Novartis (NVS) 26 Apr 222022 Q1 Earnings call transcript

Good morning and good afternoon. And welcome to the Novartis Q1 2022 Results Release Conference Call and Live Webcast. Please note that during the presentation, all participants will be a listen-only mode and the conference is being recorded. [Operator Instructions] A recording of the conference call, including the Q&A session, will be available on our website shortly after the call ends. [Operator Instructions] With that, I would like to hand over to Mr. of Head Global Shah, Investor Relations. Samir ahead, go sir. Please

good Thank you afternoon good much XXXX for and you everybody morning results. one to quarter us for and today very joining Novartis' all participants. Thank

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

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

you, everyone and we move joining forward call conference few thanks could our today. slides. If a Samir Thank for

group Chief our of the both group growth of go a So, as good both and, Kirsch, a and IM level. in Harry X% key IM course, a income, with and our out all operating came for four. If a Sandoz. solid From we pillars. Officer; four today, and Officer. with basis standpoint, start Good Hale, Sandoz the at as Novartis I well me up growth sales productivity, on core to currency the quarter overall Legal across constant Financial our Karen solid Overall, slide have result Chief

to as through advance access medicines ESG detail. we to And I'll as our in milestones, more Africa. go AMR also in innovation those in agreements important bit a Some agenda continue well

the year. on we can think I quarter a of this So, over course build solid that

the to Moving slide. next

with X% of up our IM drivers grew US Growth growth sales. our in sales in now those currencies, constant across geographies; drivers, XX% -- Medicines Innovative US, quarter-over-quarter. for accounting of X% Our XX% ex-US the ex-US and both growth

newer with sales continue and that to demonstration base nice replace we a newer So, our products.

been slide and drivers, to talk on double-digit you brands more them strong the really key key about moving consistently But to these across highlighting we six, saw bit performance our the that single-digit from we've high I'll range. ranged detail. a see can growth Now, brands six the growth in

with pleased again, the broad-based So, performance.

were start weakness pleased we the about six on let's Of course, there this and we're to talk deeper bit that. solid go brands. more key of we're brands. pockets can the overall, off that a But But key on

Kesimpta, slide on good that our next believe to you moving growth Zolgensma, see Leqvio, we of course, peak our that Entresto, the seven, sales on guidance had on maintain major Kisqali, continue and, sales the these performance will So, and slide brands mid-term to drive on brands. Cosentyx, really we

come brand, expect this Importantly more to that. Kesimpta potential dollar in think in reach to demonstrated build continue multiyear with I foundational has foundation a to multibillion-dollar the to as And for be will play. potential. get well, what strong we very QX Leqvio, to of solid But are potential the We'll growth elements about initial talk to with multibillion the in really the base the sales journey that now starting quarter.

longer it for brand. again, journey be term will So this a

X. of brands, each going And these brand-by-brand. slide to to Moving one

on sales steady growth When you double-digit First with the really saw at volume we growth performance. respect driven look quarter, EU. to on the by ex-US US Cosentyx, in and specifics our growth, XX% momentum, the the

in geographies. launch, XXX,XXX patients indications rheumatology We good worldwide treated performance five very have our across across now since

by in We expect double-digit XXXX, growth good. China expansion. has Year-to-date, market our our performance been driven China

later for We're a this to expect year, get in we driven hydradinitis be additional indications new decision quarter in will, track on on two. do and CHMP also indications by submission We term, our ability online. the suprateva medium couple our of

we our billion-plus expectations for Cosentyx. confirm peak So $X sales

to the US quarter, both ex-US growing quarter, driven Moving on performance. the first slide. had by outstanding and XX% an Entresto next

primary as here pandemic come cardiology This and fraction the preserved by driven broad see the out guidelines the but driven US, particularly we now can really indication. so are of that come steep care, NBRx fraction, US You been we by period. ejection weekly also ramp growth especially showing has based a supported reduced the primarily across place, -- with in out the new in nice hospitals, as ejection

China have the indications for helped Europe hypertension well growth. of in growth listing the in demand the this strong in drive China Japan, as as brand, have our We and and launch NRDL

we of development term, fraction, of a continued longer ejection physicians the first reduced heart treating further failure the base, that for evidence as Entresto. place well China continued Japan for R&E [ph] as expect So for as in drive and penetration drive momentum to the guidelines the choice

the the the on with the highlights really constant XX% to Moving slide. grew next in ex-US, United XX% growth had we outside currency. QX where quarter, Zolgensma sales were increasing States. The access of

While as the we screening drive the rates. to US up newborn continue steady remains

share. think confidence two, So which using of getting patients are to treated the demonstrates providers right I have X,XXX this having profile to really continuing penetrate in this US In be medicine. the gene by high growth now, future, over therapy the our driven worldwide, market the we under will and the

in newborn and newborn have goal, are our diagnosed children Zolgensma, the drive to in screening XX%. We screening above expect continuing EU that's up receiving over to who XX% of that

IV intrathecal the of or on is enrolling. starting children track, data in to study next the half. further generation is with currently is The data STRENGTH study STEER second Our studies in in older the phase setting profile

Zolgensma additional of which rolled supports profile MDA, data some also at IV. overall the out We

goal be over towards towards time. signals will billion steady overall, signs $X this good. product to and the a be So our ramp But the are

XX% performance. to to suppression market. Moving see again driven U.S. show market CDKX/X slide. growth to ex in for demonstrated TRx, the but continue of we delivered on part pre-COVID trends quarter, the a a the the -- next by Kisqali The primarily recovery levels NBRx

is continue on growth Kisqali's will to recovery, lot which in watch growth have a the that see U.S. in continue so adjuvant And critical in NATALEE we line of I'll patients. slide. to update grow the provided to market, an speak to but And upcoming market. us that new-to-brand ahead for today in study be more is because of our we Europe, about we'll with dependent

Slide Moving to XX.

turning I Now think, really, Kesimpta a Kesimpta. to strong quarter. had

a we pre-COVID U.S., outside to XX patients see you see of the In XX,XXX slide, United or side have market we we're Nonetheless, in the market, dynamics. We can the suppressed switch. naive see levels. gain approved upper treated. the in XX% strong first continuing growth Over are remains really States, below And Despite growth left-hand its now countries. Kesimpta U.S. of MS momentum. the

would XXXX, quarter in the So over now of this the contributions to and additional expect We really data U.S. ex to the in out year course rolled start to brand the starting we again increase. ability need out, at in reduce with with years stable IgG be to COVID-XX supports as the showing use well of four vaccination. to patients worsening, Kesimpta as levels that treated who disability the data

think year. quarter, momentum we'll Kesimpta, I a and start with over momentum to lot accelerating good that forward of of the momentum that a overall, So the look course to or delivering the strong

moving the XX. Now to slide, next Slide

to the over point for I leading the very Turning the have days, brand U.S., We in particularly reached think HCPs. XX% to brand foundations a indicators the Leqvio. this Again, company. to in being but of early become place put

good brand have We unaided awareness.

Our initiated. it's -- established We've access DTC prioritized the XXX in now is XX also of actually now XXX over -- over systems.

slide, So XX, up Leqvio. have to ordered the it's we're XX but on

more driving in in is depth much very focus Our accounts. those

orders. We importantly, have X. accounts has And of repeat now been our sites XX% effect permanent J-Code XX% granted will alternative into and on purchased July our Leqvio, go injection have

foundations further place year we the -- So to Leqvio, in into the half half in all see of for some acceleration years. second of begin in are this second that going to say the what this see expect coming acceleration to to growth for more in the

Now third-line in moving a setting. STAMP launches our word the recent next U.S. performance wanted Scemblix, showed the say two I nice BCR-ABL the slide. on quarter our inhibitor in inhibitor, in the to just to

share its is see XX% efficacy safety Still first-line our Phase numbers, potential And profile. enrolling XX% our patient the third-line to Here, through ahead of up We're reached you I now but has points strong study X can to share. of and NBRx given medicine think it small February. this plan.

$XXX with we over optimistic we an our million the So the in third-line data setting. positive focus can hopefully setting, but brand into is frontline deliver remain that the longer-term move in

to Moving with Pluvicto. slide next the

for end the elements the to of and at received the approval in drive And on launch. towards quarter, we're this off So US I the key really getting again launch, start a think Pluvicto. good to the place we, --

Pluvicto. driven of is in patients. who Patient by gallium who is identify There population the XX% post reminder, chemotherapies. benefit in would a death reduction metastatic patients agent was PSMA-XX patients risk the selection relevant from a are CRPC a these As to

So and a the over medicine. medicine and patients for space. experience really one-time therapy a with lot the six KOL weeks, physician interest in that the then week our over of of prostate six gives in benefit. Lutathera opportunity this infusions, Six cancer on which period the time We're derive building

the see the teams permanent we've place. have many for A-code RLT these we're centers with And centers that this Our ordering in centers already and us. in onboarded awareness initially. We the system field XXX targeting application into high treatment are are already XX for submitted commercial medicine. of the experience

to we're population we in enable track brand to X Now be we're we XXXX. and us population are And this Phase III the second additional would Phase of evaluating setting. setting the Xx progressing hormone studies the also to in over pre-taxane sensitive and with on in allow patient approval a earlier-line target studies -- which and patient the our expect expand Europe, multibillion-dollar a to time. also in half And III

Sandoz. moving Now say next to the Wanted on word to a slide.

you the stabilized. business dynamics saw, as in Sandoz, quarter really have Our in

was prior Nonetheless, now a year X%. growth, are is from X% performance Europe in it positive see benefiting at by stabilizing to a It business, comparison. We Sandoz good overall. with time driven lower

as Very that comps, the well the year performance. to biopharma both certain benefiting good do moving operating performance was Core to get prior we see we now one-timers. as So and income but back as from towards US growth. region quite again out look retail significantly, bottoming of up business,

we're the Sandoz erosion maintaining in Sandoz monitor guidance spaces, And performs. pressure so, to year, our to for how overall, and course, of on continue inflationary price full but see the Sandoz we'll, given other uncertainties, geographical

review to a to success company presence well strength the end on strategic provide in potential generics update as having previous and review we by would this driven factors Overall, on reminder, as key Sandoz the leading as world, biosimilars' continue view its and as Just the we be the the year. an of which remains by to on track, strategic we at reviewed the the our call. latest plan

moving So the next slide. to

the the had quarter on terms other milestones, here. some I'll Pluvicto In important dive but that was our really key world, some in approvals of around we pipeline, in handful. a just you as can see the approval

continuing track in in and In terms JDQ are little forward on of to a the US through more I'll we with data on the our go the subsequent detail, in submissions, EU is bit well. our Tislelizumab filing move as slide.

Phase in this good around We second year to first we T-Charge head started the III of the and of III interest study half the world already III in Iptacopan in and on continue plan we're Phase of myeloma as multiple year. Zolgensma. our track. towards in We've our readout DLBCL half Phase to in in second start And the Phase see already I've the II mentioned start

let's moment a So for JDQ. to move

on and activity safety acceptable for signs slide, clinical this tolerability GXXC. at so showed of early next So the with AACR, we KRAS

of the a and for safety the us a to versus have a we medicine caveat believe ORR again, that profile. so this this is medicine, safety efficacy level When the target though, X AEs, the demonstrated XXX look high structure a set, overall milligrams we the really the allows unique high medicine. you reminder, systemic study, higher target of optimize modeling occupancy. exposure, data we small look of the BID. inhibitors, profile, at with a or treatment-related XX% PK at PK/PD other When nice this which As grade GXXC to at dose competitive No

the how far. thus with pleased performed we're has So medicine

anti-PD-X. another So forward SHIPX in recruiting as combination with study our well rapidly we're with study as separate moving

we so are And our preparing III moving And open in chemotherapy shortly. also start to the which cancer Phase cell program monotherapy forward. we're small studies lung to both versus plan

Now also to on moving to an update provide the wanted NATALEE. next slide, we

is actuals in at or a So XXXX for the on forecasted lower number the regular now when forecast, these look update based event than look the study. complete the forecast event we regular study. we – that we're This of is our as our are And at through. current XXXX of of our currently events rate rate to the our we versus now predicting trial go accruing, forecast a we completion process versus originally

left-hand side, receive previous to ribociclib one for months. our therapy see from therapy remains day unchanged patients Patients alone. Kisqali versus the XX design XXX plus On randomized you the update, study estrogen per estrogen one milligrams X,XXX to

to longer a them a the So and therapy really metastatic we efficacy try the on duration, than to signal. drive dose keep treatment on therapy setting ensure lower longer to keep patients

in analysis XXX completed is primarily that we XXXX, of terms our So X,XXX recruitment, the April in events.

quarter, a approximately we – successfully analysis. completed In have date. to futility We XXX the events

the And end think overall profile rate safety in study, and yet. the of of of the tolerability in have percentages, planned terms which the neither We occurred interim two discontinuation the now and low has the single-digit remains I medicine. demonstrates but analyses between

to So we track, we'll as updated all this study. you on progress important continue keep

As the market a in intermediate estimate billion. ability for both the reminder, And target patients and here we times in – the be three intermediate high-risk the risk that severe patients patient We significant. adjuvant versus population. could many is opportunity significant the estimate setting $X the the the in is to are there in as that XXXX

medicine So a successful, would offer the if this company. us, significant for

Moving slide. next to the

on We'll these slide track. you our our continue go readouts regulatory starts. So study progress as study on and in won't across updated events we are submission, through overall events keep to I detail. decision, the

slide. mic over next that, the to Harry. to moving hand With So I'll the Harry?

you, refer unless Thank rates some currencies everyone. constant first morning, you Good I'm noted. to growth of financials through of comments Vas. to And my Yeah. afternoon, good now the going as the quarter. walk otherwise in always,

the we we quarter. next Vas the as sales our on Overall, slide, for present solid So results delivered mentioned, profit growth. and

to brands loss income. of our associated companies, sales our core respectively, now impacts To have quarter's prior income by In the a from also important core below here one, by Net have also shown comparisons, sales higher Roche core and which investment and it's grew strong and in are results lines keep income year this mind the published grew operating by that quarter of in-market grew Roche year growth those we the corresponding you think and our EPS on affected of I sales see core performance website, comparisons the our results excluding with higher XXXX X% prior investment income driven increased divestment the income. from the income here income productivity. and X%, reconciliation XX%, X%. driven operating the operating in of benefiting aid we and mainly operating excluding with and

However, the have if income Roche as of XX%. see, you exclude would the income net can we grown impact and core EPS prior XX% year

be offset half conclude core the impacts billion program, buyback expect to the to Free by to of was which paid EPS share impacted share flow course, we over cash negatively in our and ongoing $XX billion March. of year last dividend Of loss in time second $X.X due gross out expect these EPS annual we XXXX. on by

In important strength growth Zolgensma, confidence summary, start we launches, a our free Leqvio of full objectives. year on flow Pluvicto, and with year reinforcing in-market and to line been our However, in operationally, [indiscernible], new solid to it Entresto, is the drivers, expectations. the are Kisqali track cash our and with Cosentyx, midterm including free growth underlying cash to expectations flow in reach has our note, and our

continuing the improving group dynamics the in Innovative increased Sandoz' the see slightly operating Overall, Sandoz grew this partly sales sales driven bottom-line with offset with of reached strong next core X% is And year points base constant Medicines for XX.X% to to margin of in core margin and brands, X% XX.X%, points prior significantly XXX due benefiting performance quarter. year XX%. core year portfolio. X%, performance erosion, from lower basis in-market Oncology prior by up you and currencies. As the income generic to by mainly XXX up basis can the return sales. by the especially a to normal numbers the business up from slide, Innovative on to grew XX.X%, net the Medicines margin benefited

Turning now slide slide XX. to our guidance on

will We are core to and for sales growing we confirming current These year. related the topline our we events. in line income within one to continuation decline announced as core anticipated with to cold pressures prior of inflation year be the including to good Innovative important recently and structure. our to to with productivity than year continue to high new programs, weak higher very core supply sales. of expect by income expect operating Medicines' cost and the mid are more digit. to Sandoz, quarter prior currency line driven COVID grow and guidance Innovative The chain. the And for the another and Medicines energy a to full the uncertainty momentum increase expected political -- margin the of ahead offset reminder, And a that in expected Therefore, it's and mid-single-digit note be to single-digit divisions, season drivers operating cough low year base the geopolitical top low mid-single broadly organizational

update in. because pressures, a also clearer be likely will given in But Sandoz, the we of to will pricing are gross given see mainly later This and if quarter be cautious year. remain geopolitical picture you here. we an got will, coming the quarter Of inflation here. course, margin now, monitoring expected events a strong the And if have and hit to by driven performance course, two can we will we for harder give during bit one the that

XX, For top XXXX. The including given enter the point generics point currency continued to and negative the using in expect quarter the to And X% negative X% constantly exchange that mid both one, want bring on impact In grow return currencies in currency on rates. line attention income. core normal group, the systems, and our dynamics is guidance on we are that we key to changing, the LAR assumption estimated strengthening then bottom prescribing current sales Sandoz U.S. U.S. the see no net dollar a single-digit. results on Slide care as this for impact and health had to global impact and your a I finally, operating

late our sales if the of on forward, impact line Looking negative currency full negative the we year to currencies I negative estimates monthly X% to be X% negative In on quarter website. And April X% on prevail bottom XXXX, line X% two, line the remainder we a and would reminder, to rates Vas. points points and update And on on for back negative bottom points. X% with as top these points. be a impact a expect hand it that, impact of

you, Thank Harry.

to our of as appointment So Also Strategy Chief Ronny announced Gal, go we Officer. if the XX. we Slide today, and Growth

drive As business us into management and a growth company. the single a growth portfolio combine to strategy us the and reminder, unit long-term development external enable corporate to strategy, created to we and the near, of mid help function R&D

understanding experience, management analytical as the Ronny over but the previously as of XX on report also well the U.S. me, in commercial development. to sciences he committee. the of science life brings both So at executive of side business will years on He deep consulting worked environment, as sits things,

team year. of the later welcome this So, very to to than excited X August no Ronny

XXXX; that launches the growth our driving January, Scemblix; launching pipeline key the key Kesimpta, So in successfully six over key drivers; across productivity XX on outlined but and work and potential our that approved by this and maintaining we're -- returns Leqvio, remain the foundations six we of development; billion the Sandoz track, potential optimizing through committing and like our review has last they our our reorganization momentum Pluvicto a key assets we'll the continue moving data plus delivering to significant slide, of remaining to be growth of priorities and culture, track, progressing science that ESG. course the on M&A of and $X with also and of portfolio recent to disciplined announced, with to our year; been so on course, business over potential maintaining had

and the open for So with line Operator? that, I'll questions. close

Thank you. Instructions] Sorry. [Operator

to I try yourself limit we’ll Sorry. One question we to forgot note, Please rounds, to if one Thank time. and do have mention. multiple you.

Your of Instructions] the first Please comes Thank from America. go Parry you, Graham sir. of ahead. from Bank today [Operator question line

is open. Your line

Great. taking question. for my Thanks

original design, I it's interim. think, on only The follow-up a had So two trial NATALEE.

one XX% just futility the looking there then So over outstanding as at that's I think of was stop for you're for already the interims, event highlighting you events. passed. there XX% at number well now And efficacy efficacy two But a of And that have as events. was XXX. was total you're futility

just can So you trial help design. us understand the

to percentage percentage what then, analysis? the confirm, just are events that them. potential futility upcoming what have of at? analysis stop at efficacy And the two And those So of with for you. Thank in the performed was efficacy events

Thanks, Yes. Graham.

the readouts. you we the know, that, we and events along well added as the study updated And protocol way. as with we various XXX increased -- So, amended

XX% readout the fractions. say I can at for don't for have front and endpoint. me analysis the So efficacy the of that, But -- XX% futility in the I interim information our

exactly we that's event-driven would But, when to expect course, So as it's when occur. to those interim those difficult study analyses. an to on of have would based predict

provide we'll DMC. And specific up to we'll only don't if to on time information as is by the so, a material reminder, you lines analyses, to updates we interim continue keep And date. provided guide and

Next question, operator?

you. Thank

Redburn. Please ahead. from comes line Simon Your go next question of the from Baker

Your line is open.

question. any yesterday disproportionately Russia MS that on Since call much my exposure on Ukraine broader is was a very any Thanks Ukraine Russia think, on that I multiple you trials have, lines. taking in you the time in could just I you give and It us question MS wonder sclerosis. situation, involved up order, for studies. ongoing the effect traditionally potential on have XX flagged you It's and so Thank trial a an and about around current update much. if have trials to could

Yes. Simon. Thanks,

overall, feel manageable trials like in Ukraine. -- Russia So, again, we the Russia and our in are

Ukraine in the of Russia We are percentages of studies. patients terms our in in percentage single-digit global the and

in studies on studies, Now, of the in low in the for inhibitor we the roughly patients mid-teens we're to terms multiple percent to the already offset specifically, place plans but in those. multiple of BTK global sclerosis, sclerosis have our

And believe been No so we fully can mitigate or in far. the patients we patients the at so LOU moment, studies have required our were from BTK countries. those study two enrolled sclerosis multiple --

to we'll reallocate in so, you of and simply And regard. markets track. expect We'll, course, if were on to remain that keep other updated anything we to change

Next question, operator.

you. Thank

Your Please Suisse. of next ahead. the Weston Credit go line from Matthew question from comes

open. is line Your

you And impairment finally, Harry, then would through core, pay to would you please. who much. that write question, for Russian Thank Russian you be Are to sizable of deliveries cash how testing quite year very ruble that is for down, were collection then understand, The annual receivables. have shows think today? And about it money? last people interested $X.X another how it to if amount billion go Harry, have only It's one you of some not? I'd just report upfront? or on to you limiting should we under

Thanks, Matthew. Harry?

Yeah.

our Matthew, normal. very Cash cash are collections very shipments good, collections actually So overall, and actually. are

some and the a prepayment these with role, years, put plan. wholesaler potentially or had always over this in nine case But not plan almost payment then we yet there past in the we or any wholesaler Now question over years them. with of that's difficulties on the here and,

we on And course, a basis. ruble. are in daily receivables monitor the Of

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Perfect. thanks. Many

note, And to between first for of Harry. futility couple one actually Graham's information a take to lot a the just would analysis a I the at it these data. Thanks, The was have of months us update question. fraction. also done does one DMC read XX%

operator. So, next question,

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Your go of from next Bernstein. Wimal line from the ahead. Kapadia question comes Please

open. is line Your

Oh, great. for much Thanks very my taking question.

just So Kesimpta can Cycle ask please management. life about I

of six and in So I – a appreciate for key month competitors one you're the earlier the your they early subcu year started trial a trial have stages still also ongoing. has But this early products. high-dose

So do in really extend gains? and/or share down plans dosing but for dose your you to any bit it's the a frequency appreciate curious hear the to ensure I further attempt have change durable an thoughts. Kesimpta the line, just to

Yeah. Wimal. Thanks,

think the center benefit key of the first, I doesn't observation. So to to the into have is that deal and go with have Kesimpta patient with pretreatment steroids and additional

coming the of various life in going still the involve center and course to into competitor involved that. with would cycle So elements the of activities our patient ultimately understanding management then

So the We patient's efficacy, terms total significantly in driver, – focus flexibility in both significantly key time value at-home to lives, be our patients. also excellent lower. monthly remains administration it's that a of find for providing it on safety to outstanding but

life haven't We we actually But keep we'll cycle I evaluating instigated, management new various point in activities. are posted. time, to this studies. guess, at evaluate, We'll any you continue and

you. Thank Great.

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Next question, – operator operator?

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

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that [indiscernible] wonder of Thank There's built And second, portfolio? from see XI the on within industry, can just least I your which a is but pronounce, curious cardiovascular for large came then potentially and you a had Factor Factor the inhibitor barely a XI. building space. whether own praluzatamab, partnering agents you given any comments. you. I with any couple at you're role across familiar Unusually, partnered with Novartis presence. of I'm has it Bayer if

Yes. Thanks, Andrew.

ultimately very Factor developed be we people's that So in X forward Phase a determined it hands. move XI Factor that the in at terms other end of we XI, attractive of agent would better to

a medicine develop taken have continue and struck to with Blackstone forward Life Sciences. it. we They the partnership So

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question, operator. Next

you. Thank

next ahead. question JPMorgan. of the Richard from Please Your line Vosser comes from go

is open. line Your

Thanks taking question. for my Hi.

Just oncology to general, in a looking of QX. be seems there franchise destockings number at in the

reverse the as anticipate franchise improves think much. for of we this So very we should diagnosis to pandemic? rest year of should QX? Thanks the we in as acceleration on overall the out thoughts there. Just about And an also, the come

of cancer, lower et have trend we well the well the did the be as year to I on newer Oncology also let's in expect mentioned, from In we call Richard. Jakavi. to is pre-COVID At lower the Revolade cancers driven mature breast it, to a destocking Kisqali. saw or Pluvicto, Kisqali combined do see certain as as in our and brands. off-patent Promacta, as some rates medicines, levels as Yes. and One, of course, continue remainder stabilize a brands and and performance we cetera. in performance diagnosis focus, our, impacts we of in of expect course, more few with quarter dynamics. But promoted Thanks, That by one, we the Scemblix, such than that continued mature see as we brands moment, NBRx,

And we'll I over to think it back so get things have QX. monitor course but optimistic we're closely, to will to normal that of start the

Thanks Richard. Next question, operator.

Thank you.

Bank. question go of next the comes from Please from Emmanuel Your ahead. Papadakis line Deutsche

Your line is open.

one JDQ. AACR Perhaps Thanks for congratulations taking the the impressive question. update. on on

latest the that multi-collaboration be -- up update started efforts? the perspective internal Just Does the own update combination see study catch an to from little indeed indeed space. or the as SHPX of of your remote Thank there leaders days given you. late either interested particularly signal or I'm that to of you're differentiate internal curious the on the combination regard in program. and an might you strategy behind in combination. I see when your deprioritization clinical a

Yes. Thanks, Emmanuel.

the observed things a we've we very pretty to GXXC need from of the clean data combination agent, One order far have is a thus early agents. in clinical in profile good

that it us the our a advantages AEs Mirati we that's agents. absence AEs studies We kind have the medicine attractive for in of studies. agent other think of to hope that do to of being and so ongoing us our opportunity allow have, one to optimal molecule the believe our is benefit the would will late, really limited patients With given I maximize part dosing Grade with choice, to JDQ and our hopefully is with studies, story. SHPX Amgen, the So of we optimized despite but for is have combination our the with with of get combination combine X/X in we we the SHPX,

hopefully mono, the in key GXXC that to long we'll able So strategy our at PD-X, then signals choice the note, our standpoint but with don't to want be that perhaps a to and medicine to Important still of can are need having small I being the SHPX clinical others. late least a us and larger agent Emmanuel. in from us relatively a Thank you, study, is to the win demonstrate, studies. combination of despite be early battle we do overextend interpretation promising. run combinations, the

question, Next operator?

you. Thank

next go question Barclays. line from Please from of ahead. Field Emily comes Your the

open. is line Your

taking ask in for know Innovative impact -- business you the in second if just, into the impact seeing get cities But quarter. any had just quarter are some Thank on as first of business. Thanks major I the in just broader question. I you. lockdowns you the wanted to we China. quarter a or Hi. any from on very strong had a Medicines

Maybe, I'll question China to give on Harry. the China. Harry

Emily. Thank you, Yes.

very daily limited seen as an with of China, overall, assumption. of so or course, we impact you China there that one see are need in area one, quarter all. to So, update certainly of for some a we forecast the is not have continuation is monitoring focus two, likely really prescribing again, limited we to the far, it's hospitals of see say, the forecast have in on to a only. wholesalers have city ground two. reasons and provide when then and And that very will to Should a mean, and be in risk of why kept you our we we at I assumption ensure don't course, don't usually see very or marginal in But to we of we And kept the assumptions. lockdown, -- impact normal And And earlier, bit monitor we return pharmacies this. impact, one areas behaviors, would that continue monitor should an product. also to continue this we bigger, forecast that. quarter spread impact. so quarter But there

Thank you.

Thanks, Harry.

Next question, operator?

Thank you.

Research. from ahead. Your Wolfe Anderson line Tim of next Please question comes the go from

open. is line Your

peak you. couple Thank XXXX all on product and billion Cosentyx puts at tries category. I'm HUMIRA was that fair through why. versus And volume QX products stepped-up think weaker we're They'll also, the imagining And product questions I'm and that preserve for XXXX pressure is fair to and what A that And a kick their to guidance. brands $X the for in that and formulary then about to in as Cosentyx. faces expecting with does how wondering US biosimilars And as HUMIRA. bit beyond? only in little a HUMIRA. lock in pose just AbbVie that the wondering that does goal placement in Is other on that of And sales then in of rebating. risk like to amount a new a assessment? do SKYRIZI,

I we look look one, re-verifications dynamics elements is as at remainder when confident get the the Tim. for $X the for us sales the this confirmed guidance. other patients remain at peak of US standard year. in to Thanks, you in pretty quarter When mean, Yeah. in the billion-plus we the well as

good think strength the dynamics the Cosentyx, will indications listing growing volume said, world. saw additional get new our NRDL launches with next US, which our the us until then new Europe the would online, seen would give in will and expect in growth well growth the, for and in Within we of the driven China we particularly we overall I say, brand, acceleration. as two in as be formulations That to the historically elsewhere be single-digit in we rheumatology. the Cosentyx' range years around next wave by we've

forecasted a us that boost formularies. with formulations, drive given HUMIRA I again, then I we it's new relevant cetera, the years. the indications, next Cosentyx give the factors into right on will confident et So believe combination of overall have in all gave that that new we contracting the et specifics feel the mark. get the cetera, have will And which $X billion us the you think and growth our in with two We there. dynamics, that's built we the the in And to those the over terms next numbers of currently volumes position positions

Tim. Thanks, operator. question, Next

you. Thank

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

is open. line Your

wanted Hi. come to Thanks. Sandoz. to back I

of income in quarter some also, of do can is of a you assume that of think significant could you Sandoz, easy was. what about XQ measures comp. efficiency impact these onetime other Thank coming wonder talk within? sorry, core flagged actually of any and was How those should of that just give is the we boosted idea of one-timers bit to effect the sort effects on gross were forward? margin one-time obviously, You sustainable how something some lot much the that and is much at if about us the them the look you that improvement? of of – sort operating it, year-on-year And certain there little in guide that XQ. quarters a I margin us you But hand, due And if you. presumably boosted by help the just think a the to of

to Peter. I'll one Thanks, Harry. Yeah. give that Harry?

Yeah, you. thank Peter,

year prior low basis you a points to XXX As call was Sandoz to improved. close The margin base basically have XX.X%. three by seen, it has points, margin

two roughly we those under X% cost X.X% divestment these from and Now would come points from goods, little from a of gains. SG&A OIE, then have of where little

$XX million above gains, divestment everything know, you we As co-adjust. would always

year within OIE. correctly, minus XXXX. a from little million OIE, have often, bucket one million OIE $X gains divestment below to too they But plus million overall quarter stay then not the in that -- recall are effect, Sometimes went $XX OIE we OIE and would prior number $XX total from

absolute improvement. total points of is or margin the impact, million four XX% $XX So which it's numbers are of OIE X.X% small, that a

out, So core it's OIE margin, take the if little XX%. you like that effect

overall, overall the of contributes significant. But improvement. So, the we when not course, to it, mentioned OIE

take the course, be will of thing underlying And we And productivity. the you of then from I'm very how bad to if cost company, see other much course, price a of offset pricing very will good goods, back to have and given have the representation, So that to out, sales, the Medicines. percent season profitability. representation fully the cold the the not how of Within bigger that. much And of of next do. normal. Sandoz, energy cough is, over we also the Innovative is quarters that P&L and do a Overall of that given supply we cost part for inflation, larger confident how watch is we the some the

Thanks, Terrific. Harry.

Next question, operator.

you. Thank

of go Please Your from question comes next from the Keyur Goldman Parekh line Sachs. ahead.

line Your open. is

you've ECN. sale, and a on today review taking Sandoz, last of kind since new you've Roche XX growth -- the months you've if this of October on third strategic much very the announced you kind six reorganized you of XX, questions. Innovative big for done look on the the for announced business I initiative Vas, the stake seat kind at Medicines new my reported quarter the Thank

common wondering a a four a of seems Just that on initiatives? time. you're lot -- doing there of is these theme very kind period It short across

just So for driving what's to get trying sense a measures. these

external X% create top versus opportunities guided do and the company. view or And logical outstanding as of strategy society. you patients confidence thing benefit Alcon, and of in and first improve it thoughtful the to outstanding on in before the the value-creating the efficient, shareholders relative level value potential the to the we of function Reorganizing out and kind of And in of we view and growth. we the us we've Sandoz. In of company lastly, I the the to is benefit the is actions that we've the goal our increase median our the to is then and shares and our years X% growth and Yes. system, of so I creation range are undervalued move. shareholder created creating these referenced, drive in our of in within value both that demonstrated is company, think we order performance Sandoz of growth with Again, things we company evaluating buying do top and better shareholders. sale fits an that a a but if in case the right and performance Thanks, order coming returns our more where standalone the growth have performance operating evaluate the as all on then above of the do keep reorganization, half much out a back the Keyur. of a our the need Look, for become way. to of for differential part agile, a on own was costs of what generate have improve pipeline Alcon, Clearly, our standalone moves company. a to a in, the with overall group peer are consistent stake bottom very to we take think line we that we consistent and to confidence of the has again, The need shares our place decade. mid-single same take We'll Roche back Board that the internal

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operator? question, Next

Thank you.

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

line open. Your is

performance Sandoz, strong under on be you elaborate inflection very from afternoon. on taking my -- businesses, Thank pressure you to much used Could A you US point, see especially in quick pricing Good of there. the where any the please. question. the you pressure if for different follow-up

So if any very be you Thank could point inflection you. start to see helpful.

Yes. Thanks, Florent.

build then and in of XXXX in So, coming really grow particularly, injectable as US more molecules. And overall, getting an we by still get say, call the us on performance, back that overall growth Europe small has well outlook of of to which Sandoz molecule biosimilar expect performance I Also we the currently mid-XXXXs, then to to pipeline. really biosimilars the The as of US the business, both launches will as et new business XXXX, out have cetera, we it, to growth. and solids the had had we our first-to-files but back and and globally, the on -- is on XXXX markets out into oral back would now allow to underlying biosimilars to strong good for launches driven the over XXXX, but emerging course US the small in XXXX plus part and range, single-digit Japan. expect bottom declined first in -- international,

go little footing. then tend bit and Florent. a in that's generally markets, growth. but should So do some we the well. get the still very coming -- to to US bottom, And we back but the international a ways be Thanks, to certainly solid dynamic to in to we get Europe that is to see, go more

operator? question, Next

you. Thank

Your Please comes next Morgan Sarita Kapila go Stanley. from from question ahead.

Your line is open.

[ph] taking gallium Lu-PSMA you. restriction the Hello. to there's of Thank number think gallium my just the that question. commercial the particularly about in should versus overall How imaging given we opportunity? opportunity, Thanks SAT been a limit agent accessible for patients a and could

Yes. Thanks.

are agreements very centers. have where this amongst hard Lu-PSMA, LOCAMETZ, gallium diagnostic For distributed we secured to our have agent, widely already currently agent we worked we've -- on

And over any on these also footprint, Lutathera to imaging fully enable to That's additional need bringing going coming expect leveraging uptake centers in roughly get the mentioned, We're months service in be over the XXX as order beginning but already we the online the currently effort. So to of centers, able XXX to capture medicine. we're a patients XXX to of constraint RLTs relieve work centers earlier-line to we centers. opportunities. from multi-year to where part move to to I roughly

prostate therapy Pluvicto large setting come $XXX fourth -- really line metastatic the to this more to in opportunity we in ongoing cancer very where well $X.X the And we reminder, to populations in more half the the additional of year used. next readout see opportunity. have readout broadly of patient to be lines billion current third, a be can expect would prostate if settings a the significant million within around this from earlier-line As into evaluation second later-line, as medicine as expand -- a year

Next question, operator.

you. Thank

question next comes Please Your from the Steve ahead. Scala line Cowen. of from go

is open. line Your

very you to announced confidence up My been was NATALEE may that XXXX, much. XXXX. look. that Thank to That initially have XXXX as as but moved is readout recollection interim due an in was early

impact progressing delayed analysis? therefore if would things Thank So event visits event due you. and since XXXX the that of a result delayed quickly? were current how slow to as accumulation detection when the And changed apparently the is very what final pandemic,

and we the is ensure recall very interim, study important a increased in detailed certainly to around We time did events. forecasting the point fair to note I'll an sample Steve; exactly, all thing with One the to have believe event over we that on that rate we to look operational we correct, but at previously is you the We related the just ongoing the increased below is events rate collected event concerns, study this is been our we've COVID we believe projected what And Yeah. is now to our quarter so XXX of Unrelated assessment, impacts. due the we data my to reporting the on on the rate. don't – events over clean line. event And have Thanks, current but look I X,XXX all look you study. one a course, revised challenge. study our of and rigorous that delayed patients basis. very in But since did we've rate months accrual a we'll pretty update. events, best a I the Thanks, is best of Steve. certainly we think job into over our ensure updated, if don't really said of up. team recent XXXX, provide recollection increased overall raised the our the you keep size sample, but hand this to or to

operator. Next question,

you. Thank

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

Your line is open.

taking for questions. Thanks Hello. my

you're the market of big your could at announced and getting touch Strategy maybe on Growth recent maybe made that Chief market. business pipeline perhaps re-org to at get idea comments Officer the but you drugs on appointment, very Just call some to good your your light getting you to you in on need better when your

want saying you about to might from that, remove your steps to Innovative So reprioritizing pipeline. think there's not many too Medicines

So are incentivized you pursue rather you a just alive. your think about of process big maybe whether could deciding maybe thing colleagues shut and projects about could you too a when not to Thanks. talk for talk projects such specifically, keeping And how there's down as than to pipeline. them your

A Thanks, Laura. there. big question Yeah.

step. going points So few I'd – points by a of raise, step few kind

I we scientific particularly return tractability course, of factors, scientific have, our at, to through, that, to we've that a make eyes. approach proof-of-concept at after and readout, up competitive on eNPV, the But those also we prioritizing rigorous looked through return it's but important set, molecules capital with those of back only silver submission. sure sales, good employed. very think, pipeline, look peak I employed, do then them analytics not on at look assessments We NPV, probablized First, also think versus capital have

cardiovascular areas it's discipline meet good not in multibillion-dollar we've that to level. then We've one on our the we certainly that be we to But So upskill opportunities. outstanding recent really thresholds those against that on exception to that no, think years at in when we stated the the to but Clearly, for of top have earlier with over the the to organization, that, that's -- And long-term. priority. we're a level, assets. at some build to goal I indication an all in which that have on as assets. Cosentyx, we also other down fit, have strategic top those believe are we various and of endeavored will increased BTK might call, they want multibillion-dollar information is thresholds. in Then after Andrew given strategically make top putting want can really scale inhibitor. the an have decisions place of medicines find I've focus course, the say a necessarily by of That therapeutic mean also external have assets previously thing when potential others our Immunology, don't mentioned to on the we to the go we have asset evaluate pipeline assets

in And priority. in presence assets as tumors course, hematology. now progressing as We our but emerging have other solid we also well given also through a of and have assets multiple neuroscience. VAY Neuroscience, sclerosis,

of of kind pillar TAs. five So

have around in build areas the else might have discipline and therapeutic be to want and Of course, our be priority areas. in ophthalmology those that scale other to always some in again, we anything like to we have medicines focus TAs, respiratory. chase five But

place, with pipeline to those for our So the can, time, we right we have in ensure think over I factors company. really

do to we multibillion we're as Ronny the give and over opportunity to where internal do an give an where dollar to what look, certainly, environment and assets our reassess us to and at does well. on and doubling XX-plus But that maybe I where honest need other and us opportunity As down assessment. mentioned, give us honestly current external we'll us assets ask tell

hopeful of I course board, think and on Ronny a ongoing accelerate right we even on on but the journey. optimistic that track. So And we're with that can lot work, we're coming

operator. Next question,

Thank you.

Guggenheim Securities. go Fernandez question the comes ahead. line of Seamus next Your from Please from

Your line is open.

Great. question. Thanks for the

environment question the we're love of seeing Vas, PCSKX you in PCSKX is can price just see that get actually pull to necessarily Because data. a of that that, context facilitate pretty oral the United States capability you rest you how Thanks. the won't maybe Merck's ability maybe industry the to the kind it us So, of evolving be first inflation? robust your to some with where just an I'd thoughts inflation the of increases? markets. Do thinking can the wanted pharmaceutical to our keep correct available -- where it levers be injectable Novartis there appears just in second, then see what it in But then with for impact a and the relates and therapy? market as evolution environment Novartis keep for just how and to up And has to of get of we might see the as inflation. up wrong, pricing sense the international

Yes. Thanks, Seamus.

ASCVD and at are million-plus PCSKX, agents. patients need. XX that the adequately the with who an the look back I on not think world unmet estimated there's take mean, I have first, it's step current global around important to a controlled

U.S. to So, patients. big alone, million the big, opportunity. XX million XX In

as market. plenty even sizable very a Leqvio, fraction if broader with context. mean, of sizable, of accessing also That that is antibodies, I first, access this I agents. of fraction PCSKX our is to important important you medicine. a market. many with And current capture here It's there a note we at that monoclonal So space they're goal if we Leqvio, for is have to look think,

therapies world, medicine to with forward the market. goal Part Part disease therapeutic around but pretty twice a a then with we know also it's chronic have health related cardiovascular year think in is population B proposition we and ezetimibe therapies. setting then with generally value an don't versus that patients B unique grow for twice-a-year a And infrastructure care our having agreements statins So bringing comply their with clinics, or up where the the to asymptomatic or a

the So that's broad strategy.

health changes ability monthly So the twice-a-year buy or Part don't model opportunity. mean, population a I our to and bill the market world the see in what and around relatively B is address physician US long medicines opportunity I belief through think about run, our long-term let's happens. the and it vast provide when that this strategy in and injectables, the to think orals And, I

in get data journey. long clinical know, the early to you it's a at journey as ultimately from side disease, the to other course, Of patients the cardiovascular long of

Now in terms of inflation, Harry?

Yes. Thank the Seamus, geopolitical you. the are important, environment living. of Very in And we for question. thank you, course,

experience cost usually given I inflationary think, with and that, productivity with measures. I balanced also my be pressures can well usually our start would structures,

are we so, And very not energy-intensive.

with shared external Jeff example, our strengthen leader, chain, transformation impact [ph] there, growth here move hand, very of complete across other On in together course, our spend. measures or will cost have for if of for will our of think, programs that. manufacturing to into and we the time further his also Lunge supply there, happen our combines, side, place offset the our over which the course, our And which get I inflationary personnel team service, procurement productivity good organization

one off any overall, we are measures. bottom to very increased line positioned think that's productivity fight And, So effects I potential with well element.

portfolio and as described, US, terms In it's business. mainly I power, of pricing mean, given in the our you

have plus policies increasing mid it in range pricing minus to the brands, high We single-digit we mid-single single-digit prices. environment. list to We or within rebates, have been, depending a in low write to get the on key our on

But potential, always at with from standpoint. would look is price of ex-US, usually there and that also less a our competitive we course, we increases but -- some Of commitments. Sandoz. for And but course, more pricing limited much

well pricing, our the for and I measures, only efforts have procurement, unit not in the OTC that elements that as key But with offset possible. some inflation significant to ensuring We same try via productivity suppliers do think us is as do also but offset in we as as Sandoz productivity business. their much

Thanks, Harry. Thanks, Seamus.

Next question, operator?

Thank you.

ahead. of line Holford next question comes from from the Your go Kerry Berenberg. Please

is Your line open.

M&A. on question A you. Thank

moves, to I your opportunities? you the collaborations Given interest, external the are seemingly margins, greater ITO tough potential valuations market and willingness the us wonder, pullback the Vas, and of environment. can perspective discuss context recent noting in give M&A on if you In more broader latest

their have at, XBI Kerry. heard data first hand, I an pointed of biotech we And Yeah. be the look market, even they foremost, think and is and on I've it to been And disciplined pullback hard But as ask to science-driven think points to science in think broader have drugs find their is I certainly you challenging. I lot various When below trading think noble companies there, data that a readouts doing to look. good in we're it the to the but think have the the effectively. Thanks, many really course, the cash support and points of I acquisition? I and fact seeing it's data then

So we continue look. to

partnerships Our in I if there to into see there, deals focus And there are be sub do be expectations and as billion to so remains, guided do conducted. could well, I've think out adjust. speak, more $X good year the course we're, how quarters, will recent M&A the sellers, course, are there may as openness and over amongst about to when of attractive this them. business of think development space And methods. looking to

we'll, could the could see of be half keep the sector second be and to diligently there in doing our year. certainly attractive. Thanks, screening Kerry. part And course, what's out activity that of So more there be

Next, question, operator.

you. Thank

from from Naresh question Intron next comes ahead. Your of the Please Health. go Chouhan line

line open. Your is

taking for my Thanks there. Hi, question.

the following on off on from inflation one Just impact cost base of question. Seamus

a Just are of that inflation I'm contracts on of of may raise guessing Because term cost a question the to bunch and phasing the yet have suppliers impact prices. the on longer you lines. some have

earlier that will So year, for. guidance in Thank mean, pressures are, next accounted you're feel now that, is about on HX, should seeing to I you in linked costs you. that you formulated year? impacts the fully your inflationary thinking inflationary then pushed And the or on into when be we be do

Thanks, Naresh. Harry?

transforming say, – like most as basically offsetting And probably right, one a we you, are part further quarter Yeah, then for you energy say, But initiatives. to we also growth stay And around roughly in so that the in we of seen will offset have our when energy we year, year. long-term point standpoint, that. course, forecasting have and then announcement assume, is, that very will remain risk moment, course, rest beyond but together And we on question so out with of our have the Naresh. we mid as we well margin we confident other bit Yeah. that it many the a would see of this the a of op levers And at forecast guidance well not energy again, the time? which intensive. the are to this some we long as again, for as Thank productivity the guidance. of here, from I supplier course, out, offset be base, Of within copping situation, contracts did measures X the this to others. of

I prepared. to so, are we'll well So given efforts we would overall, of for do but manageable. our ask increased some say, course, structures, cost But

Thanks.

Naresh. Thanks, Harry. Thanks,

operator. question, Next

you. Thank

comes Parkes next Richard the from Paribas. Your Please question of from go ahead. line BNP

open. Your line is

Hi. taking for Thanks my question.

you're what's highlight margin wondered Just That therapeutically trying sustainable level of business, what and about of if missing would us Innovative overall presence therapeutic lower in of would recent And on challenges have I And respiratory slightly that's we're that, I'm grapple don't peers. that XX% I thought your willingness that that to your a to lead business like And times. just categories could Keyur given diversified that seem subscale unique feel thoughts some to your you've structurally to a with on plus on some us demonstrated we're Novartis in just profitability. target, your you from the I Medicines, square overlooking? if margins. ophthalmology. of wonder you could just within your mentioned or been following update

Thank wondering into that those target whether baked achievement Just be that you. might of areas. exiting margin

that based maintain on set you at When think our is investment of When target, some that solid approach the sales above company. I range opportunities XX% that, Yes. a in think about always level we're we're the -- given you of go think being R&D moving well size peer to up we Thanks, of in still in willing we've but XX% the long guided, well run areas. us better see more time. median our see Richard. peers I who if want are target, always that the SG&A, the range to And sector they're or look we some willing highly around attractive. longer-term, we in course, below XX% SG&A to efficient the want that the our And be and far certainly at we over as than IM in

with So leverage come when the to with hopefully XX% IM we opportunities capabilities take XX% footprint, in range rationalizing which current margin, and that our technology, that see our we the is opportunity with to XX% it. get sustainable basis. we think speak get to points market, we range peers out look four in to SG&A at into that how can't those I five us a on our can of to

think our you country to to rethink new to R&D And we of flexibilized, us to it other long rethink part cutting run, enable It's innovation the of And our efficiently. in from. hope to P&L. more part course, sustainable that is your much that's this more how and from And about not does Of and and our It's we to to that's products where as certainly in make from require right country's setup approach working on comes our technology-driven. engine. now much footprint IM highly it. the opportunity go in more launch think market it business coming we’re model I

as new than footprint well optimize announce On development think looking to the of unit. new certainly as a this nothing as transformation to other it the part based on portfolio of how our single commercial optimization, model as I we well footprint IM our are

with in course, in and Xolair part course, And As that, And we're TAs. limited ophthalmology, looking Beovu. small relevant respiratory, at in of we're presence of Therapeutics. to in really QBM of largely Lucentis a Health

over course year. part certainly these be something the So on two it's of areas. we'll thinking working our of That's to this how optimize naturally

operator. question, Next

Thank you.

of Parry, Your Graham the next go from ahead. question line America. comes Bank Please of

line Your is open.

my taking for follow-up. Thanks

on question Pluvicto. So just a

gallium-based talked done diagnostic hope is own x there x is an some are uptake. feedback noticed easier a diagnostic or to deal you about you fact collaboration your diagnostics that you with So that help the with helping manufacture. But the the had use, that XX XX I manufacturer. to easier to

and or indication So the and/or to just for for a front PSMA can it label that X can addition vision line? back add trials, would you the be PSMA to be this applied

Graham. Yes. Thanks,

put So for on of But indications, for the diagnostic follow-up to that hopefully diagnostic the agents working the to can package used. relevant range the data the current are launch, label. with to we're we FDA broaden certainly, together be limited hard

FDA, to on You market the we for but over argument gallium of broad be especially we'll limited the part put can the we hope time, our agents. years. segments in best this imagine at that physicians, be the expand But, larger as possible our with that, first as indication, to discussions together we but into go now, coming to diagnostic as as least on for options

operator? question, Next

Thank you.

go next of ahead. line Weston, the from Matthew comes Suisse. Please, question Your Credit

Your line is open.

very question and Thank it's bill. Vas, much. a about buy you

also drugs, a thinking Soliris, of the barrier against potential in versus put versus meaningful ACREVUS. infused up particular, Kesimpta you're in competitive other when environment. think you how and commercialization and in Does Leqvio. with the how of you we should help those US advantages it it's since hope all educated The going of buy in us and I'm of buy the on bill that Medicines and but about high-value the Company, to So curious molecules? yourself iptacopan bill commercialization I'm And, you've Ultomiris a acquired

Yes, absolutely. Matthew. Thanks,

So very one -- I situation-specific. think, it's

those in So let's take each turn. one of

when think in which heart previous injectable subcu had certainly Cardiovascular patients meaningful trying very very attractive have you're in think, who twice-a-year I compliance, that the and displace low segment, attacks to a is rapidly to orals setting for lead can be to a cardiologists will benefit. we used clinical

is have Our oral particularly clear, expectation overcome, certainly driver setting, that current and not front to top the is on be it's is agents. out highly in in that could to -- of avoid setting, are go it the of a rare that we as the be that of to infused it hospital while the barrier, used certainly and disease a be agents line the a to in an infused patients population to given certainly providing the there in this economics appreciated, big be the option used opportunity having is enough buy-and-bill medicines that barrier

And the of then, see So situation-specific. this it come highest has oral profile. I attractive think of setting, again, that economics. in Kesimpta in highly in bill, neuroscience, does certainly the in I segments in a to think, market uptake medicine that is have a therapies. We And of of Kesimpta. the and very penetration high market by that Luckily, segments interest the there's relatively still efficacy clinic I are our in buy is, therapies penetrated given MS, expectation the bill. these lot And is of B-cell very B-cell utilization and the buy not those low, of and less think in using

the agents, a and to the our market So to is and displace there is speak, opportunity, that business. of a that's XX% source vast of so braces, big opportunity older

market be we so ample the and opportunity into have get there And to successful.

market got at and to dynamics certain So obstacle buy look be in a certainly, But our in instances, in each the environment. one. can bill you've formidable

you. Thank

Next question, operator?

Thank you.

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

Your line open. is

you. Thank

environment? mRNA-based that's It about I'm buy be and buy you question, the thinking that months. Thinking Amgen following from Just about within just how staying six domain. bill the has but the up -- every last in going infrastructure, are once fit which how an is with thinking I'm about technology building within will cardiovascular to out bill. and

LP(a), for mean Andrew? You

said I LP(a), sorry I – yeah, misspoke. For if yes, sorry,

Yeah, absolutely.

relatively LP(a) think Leqvio, To medicine which will system. if Certainly, to leverage to so I But the get be leverage successful to double dosing. to if also be we're But goal you in bill. have of think able first-to-market And clear, evolution course, with is to that Lp(a) think as think certainly, think quarterly, think see. course, think, again, competitive still we of we be a have ways market building. our used bi-monthly. infrastructure course, the So the and will about be be siRNA, winner, for infrequent, there less we and markets a be quarterly in a cardiovascular to of size are well to about to my not of medicines we even pelacarsen will current it's And that's or substantial large, bill, of to are as market subcu opportunity this be twice have life point, understood these frequent the and quarterly, – I'll as the buy environment. course, these is we'll we check continue cycle I that to would we're our We then, patients. do buy looking, watching managing But Andrew, be I your team year certainly, through able will segment. to,

Thanks, Next Andrew. question, operator.

you. Thank

Baker Your the of Please Simon from next line question from Redburn. go comes ahead.

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Kymriah. August you therapies lower simply anything could specific Vas, It's I press Thank you about And from week, was. see to therapy. to your on back the so Kymriah? that Thanks lines give on cell I therapy could color related demand was any time to much. if pushed that just for genome-edited wonder the question. if release of you you this sickle cell in last XXXX. the cell us stem for that, for whether general elaborate firstly, nature late second my I the in there for environment, in XXXX Is on cell taking statement wonder, why

Yeah.

to the second-line beginning program. and Kymriah the and DLBCL think is out I have line, declines the don't So know in even your I come over demand to editing of that. hit to We'll just realistic Simon, on two Look, build and will on back growth their quarters to on part competitors coming back the question, think perspective, to very get the you have I'd – the offhand we as our less see failure to you, Kymriah Kymriah, starts. second-line on the potentially second I provide second a DLBCL genome of DLBCL years

provide ASH, DLBCL and and term, in which in T-Charge longer down data on the patients with comes and myeloma. which in end better company. it at and throughput our really of FL. that realistically DLBCL course, it COGS, more hopefully lines later focus only attractive times, And to has much of oncology at the significantly higher multiple pediatric label technology, indicated to last ALL, overall and other efficacy demonstrated both safety next-generation to the enable it's business therapies, pediatric be attractive lower more in expect for the cell the years, in In platform, a in broad Kymriah where we agents we So really has the in I pretty on think us to intervening medicine just to next-wave have managing data to provided year really ALL we materially across line

operator. question, Next

Thanks Okay. so much.

Thank you.

next Your Scala line the comes go from Steve Cowen. ahead. Please of question from

open. is line Your

down very five appreciably much. quarter-over-quarter had launch years since you its Thank first quarter ago. Kisqali

You the am reasons during new even Thank deeper noted simply for flat. the be It pandemic, worst, could in could seems there prescriptions, but other the current be what Kisqali I weakness. weakness at than trends? new wondering prescription you. was, it

Yes.

in Kisqali help did movements we stocking explain you to would the a some Harry, U.S. that U.S., word So maybe have Steve's want on say questions.

Vas. Yes. Thank you,

one. significant. in Steve, end an impacting -- for there Totally So in the so and a slightly December. percent in that of worked That was the on U.S. basically growth through there in quarter there U.S., year-end was was -- nothing the But high single-digit been company, was effect point. stocking higher has the the at U.S. effects the that

So than one that's worse made expect. what would a bit

will. we -- need -- growth. more was if versus impacted, on amount, we you quarter see you but we course, So will, But a course, one small to see There, single-brand also just that flat, of a that basis, we NBRx not one year last are overall, of if would quarter comparison.

Thank you.

today, in growth. to of least would And we historical to sit from we quarter return Kisqali the see at profile a expect two, still where

we have more I operator. think questions, a few

please. question, Next

Thank you.

Please of Credit line Weston, the go from Matthew comes question next Your ahead. Suisse.

open. is line Your

could everyone's treatment is or very give Vas, certainly seeing making just still significant an I to governments agents. And promise if hopes, it's Obviously, in purchases my last. It's hopefully stockpile but us waning on update. COVID ensovibep. you various we're

the in you specifically expectations where should plans of the molecule, or we expect trial are and near tell your you the not that terms future? in start your can but whether So us to subcu for for

Yes. Thanks, Matthew.

the filed As open we note of we the with FDA. actually the EUA remains in EUA, and the slides, one

a similar oral various we have just currently that then government, context, developable However, with agency, approval. to we general at completing the design We U.S. latest have the in final do discussions in what in we make Alongside X an then is waning would a as world would expect. sober to that, the have an granting it And would take expect should point, the early the of our about would therapy. And a can have and of feedback make And concept a It's similar the have of we a required? as and the given developable tox the we and excited study the read preclinical again, subcu a the the we to Phase studies. a it then conversation the the agency need onetime light with a evaluation kind the FDA it EUA And to approval study whether in around Matthew. conversation. to development is or our understand and accrue the over agent with that a the it's once-a-day rates long how appropriate discussions discussions profile is to study now an of We're what have of decision. this in before be COVID Mpro summer. we events to Certainly, requirements. require clinical inhibitor. Thanks, to in they're agency believe doable on molecule certainly

much. very you Thank

operator? its, question, Last Graham. think Graham. I

Graham Thank Parry, you much. Bank America. very of

open. is line Your

Great. for round Thanks three. that. go I'll for

it of on I into moment, XXXX, rate XXXX follow-up. you're as into first NATALEE. just or follow-up or it the So wondered, a that my question just slipping read? second XXXX asked event to all, And on is first slipping quick first Cosentyx at the a half the then actual I is is looking half just just at, you're on

longer-term this you You've about this strategies I large IP think, XXXX protection Phase are you if plus. got thinking Because Cosentyx just says [indiscernible] for looking XXXX? at wondering, opportunity. wondered the indication, your Thank patients. of data, additional It's year. I'm as Cosentyx it II passes beyond a lots a are slide, on I IP you.

NATALEE, On point. more say can this Yes. Thanks, Graham. nothing really at I

high continue when I best that think we are a Cosentyx, over think it's the give the the And the do of we to final yet standard strategies, for XXXX, biologic patent year. XXXX, of oral on we'll But On to to continuing rates looking the NIBR, an efforts upcoming. IL-XX XXXX. I the course course, progress into as you [indiscernible] concrete more Cosentyx readout we provide management inhibitor to life update would get cycle to granularity this to Cosentyx. we continuing patent strategy to beyond our currently pushed Entresto. and as well extension have at, into move readout event have Nothing develop defend on mind expect state now alongside full strategies of also we forecast now in the other as certainly of but

Orange as to have possible now issued as continues for as see long goal to to patents We Entresto keep well. that, Book to to be how -- and try XX our defend protected

you everyone, So your really for look thank from Novartis. speaking for I to it. Thank soon. call. We'll everybody questions the again interest to you, Great everyone. forward appreciate in

you Thank participating. This you. Thank today's for concludes conference call.

now disconnect. may You