Novartis (NVS) 27 Oct 202020 Q3 Earnings call transcript

Good morning and good afternoon, and welcome to the Novartis Q3 2020 results release conference call and live audio webcast. Please note that during the presentation, all participants will be in a listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions by pressing star and one at any time during the conference. A recording of the conference call, including the Q&A session, will be available on our website shortly after the call ends. Should anyone need assistance during the conference call, they may signal the operator by pressing the star and zero. like the would Mr. over I that, to call hand to With Shah, Relations. Investor Head Samir of Global Please sir. go ahead,

Thank you a very companies for for participating much, all are and thank today’s you We you reporting call. out. appreciate lots it’s as very day in busy of to everybody

to Before I and cause known involve and to risks, uncertainties, just materially read Harbor may the Safe be that we The forward-looking information any or results performance statements factors. from start, other actual These achievements statement. or statements. presented implied want future you today different contains unknown such by results, expressed

with of description furnished Securities U.S. Exchange recent a the results to company’s Commission. factors, XX-F and I’ll hand With some For filed please Vas. quarterly refer that to across and of these X-K to on the most and Form that, Form were respectively

Kirsch, our call. Mary-France Oncology; Pharmaceuticals, today’s Shannon Tsai, you our Legal Novartis the our of John to like today, If I thanks Sandor, for Thank Development; and President Susanne by Samir, Harry joining X, Chief from my well of With of quarter. Novartis me our as some President start third our Officer. side Slide move I’d Financial conference Klinger, Schaffert, everyone we to Chief Sandoz; of out Global our CEO on Richard providing Head and have Drug Tschudin, Officer; perspectives

our despite year execution because on systems. in operating of performance impact year I X% that results, solid sales XX% brands, healthcare on year were it’s because the and context date, had to drivers, core those solid As to very some disruptions quarter COVID-XX in in on those line and to to growth operating launches, the income think our deliver we of it’s of last with and you we growth impact Despite XX% of of system date. the performance, saw, and delivered QX income key legacy healthcare impact of the results strong of and important sales performance and able put our

medicines our for was In innovation multiple for important of some U.S. saw CML, the had Kesimpta Xolair. a of readouts the relapsing to range in then could next--one We for multiple on readouts inhibitor Consentyx, believe our As we Piqray, major the - in and B as of in deliver sclerosis, important forms for Novartis. Beovu Iptacopan, our expansions ABLXXX to be DME, approvals quarter, in for positive approvals LNPXXX indication factor well multiple as which and next agenda. ability - you continue the well importantly

designations achieved couple for important for designation more hyperlipidemia for also Huntington’s positive received, say CHMP multiple sickle a innovation. a and that cell and There in strong for on and orphan LNPXXX Adakveo were disease, disease, about in also quarter, Leqvio also and really, We so delivering slides. for I’ll opinion for both of LMIXXX solid we drug

growth Moving performance key drivers. there growth strong Slide to our across turning our X, to drivers, was

a strong having but the time; with dollars its first overall demonstrating X%, dermatology and and Europe, of oncology a still XX%; growing and both right highlights billion Some range growing a our across quarter rheumatology market Consentyx Zolgensma the dermatology solid of of for strength in uptake Entresto portfolio. include challenging the now full strong XX%; in growing in exceeding ahead performance

to Mayzent Lutathera. solid launches, accelerate beginning well also performance as You see for as Piqray continued such as and

to shows wave entrenched as they our at key QX, are our you our for continuing well legacy medicines from a I of growth of next sales drivers, look overall now at our portfolio pace. XX% and accounting in that in and the when Now quarter think innovative transition

Zolgensma. Zolgensma’s since on I X, just $X launch Slide has exceeded now Moving to cumulative to billion. word sales specifically wanted a say

can see with Europe million date growth achieved we year You and of in $XXX chart the side to the the strong U.S. sales of also left-hand on recovery in

Zolgensma Just highlights, the disruptions a well the summer, saw to of get we we for have few we that spring, grow, geographic about throughout and us tends think as are and saw percent high is course share. in very say on newborn of being again in to detailed patients I that newborns tested states in from rebounding screened the continue words U.S. and a to now see the pandemic more and the Seventy-four rate with treatment. allowing SMA screenings, as to

the to shift from overall switches Nusinersen. from an seeing also incident population away We’re

You come our see see in covering incident switches--were XX% seeing EU ex-U.S. XX% Zolgensma, steady population Nine the to that, pathways QX. on then onto In comes state an XX% marketplace our - established ex-U.S. get move uptake. already from with we solid as board, of we’re population. is starts a we we in so bolus we in new new on countries then of delivered patients Europe, have Germany XX% three. were can a sales board, that’s dynamics see very sales QX the of countries access The line in overall back and in of versus country the quarter

The patients are multiple we come our age, early label uptake broader majority of see see now online have quarters. over very to XX% the EU. Germany, in two and We strong with thus coming of Nusinersen, the expect far coming years countries prior given the in been over other patients in of to to continue from start and treatment

should to U.S. expect sales a now U.S. growth We’ve a stabilize of we’re strong the with Novartis. driver around the in COVID The our multiple driver. Brazil approvals Now key believe be ex-U.S. the and will ahead deploying full see continue world, steady recently to so we rapid we looking be expecting in Japan, we and Zolgensma a reach approval situation, uptake reimbursement. state had to an continue expect we and for on post to immediate

with were that right-hand really there nine this in sales with XX% you date, and year prior in to X, we’ve chart, two grew Slide to months the QX to the XX% moving we our biopharmaceutical primarily sales grown of sides at look you story. Now see after patient of flu southern see side When Sandoz But in year, driven some U.S. decline you year-to-date has date the and to Sandoz sales X% our on primarily similar biopharma, were minus solids season. do line and year hemisphere the business. the with was dynamics and that’s oral retail the we drag been biosimilars the COVID-XX Europe well as also in in X% impacted traffic, as as minus see quarter by an the -

have course we’ve margin our margin some trajectory Sandoz to the mix and importantly, maintain product been progression to so top with able and spend, productivity Now Sandoz our gross line adjustments overall about over from but year. in we profit increases, SG&A our overall of guidance, good small made reduced the feel both

Slide continue the take perspective details and you in-market Moving some years, pipeline I for outlook some growth trajectory company a coming have When give to the on assets. and overall the you strong our to to X, look again some of want the step we at back provide on drivers. of

range can in our is you of late XX growth and as in-market the will one not into the cycle our program been and we if right-hand see and of programs, of a our be analyst mid-stage this the yet stage portfolio, the submissions believe see multiple launches, increasingly of best appreciating with the focus to I’ve mid-stage which as drivers, assets life pleased breadth the major of pipeline, in reports side industry planned, midst We’re many management multiple well chart. best, coming our of novel in XX-plus across on depth

pipeline where are note to elements. we the various full the go detail, on select this of bit to some slide Slide in range important want of in a just due are to clarity to to slower XX delays Now make I’ll and XX, turning through COVID, on COVID to and those are seeing Slide a you typically five I It’s instances sure we and XX, pace, provide more delays three little have that months. in

We’re transparently track, of remained resilient all the overall despite on world. are, our COVID so portfolio speaking, documentation the reflecting we you relatively that but all think disruptions in around to and largely see has where our massive you can of I

is Now of planned Marie-France the in Italy. XXXX. agency EU element We’ve most of seen U.S. extensive you’ve approval, positive outstanding with the our our review item to try seen single in we’re on half you’ve we’ve currently more first maintain U.S., XXXX. will agency ofatumumab, the with the with CHMP FDA, you to work the On the parts strong working of and documentation Leqvio, approval completed the opinion. date full EU a facility now including manufacturing In and The the provide context. action course December the only inspection, which is of with in review. clinical provided

Now to post in two will we fraction with ejection management an has in for life the Entresto, and the critical preserved cycle the today and MI, that important and a fraction December. ejection have released preserved notice respect FDA ad-comm filing

continues We’re fully in quarter to preparing FDA the to forward of year. look first for that those next be advisory discussions. The committee action and

the study Now confirmatory we on plan to to and work clinical trial on with partial will AVXS-XXX to hold, FDA. clinical with proposed our respect IT continue engage

read would We the enable any be continue read up program COVID don’t updates continue IT. submission few first move There as come us FDA. given We’ll out XXXX. can we further on will quickly, lean are fully extremely to also ligelizumab have we it on on year; expect specific you part of provide and trial noting so the at the enrolled we that with we timelines now in of be the track forecasting the time, on that premature would next timeline. is point however the in to provide hope this Our this with the guidance out to any notes disruption, were a those into to pushed guidance discussions a timelines half AVXS-XXX morning second but do to that

Canopy-X. was the down the moving to canakinumab, I wanted Now line, next item highlight our

first complete. enrollment a in half second As and analysis, in change to is DMC know, the blinded remain The did full readout readout XXXX enrolled interim expected of that expect similarly of XXXX, after--without is fully the is we for program. we half continuation that fully recommend Canopy-X after and the so you the The study.

Lastly X,XXX learning high did Natalee from of some both setting I readouts Kisqali patients. to across maximize we recent adjuvant we medicine intermediate and ensure to the competitors that of the from expand this our our the study adjuvant in wanted risk know on patients, by success

XXX most in the milligram important on dose, treatment know, most the therapy. what really also believe a in setting with profile stay in a years can patient As is here potent metastatic ensure you than setting, Kisqali, there’s CDKX have of lower the unique population which and to we we this inhibitor with three patients

you to optimistic We’re about provide progresses. and program forward continuing this it updates as look to

XX, on in on Now but go PNH I’ll moving had we’ll the the emerging a through mentioned to our feedback, positive Management. slides, and more on many pipeline details - Slide including the upcoming next Meet some of more details positive few Phase of assets, results iptacopan I provide CXG. range these II

studies track and now start combination as next CX first as PNH to glomerulopathy the in trial year. and pivotal for to single nephropathy on IgA of the the in start have in of study We’re pivotal XXXX, half frontline a well both

little Phase drug is Huntington’s which Huntington’s designation as in expect a line, that were able We start our a we’ll has I we’ll Huntington spend - to be on clinical first our based potentially RNA of RNA as inhibitor down disease. able months, time be at data had on to as XXXX. the splice trial in plan coming have to well splicing which of to once final tackle data which a unique in look received IIb disease was announced the from Moving the This extensive disease the believe other to for oral preclinical Branaplam’s orphan bit profile see we the SMA published Branaplam, we asset mRNA wanted expression. Huntington’s to weekly dosing mechanism part - we and to therapy,

combination can moment to Now terms a of our combination studies, spend was multiple oncology, and the studies spartalizumab, in one is with SHPX inhibitor range I going of Kisqali, that probably tumors. GXXC, and path asset results well finalize a highlight broad the hard very we in wanted of forward some to a Mirati’s solid hope those as as studies to across we’re in early nazartinib, pivotal working range which inform of combination

It and normal. important of going proportion their maintain we there that that an to briefly is we this note in and their demonstrates recently PNH, Moving can significantly the in to believe Slide more patients to forward eculizumab-treated medicine, presented. basis and a residual iptacopan their you this patients in is hemoglobin on black see goal, It’s don’t important was levels, just able were as return add-on therapy reduce data we XX, patients of eculizumab-treated to were move reach able this as off squares, as hemolysis even that is well eculizumab us hemoglobin but overall indication. monotherapy to of and which treatment a importantly significant the

next CXG, proteinuria. the see over recently. reduction weekend just was presented we strong demonstrates a in the similarly result. in to This significant Moving slide, a It very data

as clean, by Prime designation medicine sorts function very see impressive a very LNPXXX. with so this You the that’s well of - safe, designation respect was to a This these able profile. again, renal to of and receive data highest importantly very exciting as p-value, - eGFR EU EU’s a can for tolerable data medicines, as with measured stabilization

Now in be across ESG terms a lastly quarter, is and all XX, leader ambitious It our adopted course you in industry. the our innovation. targets of healthcare of Slide goal the across access moving important in absolute saw making companies ESG over to the to in us large strides operations. We’ve to

we top which - our health we targets think full Our annually, really sector. We in linked of by is committing from across third medicine global - to and I companies our our full is scores now already one to over-subscribed, We targets, agencies that’s program rating launched bond bond publish the operations ranked transparently also a in carbon committing amongst multiple received party first by to XXXX. neutrality access track, healthcare on own social neutrality unique sustainability-linked of to sector. particularly to number was agencies, the we ESG range upgrades measure,

We have a lot of work to do.

to make Kirsch. on hand Harry want we I’ll where be, but With to this near we Chief our continue that, to Officer, over nowhere We’re front. important progress it Financial

you Vas. and now to for and the quarter as as thank some everybody. nine going financials update of an you morning months, the our guidance. Okay, walk through you to Good I’m full third on well good provide year with afternoon

As XX currencies, refer the for the the quarter summary always, unless months. rates of operations in of constant results my nine otherwise noted. continuing Slide performance and comments past to and shows growth our three

Consentyx X%, the First, EPS mainly I core by results year-to-date nine and on core would portfolio, productivity like our and the was side. income growth operating sales, margin level was strong the operating various the XX%. to The on Entresto, growth performance as right-hand well focus were [Indiscernible] improved months from driving rest with as gross sales of months, nine saving on significant growth by sales income growing driven driven this core the and and initiatives. of cost Zolgensma, higher at

to all which improved we operating able will impact later. Free COVID-XX Overall, in. detail dollars, performance as growth. core our of legal Of Despite strong this, divestment by year that’s spending that three, the of double income in XX% lower discuss given proceeds we operating were billion income, core line U.S. [indiscernible] ophthalmology down in flow quarter marketing mainly net well deliver compared business also and mainly portfolio, settlement With our environment lower grew especially driven spending selling respect course, driven prior competition, we cash with $X.X to - contributed to generic increase challenging which COVID-related year-to-date in the by in sales were quarter due cash-outs margin. as to digit more on the on increased another lower particularly year. and a gross prior the and XX% to was are

focus let’s both by to next, Now core on XX, Slide year broken down and again our margin date. on quarter

grew margin XX.X%, a points divisions. years the XXX target moved the For Innovative full margin continuing around margin basis reaching the is was margin on to XX.X%, Sandoz both XXX of year, to improvements up Medicine’s mid-XXs couple with right XX% Innovative core and to growing basis points XXX than in likely date strong planned. to earlier margin basis up XX.X%. for year our points, operations be side, Medicine’s

had and a these Clearly deliver XXs on continuing our part margin well at of points, saving gains track in of at we margins basis spending, initiatives that we are were result XX.X%. a of operations Medicines’ the mid contribution Innovative COVID-related to margin course, significant The similar cost also XX.X%, a high Of to from midterm. growing reduced Medicines implemented. have a but productivity on reflected we pattern with Innovative quarter margin margin target also XXX and

to XX. Let’s No. turn Slide now

have of our COVID last we quarter updated on categories. showed different the We of chart that the impact

As Medicines’ reminder, rolling evolution year. four based a weekly four-week average a on sales indexed last quarter Innovative you graph the to shows of

We you have allow used to before the same classification categories to as compare.

detail what quite reflection continue you of growth to launches recent at appears a all also of to performed slide [indiscernible] the flat growth The The of Our we the drivers can December however, the July from during of grow curve see bottom strongly. the and is to well. footnotes, quarter; [indiscernible]. be drivers line can flatness the

by Cosentyx, are to and result patient [indiscernible] August; new extent continue starts see in rates Consentyx as dermatology however, with recovery growth to markets to of signs of turning during a the also lower some rheumatology COVID-XX. clear there declining and was Now July impacted September.

treatment. to Back and split back of clinic aisle dynamics, the the to visits much market aisle. understand aisle front it of of market in recovered the quicker to for the important the ophthalmology, the of the order is For urgency the due

quarter. retail Overall, as Lucentis in recovery to [indiscernible] line, in seen COVID-XX for we signs are equal other COVID-XX the ophthalmology; ophthalmology that and do growth our began continued see of towards that been Sandoz by Vas we U.S., primarily well. impact to our be year. business and and three, back dominated due to generics of impacted on recovery this retain to shown drivers as decided demand dermatology has roughly an ophthalmology [indiscernible]. however, and the by Similarly, recent grey had impact end the COVID, products pleased launches not continues of to the to expected which negatively disruptions from quarter The key Our particularly mentioned, in continue the as aisle, to well impact in earlier see the

guidance Slide we expect XX, full to to operations single Now turning on digits. grow to our continue year continuing mid sales

upgrading now low are We teens. mid digits core income double to grow operating guidance to

the this year, top our patient Within prescribing in the to normal to The Sandoz a decided we Innovative return single this due retail and data line is U.S guidance the divisions, the with fourth broadly direction. we of U.S. of we [indiscernible] and sales mentioned the expect line to be for we which as in return, that to digits key year. in Medicines mid impact dynamics that guidance This to decline on lowered have visit is grow COVID assumption quarter. in prior see points continuation early October and September business. of earlier the

On development into behind the want and the I for we show our year. the go full and pushes pulls. expected guidance and reasons and some Slide quarterly actual to various expectations Now the XX, of

right to then to somewhat mid to single is and high on income delivering some full low core launch in upgraded side, after anticipate digit on growth pre-launch investments, be income operating see single mid as growth. than operating to for the left is low sales, During higher core quarter, which digit for date side, expected our income. Leqvio the and we growth, lower The for income year double year mid Kesimpta core the including here to to date, fourth for the this of digits we core and teens XX% operating guidance results year those Still, investments. will operating

assume is full healthcare to the impact X% would expected lockdowns nine core due prescribing On versus there behavior year sales a hedged four growth and quarter income, the bottom quarter in what a here, growth COVID-related full of there line to with this sales systems Of in scenario on we the such COVID-XX X% range in the of sales also sales of and should in major a delivered have we could we X% on would growth in again, expect months. course, if four four as potentially growth which as spend lower year our naturally be are our lower even to markets, we the reduce levels operating lower happen quarter level, the kind first scenario. resurgence

for late the would currencies Slide to as want be estimated to the be If are would negative on remainder operating full operating be using and currencies rates. changing, our same negative attention would XX, our remain Finally income currencies impact the for results X% X%. of income the year full positive bring the be to on XXXX exchange X% core If zero on current X% our X%. effects the XXXX, prevail of I constantly to rates sales sales currency core year for your plus rates XXXX, October effect would of of and

an business. website With do effects a reminder, pharma to the As update Marie-France basis. for our on hand on that, I a update monthly on we over these

you. Good Harry. of all afternoon you good to morning Thank and

Let’s turn the to pharmaceutical. overall performance for

from X% The continued drivers. impact. key despite grow sales QX COVID-XX saw of first nine two the continued with our growth saw sales growth X% months momentum

XX% levels. pressure. due an testament today to This Cosentyx. and XX% market still profile the new us Cosentyx, growth has Leqvio. Our and focus complete indications we of turn a The pricing of Slide COVID-XX, geographical to executing Beovu, versus QX and leveraging If launches continues to year on X% the the of XX, be year-over-year to slowed impacts, brought only pre-COVID for see biosimilars also our billion-dollar Entresto, Cosentyx launch course versus growth on was competition, the quarter despite COVID-XX and intensifying and first and and of estimated we great patients driving to expansion, of previous Kesimpta, returning

in in Despite market new starts We and in growth outperforming we U.S. second is year, and momentum EU, look double saw the dermatology. derm position the digit in Cosentyx the If maintains see strong quarter. TRx over a continue across particularly of rheum. the we year slower U.S., half competition, delays at in and strong increasing to diagnosis this the

geographies. despite derm to Entresto’s growing on great maintains to our and expanding market markets. is return potential as and the Entresto, increasingly opportunity set If and three of driving and and see year. is XX above to how of derm we expect market essential future QX across treatment. how aspire in account EU, growing closely we significant we the for with continued quarter for of in rheumatology more times billion by our is double I we’re our growth geographic brand. as Slide significant as beyond, and term performance penetration, and Cosentyx digit and U.S. suffered around is QX, need ILXX value In in indications. another dermatology expansion. and NBRx the to driven the rheum. turn look penetration rheumatology. as X,XXX growth through continues excellent first we long momentum in Cosentyx growth and increasing over choice focus growth little year XX%. maintaining leadership, for of The to QX strong strong while key NBRx a COVID, rheumatology saw market has something in maintained the the year dermatology, China XXXX had space share growth strong accelerate and the increasing TRx $X share this see bit summer, end stabilized Our use a is returned Entresto year the strong short to share turn in given seasonality despite we’re demand an by our footprint at by and trajectory mandatory a previous underlying in If reinforced and biosimilars to the beyond leading in versus biologic we increasing in strong a We used unmet our well position to continue to weekly well, There maintain and we If

of we of that Entresto for I standard its treatment delivers and now. on think can out especially of keeping proposition as recognized care hospital. say This important of right is is value HFrEF course patients that

are confident Entresto. about the that of growth not out on patients eligible three Entresto. future still in We’re four HFrEF of remember Please

We’re vision the every of wet of eight future. What residual AMD I Beovu Japan a provide medicines the dosed potential is look There resolution, unmet eyes XX% frequently between of If new? talk new at follow-up China that current treatment. with clear more treated for Beovu, fluid more and the in year the and these turn see the two recently is If of fluid Slide seeing need after in role therapies have three that than we what is indications fluid expansion years in to weeks. one greater XX% post what’s also than anti-VGF retinal we that about correlation are that which offers. of patients at recent are have demonstrated outcomes, near XX, so analyses and analyses showing

We With I if now educate can stabilize seen as benefit Germany We’ve this label. an vials physicians in more On a we point payors. end this XX released events how and recover first DME We demand fluid and and week. XX the countries risk Slide results pivotal our the the that’s met steady to reduction on confirmed of and we’ve believe Japan. we its the high and have we to KITE, reduce see has product. U.S. patients, recently become updated of which Kesimpta to effect with our status development can achieve than favorable X,XXX full continuing, for risk vision Beovu’s about approval rare importance managed DMT blockbuster have profile, clinical efficacy around per of with continue that to turn outcomes. Kesimpta, in We program choice study, potential believe we be uptake Ex-U.S. the HCPs medicine. practice impacts and

HCP adoption, on an patient agile our launching efforts We’re approach initiation with and access. and focusing

and it’s us, have this into broad translate engagement key adoption. HCP to For have

has time our covering force our on above to we are returned digital adaptive patient through are our field delivered the rapid physicians. seen face-to-face in patients both we’re by record first XX% access and simple, access. experiencing or broad field. now territories to has either We’ve is our and the Our track Patients field treatment initiation. of easy XX% and field as seamless of over force targets and process through reached as wins in obtain fast initiatives, force This and

is XX, MS it’s and be a execution. about growth XX% reduction and in will translate Leqvio solid LDL-C focused this patients and We’re I on up we sales unique it as With Leqvio, Slide many and will non-clinical benefit into with providing addresses XXXX. If two driving to demand sustained possible, year. believe to effective as fully a doses turn XXXX we clinical on product barriers. both to

In we Vas approval XXXX. received the percent in little and over this this good worldwide not differentiated This of Our to they’re to barriers time healthcare year approach spend. spend rapidly not and CHMP patent but adhering With FDA deaths EU goal patients an not adherence scale. a a XX% COVID-XX more relentless ASCVD tackling setting is know time of the success. and at treatment. in to growth markets, opinion our and conclusion, the underway, ASCVD. the think talk states are for our because are in just customer XXX and key which this see innovative and and schedule progressing XX unmet than healthcare is million are have Eighty for different dyslipidemia. on treated I despite trillion and non-clinical ASCVD year. launches extremely is and our expected and either With we different for the priorities patients wanted at approaches model, systems. profile in dollars million is to approaches a deliver frame of need has high, deliver QX moment to patients ourselves treatments commercial about costs systems patients above we’re the long expect to statins of take mentioned, not are up long December member on and our a value, the life innovative impacts. a just unique affordability a and It hypercholesterolemia with the product we U.K., further in primary impact XX real a bit expected will a make as on But we action resolve. continuing a because space. we We of access, high are term in date, or healthcare mixed December-January ahead we treatment all committed ASCVD for short The and to chance the completely

our on in We’re the for launch I geographical driving market preparing Entresto, teams executing times future work Beovu, over and thank trying of leveraging we’re Kesimpta to and growth we’re expansion, with the hard new Susanne. Leqvio, and Cosentyx indications to these launches. hand the blockbuster and and for want it their

oncology areas still experience Due recent launches, oncology by and of continued brands a Sandostatin strong Afinitor, of drivers, uptake performance Exjade some trade of Jakavi continue digit The are XX. double the of COVID about to momentum growth and as our [indiscernible] into across generic strong turn offset and cancellations these seen quarter Piqray, Europe, the quarter Promacta/Revolade, in and continued resilient the the the maintained Marie-France, Kisqali, also But very growth very let’s Slide name growth. well business. Kymriah, very therapy, launched launches. the the and fourth dynamic oncology of pandemic, we in for increased The quarter, new starts, AR and have by $XX.X as achieving Adakveo, in In overall, nine confident to was you million. number Thank the Tafinlar+Mekinist, sales remains to increasing resilient, our strong patient Lutathera in X% recently this impact the with strong Tabrecta, and of business erosion much, and delivering business billion. reaching of $XXX we months remains brands sales very delays in-market recent U.S., our

its trajectory from million trials. with and benefiting of continues data impact very Slide XX, previous QX Phase positive of two III overall to from strong pivotal from survival the Moving sales XX% Kisqali growth ongoing year, $XXX growth

market indications screening in continued patient in U.S. XX% decline market in despite U.S. in premenopausal Spain, gains approximately reimbursement to strong share the moment markets share this NBRx in grow and where were in and gain CDKX/X approved growing and very seen the suppressed QX, and have and at being post of the the We CDKX/X, and Kisqali France where fastest is in ex-U.S., also Kisqali and especially Italy, for uptake European Germany,

inhibitors high preferential that that increasingly remind over and CDKX class and just see you to profile to pleased the has is CDKX/X to to versus a also within differentiation the CDKX/X other target. are with inhibit a inhibition CDKX unique recognized, Kisqali concentration We

that the only benefit. highest on We once on scale, has the again benefit very Magnitude Clinical the substantial for survival ESMO confirming rating the share Kisqali overall proud with Benefit significant patients CDKX/X to of received are as based

XX. readout results development overall with X expecting our from in the are Monaleesa we On side, survival HX a study

mentioned, cancer in high Our and enrolling breast well. Natalee Vas is trial, as intermediate adjuvant

enrich the the We Vas. size to treatment final The readout in trial have robust the data pleased for allow track are back sample and performance of generated the in I with extended Kisqali, Overall, very Natalee in we more order XXXX. of on set the increased trial with the to is with hand and that, assessment effect. enrollment

you Thank Susanne.

healthcare COVID Just had see, core on quarter despite in of double the as conclusion, with growth operating can impact we you very digit a income solid systems.

to our the and as long growth drivers term guidance, launched our operating Harry well We intact income year well. raised Our core growth performing our outlined. mid for key drivers, brands, full are

of coming pipeline will stage and depth appreciate our midstage pipeline years. late hope advancing, the I of all and in continue and the is and months you mid breadth Our to

continue advances and Lastly, over open taking to so concrete we leader on progress with journey ESG to we We lines. the Operator, to become our forward look can your questions, quarter. the

line instructions] today Your of from Stanley. from Morgan first Purcell question the Mark comes [Operator

for you Purcell, very Morgan Stanley. Mark - thank taking my much question Yes,

may. I if couple, a Just

could a for a this you you be I question business, yet. help be interim concept on in Gan the on denosumab, as points of & any concept the like and focus of in analyses forward? do year? margin setting, things talking part ahead Thank see Harry opportunity you of of going iscalimab, get, and what from - Lee matures The Biocon on think us Then improvement understand this some LNP, in margin I to the sticky so second Harry improvement, could of manufacturing and the second time terms opportunities and that in and the data one operating of talk opportunity footprint the how the noted which last frame a terms here. the about a and In within for of pipeline to help data proof going could the how bit proof you. disease, Sandoz, sort and it’s and the us a autoimmune much this prevalent that a significant syndrome? global us be there’s Can Sjogren’s you little be if so understand the on perhaps group transplantation XXX half it’s COVID-related opportunity pipeline underlying targets might you most COVID-related on management of business, improvement like second over to that product more if is you I there’s about here, event, you the significant believe there’s so to pipeline going basis mean could haven’t spent

Mark. Thank you

and So first, pipeline manufacturing? Sandoz’s on global Richard

thank you Yes, Mark.

We LOE bring territories. much elements the a entry biologics very Let’s with formation all complex the strong at ideally market, specific at pipeline we being our have to pipeline, across start pipeline. goal small disclose our more and but products molecules pretty market to of but generally in don’t with first increasingly across

supply. the about point raise You

the of has Sandoz control had, investment a First greater remarkably supply more that site this retail have and this reduction tech ops ahead success as we in you. chain, and been bring which and utilization, helping and commercial businesses That alignment we’ve and generics factor. key to that you the and that better year strong know year. over the given a degree COG is challenges is gone of all, over between we’ve strategy formed also means Thank far supply

and the a Maybe our in we over internal range through opportunities only not the biosimilars of the broad through partnerships injectables both also Japan, Aspen Biocon and business as just to biosimilars to biosimilars build mid-tier of and range helps to Pharmaceuticals but you in the & add mentioned in but out build the Lee Sandoz diabetes, the in recent portfolio years to had collaboration, us our so aspiration mid--so-called also the a portfolio portfolio, and Japan deals portfolio. including continue opportunities one Gan largest in a bolster point, which tackle the signed pipeline deep

asked around Mark, think, I also you margins.

Harry, margins an believe be to the our to the with to we necessarily potential on peers XXs the we aspiration top have and the be get This tier Sandoz generic absolutely mid We that’s goal. time. have won’t to line in sector, in over high but group in overnight, that margins?

you Yes, transformation mid and the also the XXs ways in Sandoz manufacturing correct achievable, significant of first initiatives we course the Mark, we clearly to on Sandoz, the as high XXs, in margin. see are mid as initiatives, are - [indiscernible] are

structurally success, Innovative higher here also good of that potential business. to [indiscernible] part the overall the In [indiscernible] positive. biologics other than margin given course the addition the will very are the the and But structures of business, for Sandoz course, be very of for and biologics Medicines, so

looks footprint you some that at - margin, driven gross third, a months, the by here third is the If put one of mix positive basis and it like improvement, points third for XXX we the first third almost XXX look a basis nine has also the think can impact course and of of manufacturing I points. third,

X% and that third growth spend productivity sales pick-up. other The COVID would know, cost third, fixed another lower maybe levels, is related I sales, you and say

that that productivity products we Now five-year next back, and situation not of and of come possible, invest for COVID-related a year course do also under-spend on but waste think key we in do three also also by the the that lower expect that’s plan. work find and this some situation, of will the we possible possible we most for into stick and are course or way it’s where levels, to money, we we activities of I will don’t and some the the do our element only future, current that believe new the at

we track with we core our get make continue a productivity most with figure our to by COVID-related mid this, year and very expect Innovative that high next margin out that overall there. do initiatives on business good we XXs Medicines so of the and stick, productivity on we So margin well the increase on are improvements company also of to each these trajectory on also to years, as the year very to the how programs and

and then Thanks iscalimab? on John Harry,

Yes, indications. as in iscalimab you anti-CDXX know, Mark, is advancing we’re multiple that our

we’re to Our kidney of an the function, look data the which working bringing we that and is and time for of forward is renal health risk prediction scoring we’re renal early combines some That’s the that authorities shared with indication in moving forward iBox, that in transplant. measurements frame. to market, ’XX we’d with previously, that primary call pursuing a transplant, innovative and we approach

will we multiple not to we’re a approaches out - general is hoping that You Phase Sjogren’s Vas. an we in and multiple indication first the for is moving is forward an those which reading patients. indications syndrome out additional are looking the syndrome, that of XXXX, IIa to you, currently are Back that iscalimab in interim There But Sjogren’s referring study. population so are come and for until exploring, the timelines. half potential at treating to were

you. Thank

Operator? All question, right, next

you. Thank

comes question America. from line Perry of of next Your Bank the Graham from

questions. taking my for thanks Hi,

when high for you you’d for to [ph] risk analysis at [ph] think were to thirdly where so patients, Thank criteria and by on Firstly think almost mid Natalee you’re I does on seeing growth XXs plan all and Secondly all increased into stop, at differences was in you you you’ve and drug, changes amended your recruitment quarter year margin readout free was all or highlighted half that can scheduled us any statistical two-month it to where XXXX, that changed the to X,XXX Ibrantz so rather being margin XXXX, in touching the to population for point is just previously which or guidance Vizenio first long just you’ve it do understand there, you. on on pitched the high the Harry date Kesimpta, margin and but expect to drug have we’re that enrich free allow program a adjuvant continue? do risk there only than related? the as you or example, were higher so of target the end trial, example? for QX population patients, margin patients, the does sales Is primary capped help the or of there the on between that level? the actually that trial how trials above actual Then so product

Thanks Graham.

On the term Harry? margin, mid to longer

Thank Graham. you

to our nine the reasons have business full quarter margin usually first course to seasonality margins be the for lower. on recognize year above a bit Of months, is as four the first we tend

XXs. high you for to Medicines, range have get we We are the go cap to it, mid don’t year XXs. I of Innovative for XX on mid roughly so nine first XX. room see at the but to want we to a a the for full first indicated put months high we’d Then into

cap of depends you cap the have mix I mid cycle, to We companies think most get allocation. on to drive we put ensure same time want and don’t want of and on are and as it we at first investment XXs. resource always the the that productivity levels the to to moment but want the high at right in of also business the our high this large XXs, launch the to a it so comparable I course to mid market

Thanks Harry. On Kesimpta, Marie-France?

of patients; Yes, so key. really adoption is about focus broad just driving appropriate other and access words, is us initiation initiation the for ease of HCP demand in in our and XXXX in

be drug for program As so will get this we you significant patients of and to metric is until far scripts, NBRx. a we free key a know, going this number bridge so have be our to paid

during now demand initiation because and We’ve We’re it administered now win early CVS, why we’ve for efficacious, ensure can and for that launch preferred on to demand what We single is not focused we’re CMT initiation. potential want payors this safe, that wins underestimating patients. and it that pandemic, Medicare XXXX, driving some that’s doing it’s has our and We’ve on really so highly we’re choice it’s and we already patients. takes on seen product access home, a we’re and access. focusing the extra focusing first availability that’s had first being broad with and be patients, in Kesimpta have believe of of patients seen right lift the really step at the and physicians to

John Thanks and Marie-France, Natalee? on

Graham. thanks question Thanks the Natalee. for Yes, on

overall As enrollment to the allow overall Kisqali we What do in that remains much sample we going believe know, want competitive well. disclose for trial details, but patients What increased more same. a design the size I is and the the we the from X,XXX the very robust of don’t continuing to and we treatment is you too disclose to is X,XXX effect. unique profile can assessment reasons, for say will

which going XXX the dose going you. patients. breast is in well XXX it’s Overall a milligram this Vas, to milligram also seen what and here, that using well, very well. dose we’ve been is advanced recruitment are is tolerated, different so We and cancer back the far has Thanks from

opportunity Kisqali comments, studies, would Kisqali have of believe to in discontinuations we’re unique this the we quite a which my world, in about focus, around believe we also on John’s comments with the the have selling course Graham. the broadest proposition some Thanks unique the for a the other so be of in forward. taking hampered indication we set, entire competitive excited to we earlier just limit study, it’s CDKX, patient which mentioned which Maybe that as trial is and I we on build robust in think

Next question, Operator?

Thank you.

next Your line question the Baum Andrew of comes from Citi. from

Inclisiran. Three for Marie-France, you. Thank questions please, on

understand do the heavy bulk assume J-code lifting? when Second, that launch Firstly, you the in to of now, going so issued? would and the field to quarterly is I be marketing, I expect the a of either force contrast compare Entresto the advantages they’re terms issued have I’m could you versus assuming first just Then of in payors the to about monoclonal? and thinking second Thank antibody, you. degree the terms or PCSKX quarter. cost you Inclisiran just of pricing finally, COGS a on should versus

tackle want Thanks. take first, I you to Marie-France, COGS. the if can the

Marie-France? On field force and the J-code, the

force built Yes, do the so clearly field there Entresto with are of Inclisiran. what between we’ve we a synergies like that lot with and would to

build I our capabilities working and Inclisiran we But stakeholders, insurance capabilities. when think to the it’s such to you’re synergies payors lot government companies leverage and overall, yes, to we’re comes - J-codes taking different when CVM Inclisiran, look the will think they clear will at as Entresto, across you out we systems, us have approach in can with and that additional you and that you our at also build managing with so require into that J-code, portfolio, look are board. of look when future it the there right a the are When quarterly. of that giving I

initial care, beyond. we so the said, be not building I process, but we a buy I’d and and are and many believe this lot space necessarily of set That the possibilities being hurdle. systems overcome cardiologists of are up be we and for that for to will this these capabilities you the for through affiliated just with cardiologists of bill remind systems buy able that will systems of are bill care cardiologists in think

time strategy links and aspiration studies in have a to have us into prevention take secondary to medicine cost. prevention, ongoing be will In therapy in a supportive enable order profile, we aspiration quite to the which up outcome that to would Marie-France. small at up planning ASCVD get an these with perhaps build as open molecule, population traditional Thanks prevention volumes larger how provide but have the Then production secondary forward also on the we have the and we our way The opportunity do believe course over broad that drive small able primary have to then RNA-based to in the we’re of product molecule quite the medicine. cost the of in are with test we low that, dramatically. take this competitive to it range. COGS agreement primary to low, own produce capabilities to over patient course as potentially then NHS that the additional to the of to as we internal the a market time and our that the going longer we - to to not this We term study, goods, is

with are collaborative We the but would enable, antibody, working of Thanks the the also that at typical that groups to technologies, the next-gen U.K. a cost Andrew. look would to large fraction of monoclonal aspiration think, possibility. certainly the have I cost be be and volume in

Next question, Operator?

you. Thank

from line next Your UBS. Sutcliffe with comes of Laura the question

Hello, thank you.

secondly the you contributing the us proteinuria in what I outline to is made towards your Zolgensma it think you Is about been you’ve formulation? just for Kesimpta, very need the to you’ve playing end you Is you for EDFR? appropriate you a III Japan? on could you Firstly it said part, trial? will are ramp what heard what clear quicker demand sales like Thank in U.S., is for Then looks this other on outside revenue usual Then for on you. a oftumumab tell a Is finally drive maybe but enough could historically, profitability at or the the this regulator point? than countries albeit from different but John Germany drug? meaningfully have substantial point on think [indiscernible] short in plans term, the us because CXG, Phase

Thank you Kesimpta start ramp. We’ll with Laura. Marie-France? the

is, Kesimpta Kesimpta B-cell we reason tolerated, high home, position the believe at our Yes, beyond can for market. firmly It’s goes efficacy administered is that and have about I right? current be this we think what to well a think it therapy.

of to shift that and very encouraging XX% subcu fact patients currently in about happening therapies. these capabilities, not switch, that number options first on who for patients require either believe that initiation efficacy access infusion them to physicians to to necessarily--don’t are an center, that’s are going that or If line why a higher XX% you don’t think COVID are is be so of on the certainly XXXX period demand, you for that We IV there and therapies, at to the remain be in is DMTs it’s we time know the when the in looking see spend necessarily way the in patients. marketplace a oral really or or today, are patients on should what’s the first focus positioning a of we of Kesimpta that have efficacy appropriate look low the infusion

are the now in this is ease We’ve adoption, some initiation. that launches said, going for look what previous is be in free so could like to our B-cell it’s market. the for NBRx. strongly, estimates that that access know the participating program, the XX% strong of what our couple We’ve and look we have and point focus metric as us access, from to drug we’ve lot be crucial market a very got, the estimates to We on patients easily. over learned to able to drug the of this next you over broad space initiate XX% us to years, If next some months key absolutely is at and be of to the XX there certainly very want

Marie-France, CXG Phase then points? LNP on John Thanks end the and and III

new we’ll for it the LNP, I you for guys know guess if name Yes, Laura, it. call iptacopan,

we’re no here, at which In as is dysfunction to disease, know, the fact, really you so complement agent target really encouraged. therapeutic look as CXG, there’s underlying we designed

so saw in by You presentation that slides, those we’re encouraged really results. the shared the results Vas

Phase in our both, out proteinuria reduction, capturing surrogate pointed of the is marker looking FDA, path with not looking - a there so Now you urine both regulatory terms What studies we ratio at forward so best II this at we the looking for with as studies forward, and was the move glomerular the creatinine as estimated we’re validated did as both the see filtration benefit EGFR. and FDA that with in authorities. was working well protein in the we’re in the rate currently as

is, course, we markets, Turkey, are Australia very fourth so Italy. countries, there - and to continue Then France, as we’re a but access some will Brazil, would Zolgensma Saudi lastly and of emerging now Gulf In the launch. the countries countries, on countries the be countries, I market Japan Europe, of like substantial in that Spain ex-U.S., Canada. but few Arabia, Then other the say, then U.K., are hard maybe and markets, four the U.S. emerging have adopter and you relevant groups early - primarily Germany on Australia--not which working expanding Coast group countries smaller

of as program. robust age Laura. our online markets two of I the at unfold, compassionate across months Thank providing situations points a XX is overall, above proportion of very come two say years as We use through the in use also, next in course number you a time, patients move below number how on various noted do fast markets, various reimbursement. in significant also access and of as the age self-pay patients depending well. years of continue well, but As different both these reasonable bodies demand will patients, to see compassionate I’d of

Operator? question, Next

line Kerry Holford you. next from of Berenberg. question Thank comes the The from

- Holford. please. you Thank questions, Kerry Three

analysis was the you. to losing or patients. what a is scheduled sclerosis, currently of that if how interest results the physicians study reflection like access Mayzent readout, you Then from of in ask is be? QX Canopy-X when of to you increased pandemic I’d for seeing sales loss going might you if so, we’re share can disruption final disruption here guess a [indiscernible] [indiscernible] versus to competitor and and that new before much on Gilenya multiple the the Thank also pandemic interest there the forwards. I due retain Lutathera, mentioned, understand looking this interim I permanent at that in due and risk and is promoting relationship? are that the continue ATZ, Firstly competition another wonder can in which Gilenya, I decline to? and you the How

you Kerry. Thank

the First on Gilenya, Marie-France?

QX decline back. by inventory which is expected, bounce our been as so decreases some should Yes, Gilenya and it’s driven

the versus SXP in pre-testing in in We in class, its significant market have and as due slowdown observation seen the you recovery others SXP slower this has pandemic. slowdown dose also during the COVID and seen, NBRx the know, the a seen a market. a We’ve first Gilenya, to especially NBRx,

know a and this high older, be a competition efficacy We starts and driving organizational that the oral. prefer have only the have third switches happening most XX population years focus worldwide. prescribed has pediatric had prescribed It’s fact in new with other lower competitors, there it the new patients continue is Mayzent. clearly our promote U.S. we’ll we Kesimpta who RDs, DMT the to patient or to but full to also We DMT it’s Gilenya demand some and continue for or - increased shifted. orals, higher DMTs, focus due in oral seen on and are patients

Thanks canakinumab, Marie-France. On John?

the this without was non-small as Kerry, study, recommended that interim, we in Vas study meet modifications, previously. cancer that canakinumab is for Yes, DMC did mention the continue noted month and did earlier the an what lung first cell line the presentation earlier and this in

both year, the is planned have of is timelines second are analysis in for Canopy-X. Canopy-X moving those analysis to year, forward. the end that continue and next the of and interim for The thresholds for Canopy-X the analyses for end first Canopy-X We is half high for overall planned the so half next

On statistics. have, on And predict visibility. we’re date interim when have those we going based now exactly We’ll when are course Lutathera, Kerry, to position Susanne? better keep up do the to we of but a to additional everyone right happen, not in analyses,

given slight the of Europe, in U.S. the up saw you previous Kerry When of profile situation year, look other decline previous or had Yes, with impacted dynamics, where XXX you we the but strong it on reaching Lutathera for a more confident line again, million, XX% as thank COVID. the We say, different by growth we rightly is, for the of was very at the and side year. versus Lutathera product. you in question. less very in X% opened the remain

and new activating but we growth. further Lutathera We postponement for overall and still As our some other we’re survival to you patient starts, over remember, very interest statin benefit plan demonstrated product. the see high some has treatments, saw still cancellation of

out treated, as softness the current situation are and and over the COVID, level, patients remain we’ve as again. we mostly encouraging Overall, up taking very by new confident and discussions community soon we expect XX% of where the is very We the impacted reaching to patients have are is there. had to released,

good. Very

on the Operator? with of line, question no have next so one to to next I’ll than the questions of We a we please ask If yourself have question, could the sub-parts. set two questions limit number more

you. Thank

Your from Peter next question the Jefferies. from comes line of Welford

Hi, question. thanks my for taking

any Just potential on now going of back the provide timing U.S. finalized. Gilenya, now all cases think, on to you I have that, visibility been us legal can generics whether the after,

could clarification canakinumab? actually is to just the estimate talking one back think readout other you a just I there the analyses? were that Canopy-X when next said on of that I interim next is your of go of final Thank your date or can is analyses, for interim And be the assessment best you. hear, for that headline half said, second could ’XX know sorry, John but we I about, which you you’re

can On Yes, so take will now has the our Gilenya, with uphold of filed court both do appeal to an filer the XX unfold. months very of XX to we district course of understand pleased We that appeal, over the these. patent. response I the are next

of we in Learning the have to potentially from both interim continue of patents, There our second XX the expect the analysis issued, of continue the interim, patents canakinumab, is another final analysis for respect as stand case is is to second in first first the the some the line including both and studies, next for study would over by the that second half line. study happen year. final the line a specific we better occur. happened that the next aggressively XX first have that interims a disruptions again will In until recent to half an continue providing have timing for that some meantime, been could COVID, operate clear, sense so to of IP. planned line and the year, Is would Peter? defend and the feel next With we exactly those more months. to of not with court we We when more comfortable our analysis

you. great, thank That’s

All right, perfect. Thank you.

Next question, Operator?

line Thank Goldman Keyur from you. of question Parekh The from the comes next Sachs.

conversations us Harry, stock the are can how Hi, allocation based Hopefully buybacks advisory Then afternoon. we on quickly, me advisory just and one. you. we for you what to okay. the mind very Entresto just the next with versus for tone hear That’s good thinking can the upcoming capital for for would remind year, of regulatory and focus into your [indiscernible], about secondly you expect your as the get priorities committee? be agencies, should business you especially development? Vas, committee for Thank setting you

the questions. Yes Keyur, thank you for

what focuses we’ll the committee, the On advisory on. ultimately see FDA

end two on major focus: of is the areas expectation our point. think one, primary I

major certain above a will clear of you so As an to investigator by EF fact for with adjudicated missed. FDA I patients significance. in the cut-off, various result benefit topic. re-analysis might also those labeling result, was a a results, in a well looking be as indicated centrally analyses, at trend independent narrowly sub-group the roughly the Then was group XX%, women, there up all in how and one as from navigate was the result statistical adjudicated The and know A positive met an positive parsing various think perspective.

don’t We topics, on expect those major Harry, to discussions. allocation? safety be the expect major the capital perspective, from a so

Thank hi Keyur. you. Yes,

is As allocation you probably no capital change our in there imagine, strategy.

always growing AGM, approve. an dividend to pay March should has in as next strategy being year, annual organic the First priority which the business, second maybe the out the [indiscernible] investment in always, expect again attractive of we

buybacks, so bolt-on, so to dilution so be value the X% find. of participation our expect be let’s have we to I from share on selective do but are any M&A, dilute market third cap, that, always to and always buybacks our not we M&A, depends bolt-on and to We programs, to very shareholders. if on much quite paid, some creating see share capital priority. do them, fourth and find allocation, [indiscernible] of them commitment not of avoid we The them, these employee said our that Having premiums know course it usually our is heavy opportunities what priority share are buybacks, part super we should all we ongoing up find fourth

thank Harry, Thanks Keyur. you

Next question Operator? please,

comes Simon Baker the question next from Thank you. The line of from Redburn.

Thanks very much.

carve-outs that noticed slides of Sandoz. illegal potentially them of on how give light the a an could the label secondly, other in you Glaxo-Teva few idea the wonder, I Firstly, case for question but mention on the are Richard, I for Then it. commentary a recent this of Luxturna on us the in generics important ruling you earlier month? in footnotes, no of renders

If on with stand Luxturna. so update where us you give an you Thanks could much. just

Sandoz label Thank you On Simon. carve-outs, Richard?

really topic. important and a it’s interesting No,

U.S. watching I to I been route place, use it’s the put we that Teva, think was labels of as clearly need challenge. on how and It against we think the a case. recently to industry in and really with appeal consider to goes has clearly explore progression an Clearly particularly going in skinny really market, the provision the routine the something we’re coreg GSK now

Marie-France? Luxturna, On

complete as is a seeing product. surgeries that the overall. pick-up to we an training that as the What continue did ex-U.S., period, be hope that considered has getting sure children have for those these We’ve see Yes, lot certainly to making during a manage we approvals rights will say see centers from prepare so to in so we Luxturna you are they we now, COVID of are we use progress stop were we happen a seeing increase made perspective non-urgent. we can I seen of Luxturna. in this to and know, have the

We’re get apt sure definitely that basically possible. working slowdown treated we’ll so administer the on year, rest to reimbursement a hopefully many and and for making as the as the are of centers but product, children trained

Thanks Marie-France.

Next Operator? question,

Thank you.

next of the from Generale. Your from Cespedes Florent question comes line Societe

much you quick Two Thank everyone. questions. taking Greetings ones. very for my

what product you of which is how your behind much. II? you can will the on on please very inhibitor Marie-France you you BDK with the is question versus sustainable? believe John, in for second you First differentiate Thank for product it could this share Phase acceleration My us and elaborate Mayzent, ligelizumab on if

Marie-France? Mayzent, On Florent. Thanks

Mayzent. Yes, we have seen an acceleration in

easier, unique just that growth. data of to quarter This is We’re Rx. We’ve so are is despite over treatment. from nod and these so we’ve We’ve continue improved population. very seen think show clear year over Mayzent population to happy XX% growth and quarter when markets, got a in to a and COVID, this SPMS are and additional U.K. China nice a has We’ve above it identifying X,XXX also this tribute patients Mayzent. seen physicians quarter a patients. patients to comes the launch also great bringing is to over this launched and on-boarding in in really fact the breadth you and see to that we that, We’ve can happening also our showing preparing with unique recently Germany patients growth seen Japan, Patient these have has so set quarter we’ve it’s the year we’re in I and results in positioning. and

ligelizumab? on John And

on Thanks for Forent. thanks ligelizumab. Yes, question the

for forms have and know, are benefits moving trial are ligelizumab that, in so binds and versus at significant and based England which free is in Xolair, in the forward fully you Journal in complexes where we year a recruited ligelizumab we obviously did XX% IgE. on ligelizumab. CSU, compared showed XX% As our that free our up the publication We anti-IgE earlier New

expect half in to the readout We of next the second be year.

remibrutinib--this what obviously we’ll BTK clarify more be differentiation so You versus information remibrutinib, results for able subcu formulation, the still remibrutinib in Currently two an think is asked being versus to remibrutinib, ligelizumab, the oral I agents. full inhibitor. CSU, as on about we’re get a at--we’re we looking between for is differentiation so awaiting the

much. very Thank you

John. Thanks

Next Operator? question,

the The JP Thank line next you. comes from Vosser Richard Morgan. with of question

please. taking thanks question. for One, Hi, my

You much. in terms the seen opening your about to prescriptions. COVID are We’ve improvement QX. talked, the in and your Vas, in just vengeance with Europe outside just in going U.S. so going starts a continued very and U.S. patient back a new into in how of coming Europe, give therapies us maybe on flavor thoughts remarks Thanks the

Thanks Richard.

variable think the ICU, cases, load. a therefore do it’s systems What understanding though, and bring I have, I hospitalize, at country is into to when believe better situation. and one, COVID the to variable think is better it’s clearly managing manage COVID, when patients very case, jurisdiction. What I that healthcare gotten by the is severe

to motivated I broadly my community third impact that in the academic recognition, second, so systems patient’s think quite also I in There’s, possible. etc. Then desire the extent cardiology, large. pulmonology, also are the a just to of economic maintain to to that see sustainability, normal activities categories, on rheumatology, broad there’s various dermatology, visit non-communicable think, schedules in in on published oncology, literature an trying pandemic this based not a disease conversations healthcare from there broadening a expand, public substantial all non-communicable is of ophthalmology, health their diseases financial maintain writ

I think in certainly and as what reasons, seeing May. it thus been hasn’t are impact we we April Europe, for wave next far of as an those all the severe second, but saw in

the noted, remain case. Harry that will hopeful As we’re that that

do we to have see Now we’ll course, if significant disruptions, of accordingly. adjust

I think in similar operate, a the strain it’s of systems financial under. Richard. healthcare I appears making U.S. the have systems more bit to now be resilient also in U.S. Thank The a been think you those sure the situation right because

Next question, Operator?

Thank comes Research. you. Wolfe from of question the Anderson next from The Tim line

LAG-X competitors, not, taking this, QX, My your prioritization. a question of Anderson. LAGXXX, more but who changed Hi, very which was the a with off program. In submission. had some shown know [indiscernible] XXXX Squibb, Myers advanced if not to much. program, one Wondering a [indiscernible] Richard data submission regarding underwhelming it it’s slide. high your have you Bristol thank dropped LAG-X and its I it’s you as IO Thank relevant Wagner you if inhibitor. is my for for of It’s Tim This is question.

have I you if can-- on I John, know Maybe Richard. Thanks don’t. you LAG-X? certainly the don’t latest

Richard, We cancer. at was forward we prioritization, why dropped LAG indication, Yes, made breast to and so we triple-negative in move based area looking were on the portfolio that decisions, some that’s it’s decided with that so off. not

Thanks John.

maybe our last question. question, Next Operator? it’s believe I

comes question The from Walton the Credit Jo of Suisse. from line

I year a there it ones. please. in that biosimilars. mentioned believe that that Thank you. as angle the the on address of Do now there’s Cosentyx, have are sales on higher you becoming and substantially say lack LAR could you issue? competition quick Sandostatin in Europe in serious of derm, there’s quarters Two drop were visits visibility if patients first you three more use seeing one a much you comment, said you so any I if competition increased U.S. but derm generics, factor. wonder as know here. was been expand more that generics growth, Are on prescription second I a in mandatory to I the we in Is too. this obviously could Sandostatin Europe I The there’s countries? that of some than the believe wonder

Thanks Jo.

Susanne? Sandostatin, on first So

you thank Yes, Jo.

activity marketing other Sandostatin namely small authorization in declining, As Germany, saw, that has Europe few [Indiscernible] started and France, received limited and in you sales Europe. generic erosion a has in by commercial and generic was there were countries, this one is mostly U.K., driven countries.

that U.S. going the the through the have moment regulatory at side, but update. On we no application is one know there further generic we process,

Then on Marie-France? Consentyx competitive dynamics,

despite it’s by class I’ll by to continues of just we just if deliver this, very you saying it, and something strong is Consentyx growth, the off that all, start a I which through could more so to But take celebrate. first it’s quarter, competitive quarter, think competitive our billion first very Yes, getting almost. and definitely had dollar I

in year we’ve major year, recovery two in and namely we’ll have more get exclusively some What biologics faster question versus to space actually, There’s seen dermatology it’s We we’ve the that in maintained China, the in EU in we is use this done what number in last has and of or market, number there in look the and biosimilars in versus the at look competition a from at the dermatology we actually with to the the expansion the clearly a space. indications U.K., a means, second, market. seen If We of been in with approach over we where growing to so increased share at Then us TRx we’re though actual space what carefully grow we the for biosimilars is complete the markets. even see expect if we’re listing will three NRDL of being bit Cosentyx In a leads so we the others is, EU, that the slowdown is outperforming most half we slowdown. spectrum through to market rheumatology delay this just market little a actually this the rheumatology accelerate in have seen that and continue Cosentyx, one recovery, a seeing year you more so entered share the so the the all we’ve broad versus first believe - been share slower and where the times the I PSO see Europe. EU, the aspiration TRx same there’s we’ve [ph] year, Germany, mandatory biosimilars that our incumbent maintain markets have year, initial maintain U.S., derm treatment used. and we’re the believe space. position this space, of use, this in we SAW seen rheumatology to in If is what very and the space fact the and we’re the ILXXs. Spain of rheum in in the competition more entry still a biosimilars, after maintaining derm share where look NBRx our and the

patients, in rheum biologic indications, additional both If the you in they’re three the fact additional beyond the go indications have still these derm despite biosimilars, the the despite three we believe that indications despite future derm, relatively the anticipate penetration consider in in space. will competition, X.X address space, in so approximately the the and we you potential or can COVID, million rates that and Cosentyx, rheum for sales. market we’re Consentyx, penetration slowdown an low, to billion $X investing additional rates reasons, This the of

Thanks Marie-France.

I Please line, have think questions the perhaps, on the Operator. more, two we take one. next

next The Intron Naresh of Health. comes from from line Thank Chouhan the you. question

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much question. you my for taking Hi, thank very

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you. Thank

I for and times. the everyone the Thanks Perfect. and energized drive Novartis. everyone We’ll growth to hope in joining call. stays safe continue these of healthy difficult

term the all company. increasingly you in confident I you to as keeping you. be date. of of hope We’re the we’ll to up will long forward outlook and look well, Thank

all may for that your participating, conclude call Thank you Thank and you today. you. now Ladies and disconnect. gentlemen, for does