Those features I would say intersite a continuing focus that we’ll have on BD with deals of about that scale to match our overall therapeutic area focus on in an appropriate strategic way of the factors that Emma just mentioned. For earlier deals then what you should be expecting there is a focus more on the underpinning technologies that are transforming R&D for us.
Emma Walmsley: Okay. Thank you. And obviously, extremely clear as our top priority in the capital allocation framework and as Julie laid out in her slides around allocation of capital. That’s a consistent approach we’re taking and was all part of the demerger strategy to create that balance sheet capacity for us to put a BD as the way we do R&D at GSK now, as it is across the industry. Next question please.
Nick Stone: Okay? So we’ve got about seven people with their hands raise with about 10 minutes left. So if I can ask people to keep the questions short and equally we’ll try and keep that concise. But our next question is going to come from Tim Anderson at Wolfe Research. Tim, over to you, please.
Tim Anderson: Thanks. If I could go back to Shingrix in China and just drawing the analogy to Merck’s Gardasil or even your server. The question I have is the disease awareness among the general population about shingles versus cervical cancer vaccine because Gardasil, there’s been a high consumer awareness that’s really kind of created this classic poll demand at the consumer level but I don’t have a feel for is what is it like with singles among consumers in China is the awareness – disease awareness high? Or do you have to build that? Thank you.
Emma Walmsley: Miels, straight to you.
Luke Miels: Yes. Thanks Tim. It’s relatively low. But I was in China at the stage when Gardasil did launch and awareness around HPV vaccination. It was also very low. What we found through our market research is that people are receptive to it. The main challenge we had was just navigating the 30,000 points of vaccination in China because all vaccines need to be administered in those centers. So I think we can build that awareness. And whether we can get to the level of Gardasil did. I think before COVID it was actually the number one selling product in China, so a remarkable achievement. The key thing I took away from that is one you’ve got a company that partners well with multinational over many years with extensions to that relationship. And two, they can build a market in partnership very successfully. So, yes, I’m very optimistic about the long-term outlook there with China.
Emma Walmsley: Thanks, Luke. Next question please.
Nick Stone: We take our next question from Richard Parkes of BNP Paribas. Richard, over to you, please.
Richard Parkes: Hi. Thanks for taking my question. I’ll just stick to one. I just wondered if you could just discuss the challenges to specifically growing RSV in the US market next year? It looks like about 10% of the eligible population has been vaccinated with an RSV vaccine now. And obviously, clearly that leaves a lot of room for growth given the 35% penetration you’ve achieved with Shingrix, but it’s taking you six years to get to that level. And clearly the RSV market competition is going to intensify…
Emma Walmsley: Yes.
Richard Parkes: …over the next 12 months. So given that the very strong start you’ve had I’m just wondering how challenging it will be to grow RSV, specifically, in the U.S. market and to what extent we should expect growth to be more driven by ex-US? Thank you.
Emma Walmsley: Luke.
Luke Miels: Sure, Richard. Great question. So I think the pie is going to grow. You’ve got three companies in there. The level of awareness is remarkable already. I think it’s 86% awareness for individuals in the US around RSV the willingness to prescribe and recommend on part of doctors and pharmacists is very, very positive. And your numbers are right. I mean if you look at Shingrix were 4%, 11%, 17%, 23% in those first years. So hitting 11% immediately is encouraging, but we just don’t know what the other two competitors how they’re going to behave going into the year so that’s an unknown. But again, if we look at the long-term, if you look at 65-plus individuals to a 65% and above about 72%, 73% and typically every year get a flu vaccine. So that’s the potential here and that’s why we’re very confident about our long-term £3 billion peak revenue outlook. But it will — let’s see how we go in 2024. It’s probably all I should say at this point.
Emma Walmsley: Next question, please.
Tony Wood: Worth adding the cost of the 50-plus label adds in that. The 15 million at risk eligible individuals.
Emma Walmsley: Yes. Great point.
Nick Stone: Okay. Next question is from Andrew Baum, Citi. Andrew, over to you.
Emma Walmsley: Andrew? We can’t hear you.
Andrew Baum: There we go. Sorry about that. I apologize. So two questions for Deborah on HIV. First, given how important the switch is to long-acting for both the margin and the revenues, could you talk to what are the current barriers to adoption? Is it any evidence for step editing given you’ve got 50% falling under PBMs. Is it clinical inertia? Is it access? I’m curious to understand that in terms of the risks and opportunities there? And then second I note that there’s been a pause placed on your litigation with Exavir for their cabo pro drug. Given the patent expiration on cabo and I’m thinking particularly about Apretude is there any interest in licensing this compound in order to secure the future of a once-yearly long-acting prep formulation? Thank you.
