Tony Wood: Yes, sure. Look, so James, just of course a reminder that the existing two-year data is what is supporting the deseasonalization of the product. I’ll talk about the plan to get to the decision point for determining the seasonality of the product. We’re on track with regards to the third season data. That is — will be presented at ACE, it’s worthwhile reminding everybody that the season is called by CDC and the determination of attack rates. So, on track for that as far as we stand at the moment and that will include boost comparison. If you ask me to make the best guess based on what we see from immunogenicity data in the 006 study and other smaller studies than I think we’re heading for a two-season vaccine again though that and the data supporting, it will be on the basis of the ASIP decision and our conversations with ASIP. So obviously go with panelists.
Emma Walmsley: Yes. And I think the other thing to say on deseasonalization. As Luke presented obviously, RSV vaccination is holding up better than flu and pneumococcal, but it still came down between October and December. And we don’t — we’ve got work to do and we will soon discover more over the coming quarter on how those efforts play forward. Julie, the margin.
Julie Brown: Thanks, Emma, and thank you for the question. In terms of the — obviously, we are conscious that people are concerned about the loss of margin from Dolutegravir. It’s not at the level of the HIV business at the 70% that you mentioned. We’ve continued to invest heavily in this franchise and build in particular the long-acting portfolio. And the reason for the confidence that we can hold it stable during that period. First of all, I’d draw attention to the 12 launches that Emma called out in her review. We’ve got some of them near term. I mean, the majority of these will be launching within the next four years. So the inflections are coming quite quickly, but we’ve got meningitis ABCWY, we’ve got the mRNA influenza.
We’ve also very importantly got HIV. We’re confident of the four months and we’ve got work going on that already. So the long-acting portfolio very importantly at the time the dolutegravir patent expiry starts, we expect to have 40% of the business already in long-acting. So that’s an important mechanism. In addition to that, as you know, we’ve got camlipixant launching depemokimab important readout coming out in the first half of this year together with the anti-infective portfolio and others that Emma mentioned. So 12 major product launches just coming out now the majority in the next four years. The other factors are the productivity gains. We’re very confident you see we’ve stepped down SG&A growth into 2024. Luke and I have worked very closely together.
We are very confident that we can leverage the great base that we’ve built. And very importantly, some of those assets that are launching particularly in respiratory, we’ve got very capable field forces in the areas where we’re launching these assets. So the leverage capability is there. And you’ve seen us leverage the margin. We’re committing to more than 500 basis points already by 2026. You’ll see is we’re never going to be satisfied. We are going to grow the top line. The £38 billion we’re saying above the £38 billion that’s a risk-adjusted number very importantly. Secondly, we continue to do business development. We’ve got the balance sheet to do it. It’s part and parcel of building the R&D pipeline further. And also finally that more than £38 billion does not include those early-stage projects that Emma alluded to in our conversation.
So we’re very confident of withstanding the DTG patent expiry.
Emma Walmsley : I mean, in the end the outlook that we’re updating today we have added £5 billion top line versus where we were in the summer of 2021, and we know there’s still more to do. So we’re confident on making further progress with a lot of ambition. Next question, please.
Nick Stone: So I’m going to come back to you Jo. So, hopefully, you can speak now.
Jo Walton : Thank you. Could I ask about U.S. patent? Patients are already beginning to see lower copays as we go into 2024. Is there any benefit that you have in terms of less charitable giving to support people on Medicare who might need your assistance or any view that you have for some of your more expensive medications that there would be an increase in volume coming through? And my second question would be to look a bit more about Shingrix in China. If we look at how Merck has dealt with their relationship with Zhifei and Gardasil, which has obviously been extremely successful, Merck is promoting as well Zhifei promoting. So given your relatively small bees in China, can you tell us what you are doing to ensure that there is a strong uptake of Shingrix in China, so that over time it will be more than the minimum amount of sales Zhifei is taking from you? Thank you.
Emma Walmsley: Thanks, Jo. Both of those questions will come to Luke. We’re after a record quarter on Shingrix again, we really do see the Zhifei there as a very important building block for the ongoing growth of this great vaccine. So to you on that? Any other thoughts?
