Astrazeneca PLC Q1 FY2026 Earnings Call

Good morning to those joining from the U.K. and the U.S. Good afternoon to those in Central Europe, and good evening to those listening in Asia. Welcome to AstraZeneca's Q1 2026 Webinar for Investors and Analysts. Before I hand over to AstraZeneca, I'd like to read the safe harbor statement. The company intends to utilize the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Participants on this call may make forward-looking statements with respect to the operations and financial performance of AstraZeneca. Although we believe our expectations are based on reasonable assumptions, by their very nature, forward-looking statements involve risks and uncertainties and may be influenced by factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Any forward-looking statements made on this call reflect the knowledge and information available at the time of this call. The company undertakes no obligation to update forward-looking statements. Please carefully review the forward-looking statements disclaimer in the slide deck that accompanies this presentation and webcast. And with that, I'll now hand you over to the company.

A warm welcome to AstraZeneca's First Quarter 2026 Presentation Conference Call and Webcast for Investors and Analysts. I'm Joris Silon, Head of Investor Relations. And before I hand over to Pascal and the members of our executive team, I would like to cover some housekeeping items. All of the materials presented today are available on our AstraZeneca Investor Relations website. Next slide. This slide contains our forward-looking statements, including the safe harbor provisions, which I would encourage you to take the time to read. We will be making comments on our performance using constant exchange rates, or CER, core financial numbers and other non-GAAP measures. A non-GAAP to GAAP reconciliation is contained within the results announcement. All numbers quoted are in millions of U.S. dollars unless stated otherwise. Next slide, please. This slide shows our agenda for today's call. Following our prepared remarks, we will open the line for questions. As usual, we will try to address as many questions as we can during the allocated time. Please limit the number of questions you ask to allow others a fair chance to participate in the Q&A. And with that, please advance to the next slide, and Pascal, over to you.

Thank you, Joris, and welcome, everyone. Next slide, please. We delivered a strong first quarter, building on the momentum we generated in 2025. Total revenue grew 8% in the quarter, supported by robust demand for our innovative medicines. We saw strong growth in operating profit, which increased 12%, reflecting our ongoing focus on operating leverage. Core EPS grew 5%. Our EPS growth was held back by the low tax rate in the prior period. Since our Q4 2025 results, we have secured 14 approvals in major regions across our diverse portfolio, a clear illustration of the value our medicines bring to patients globally. Additionally, we continue to see strong delivery from our pipeline. In the past weeks, we announced results from 4 positive Phase III programs, including 2 NMEs, tozorakimab and efzimfotase alfa. We continue to invest in our commercial capabilities, both to support ongoing launches and multiple future launches such as baxdrostat, camizestrant and tozorakimab. In R&D, we continue to invest in our pipeline, including our transformative technologies. Please move to the next slide. The breadth of our business remains a competitive strength with a solid growth outlook across therapy areas and key markets. Oncology and Rare Disease saw strong double-digit growth, while high demand in R&I was offset by loss of exclusivity in CVRM. We saw strong performances across our key regions. Our largest market, the United States, grew at a double-digit percentage, benefiting from our investment behind recent launches with Europe and emerging markets growing at high single digits. Importantly, we continue to deliver impressive growth in the emerging markets with ex-China revenues up 9%, reflecting the benefit of our sustained presence in this market. Revenues in China increased by 2% with VBP implementation impacting Farxiga, Lynparza and roxadustat growth. We are confident in our growth outlook in China based on the positive 2026 NRDL outcomes. Next slide, please. In the first quarter, we saw a continuation of the successful clinical trial delivery seen in 2025. We announced 4 positive high-value programs, reinforcing the continued progress we are making towards our 2030 ambition and beyond. We look forward to discussing the significant potential of these readouts during this call. And with that, I will hand over to Aradhana to take you through our financials. Please advance to the next slide.

Thank you, Pascal, and good morning and good afternoon, everyone. As usual, I will start with our reported P&L. Next slide, please. As Pascal has already highlighted, we saw very good top line momentum in the first quarter with total revenue increasing by 8%. Product revenue consisting of product sales and alliance revenue also increased 8% with continued growth seen across all key regions. Alliance revenue increased by 26%, reflecting our increased profit shares for our partnered products, Enhertu and Tezspire in regions where our partners book product sales. Next slide, please. This is our core P&L. The core gross margin in Q1 was 83%. For the full year, we continue to anticipate a stable to slightly higher core gross margin versus 2025. Core R&D expenses increased by 8%, driven by continued acceleration and investment in our pipeline. The number of active clinical trials increased by 10%, and the number of patients enrolled in our studies increased by 30% compared to Q1 last year as we continue to bring new innovative medicines to patients while creating value for our shareholders. As previously highlighted, we continue to invest in transformative technologies, including cell therapies and T-cell engagers to drive growth also beyond 2030. As a percentage of total revenue, core R&D costs accounted for 23% in the first quarter. For the full year, we continue to expect core R&D costs to be at the upper end of the low 20s percentage range. Core SG&A costs increased by 7% in the first quarter. This was partly driven by prelaunch investments behind baxdrostat, which has a U.S. PDUFA date in the second quarter of 2026. As you've seen, we have had a great start to 2026 in terms of R&D with success in 4 high-value programs, including tozorakimab, which will require SG&A investment to maximize their potential. In addition, we have several other upcoming launches for products with high-value potential, including baxdrostat, camizestrant and tozorakimab, all of which will help drive growth through 2030 and beyond. Other operating income increased to $189 million with some nonrecurring milestones booked in the quarter. Core operating profit grew by 12%, reflecting a strong underlying performance. Core EPS grew by 5% to $2.58 with growth rate impacted by a low tax rate in Q1 2025. Next slide, please. Cash flow from operating activities of $3.4 billion was a slight decline versus the same period last year due to large milestone received in Q1 2025, but partly offset by strong underlying performance. CapEx of $600 million includes previously announced multiyear investments such as our new ADC manufacturing facility in Singapore and our new manufacturing plant in Qingdao, China, for an inhaled respiratory portfolio. We continue to anticipate CapEx to increase by around one third in 2026. Deal payments of $1.1 billion include milestone payments to partner and an upfront payment for the Jacobio license agreement announced last year. We have now paid the last royalty payment for Farxiga. For the full year, we continue to anticipate milestone payments of around $2.5 billion relating to past transactions. The recent CSPC deal closed in April, so will be booked in the second quarter. Our capital allocation priorities remain unchanged. Net debt increased by around $2.5 billion in the quarter, driven by a payment of the second FY 2025 interim dividend in March. We are comfortable with our current level of gross debt. And as previously indicated, we anticipate core finance expenses to increase this year, driven by higher lease expense and lower interest income. Today, we are reiterating our full year guidance. Total revenue is anticipated to increase by mid- to high single-digit percentage and core EPS is anticipated to increase by low double-digit percentage at constant exchange rates. Based on average March exchange rates, we anticipate a low single-digit positive FX impact on total revenue and a neutral impact on core EPS. In summary, a very strong financial performance in the quarter. And with the investments we are undertaking both in R&D and behind new launches, we are well placed to grow through 2030 and beyond. With that, I will hand over to Dave, who will take you through the business performance of our oncology business.

Total revenues grew 16% in the first quarter to $6.8 billion with double-digit growth across all reported geographic segments. Performance in the U.S. and Europe was particularly strong with growth of 18% and 19% over the prior year respectively, continuing the momentum demonstrated through 2025. Turning now to quarterly performance of key medicines. Tagrisso grew 5% in the quarter to revenues of $1.8 billion. Performance was driven by demand across all stages of EGFR-mutated lung cancer in the U.S. and Europe, partially offset by higher-than-historic destocking in the U.S. In the frontline setting, Tagrisso remains the treatment of choice with an increasing proportion of physicians opting for FLAURA2 combination. We anticipate continued growth over the balance of the year across all indications. Our foundational immuno-oncology assets, Imfinzi and Imjudo, delivered growth of 28% in aggregate. Imfinzi growth of 30% was, as in previous quarters, underpinned by robust demand growth across all regions. We are seeing an increasing contribution from more recent launches such as MATTERHORN in gastric, NIAGARA in bladder and ADRIATIC in lung cancer, alongside continued growth in more established indications such as HIMALAYA and TOPAZ. With continued strong demand for Imfinzi and Imjudo across indications, we are well positioned to sustain growth throughout the remainder of 2026. Calquence revenues grew 17% in the quarter to more than $900 million with double-digit growth in all major regions. Focusing in on the U.S., Calquence continues to maintain its share leadership position in the frontline CLL setting despite intense competition. Our finite regimen for frontline CLL based on AMPLIFY is gaining momentum in reimbursed European markets and driving incremental new patient starts. While too early to comment on the trajectory in the U.S., excitement is building among prescribers, and we believe AMPLIFY will be a key contributor to growth this year. Turning to Enhertu, which is now annualizing as a $5 billion brand on an alliance view, we delivered growth of 34% in the quarter, which was balanced across regions. This growth reflects ongoing demand in both the HER2-positive and HER2-low breast indications. In China, the exceptional performance we saw through 2025 post-NRDL enlistment continues into 2026 with share gains in both HER2-positive and low breast cancers. We're also seeing encouraging early signs of adoption of Enhertu in first-line HER2-positive breast cancer in the U.S. following the DESTINY-Breast09 approval in December last year. We look forward to broadening our reach further with additional launches into early HER2-positive breast cancer later this year. Truqap revenues of $198 million in the quarter represents 47% growth over the prior year. We expect some further growth to be delivered in ex-U.S. markets, and we see U.S. market share at peak. Datroway revenues of $43 million in the first quarter reflect ongoing demand in the U.S. in later-line EGFR-mutated lung cancer with more than one in three third-line patients now treated with this medicine. Following its acceptance for priority review, we look forward to the U.S. approval of TROPION-Breast02 later this quarter. This has the potential to drive significant further growth for Datroway given the differentiated profile demonstrated in patients with metastatic triple-negative breast cancer that are not candidates for immunotherapy, an area of high unmet need. After a robust first quarter performance, we are excited about the outlook for the remainder of the year as we continue to deliver transformative regimens to more patients across the globe. With that, please advance to the next slide, and I'll hand over to Susan to cover key R&D highlights from the quarter.

Thank you, Dave. Earlier this month, we announced the positive results of the Phase III EMERALD-3 trial. Building on the success of HIMALAYA in advanced liver cancer, EMERALD-3 now moves Imfinzi in combination with Imjudo into the earlier locoregional setting with the goal of transforming outcomes for more patients with hepatocellular carcinoma. EMERALD-3 is a three-arm trial, investigating whether the STRIDE regimen made up of a single priming dose of Imjudo together with regular interval dosing of Imfinzi with or without lenvatinib can improve outcomes when given before and then alongside standard of care transarterial chemoembolization or TACE. Data from the primary analysis are very encouraging, demonstrating a statistically significant and clinically meaningful improvement in progression-free survival for the STRIDE plus lenva arm with a positive trend to overall survival. The STRIDE-only arm also demonstrated a strong trend to both PFS and OS benefit, although this arm was not formally tested at this time. We await further follow-up and are excited by the potential EMERALD-3 offers for more than 200,000 patients with locoregional HCC currently eligible for embolization. We look forward to presenting the data at ASCO. EMERALD-3 marks the beginning of a series of high-value Imfinzi readouts over the course of 2026. In the coming months, we expect results from VOLGA, which will complement our NIAGARA indication in muscle invasive bladder cancer and further reinforce our position in genitourinary cancers. Then in the second half of this year, we have two data sets that present opportunities to further broaden use of Imfinzi in lung cancer with AVANZAR aiming to improve outcomes and significantly expand Imfinzi's reach in the first-line metastatic setting and PACIFIC-9, which looks to consolidate and deepen our leadership in Stage III unresectable disease. Imfinzi is the current backbone of our immuno-oncology franchise, and we're excited by its potential to become standard of care across an even broader range of tumor types and settings. We're also excited to highlight several new developments from our oncology pipeline that will be presented at ASCO this year. Our in-house ADC program continues to progress at pace. We look forward to sharing more data on puxi-sam, our B7-H4 directed ADC in endometrial and ovarian cancers. And we're also excited to be moving forward with our plans to open two further Phase III trials for our folate receptor alpha-targeted ADC, which targets FRα in ovarian cancer later this year. We will also share further data for sone-ve in Claudin18.2 positive gastric cancer from a broad global population, which supports the ongoing Phase III CLARITY-Gastric01 trial now expected to read out in the second half of this year. Also at ASCO, additional evidence supports the use of our PD-1/TIGIT bispecific rilvegostomig in combination with Enhertu in gastric cancer. Early phase data for volrustomig in head and neck cancer will also demonstrate safety and efficacy in this indication. And finally, I want to highlight that we will present impressive first-in-human data for our PRMT5 inhibitor, AZD3470 in a heavily pretreated classical Hodgkin lymphoma population, strengthening our expanding hematology pipeline. ASCO 2026 looks set to be another significant congress for AstraZeneca. And with that, please advance to the next slide, and I'll pass over to Ruud to cover biopharmaceuticals performance.

Thanks, Susan. Next slide, please. Our Biopharmaceuticals total revenue was broadly stable in the quarter with growth in key brands mostly offsetting the anticipated headwinds from Brilinta, Farxiga and roxadustat. Overall, biopharmaceuticals total revenue declined by 2% to $5.8 billion. Our Respiratory & Immunology portfolio was up 7% to $2.3 billion. This performance was driven by our key brands, which grew 18%. Within the portfolio, Fasenra delivered another strong quarter, growing 11% to reach $483 million. This was supported by strong uptake in China following its NRDL listing with revenues in emerging markets up 63%. Breztri generated $353 million in revenue, growing by 13%. Earlier this month, Breztri achieved its first label expansion beyond COPD with U.S. approval for asthma. Breztri is now the first and only triple therapy in asthma approved for patients aged 12 and older. Regulatory reviews continue in other countries. Tezspire continues to perform well and delivered $303 million in revenue, representing a growth rate of 34%. Tezspire is now approved for chronic rhinosinusitis with nasal polyps in all major markets following approval in Japan and China this quarter. Saphnelo grew 24% to achieve $171 million in revenue. The new subcutaneous formulation is now approved in Europe, the United States and Japan, which extends its reach to the large segment of patients who favor self-administration. 2026 marks a transition year for CVRM as we navigate loss of exclusivity headwinds ahead of the launch of several key pipeline medicines and new indications. CVRM total revenue for the first quarter stood at $3.3 billion, representing a decline of 6%. Farxiga total revenue fell 3% to $2.2 billion. Farxiga has a phased LOE profile. And in quarter 1, that LOE effect was seen in established rest of the world and also with the implementation of VBP in China. As expected, generic manufacturers entered the U.S. market in April. U.S. markets continue to perform well, fueled by Farxiga's market share leadership within the fast-growing SGLT2 inhibitor class. Lokelma achieved global market leadership in the potassium binder class and $199 million in the quarter, reflecting growth of 26%. Our commercial teams are preparing for the launch of baxdrostat later this year with the PDUFA date for FDA regulatory decision set for quarter 2. If approved, baxdrostat will be the first aldosterone synthase inhibitor to serve patients with uncontrolled and resistant hypertension. In 2026, we anticipate gaining commercial access. And over time, we expect to see broader use across patients eligible for Part D reimbursement in line with the typical negotiation cycle. With the new approval for Breztri in asthma, the anticipated baxdrostat launch, the recent success of tozorakimab Phase III COPD program and the upcoming results from Wainua-ATTR-CM trial, we have much to look forward to across biopharmaceuticals this year. I will now hand over to Sharon to take us through the exciting tozorakimab readouts in more detail.

Thank you, Ruud. Next slide, please. I am delighted to share the significant progress from our respiratory pipeline this quarter with compelling new data that underscore our commitment to pioneering science and addressing the most urgent challenges in respiratory disease today and for the future. We recently reported high-level results from our three pivotal Phase III studies and long-term extension study in our LUNA program, studying tozorakimab in COPD, OBERON, TITANIA, MIRANDA and PROSPERO. This represents the most comprehensive Phase III program ever conducted for a COPD biologic, and the results reinforce our confidence in tozorakimab's potential to be a first-and-best-in-class treatment option for patients living with this devastating disease. COPD remains a critical area of unmet medical need. It is the third leading cause of death globally, claiming over 3 million lives each year. Even when patients are on an inhaled standard of care, approximately half still experience exacerbations, which amplifies their risk of cardiovascular events, including heart attack, stroke or even death. Importantly, only 50% of patients live more than 3.5 years after their first severe COPD exacerbation. These statistics underscore why innovation in COPD is so urgently needed. What sets tozorakimab apart is its dual-acting mechanism and the breadth of our clinical program. This is a true AstraZeneca science success story. Over a decade ago, our scientists uncovered IL-33's two distinct forms and their role in COPD. Our research confirmed the reduced form of IL-33 activates immune cells through the ST2 pathway. They also discovered that IL-33 released from cells undergoes oxidation and converts to a different form, which activates the RAGE/EGFR pathway and the cycle of mucus production in COPD. These discoveries informed the development of tozorakimab, a differentiated molecule, which uniquely inhibits the signaling of both, reducing the inflammation and breaking the mucus dysfunction cycle, which drive disease worsening. In OBERON and TITANIA, tozorakimab achieved statistically significant and highly clinically meaningful reductions in the annualized rate of moderate to severe exacerbations. This efficacy was seen in former smokers and in the overall population, which included former and current smokers and had patients independent of eosinophil levels and lung function severity. MIRANDA, testing an every-two-week regimen showed clinically meaningful benefits in exacerbation reduction as well. These results are truly exciting, marking the first time a biologic has demonstrated efficacy in COPD in three pivotal trials that enrolled broad populations. These results are further supported by PROSPERO, the long-term extension study of OBERON and TITANIA. While the narrower primary endpoint of severe exacerbations, those leading to hospitalization or death, did not reach statistical significance in former smokers, we observed a numerical reduction in this population and a nominally significant reduction in the overall population. Tozorakimab was well tolerated with a favorable safety profile across the entire program. We are working at pace to share these data with the regulatory authorities and the scientific community. With approximately 6 million biologic-eligible patients globally, tozorakimab has the potential to address the broadest population of COPD patients. And with that, please proceed to the next slide, and I'll pass over to Marc to cover rare disease.

Thank you, Sharon. Can I get the next slide, please? Rare Disease delivered total revenue of $2.4 billion in quarter 1, up 15% year-over-year. This is driven by growth in neurology and metabolic diseases, increased patient demand and continued global expansion. If you recall, first quarter 2025 performance included transitory headwinds, most notably tender market order timing for both Soliris and Strensiq. In the quarter, Ultomiris grew 18%, driven by patient demand across indications, including the competitive myasthenia gravis and PNH markets. Soliris revenues continued to decline due to successful conversion to Ultomiris as well as biosimilar pressure. This was partially offset by favorable order timing in certain tender markets. Strensiq grew 43% year-on-year, reflecting strong underlying demand and a favorable comparison versus the prior year. We saw demand growth for Koselugo, including the newly launched adult indication for NF1-PN patients. We continue to see great momentum across the rare disease portfolio. Please advance to the next slide. I'm delighted to announce the positive high-level results for our Phase III programs in rare metabolic and renal diseases. Efzimfotase alfa, our next-generation enzyme replacement therapy demonstrated positive results from the global Phase III clinical program for patients with HPP. The MULBERRY trial in treatment-naive pediatric HPP patients met its primary endpoint, showing meaningful improvements in bone health as well as other objective endpoints, including physical function and quality of life. In parallel, the CHESTNUT Phase III trial showed that efzimfotase alfa was well tolerated in children switching from Strensiq while maintaining benefit on bone health. In the HICKORY Phase III trial in adolescents and adults with HPP, efzimfotase alfa demonstrated numerical improvement but did not achieve statistical significance in the primary endpoint of 6-minute walk test in patients who have not been previously treated with Strensiq compared to placebo. The results show clinically meaningful impact on mobility, physical function, pain and fatigue that are key aspects of this heterogeneous disease that are beyond one single endpoint such as the 6-minute walk test, the only approved adult endpoint. Efzimfotase alfa represents patient-centered innovation, improving upon Strensiq profile through a longer half-life, more patient-friendly dosing and an improved manufacturing process. The Phase III trials were designed to reflect the broad symptomatology of HPP, and efzimfotase alfa is well positioned for broader global adoption by removing key barriers to access. There are approximately 14,000 addressable HPP patients across the top 8 countries. Approximately 20% of these are pediatric cases, 60% adult with pediatric onset disease and 20% adult with adult onset disease. We will share data across the program with regulators and present at an upcoming medical meeting. We believe efzimfotase alfa represents a peak year sales opportunity of $3 billion to $5 billion. In addition, we recently announced positive high-level results from a prespecified interim analysis of the I CAN Phase III trial, which showed that Ultomiris met its primary endpoint, demonstrating a statistically significant and clinically meaningful reduction in proteinuria based on 24-hour urine protein-to-creatinine ratio at week 34 in adults with IgAN who are at risk of disease progression. The primary endpoint of change from baseline in estimated glomerular filtration rate will be measured at week 106. Ultomiris demonstrated complete and sustained terminal complement inhibition with proteinuria reduction seen as early as week 10. Benefits are consistent across patients, including those at higher risk of progression and with more inflammatory disease. Importantly, updated 2025 KDIGO guidelines recommend using disease-modifying agents such as Ultomiris in combination with supportive medicine that manage a disease symptom such as RAS or SGLT inhibitors. Across U.S., Japan and the EU5, there are over 560,000 patients diagnosed with IgAN and 60% of patients would be eligible for IgAN treatment based on proteinuria. We are confident this indication could reach blockbuster potential given our established nephrology presence across AstraZeneca and Alexion, and we are seeking accelerated approval in key markets. In addition, today we disclosed the discontinuation of Ultomiris in CSA-AKI high-risk patients with kidney ischemia due to lack of consistent efficacy across CKD severities. And finally, I'm pleased to report that CALYPSO, our Phase III trial investigating the safety and efficacy of eneboparatide in adults with chronic hypoparathyroidism will be presented at ECE in May, and CARES, our Phase III program anselamimab in light-chain amyloidosis patients will be presented at ASCO in June. These presentations mark important milestones in bringing new therapeutic options to people living with rare diseases. And with that, please advance to the next slide, and I will hand back to Pascal.

Thank you, Marc. Next slide, please. We are off to a strong start with 4 meaningful programs readouts already delivered in 2026 and a rich catalyst path across the rest of the year. As shown here, the volume of high-value readouts through the year is notable, collectively pointing to a risk-adjusted peak year revenue potential exceeding $10 billion, supporting growth of the company to 2030 and well beyond. Next slide, please. As you can see, our recent R&D success is resulting in an extremely eventful year in 2026. We're excited to showcase our positive data from several programs at upcoming congresses, including ASCO and EDA. We're also expecting a significant wave of approvals, including the potential first approval of 4 NMEs and 4 life cycle management indications. We also look forward to additional regulatory decisions in major markets to continue to bring our medicines to more patients across the globe. Next slide, please. In closing, Q1 delivered strong commercial momentum and excellent pipeline execution, reinforcing our growing confidence in achieving our 2030 ambition. With a broad portfolio, a deep pipeline and meaningful advances across multiple transformative technologies, we are well positioned to extend growth beyond 2030. And with that, please advance to the next slide, and we will move to the Q&A. As Joris mentioned at the start of the call, we will see if he's more successful than his predecessor Andy, please limit the number of questions you ask to allow others a fair chance to participate. Please use the raise hand function on Zoom. And now let's move to the first question, which is from Richard Vosser at JPM. Over to you.

Two questions, please. First question on tozorakimab. Could you characterize how you see the product profile relative to Dupixent and Nucala? And do you think the breadth of activity sufficiently differentiates the product so physicians wouldn't need to test for eosinophils anymore? And then a second question, just on the ramp of Enhertu. Could you just give us a bit of color around the DB09 rollout and how we should think about the pace of uptake for the adjuvant setting and neoadjuvant setting in DB11, DB05?

Thanks, Richard. Joris didn't go very far, right? You failed on the first step. Who is going to take the tozorakimab question? Sharon, do you want to take this? Ruud, if you have anything you want to add later?

Sure. I'm happy to. So as you know, we announced the positive high-level results for tozorakimab in OBERON and TITANIA and MIRANDA. In these Phase III studies, we were able to demonstrate that we had a statistically significant, and in the case of OBERON and TITANIA, highly clinically meaningful result, both in the primary and in the overall population. So our primary population was former smokers. Our overall population included former and current smokers, patients across all blood eosinophil counts and all stages of lung function severity. Now we can't slice and dice those data until we present them at an upcoming medical meeting. But we are encouraged by the data that we have seen, and we've characterized it as highly clinically meaningful in the case of OBERON and TITANIA, and we are moving at pace to submit that to regulators.

Yes. And the only thing, Richard, I would like to add regarding the potential is that the current biologics in COPD are primarily for high eosinophils. The studies were done above 300 I think the uniqueness, as Sharon has shared is that this is across the eosinophil count of patients. So whether in the end of the day, physicians want to test in COPD, the eosinophil count is up to them. But we are hoping for a very broad label on the basis of the OBERON and TITANIA data.

Yes. And I think really, of course, it's left up to physicians, but we think we have a true all-comers product from that viewpoint of eosinophil levels. Dave, do you want to take the Enhertu question?

Yes, absolutely. Thank you very much. So at the highest level, Enhertu with DB09 clearly is bringing transformative benefit with PFS now exceeding 40 months. That has been very well received in our promotional efforts that we've been engaging in. We're seeing encouraging early adoption across a broad frontline population. So utilization both in hormone receptor negative and hormone receptor positive patients. We do, as you would expect, see academic HCPs driving early adoption more so than you would see within the community within this first quarter post launch, but we will look forward to continuing to see our efforts in the community. And I think importantly, we are seeing increased recognition of the importance of continuing in HER2 treatment for a prolonged duration with less consideration of a short maintenance notion, which I know was something that had been questioned coming out of ASCO. In terms of the early breast cancer studies with DB05 and DB11, I think they build really nicely on the existing confidence that exists within the HER2-positive space with DB03, DB09 and now these studies. We've got upcoming PDUFA dates here shortly, and I think that there's a lot of energy around both of those studies and incorporating them into practice.

Thanks, Dave. So next question is from James Gordon at Barclays. Over to you, James. You may be on mute, James. We can't hear you.

Hopefully, you can hear me now. James Gordon from Barclays. The question was on camizestrant for hormonal breast cancer and the route to this being a $5 billion-plus product. So I know you've got a couple of angles, but one is the SERENA-4 readout in the second half. But on that one, to what extent does failure of Roche's persevERA first-line metastatic ESR1 all-comers trial mean you're more cautious on that readout? Are there important differences like maybe patient enrichment or the potency of your drug or other factors that mean you still think you've got a good shot at this? Or is this quite a long shot based on persevERA? And I know the other angle, probably the bigger angle would be adjuvant hormonal breast cancer, which could be a $20 billion-plus category. But I think your CAMBRIA-2 trial, which is analogous to lidERA that's already up for approval in Q4 for Roche, that's only going to have final data in 2023 still recruiting. So is there a way you can still be a big winner here? Or is it looking tougher?

Okay. Thanks for the question. So in terms of the first-line metastatic hormone receptor positive patient population, obviously, we'll have to wait and see the persevERA data at ASCO. But remember that we've said that we do have a differentiated asset in camizestrant. The effect size that we saw in the second-line setting was robust in both the ESR1 mutant and wild-type. And we also have enriched the first-line patient population to hopefully enrich for a greater endocrine sensitive population. One key differentiation as well from the persevERA study for SERENA-4 is it's a much larger patient population. So we sized for an effect size that will still be clinically meaningful in that population. So that's why I think we need to look out for both what the safety and the efficacy data are for persevERA at ASCO. Moving on to the adjuvant population. Just as a reminder, we have two adjuvant studies, CAMBRIA-1 and CAMBRIA-2. So CAMBRIA-1 takes the patient population that's already had two to five years of CDK4/6 inhibition. So that's the prevalent patient population of ER-positive. And then CAMBRIA-2 is in a setting that's more similar to lidERA, but is differentiated from lidERA because it does allow for combination with CDK4/6 in the adjuvant setting. And given the benefit that's been seen with CDK4/6 inhibitors in the adjuvant setting, there's an increasing demand from patients and treating physicians to treat with CDK4/6 in that setting. So if you think about the combination of CAMBRIA-1 and 2 together, I think we have the opportunity to get the largest share of the adjuvant patient population given that. And the success of lidERA, I think, does show that, first of all, there's positive proof of concept for the effect of these drugs in that setting. And given that we've got a very good profile with camizestrant, I think that builds confidence on our likelihood of success in those settings.

Thank you, Susan. Next question is from Sachin Jain at Bank of America. Over to you, Sachin.

One topic, Wainua in CARDIO-TTRansform, a question for both Sharon and Ruud. But for Sharon, as we head into the Phase III, could you just remind us of a few factors. So could you remind us of TAF and SGLT2 usage at baseline and whether you think that will complicate a cross-trial comparison versus the 30% benefit AMVUTTRA in HELIOS-B? And then on the secondary TAF subgroup, are you powered to be statistically significant if you repeat the AMVUTTRA benefit? And then just a quick one for Ruud. If you could just talk to the commercial relevance of both of those points, cross-trial benefit comparison and the secondary endpoint.

Thanks, Sachin. Sharon, do you want to start?

Sure. So Sachin, let me just clarify the question because there was a little bit of a skip. I think you were asking about the number or the rate of SGLT2 background therapy.

So two bits. So TAF, tafamidis, and SGLT2 usage at baseline and whether that complicates cross-trial versus AMVUTTRA, 30% benefit and then the secondary TAF subgroup powering.

All right. So now we haven't disclosed the exact numbers there, but let me speak broadly about this. We always anticipated that the treatment landscape would evolve during the time that we're running the CARDIO-TTRansform study, and we designed a large study to account for that. The baseline standard of care treatments, and here, you've included SGLT2 and tafamidis, so stabilizer and SGLT2 are expected to have an impact on the event rate, but we previously extended our trial duration to account for that. If we look at the HELIOS-B study, the treatment effect with vutrisiran versus placebo looked very similar in trial participants who were on background tafamidis versus those who were not. So while we think background therapy should have an effect on event rates, we don't expect the differences in background therapy to have an effect on the overall treatment benefit. You also asked about secondary endpoints. As you know, we designed the secondary endpoints to evaluate different patient subsets. And one of those is patients on tafamidis versus those who are not. And if we are able to demonstrate statistical significance, and it depends on how far we go through the statistical analysis plan, we view this as the icing on the cake. Ruud, would you like to comment further?

Yes. Thank you so much. And regarding, let's say, the peak year sales, Sachin, we have indicated in 2024 during the Investor Day that we see this asset as a $5 billion-plus asset. I think, of course, as always, it's incredibly important to hit the primary endpoint and the primary endpoint is different from the endpoint of the Alnylam trials with AMVUTTRA, because here, we are talking about the change from baseline to a composite endpoint of cardiovascular death plus CV recurrent events up to 140 weeks. So that in itself, I think, is a very important part of the differentiation of Wainua versus the competition. Now equally, as Sharon mentioned, every secondary we can hit will further differentiate our product from the competition. So let's wait and see, but we remain highly excited about the prospects of this asset.

Steve Scala, TD Cowen. Steve, over to you. You might be on mute, Steve. Okay. We can't hear Steve, so we'll come back to Steve in a minute. Maybe we move to Graham Parry at Citi.

It's one on tozorakimab again. Just wondering if we can confirm that we should interpret the way the headline press release was worded and your comments today to mean that the effect size across the different eosinophil groups is consistent across those groups. I think you talked just now about potentially having a broad label. So that would be the interpretation. And then secondly, could you just give some sort of clarity as to what you think the implication of PROSPERO missing is and perhaps some rationale as to how you could have such highly clinically meaningful data in the MIRANDA and OBERON trials without missing on the endpoint on PROSPERO.

I hope, Sharon, you got the second question because the line broke up a bit. On the first one, I can quickly answer. We expect and hope that we will receive a broad label that includes all eosinophil levels, but we can't disclose the results for each group today. You will see those details when we present the data. And regarding the second question, PROSPERO, Sharon, I hope you heard it in full.

Yes, I did hear the question. So I'll just repeat that PROSPERO was the long-term extension study and that PROSPERO was unique from OBERON, TITANIA and MIRANDA in that it had a different primary endpoint. It looks specifically at severe COPD exacerbations, those that cause hospitalization and death over the duration of 104 weeks. We really look forward to sharing the data. This will be a component of our regulatory package. We are really delighted with the overall data that we've seen across the LUNA program. PROSPERO supports the clinical profile of tozorakimab, and we look forward to submitting our data in totality to the regulators as quickly as possible.

Thank you, Sharon. Next question is with Sarita Kapila at Morgan Stanley.

So you've had a number of successes for Datroway across lung and breast cancer, as you've outlined. So how should we now think about the totality of the commercial opportunity? And are you confident in reaching multibillion peak sales for Datroway excluding AVANZAR? And then just a quick one on efzimfotase alfa. How has the initial dialogue with the FDA been? And is there scope for approval in the subgroup of adolescents and adults with pediatric onset? And perhaps you could quantify what percentage or how large this population is?

Thank you. I think, Dave, you can take the first one. The second one is for you, Marc. But if you recall the prepared remarks, Marc gave the split of the various groups, pediatric, pediatric-onset adult and adult-onset. For the first question, Dave, do you want to go?

Yes, Sarita, I think that the best way to address this is that when we laid out a $5 billion-plus ambition on Datroway. We continue to see the opportunity being just that. And we've got a series of really important readouts that are going to be happening over the course of the next several quarters. Obviously, we've got AVANZAR TL07, TL08, but also we've got TROPION-Lung15, and then that will be followed afterwards by TROPION-Lung14 and a series of Datroway studies incorporating next-wave immuno-oncology. So we've got quite a few programs underway. Lung cancer is obviously an important element of this. The work that we've done on QCS, we think, has positioned us well to be able to have multiple shots on goal within the AVANZAR study, and we're confident in the forecasts that we've got at this time.

It's important to really keep in mind that our view hasn't changed about the potential of this agent since the time when Dave talked about it earlier. Of course, all these studies have to work, in particular, AVANZAR, but our view hasn't changed. Marc, do you want to cover the second question?

Yes. So maybe I'll take the second question first. In my prepared remarks, I had indicated that the pediatric cases are about 20%. The adults with pediatric onset would be 60%. And then the remaining 20% are adult with adult onset. So this is the breakdown of the population suffering from HPP. In terms of data, as I've explained, we have three clinical trials, which we are going to submit to authorities. The first two are on the pediatric population. And the third one is on adolescents and adults with a primary endpoint, the 6-minute walk test, but there are many other endpoints which are measured in this trial, and we have concluded that this study is clinically meaningful, and therefore, we are going to submit this data to the regulators.

Thank you, Marc. Rajan Sharma, Goldman Sachs. Over to you, Rajan.

So just a couple more on Datroway. Just wanted to understand the rationale for adding the QCS biomarker primary endpoint to TL07 and then also including it in TL08. Does this increase the probability of success of the trials in your view? Or is it more about building a moat around the potential patient opportunity given that you have the biomarker? And then related to that, is there any reason why control arms across these Datroway lung trials, including AVANZAR, may perform better or worse than you expected in a QCS-positive population specifically?

Thanks for the question. So in terms of the rationale for including the biomarker in TL07, it's similar to the rationale for including it in AVANZAR based on the totality of data that we've seen so far across multiple data sets; we've seen consistent improvement in performance for both PFS and OS in the biomarker-positive patient population, both as monotherapy and in combination with IO in a first-line setting. So that's the logic that says that it makes sense to include in TL07 as well. As we did with AVANZAR, our colleagues at Daiichi Sankyo went and approached the regulatory authorities and had discussion about this approach. So similar for TL07, similarly to AVANZAR, there's an opportunity in the ITT and in the biomarker-positive patient population in TL07, which, as a reminder, is in the PD-L1 less than 50% patient population. I think I've mentioned previously that for TL08, which is in the greater-than-50% patient population, given that that's a smaller segment already, the numbers that are accrued in that trial means that it makes sense to only include that as a secondary endpoint and not part of the primary analysis. But of course, assuming that AVANZAR does show an improvement in the biomarker-positive population, of course, everybody, including regulators, will want to know what the performance is in the biomarker-positive patient population. So I hope that addresses your question about why we're doing it in TL07 and TL08 and why it's different in the statistical analysis in TL07 versus TL08. In terms of your question about event rate, the event rates for these trials are determined by the event rate in the overall ITT patient population. So whilst it's possible that the patient population that is biomarker positive has a different event rate, that isn't what determines the cut point. So it's really the event rate in the overall population that's determining when we can do the data cutoff and therefore, report the results.

And we have no way to predict how the control arm will behave, so we have to wait for the end of the study. The next question is Michael Leuchten, Jefferies. Over to you.

One question maybe too on the delay. So you've got a TL07 delay, just linking back to the last question because of the implementation of QCS. Just wondering if you could talk to how complicated it is to run the test over existing tissue samples and whether that could slip any further or whether that's a firm view on a readout? And then a question on cliramitug, the depleter. There's also the delay here. What's driving that, please?

So the timing of the results for TL07, I'll just base that on the requirements for implementation of the biomarker within the clinical trial. That obviously requires an amendment and there are other aspects of that. We have to actually run the analysis on the samples that are available. There's no further delay to the event rate on TL07.

Maybe, Michael, also just one of the questions that’s embedded within your question gets to the commercial readiness and how we think about testing in a post-approval world. We've been working really diligently to set up and be ready for QCS across the globe through a combination of central labs, but also decentralized testing work that we're doing. There's a lot of enthusiasm across regions to incorporate computational pathology into the way in which care is being delivered. And it also gets to the previous question that Rajan asked. In many respects, you incorporate QCS into these programs because if it works and truly helps select patients, it's very differentiated for the program.

Yes. It's a really important point. And we've made that point before, but maybe just to remind you, if you assume that the ITT population will be positive, it's possible that the QCS population might be even more positive in the positive scenario overall. In the U.S., we would expect ITT use everywhere. In some countries where payers are more difficult, QCS gives us another chance to get reimbursement if we cannot achieve it in the ITT population. So it's really we have two shots on goal in terms of reimbursement.

So first of all, cliramitug is not an event-based trial, but a time-bound trial. As the trial recruited faster than we expected, in order to reach the target median exposure of the trial, we decided to extend the study by six months. It's not event-based, but we wanted to return to the targeted median exposure.

Thank you, Marc. Matt Western, UBS. Over to you.

Two questions, please, if I can, on eplontersen. The first is now that tafamidis generics are delayed to 2031, if the combo is superior in CARDIO-TTRansform, is it realistic to expect reimbursement of a double-branded regimen in that setting? And then the second question is around Wainua in ATTR-PN. One of your other differentiations potentially is going to be the home administration claim in the U.S. So can you update us on the commercial performance in the U.S. market in the PN setting so we can understand how advantageous home administration really is?

Yes. Thank you, Matthew, for both questions. First of all, regarding the combination, of course, it fully depends in my view and our view on the size of the effect. If the effect size is very substantial, I truly believe that payers, especially in the United States, will be open to reimburse both branded products for this debilitating disease. Let's not forget that the mortality rate of patients with ATTR-CM is very high. So once again, if the trial shows a very substantial benefit for the combination, I believe that the payers and reimbursement authorities will certainly consider this. Regarding the PN indication, overall, we are quite happy how it goes. It's very encouraging. There are a lot of patients with a mixed phenotype certainly in the United States. With the registration of the competitor also in the CN trial, there isn't always a chance to capture all those patients. But if you look at pure PN patients, we are clearly leading the pack here. The home administration option is ideal for many patients because there's no need to go frequently to a hospital for administration. So the combination of a better quality of life, home administration and strong efficacy is one of the reasons we see a very strong uptake in the United States and other countries for the PN indication.

Thank you, Ruud. Peter Verdult at Exane.

Can you hear me?

Yes, go ahead.

Peter here from BNP. Just Sharon and Ruud, could we come back to tozorakimab quickly. Sorry to labor the point, but just coming at a different angle, I just wanted to explore maybe potential upside scenarios to your $3 billion to $5 billion peak sales assumption. So are you assuming that you will see IL-33 competition or competitors eventually making it to the market when you provide that peak sales target? And do you have any plans to explore tozorakimab beyond COPD or lower tract respiratory disease? I'm thinking maybe nasal polyps or bronchiectasis. And then just a quick clarification, Sharon, just on the PROSPERO question earlier. Am I right in thinking that the endpoint there was a bit different to OBERON?

Thank you, Peter. Sharon, do you want to start with the second one and then Ruud you can cover the first one?

Sure. Yes. So you're spot on. The endpoint for PROSPERO was different than for OBERON and TITANIA. In PROSPERO, we specifically looked at severe exacerbations, which is different than TITANIA that looked at moderate to severe exacerbations. The overall trial population that we enrolled in our comprehensive LUNA program is different from what competitor molecules did, and it really provides us with a point of differentiation for tozorakimab. We have a differentiated molecule in terms of its bifunctional inhibition, and we also have a differentiated clinical trial program.

Yes, of course. First of all, we have indicated once again that this product in our view is a $3 billion to $5 billion opportunity in COPD alone. Of course, the competitive environment has changed somewhat, and we don't know exactly what competitors will do moving forward. Now having said that, based on the results, we are also thinking about potential other indications. You are mentioning bronchiectasis and potentially asthma. We haven't taken any decisions yet. But if everything moves well, of course, we will look whether it makes sense also to move tozorakimab into other indications where there's still a high unmet medical need. On top of that, overall, the biologic penetration of the current biologics in COPD is still relatively limited; it is below 10%. So it also shows the potential in COPD, which is a very heterogeneous disease, to use a new biologic specifically designed for COPD to capture the full potential in COPD.

Christopher Uhde at SEB.

So my first is on MFN, if you wouldn't mind commenting. How are you forecasting the future impact across the seven major markets? Or how would you recommend we do it, perhaps, is the question you'll answer? And then is this applying to only future launches as some of the competitors have said? And then on IL-5, we've got a competing long-acting IL-5 that's launched and tracking rapid growth. So Ruud, what are you seeing on the competition? What are your thoughts then on the long-term future? And Sharon, what's the role of IL-5 in the R&I therapeutic area? How are you working to adapt to play a key part in that going forward?

Yes. Let me take the IL-5 part first. First of all, we are very pleased with the performance of Fasenra. It's clearly the leading anti-IL-5 in the class. The EGPA launch in countries like Japan and the United States has been very successful. Equally, of course, the class is changing somewhat with a long-acting anti-IL-5 entering the market. Now having said that, the NIMBLE study was not specifically successful regarding the switch from Fasenra to the long-acting one. So I think what we need to do is to cement our position as the leading IL-5. The molecule is doing extremely well. The mode of action is fundamentally different from the other anti-IL-5. We are depleting eosinophils and we have seen very strong traction across the world. There's no reason to believe that will not continue. And last but not least, we have just launched Fasenra in China. China has a high unmet medical need and the potential for Fasenra in China is substantial as well.

Building on that, Ruud, I'll just restate that we have a lot of faith in Fasenra. It's a highly effective molecule. It provides targeted complete and fast sustained eosinophil removal, effectively treating eosinophilic inflammation and reducing risk for patients. We have an eight-week dosing regimen that delivers sustained control and stands out for high adherence. We saw about 80% to 90% of patients remaining on Fasenra through our pivotal studies, which is remarkable and supported by real-world studies. It remains the only biologic with clinical evidence proven to reduce both oral corticosteroid and inhaled background therapy. We have a strong molecule and as we think about future growth in the portfolio, building on the success in Fasenra is part of our strategy. I won't comment further on molecules in discovery, but we will continue to leverage the success of this program.

So on the MFN question, you can take a conservative approach and remove the G7 fragment from your forecasts if you want a very conservative view, but we are working hard, as an industry, to improve access and pricing across countries. Remember, MFN applies to new products and will be different product by product and country by country. This will play out over the next 18 months to two years. We hope to reshape the environment and get better pricing and access so we can launch products everywhere. The whole of Europe represents about 20% of our global sales, so the initial impact is relatively limited. We are engaging with countries to explain the importance of improved access for patients and for sustaining R&D investment.

Thanks, Pascal. So our question is actually on the positioning of GLP-1 and how you're thinking about that. Can you walk us through how the upcoming ADA is really going to help fully de-risk your strategy in this space? Maybe help us understand the safety supporting the aggressive advancement into Phase III. And comment on whether product half-life is key to differentiation on tolerability over and above planned titration scheme. Just trying to understand how the ADA data will wrap around the broad Phase III program you've initiated.

Thank you, Seamus. This one is for Sharon. Ruud, you can also jump in.

Yes. Thank you for the question, Seamus. Those data are upcoming at ADA in June, so I cannot preview the data. But we did announce that we completed the Phase IIb trials for elecoglipron and that the data we saw in those Phase IIb trials—in obesity and in type 2 diabetes—gave us the confidence to move into a comprehensive Phase III development program. We have dual goals: weight-loss efficacy and outcome benefits. We're focused not solely on weight loss but on addressing complex, interrelated comorbidities. AstraZeneca is uniquely positioned with our broad portfolio to create both monotherapies and fixed-dose combinations with elecoglipron to address comorbid disease. At ADA, we look forward to sharing the data. What we saw gave us the confidence to fully invest in the comprehensive program.

There's not a lot to add to what Sharon said. The focus on outcomes, our strength with fixed-dose combinations—one of which could be with our SGLT2 Farxiga—and our global footprint are advantages. There's high unmet need in international markets for obesity and diabetes treatment, and our broad presence helps us reach those markets.

We have an ambitious Phase III program for elecoglipron. The team has done an excellent job, and assuming positive studies, we expect a strong data set across a broad program to support launch.

Thank you, Pascal. A couple, please. On camizestrant, are there interim analyses still pending for the CAMBRIAs or even SERENA-4? And then given that we've had some discussion on Phase III trials in flight, but you've been making some changes such as TL07, TL08, I wonder whether you could give us more color around your work with the FDA on real-time clinical trials because I see AstraZeneca mentioned as one of two companies working with the FDA there. What kind of benefits could this ultimately bring in terms of timing and savings?

I think Susan can address the real-time collaboration with the FDA question.

Thanks for the question, Luisa. Regarding interim analyses, we don't comment on those. For the real-time clinical trials, this is an exciting first step. The trial we're collaborating on with the FDA is the TrAVeRse trial with acalabrutinib in mantle cell lymphoma. What this enables is simultaneous notification of adverse events and access to data, which will help learnings and could pave the way for a future regulatory world where submissions are based on data access rather than document packages. This could save time in preparation and review and allow more focused discussions with the agency on the context and relevance of the data. We're pleased to partner with the FDA and be at the forefront of learning here.

Thank you, Susan. Maybe we could try Steve Scala again. If Steve is back, can you hear me, Steve? Okay. He's given up or has technical difficulties. Let's move to Mattias Häggblom at Handelsbanken. Mattias, over to you.

Can you talk about CAR-T and specifically how you feel about the Gracell BCMA CAR-T program, but also Gracell's FasTCAR as a platform in light of industry's rapidly growing interest?

The line was not very good, Mattias, but Susan, you got the question. It's about AZD0120 and FasTCAR, right?

I think you were asking how the FasTCAR process helps differentiate AZD0120. FasTCAR enables ex vivo growth of cells in a three-day process, giving a reliable turnaround time of around 16 days because after production there's quality testing before shipping to the patient. That shorter, reliable delivery time is important operationally. You also end up giving a lower dose of fitter T cells that can expand in vivo more rapidly. That delivers a predictable timing of cytokine release syndrome and could enable outpatient treatment because clinicians know the timing and can prepare. It's not just the FasTCAR process; it's also the dose and timing of CRS that are differentiating. AZD0120 is also a dual CAR targeting CD19 and BCMA, which helps avoid escape by downregulation of one target. We're delighted with the profile of 012. It was presented in detail at ASH, and we now have the ongoing DURGA-4 Phase III study in later-line multiple myeloma and further studies coming as we expand the program.

Thank you, Susan. The next question is from Simon Baker of Redburn.

Just one for me, if I may, please, for Dave. I was wondering if you could give us an idea of the underlying demand growth for Tagrisso. As you said, it was distorted by wholesaler destocking. And related to that, is that wholesaler destocking specific to Tagrisso? Or are you seeing that anywhere else in the portfolio?

Thanks, Simon, for the question. Just within the U.S., we have really seen Tagrisso with strong frontline leadership. To quantify, the demand growth for the quarter for Tagrisso was mid-teens, and the higher-than-historic destocking is what brought the net reported results down. We have seen some suggestion of destocking on other oral agents, but it didn't include Calquence, which could be because of a buildup for AMPLIFY. So we have seen some destocking across oral agents, but it was particularly noteworthy on Tagrisso. The most important piece is that I don't see that going further down. Demand growth is very strong. We're seeing a clear preference for FLAURA-2. Importantly, on the MARIPOSA subcutaneous launch, we have not seen any impact on U.S. Tagrisso shares—subcutaneous launch is cannibalizing IV, but not Tagrisso shares. The same is true in Germany and Japan.

Thank you, Dave. And the last question is Justin Smith at Bernstein.

I've got one for Ruud. Ruud, if I remember correctly, during the August call last year post-ESC baxdrostat, you said it could be above $5 billion, it could be above $10 billion, time would tell. Just wondered over six months on for that, if those remarks are the same or if you would qualify those remarks at all.

Yes. No, I think they are still the same. During the Investor Day we indicated we see this asset as a $5 billion asset. Remember that roughly half of that is in the fixed-dose combination; that study will read out beyond 2027. We're also looking into CKD for baxdrostat. There are multiple other indications which, if successful, can move that number up potentially to $10 billion, and that view hasn't changed.

Very good. Let's hand on that, Justin. You're making Ruud nervous. We're moving into budget timing. Baxdrostat is definitely a big product, and we're all excited to see it launch in many countries very soon. So thank you, everybody. Thank you for your great questions and for your interest in our company, and we wish you a good rest of the day.