the path forward. And then I’m going to ask Tony to comment on oncology. Just to confirm though Blenrep isn’t included in any of the outlook although we do have some more data to come. And as a reminder in one of the slides that I presented, this is the more heavily risk-adjusted portfolio in our outlook to 2031 and particularly, with the 226 portfolio not starting right towards the end of that period. But Tony can give you more visibility on when we’ll know what for Jemperli. But Luke first you.
