AstraZeneca PLC (AZN) Earnings Call Transcript

Welcome to AstraZeneca's 9 Months and Q3 2026 webinar for investors and analysts. Before handing over to AstraZeneca, I'd like to read the safe harbor statement. The company intends to utilize the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Participants on this call may make forward-looking statements regarding AstraZeneca's operations and financial performance. Although we believe our expectations are based on reasonable assumptions, forward-looking statements, by their nature, involve risks and uncertainties and may be influenced by factors that could cause actual results to differ materially from those expressed or implied by these statements. Any forward-looking statements made during this call reflect the knowledge and information available at the time of the call. The company undertakes no obligation to update these statements. Please carefully review the forward-looking statements disclaimer in the slide deck accompanying this presentation and webinar. There will be an opportunity to ask questions after today's presentation. If you'd like to ask a question, please use the raise hand feature at any time during the call. With that, I'd now like to hand the conference over to the company. Thank you.

A warm welcome to AstraZeneca's 9 Months and Third Quarter 2026 Presentation Conference Call and webcast for investors and analysts. I'm Joris Silon, Head of Investor Relations. And before I hand over to Pascal and members of our executive team, I would like to cover some housekeeping autions. All of the materials presented today are available on our AstraZeneca Investor Relations website. Next slide, please. This slide contains our forward-looking statements, including the safe harbor provisions, which I would encourage you to take the time to read. We will be making comments on our performance using constant exchange rates, or more financial numbers and other non-GAAP measures. A non-GAAP to GAAP reconciliation is contained within the results announcement. All numbers quoted are in millions of U.S. dollars unless stated otherwise. Next slide, please. This slide shows our agenda for today's call. Following our prepared remarks, we will open the line for questions. And as usual, we will try to address as many questions as we can during the allocated time. Although please limit the number of questions you ask to allow others a fair chance to participate in the Q&A. And with that, please advance to the next slide and Pascal, over to you.

Thank you, Joris, and welcome, everybody. Next slide, please. I'm pleased to report that our strong growth momentum and pipeline delivery have continued through the first 9 months of 2026. This reflects the progress we are making across our strategic priorities, and overall, the focus and the commitment of teams across our company. Total revenue grew 7% and core EPS increased 14%. Excluding Farxiga and Brilinta, total revenue grew 12% and demonstrating the underlying strength of our broad portfolio. Since our full year results in February, we've announced positive results from 12 Phase III programs, and we've achieved first approvals for 4 new medicines, including at Karma in the U.S. This brings our total number of approved new molecular entities to 14 as we progress towards our goal of delivering 20 new medicines by 2030. We've also presented positive Phase III data for 3 new molecular entities todorakimab in COPD, [indiscernible] alpha in HPP and [indiscernible] our first wholly owned ADC, including 18.2 positive gastric cancer. With commercial momentum continuing and a deep late-stage pipeline advancing, we are increasingly confident in our ability to deliver our 2030 ambition as well as sustainable long-term growth through the next decade. Next slide, please. Our strong performance is underpinned by the breadth of our therapy areas and our geographical footprint. In the first 9 months, oncology, rare disease and R&I all delivered double-digit growth. Together, they more than offset the expected headwinds we've seen from the loss of exclusivity of Farxiga and Brilinta and [indiscernible]. We've also delivered robust growth across the U.S., Europe and the emerging markets outside of China. In China, growth continued to be impacted by volume-based procurement. But excluding this impact, China grew 13% with growth across all therapy areas. Next slide, please. Over the first 9 months of the year, we saw positive results from 12 important Phase III programs. Let me say a couple of words about some of this. Todorakimab has enormous potential, and we are now developing it beyond COPD. [indiscernible] argan is a blockbuster opportunity. I also want to come back on the Tagrisso franchise. A few years ago, we were told Tagrisso was going to be challenged by the launch of competitor regimen. Look at what we've done. The combination with [indiscernible] has the potential to drive both broader first-line use as well as longer Tagrisso-based treatment duration, keeping patients on Tagrisso rather than switching them off. and therefore, protecting the franchise from newcomers. So we are really -- so we have really made tremendous progress with Tagrisso. Volga is another example of building the Imfinzi franchise. And lastly, Simotasalpha in Sonifi could both become $3 billion to $5 billion products depending on the type of level we get. So you can see that we have added quite a number of substantial opportunities to our growth potential. Together, these positive readout represents more than $10 billion in nonrisk-adjusted peak year sales potential, maintaining the scale of opportunity we outlined at the start of the year. And importantly, with the positive data in hand, much of the risk behind these opportunities has now been removed. This shows the strength and diversification of our pipeline and underpins our confidence in achieving our $80 billion ambition by 2030. And as I will show you next, the platforms and technologies we're investing in today position us to keep growing well beyond that. Next slide, please. This quarter, we announced an equity investment in Summit Therapeutics. -- together with clinical collaborations to combine ivonesimab with SonivandRoway and plans to broaden our collaborations further. Under the terms of the agreement, each company will contribute their respective medicine for the planned combination trials and jointly contribute to trial cost. EVO is the leading PD-1 VGF by specific a class we expect to play a role in selected tumor types. It complements our own I-O bispecifics, reldegostomic and volestomid, which we continue to progress at pace. This is an example of how we are maximizing the value of our rapidly growing ADC portfolio. We believe ADCs will become the backbone of treatment across tumor types -- and this partnership gives flexibility to combine them with the optimal next-generation immuno-oncology partner for each setting. This collaboration strengthens the core pillar of our oncology vision, building novel combinations and is our strategic benefit to the companies involved. We look forward to updating you as these programs progress. Next slide, please. Turning now to the longer term. Our ambition is to keep growing well past 2030. And that is why we are investing today in the technologies, we believe will change how a wide range of diseases are treated in the future. Across 5 platforms, the first 9 months of 2026 have bought significant progress. Starting with weight management and cardiovascular risk factors, we expect the first Phase III data for laroprostat in the first half of 2027. We now have Phase III trials ongoing for Elecoglipron and we've initiated Phase III trials for our respective -- or selective -- sorry, I medinreceptornt agonist, [indiscernible]. In ADCs and radio conjugate Progress has been strong. [indiscernible] delivered an unprecedented overall survival benefit for Sony in second line and later gastric cancer. We expect the first Phase III data for our second wholly owned ADC putisan in the second half of 2027, and we initiated 3 Phase III trials for Torvusam this year. The Summit collaboration I described previously, is another way we are maximizing the ADC opportunity. For our next-generation immuno-oncology bispecifics, we now have 15 Phase III trials across 9 tumor types. -- of which combine our bus specifics with our ADCs. We expect the first Phase III readout for Edvagostomic and valoctocin the second half of 2027. Our cell therapy and T cell engager portfolios are also advancing -- we have 3 ongoing Phase III trials of AZD0120 in multiple myeloma and 2 Phase III trials of serovatamig are progressing in B-cell lymphomas. Both platforms have been extended into autoimmune diseases with early trials underway, underscoring their broader therapeutic potential. Beyond these lead programs, we have 4 further clinical stage cell therapies and 4 additional T cell engagers in early development, which will help us -- which will help us reach more patients across more disease areas. Together, this program is from a deep late-stage pipeline of multi blockbuster opportunities that will underpin our next wave of growth. And you can expect a steady flow of news with more than 20 key Phase III readouts planned for 2027. I will say more about this when I close. And with that, I'll hand over to Aradhana to take you through our financials. Please move to the next slide. Thank you.

Thank you, Pascal, and good morning, good afternoon, everyone. As usual, I will start with our reported P&L. Next slide, please. As Pascal highlighted, we delivered continued top line momentum in the first 9 months of the year. Total revenue increased by 7%, with product revenue up 6%. Alliance revenue increased by 32%, driven by higher profit sales from our partnered medicines in HER2, Datroway and [indiscernible] in markets where our partners record product sales. Next slide, please. Turning to the core P&L. Core gross margin was 83% in the first 9 months. As we indicated previously, we expect gross margin in the second half to be below the first half, reflecting the seasonal demand profile of lower-margin medicines such as FluMist and Deportes. We also expect to see the usual year-end impact of hospital budget capping and NRDL stock compensation in China in the fourth quarter. For the full year, we continue to expect core gross margins to be stable to slightly higher than in 2025. Core R&D expense increased by 5% year-to-date, reflecting continued investment in the pipeline. R&D represented 23% of total revenue in the first 9 months, and we continue to expect it to be at the upper end of the low 20s percentage range for the full year. We're continuing to invest behind the opportunities that drive long-term growth, including bispecific cell therapies and T cell engagers, along with our ongoing investment in rate management and cardiovascular outcome trials. Core SG&A expense increased by 4% year-to-date. This reflects the investment behind the U.S. launch of [indiscernible], preparations for the anticipated launch of dosirakimab next year, and investment behind the launches of the 47 major market regulatory approvals received since the full year results in February. Overall, core operating expenses increased by 5% in the first 9 months. As in prior years, we expect a sequential step up in the fourth quarter versus third quarter in operating expenses. Other operating income was $618 million for the first 9 months, including $277 million in the third quarter. This includes the sale of Zorbi royalties for $100 million. We expect the other operating income in the second half of the year to be slightly higher than the first half. The core tax rate was 19% year-to-date, consistent with our full year expected range of 18% to 22%. Core EPS grew by 14% in the first 9 months. Next slide, please. Turning to cash flow and the balance sheet. Cash flow from operating activities was $10.9 billion in the first 9 months, lower than in the comparative period. There are 2 principal factors behind that. First, the prior year period benefited from the Lynparza milestone receipt in Q1 2025. Second, we have experienced working capital effects associated with the U.S. loss of exclusivity for Forxiga. As previously indicated, we expect these working capital effects to persist through the remainder of the year before normalizing. Capital expenditure was $2.3 billion in the period, and we now expect full year CapEx to increase by low teens percentage compared to 2025. This is a change from prior indication, driven as a result of some project starts now moving into 2027. Deal-related payments totaled $4.3 billion in the first 9 months. This includes the $600 million upfront payment for the [indiscernible] collaboration, which closed during the third quarter and other new deals during the year. Milestone payments relating to prior BD transactions amounted to around $2 billion in the first 9 months, and we continue to expect this to be approximately $2.5 billion for the full year. This number does not include the $2 billion summit equity investment, which closed this month. We expect finance expenses to be higher in the fourth quarter than in the third quarter as this will include higher interest costs for the bonds issued in the third quarter as well as lease expenses following the opening of our new Kendall Square R&D center where we are today. Fourth quarter finance expenses will also include a onetime expense relating to the premium paid for the Summit equity investment. Importantly, we remain comfortable with our current level of gross debt and our current net debt-to-EBITDA ratio is at 1.2x. Finally, we are reiterating our full year guidance. We continue to expect total revenue to increase by a mid- to high single-digit percentage and core EPS to increase by a low double-digit percentage. Today, we're also announcing the reshaping for sustainable growth program, a 3-year initiative to redeploy resources and strengthen capabilities across AstraZeneca's existing businesses and therapy areas. This program is expected to incur up to $2 billion in onetime restructuring costs and delivered $1.5 billion in annualized pretax run rate benefits. The savings from this program will continue to be reinvested back into the company, essentially in our pipeline. We expect activities to be completed by the end of 2029. So to summarize, we have delivered another strong quarter with continued momentum across our portfolio and new launches. At the same time, we're investing in the pipeline, manufacturing capacity and BD opportunities that we believe can support sustainable growth through the next decade while maintaining a strong balance sheet. With that, I'll hand over to Dave to take you through the performance of our oncology business. Next slide, please.

Thank you, Aradhana. Oncology total revenues grew 16% in the first 9 months to $21.9 billion with an impressive 17% growth in the business in the third quarter. During the first 9 months, we saw double-digit growth across all major regions. The U.S., in particular, delivered strong year-over-year growth of 18% and demonstrating robust demand across our key brands with Europe and emerging markets delivering mid-teens growth. Turning now to the quarterly performance of our key medicines. Tagrisso delivered revenues of $2.1 billion in the third quarter, surpassing the $2 billion mark for the first time, representing 12% growth on the prior year. Demand was broad-based across indications and regions, reinforcing Tagrisso's role as the backbone of care for EGFR mutated lung cancer. We continue to see increasing adoption of combination regimens in the first line, with FLAURA2 maintaining its leadership position in all major markets. We anticipate continued growth across all indications through the remainder of the year. This was another exceptional quarter for our IO franchise with Imfinzi and and Judo delivering growth of 26% and 25%, respectively, with combined revenues exceeding $2 billion for the first time. As in previous quarters, growth was broad-based with contributions from established indications and recent launches. Volga, which is currently under priority review in the U.S. will further expand the reach of Imfinzi in the increasingly competitive muscle invasive bladder cancer setting and continued demand across indications positions us well to sustain this growth through year-end. Calquence is now the leading BTK inhibitor in the first-line CLL across the top 8 markets, with total revenues increasing by 16% to $1.1 billion in the third quarter. In the U.S., we're seeing an increasing adoption of the fixed duration AMPLIFY regimen following its launch earlier this year, and uptake is rapidly expanding in major markets ex U.S. With ongoing global readouts, we expect continued growth across key markets for the remainder of the year. And HER2 revenues grew 35% in the quarter to $969 million, while performance was broad-based across regions, growth in the U.S. was particularly notable at nearly 50%, driven by demand in the established breast cancer indications as well as meaningful contributions from Destiny Breast 09 in first-line HER2-positive disease, where nearly 4 in 10 patients are receiving in HER2 and the 2 early breast indications, Destiny Breast 05 and Destiny Breast 11. In the high-risk post-neoadjuvant setting in HER2 is already establishing a leadership position with Destiny and rest of Strong growth of 40% in the emerging markets was driven by new launches and expanded access for existing indications. We expect continued growth for HER2 through year-end. Truqap revenues grew 9% in the quarter to $210 million. As highlighted previously, the AKT P10 biomarker altered population is fully penetrated in the U.S. with launches in developed and emerging markets driving growth for the brand overall. U.S. demand growth in the quarter was offset by unfavorable inventory movements resulting from the transition from bottles to blister packs. We're seeing early positive signals from the launch in prostate cancer and are working to establish P10 IHC testing to bring TruCap to patients who may benefit. Datroway revenues reached $78 million in the third quarter. This reflects further uptake in late-line EGFR-mutated lung cancer with Datroway maintaining a leadership position in the fragmented third-line plus setting. In breast cancer, we're seeing continued uptake in the hormone receptor positive setting and a strong launch in the recently approved first-line triple-negative indication based on the compelling and differentiated results seen in TROPION-Breast02. We are also seeing encouraging early signals for Etcamah following the U.S. launch for Serena 6 in September. These include strong willingness among HCPs to test during the first-line treatment alongside increasing test readiness and testing volumes. Finally, we were pleased to report our first revenues for Zeg Frovi in the third quarter. And earlier this month, we launched this medicine in the United States for patients with previously treated non-small cell lung cancer with an EGFR exon 20 insertion mutation. This launch marks an important step as we bring this oral treatment to a patient population with substantial unmet need while further building on our leadership in EGFR lung cancer. With strong momentum demonstrated across our portfolio in the first 9 months, we are well positioned for continued growth through the year-end as we deliver innovative oncology medicines to more patients. With that, please advance to the next slide, and I'll pass over to Susan to cover key R&D highlights from the quarter.

Thank you, Dave. It's been an exceptional few months for our oncology pipeline. Across the World Conference on Lung Cancer last month and ESMO, just a few days ago, we shared more than 140 abstracts, including 38 oral presentations and 5 of our Phase III readouts were presented in Presidential Symposia across these 2 congresses. These data sets mark significant progress against our strategy to redefine cancer care, intervening at earlier studies of the disease, transforming outcomes through powerful new combinations and using novel ADCs to replace chemotherapy as the backbone of treatment. Starting in EGFR mutated lung cancer, we presented 2 key Phase III data sets. Firstly, SAFFRON, which addresses a significant unmet need for the 1 in 3 patients with met amplification and/or overexpression following progression on Tagrisso. In these patients, adding all paths to Tagrisso reduced the risk of death by 32% versus platinum-based chemotherapy, extending median overall survival by nearly 5 months. SAFFRON is the first global Phase III trial to show both a significant progression-free survival and overall survival benefit in this setting. And it does so with the biomarker directed all all regimen. Importantly, it also demonstrates the benefit of continuing Tagrisso beyond progression in these selected patients, creating a treatment pathway across first and second line that further strengthens Tagrisso's leadership. Secondly, so SANOVO, which brings Orpathes plus Tagrisso into the first-line setting for patients with met overexpression at diagnosis, a selected and well-defined subgroup with poor prognosis. In this trial, the combination extended median progression-free survival to more than 2 years compared to just over 1 year with Tagrisso alone, which demonstrates the poor prognosis of this patient population. We also saw an encouraging 9.6-month improvement in median overall survival, highlighting the value of this combination upfront. Together, these trials reinforce Tagrisso as the backbone therapy in EGFR mutated lung cancer on top of which we can build combinations, both in biomarker selected patients as with [indiscernible] and in broader populations, as previously demonstrated with FLAURA2. We're excited to build on this further with the Tropin Lung 14 and 15 trials, which look at combining Detroit with Tagrisso in the first and second-line settings. Also in lung cancer, DESTINY-Lung04 marks the first Phase III trial to demonstrate improved progression-free survival versus the global first-line standard of care pembrolizumab plus doublet chemotherapy in HER2 mutant non-small cell lung cancer. In HER2 delivered a median progression-free survival of 14.3 months and an objective response rate of 70% underscoring the potential of moving in HER2 earlier to the time of metastatic diagnosis when treatment has the greatest opportunity to improve outcomes. Turning now to small cell lung cancer. DeLLphi-305 evaluated Imfinzi plus IMdELTRA as first-line maintenance in extensive stage disease following infinity-based induction. And the combination reduced the risk of death by 58% versus MfiMZIalone, with a median overall survival of 21.1 months, the longest ever reported in a Phase III trial in this setting. Imfinzi is the only immunotherapy to demonstrate a significant survival benefit in both limited and extensive station or cell lung cancer, and DeLLphi-305 reinforces infirmity as the backbone IO across this disease. Next, in bladder cancer. Volga is the first trial of perioperative immunotherapy with enfortmepedotin given only before surgery in patients with muscle invasive blood cancer who are not candidates for or have declined cisplatin. This regimen reduced the risk of recurrence, progression or death by 49% and the risk of death by 42%, with nearly 4 in 5 patients alive at 2 years. Limiting [indiscernible] to the neoadjuvant setting makes this an optimized cytotoxic sparing regimen. Volga is now under priority review in the United States. Together with Niaga and Potomac, this trial reinforces Imfinzi as the immunotherapy backbone across bladder cancer. And as a reminder, we see bladder cancer as an overall blockbuster opportunity for Imfinzi. Finally, in gastric cancer, CLARITY-Gastric01 evaluated SUV in patients with previously treated Claudin 18.2 positive advanced gastric cancer. -- and is the first global Phase III trial to show an overall survival benefit with a c18.2 targeted ADC in this setting. In third line and later stage patients, [indiscernible] reduced the risk of death by 53% and doubling median overall survival from 5 to 10 months. [indiscernible] also reduced the risk of death by 42% in the broader second line plus population. Importantly, -- the benefit was consistent across Claudin 18.2 expression levels down to 25%, a much lower threshold than other Claudin 18.2 targeted therapies, meaning [indiscernible] could benefit approximately 60% of patients in this setting. We see significant further potential for [indiscernible]. We've already initiated CLARITY-Gastric02 in the first-line setting and are exploring the opportunity for [indiscernible] and pancreatic cancers. As Pascal mentioned earlier, we recently announced an exciting clinical collaboration with Summit Therapeutics to evaluate [indiscernible] in combination with divenesumab, a first-in-class PD-1 VEGF bispecific in gastrointestinal cancers, with trials expected to begin imminently. Taken together, these data sets demonstrate the depth of our oncology pipeline and with further readouts to come, we're confident that oncology will continue to drive AstraZeneca's growth through 2030 and well beyond. And with that, please advance to the next slide, and I'll pass over to Ruud to cover biopharmaceuticals performance.

Thanks, Susan. Next slide, please. Our Biopharmaceuticals business continues to navigate a period of transition with strong growth from our respiratory and immunology portfolio offsetting much of the anticipated headwinds for Farxiga, Brilinta and roxadustat in CVRM. Overall biopharmaceuticals total revenue declined by 6% in the quarter to $5.6 billion. R&I delivered another strong quarter with total revenue increasing by 11% to $2.5 billion, driven by continued momentum across our key growth medicines. . Fasenra grew 14% to $602 million, with particularly strong growth in emerging markets driven by Fasenra's inclusion on the national reimbursement drug list in China earlier this year. The clinical reach of Fasenra has continued to broaden, with the 4 major market approvals for [indiscernible] syndrome in the second quarter. [indiscernible] is impressive momentum. -- growing 51% to $429 million with strong performance across all regions. Growth was driven by the expanded use of biologics in severe asthma and the launch of Tezspire in chronic rhinositis with nasal polyps. The growing body of evidence supporting Tezspire differentiated mechanism of action was further strengthened in the quarter by the positive readout on the crossing trial in eosinophilic esophagitis. Breztri increased 14% to $374 million, with a particularly strong performance in the emerging markets as growth accelerated in China. The breast opportunity has broadened beyond COPD with recent approvals in asthma -- and that indication has seen rapid uptake in the United States since it launched in July. Saphnelo also continued its strong trajectory, increasing 32% to $235 million. Growth was supported by the recent launches of Saphnelo's subcutaneous formulation in the United States, Europe and Japan. In the next 12 months, we have readouts anticipated for 3 additional indications: Lupus nephritis, systemic sclerosis and cutaneous lupus erotermatosis. The strong performances from key respiratory medicines more than offset an 11% decline for Symbicort which generated $660 million in the quarter. This reflected a 25% decline in the United States following the entry of a second generic competitor while China continued to deliver growth. Turning to Cevira. Total revenue declined by 18% to $2.6 billion, reflected the anticipated loss of exclusivity headwinds Pasig declined 23% to $1.6 billion, reflecting a loss of exclusivity in the United States and the impact of VBP in China. Demand remains strong in both Europe and established rest of the world both of which grew double digits. The launch of Baxfendy is progressing to plan, with revenue of $9 million in the quarter. We are pleased with the uptake so far. -- with a good balance of prescriptions from primary and specialty care and across resistant and uncontrolled patients. For the next few quarters, we expect the majority of Baxfendy revenue to come from commercial customers as we continue to build access ahead of anticipated Medicare [indiscernible] D reimbursement in 2028. We're also progressing our early launch preparations for tozorakimab and currently anticipate U.S. launch in the first quarter of 2027, subject to regulatory approval. The initial focus will be on commercially insured and Medicare Part B patients, but as COPD tend to affect all the patients, we hope to see the first Medicare Part D reimbursement during the course of 2028. We are encouraged by the sustained growth of our R&I portfolio and the opportunities ahead for new indications and launches. Finally, we are looking forward to an exciting year for the CRM portfolio in 2027 with readouts anticipated for 3 enemies [indiscernible] and Laraproftat and the first life cycle management opportunity for Baxfendy in primary aldosterism. I will now hand over to Sharon to take us through the latest developments in the biopharmaceuticals R&D pipeline.

Thank you, Rob. Next slide, please. At the European Respiratory Society Congress in September, we presented results from the Phase III Oberon and titans studies for toserakumab in COPD. These data reinforce our confidence in tosirekimab as a $5 billion-plus asset. Tosebacumab was studied in the broadest COPD population evaluated for a biologic to date spanning the full range of eosinophil levels and lung function severity, broader than the population study for currently approved biologics. We saw clinically meaningful reductions in exacerbations across eosinophil levels. The reduction was 23% in patients with baseline eosinophil counts below 150 cells per microliter, 34% in those with counts of 150 or higher and 43% in in those with counts of 300 or higher. Importantly, the 23% reduction was observed in a population for which no biologic is currently approved. Overall, -- these results demonstrate highly clinically meaningful efficacy across a broad COPD population with reductions in exacerbations of up to 34% in former smokers and up to 30% in the overall population. In addition to these data for tosarakimab, earlier this month at United European Gastroenterology Week, we presented Phase III data from the crossing trial of TESFIRE in eosinophilic esophagitis. The prevalence of EOE has increased nearly fivefold since 2009 and nearly 0.5 million patients are affected in the U.S. alone. Despite available first-line therapies and dietary interventions Nearly 50% of patients continue to experience significant disease burden. This includes difficulty swallowing and a substantial impact on quality of life. Crossing evaluated 2 doses of [indiscernible] 210 milligrams and 420 milligrams every 4 weeks in adults and adolescents with EoE. At week 24, both doses delivered statistically significant and clinically meaningful improvements on the co-primary endpoints of histologic remission and the frequency and severity of difficulty swallowing. Importantly, these improvements were sustained through week 52, marking the first time a biologic has demonstrated this durability in a placebo-controlled trial. In key secondary endpoints, Tezspire also demonstrated statistically significant improvements in endoscopic features at EoE and approximately 1/3 of patients achieved total endoscopic remission. These data contribute to our belief that Tezspire has multi-blockbuster potential across multiple indications. Beyond these 2 important readouts, I would like to highlight several additional advances across our biopharmaceuticals pipeline during the third quarter. In dyslipidemia, we expect initial Phase III results for laroprostat monotherapy in the first half of 2027. We also expect results in 2027 from the first 2 Phase III trials of telaraprostat rosuvastatin fixed-dose combination. These trials include both patients receiving background lipid-lowering therapy and treatment naive patients. Within weight management, we have now dosed patients in 10 ongoing Phase III trials with elecoglipron. We have also dosed the first patients in 3 Phase III trials for Leblintide formerly known as AZD-6234, which is our selective amylin receptor agonist. These trials are enrolling patients with obesity or overweight with and without type 2 diabetes, including those receiving other incretin-based therapies. We look forward to sharing the Phase II results for lenballintide and AZD-9550, our dual GLP-1 glucagon receptor agonist, both as monotherapies and in combination at an upcoming medical conference. Beyond pipeline progress, earlier this month, we officially opened our newest strategic R&D center in Kendall Square, Massachusetts. This investment strengthens our presence in Greater Boston and places our scientists at the heart of one of the world's leading life sciences ecosystems. And with that, please proceed to the next slide, and I'll pass over to Marc to cover rare disease.

Thank you, Sharon. Next slide, please. Rare Disease total revenue grew by 11% in the first 9 months to $7.5 billion underpinned by double-digit growth across all key medicines. This is driven by increased patient demand and continued global expansion following launches. In the third quarter, Ultomiris revenues were up 19%, driven by growth across indications, including continued momentum in neurology. Soliris revenues continued to decline due to the successful conversion to Ultomiris as well as biosimilar pressure. Strensiq grew 34% year-on-year, reflecting strong patient demand continued global launches and improve access. Koselugo continues to deliver strong global momentum, supported by expansion in adult patients with an F1 PN and the uptake of the granule formulation in recently launched markets. I wanted to highlight the multiple launch opportunities across rare disease. Ultomiris in [indiscernible] recently received accelerated approval in the United States with filings underway in Japan. Klygefa formally gaurilimab, is now approved in Japan for generalized [indiscernible] as positive CHMP opinion in the United in Europe and filed in other major markets. Amlyppave, formerly onselamumab has also been approved in Japan. And finally, our second-generation enzyme replacement therapy efzimfotase alfa has been filed across major markets and received priority review in the United States with a PDUFA date expected in the first half of '27. Please advance to the next slide where I will talk more to some of these opportunities and others in the pipeline. First, for patients with IgA nephropathy, our Phase III data for Ultomiris demonstrated rapid, complete and sustained terminal complement inhibition with benefit consistent across patients. Our focus is on patients with higher risk of progression and inflammatory disease, which we estimate is approximately 20% of IgAN patients. IgAN is important in the continued expansion of our C5 franchise, building on Ultomiris established leadership across multiple complement-mediated diseases. We are confident this indication would reach blockbuster potential given our established nephrology presence across AstraZeneca and Alexion. Separately, we have also announced the discontinuation of Ultomiris development in delayed graft function, following a lack of consistent efficacy. Moving to efzimfotase alfa. As highlighted at the IRIS BMR, we believe the totality of evidence from the Phase III program supports the potential to expand the treatment opportunity in HPP. With less frequent, lower volume dosing, improved tolerability and evidence across a broader range of disease manifestations, we see the potential to reduce [indiscernible] burden and support better treatment continuity. Combined with enhanced manufacturing capabilities and continued global expansion, we believe these attributes can support a broader patient reach versus Strensiq. We believe efzimfotase alfa has the potential to become the preferred treatment option for patients with HPP. We expect growth to be driven by both the transition of patients currently receiving Strensiq and the expansion of the treated HPP population. And this underpins our peak year sales expectation of $3 billion to $5 billion for efzimfotase alfa. Cliramitug to represents a significant opportunity to address the residual disease burden in [indiscernible] cardiomyypathy despite currently available therapies, ATTR-CM remains progressive for many patients with ongoing clinical events and functional decline. Cliramitug differentiated depleter mechanism is designed to remove existing amyloid deposits with our Phase Ib data showing positive cardiac remodeling. Importantly, around 90% of patients in that study were already receiving to families, providing early evidence of activity on top of standard of care. The Phase III [indiscernible] trial built on this, evaluating ceramic on top of background therapy with hard clinical outcomes across all cost mortality and cardiovascular events. If successful, we see the potential for cliramitug to enter the course of disease and become an important complementary treatment in representing a $3 billion to $5 billion nonrisk-adjusted peaker revenue opportunity. Taken together, we see an exciting next phase of growth for rare disease, combining continued expansion of our established franchises with multiple new launch opportunities and a pipeline with the potential to reach significantly more patients. And with that, please advance to the next slide. and I will hand back to Pascal.

Thank you, Matt. Next slide, please. Before we move to your questions, let me close with why we are so confident about the road ahead. Our pipeline continues to deliver and the momentum builds further in 2027. It's going to be a very, very rich year. We expect more than 20 high-value trial readouts and pivotal data for 9 potential new medicines. If you look at the whole list of readouts on this slide, and of course, not everything is going to work. You have in nonrisk-adjusted peak revenue, more than $20 billion. If you look at the right-hand side of this chart, it represents 40% of that per revenue. I'm drawing your attention to this because there is a whole series of small and midsized read at that tend to fall below the radar -- but it's important to look at those because the potential of our company and our pipeline should be assessed in aggregate. It takes time to go through all these products and all this indication, but that is the best way to get a good view of the potential growth we have not only to 2030, but more importantly, through the next decade. A significant part of this more than $20 billion of [indiscernible] revenue should actually become reality over the next few years. Next slide, please. This slide shows that what I see as the foundation of our growth into and through the next decade, our new molecular entities with pivotal data readouts before 2013. We have 12 programs with peak revenue potential of more than $5 billion. We have already launched 3 of these medicines Datroway, Etcamah, and Baxfendy, and we have seen positive Phase III data for more symphotesalpha, todorakimab and SoniV. In addition, we have 4 programs with peaker revenue potential of between $3 billion and $5 billion edge which will support our strength beyond 2030. And again, not everything is going to work. But it's important to look at the aggregate progress of the pipeline across so many products and indications. We expect our pipeline to more than offset the upcoming losses of exclusivity and to drive sustainable growth through the next decade. Next slide, please. So let me bring this together First, commercial momentum. Our medicines are in strong demand across CRP areas and geographies. The demand is driving growth across the company. And more importantly, it means more patients are benefiting from our medicines. We are firmly on track to deliver our 2030 ambition. Second, pipeline delivery, we have reported 12 positive Phase III program readouts this year with a collective potential PKR revenue well in excess of $10 billion. and we've had approval for 4 new medicines. We have a very rich upcoming series of [indiscernible] at in 2027 with a potential non-inonrisk-adjusted PKR revenue of more than $20 billion. Third, we are investing for the future by focusing on transformative technologies and by partnering with companies like Summit, we're building the platform that will fuel growth into the next decade and beyond. And that pipeline is already delivering with pivotal data expected for 9 new medicines next year. Thank you for your time. And with that, we are ready for your questions. As a reminder, as Juris mentioned at the start of the call, we try to limit the number of questions you asked to allow others offer chance to participate, please use the raise hand function on Zoom, and let's move to the first question.

That's first question is from Mattias Häggblom from Nordea. Over to you, Mattias.

So firstly, with regards to the Slide 24 and the $20 billion more than $20 billion nonrisk-adjusted [indiscernible] revenue potential. And 60% of that value derived from the 6 key events to the left on that slide, is it fair to distribute the peak revenue broadly average across the 6 key readouts? Or is it rather so that perhaps some of Ana Karan proportional component of those $12 billion [indiscernible] revenue. And then secondly, regarding the comment on the ESMO call earlier this week that Asasaniga would have appetite for personalized cancer [indiscernible] -- should we think of that as an area likely to include partnering or may be so just like for ADCs that AstraZeneca has built in-house know-how and capacity.

So thank you. Thank you very much for these 2 questions, Matthias. If I understand well, the first one, if your point was is that we're representing a disproportionate portion of the total sales. The answer is no. That's always an important product, but I'm trying to go back to [indiscernible] '24, yes, to be sure I have done the right way. Yes. So that way, as you can see it here, is represented a $5 billion-plus opportunity across a variety of indications and Avanza, of course, is a very important one. But if you look at the rest, I mean a roast is going to be big. We have also the fixed dose combinations at Kamasa. So that always is going to play an important role, but but it's not the 1 that is going to be a make or break. We have risk-adjusted approach in our forecast. And when we say that we can grow through 2030 and beyond. And as I've said before, our risk adjustment across the totality of the portfolio is about 60%. So it's not very ambitious. We've done much better than that in the past. So that's what also gives me confidence -- and then the other thing I said, just to repeat is on the right-hand side of this Slide 24, 40% of the $20 billion are in this indications on the right-hand side. And again, you see that always there, again, in [indiscernible] there's many more indications. So I guess that's answers your question and to say that's always an important product, but it's not the only one. The second question is [indiscernible], we are for now looking at doing it internally we've got infectious disease group that has worked over the last few years. The last couple of years in particular on a variety of technologies that we believe can give us a way for but in this cancer vaccine space, but I'll leave it at that for today. And you'll hear more about it in the next few months or years. The next question is from Simon Baker from Rothschild.

Two quick ones, if I may, please. Firstly, on probably for radar. I wonder if you could give us a little bit more color on the reshaping for Growth strategy. I would assume that this is this is a transfer of OpEx from SG&A to R&D. But any color you can give us there would be great. And also, is the EUR 2 billion cash cost -- or is it a mix of cash and noncash? And then a question for Susan on is I wonder the B7-H4 space is fairly grounded. I wonder if you could call out the points of differentiation that you would like to highlight on Puxisam versus some of the other competitive molecules in the space. .

Aradhana, do you want to start.

Sure. Thank you, Simon. I'll give you a few examples in terms of what this program actually involves. First of all, it's not targeted to like 1 therapy area or 1 unit or 1 specific geography. -- is really looking at across our units, where all we have opportunity to align our investments and employees, et cetera, to make sure we have -- we're creating room for future opportunities and future growth. So a good example would be, for example, clinical trial footprint. We run global clinical trials. As you know, the -- where the opportunities are for clinical trials or sites, new sites are emerging in places like the Middle East, et cetera, reimbursement's changing in different geographies. So we want to align our clinical trial footprint to where the future is similar for example, cell therapy, which is an area we're investing in, and that requires different skills and different investments. We're making technology investments in improving our process development. So those are the types of things that, again, there's not one major thing. There's many different smaller initiatives. The $2 billion is more a cash cost. The benefits are -- again, it's a 3.5-year program. So it's not sort of a onetime thing. The cost will come over this this longer-term period as well the benefit. And the intention is, again, as I mentioned, to create room to continue to invest in new products and where the future growth will be. Susan?

Yes, sure. So thanks for the question about Poxisam. Just as a reminder, B7-H4 is a transmembrane protein that's expressed highly in a number of solid tumors, including endometrial, breast and ovarian cancer. With [indiscernible], we have the first B7-H4 ADC to enter a Phase III registrational intent study, which is the [indiscernible] endometrial 01. We have FDA breakthrough therapy designation, which was granted based on the results that we've already seen and granted in the first half of this year. And we've seen efficacy, particularly in the prior IO patients with a 60% response rate and really good durability of response, which represents the [indiscernible] patient population. . Recognize that coming off ESMO, there were a number of other ADCs also targeting endometrial cancer, but B7-H4 expression in endometrial is broader than, for example, full it was up to Alpha. And we're confident about the link of payload that we've got with Poxisam. We've got something that has a very stable linker performance, and that leads to a lower rate of bone marrow toxicity than some of the other drugs that you see out there. That's going to be really important in the combinations, which is what we're building behind. So you'll see the opportunity for multiple combinations coming through with different mechanisms of action that will help build the potential for and value for [indiscernible]. Thanks for the question.

So the next question is from Sachin Jain at Bank of America. Over to you, Sachin.

Two please, 1 short term and then on midterm. So the short-term question, I guess for a R&D growth year-to-date sort of 5%, which is also what consensus assumed for '27. A lot of what we've heard today is a lot of new Phase III starts. So very simply thinking do we think about R&D growth accelerating next year and how that impacts the extent of margin expansion, which currently stands at about 100 basis points in consensus. The second 1 is to touch on Pascal sort of midterm post 2030 commitment to growth. So when do you think you'll be in a position or willing to quantify that I guess my question is, can you achieve that growth post 2030 based on what you already know today? And if the '27 pipeline pays out as you hope for, what kind of growth could you envisage.

That's a interesting question, Sachin. Thank you so much. The first one, I think, Aradhana, maybe you want to answer -- just a clarification, what you've heard from us today is a lot of readouts in 2027. We will also start new Phase III, but we have a lot of Phase III readouts that carry a lot of potential peak revenue. But over to you, Aradhana.

Sure. So Sachin, I think your question was R&D-specific, and R&D always sort of ebbs and flows because in one year, there will be studies starting and there will be readouts and so forth. But maybe if I can take this opportunity, and I'm sure others have this on their mind, sort of how we look at the year ahead. First of all, we still have 1 quarter remaining in this year. So still need to get through that. Also, as all of you know, this is the time in the year when we go through our planning process, et cetera. So we're right in the middle of that. So we can't really give guidance. As you know, we'll give that in early next year. But if I look forward to next year, there is the continuing momentum that you've seen in the results today in all the growth brands. There were a number of LCMs that were -- data was presented on that at ESMO. So that momentum, I expect to continue into next year. We also have a bunch of new launches. We're really looking forward to Toso launching, Baxfendy in the market, it came across many markets, data and all of those will require continued investment because they're early in their launch cycle. There are also some headwinds. Again, nothing surprising, things that you are already aware of generic competition in some markets in Farxiga, Singapore route covered, Calquence goes into IRA and 2027. Again, all the things that are very -- you're all very well aware of. We'll continue to invest in R&D and focus remains on executing and building the pipeline, and we will share our guidance when we get to February of next year.

Thank you, Aradhana. So Sachin, your second question. The answer is really, we haven't decided whether and when, if we did it, we would actually give a new number. Something we've sort of discussed, but we haven't really landed. And I think it's a little bit too early, to be honest. The -- and I'll explain why in a second. The reason why we are confident of going past 2030 is the strength of the pipeline we have in our hands. So in our long-range plan, what we do is we forecast each of this product and indications, at least those that we have a Phase III plan for. And then we risk adjust -- and of course, we include expected price pressures, including MFN, we risk adjust all these projects. And when we risk adjust this forecast, we use as a sale roughly -- I mean each project has a different probe success, of course, but the sort of average across the pipeline is about 60%. So you can see it's not incredibly optimistic. It's relatively conservative -- so of course, we can be very unlucky and deliver less than 60%, but we could also deliver more than 60%, which is what we have done in the last few years. But based on this, average probability and the forecast we have, we see ourselves grow through the post 2030 period. Now in terms of communicating more around this and quantifying it. I think we need a little bit more time and probably go through next year and the readout get more data on some of these critical technologies we're progressing like [indiscernible] cell therapy, the TCE and others. And then maybe at some point, we might be able to give a new sort of a target that we give ourselves. But no commitment here. And certainly, from a timing viewpoint, I could not tell you when we would be able to do that if we were to do it. Steve Scala at Cowen. Over to you, Steve.

Two questions. First, regarding Imfinzi subcu, competitors have been quite successful in shifting business to the subcu formulations. Does AstraZeneca now see similar opportunity -- and if so, is there a time to execute the switch before the LOE of Imfinzi IV -- the second question is on China. So China recently laid out several ambitious goals for its domestic biopharma industry through 2030. And should they deliver on those goals? Would that be a headwind, tailwind or a neutral for AstraZeneca?

That's great. So Dave, maybe you want to take the first one, and Iskra you could take the second one, the China one.

Thanks, Steve, for the question. We are progressing Imfinzi, subcutaneous with good pace, and we do expect to launch a subcutaneous version prior to coming on -- or prior to LOE for Imfinzi. And as we move into more and more earlier settings, which you're seeing with the continued progress that we make. We think that, that's going to be particularly valuable to have that subcutaneous version as an offering for HCPs and their patients.

Thanks for the question on the China. Let me frame it in 2 different parts. First, I mean, as you saw in our results, we have another strong quarter in China. And we see the strong underlying growth of our business in China. And if you exclude for the impact of the VBP for Cigar Roxadustat and Lynparza this year, the growth is at the level of the strong 15%. That definitely shows the strength of our current portfolio. But equally, we had a number of the positive regulatory renewals, and we expect new inclusions in NRDL next year, specifically for the few eligible drugs, new drugs like [indiscernible]. So we do believe that we have both portfolio and pipeline coming in China that will continue to fuel our growth in China. When it comes to the overall policies, we see many of the positives there, specifically when it comes to the better IP protection and strong regulatory data protection for the innovation. And overall, [indiscernible] 5-year plan that recognized health care innovation as a pillar industry and puts a lot of emphasis on the importance of the innovation in the biomedicines in China. Of course, that also comes with a strong competitive pressure. And as you know, we see more and more local Chinese companies that are strong competitors in some parts of our portfolio, specifically in oncology. So that I would argue that we in our forecast and plans, we have bought. So I would be hopeful that the overall impact will be neutral and will actually prove that our plans and optimism for the China forecast is in the right space.

And from a global -- thank you, Iskra. And from a global viewpoint, Steve, I would say it's both a headwind -- a tailwind and headwind of course, because these companies are very competitive. But I think it's overall more of a tailwind and a headwind for the companies that will be able to collaborate with Chinese companies, but also learn to compete with them. And that's why we believe our position in China helps us do both of those, both collaborate and compete -- learn to compete with them in terms of the speed at which they move, et cetera. We learned a lot, and we have adjusted the way we operate now in China, but also globally based on what we learned, watching how they operate. But so I think overall, Salaniboth tailwind headwind for industry and I certainly hope that for us, it more tailwind because of our position in China and the way we are able to leverage our strength there for China, but also globally in terms of collaborations. Next question is Richard Vosser at JPM .

Thanks, Pascal. Maybe a question on Tagrisso development from here, please. I mean, obviously, strong performance in the quarter -- but just how we should think about the performance going forward, potential from the uplift from Safran and Sonova that was called out today in and actually thinking further beyond that, just what could the combinations with that away TLO 15 bring to that franchise as well? And then the second question, just on the read from Lynparza to [indiscernible] -- so we saw you today maybe not to proceed forward in first-line ovarian with Lynparza given the regulator issues between BRCA mutated and the HRD positive setting. So just what's your thoughts on aripribas we think about the readout next year in both the HRM patients and the non-HRM patients. Just thoughts on [indiscernible] next year.

Maybe the first question, Dave, you could take. And then Susan, the second one.

Yes. Absolutely. So thanks for the question. So Tagrisso with 8% sequential growth, I think, is performing very well. And that strength is really coming on the back of a lot of good work that we're doing to establish FLORA I as the preferred regimen. -- in front line for patients with EGFR-mutated disease. Now what's really important on this and gets to your point. What we saw and I think is so key from Safran is in addition to opening up an opportunity for combinations in the second line for the 34% of patients who have met driven disease -- we also now have the ability to be able to demonstrate and promote to starting with Tagrisso and staying to [indiscernible]. And this is something that really paves the way for what you asked about trophon -- we also have an opportunity with [indiscernible] to be able to establish the Data combination in the frontline. And so as you begin to imagine how the mindset becomes, we start with either FLAURA, FLAURA2, or troponin 14 in a frontline setting. There's an opportunity to then move to a Tagrisso containing regimen post progression on 1 of those, whether it is with Safran or whether it's atrophy among 15. So all of this creates an opportunity for the Tagrisso franchise to continue growing in a meaningful way on its way towards well on its way towards the LOE time that it has. I'd also like to note that the acquisition of Zig Frovi gives us an opportunity to expand not just within the EGFR portion of CF 19, but also with the exon 20 insertions, and we think this gives us an even stronger position within this important space.

Okay. So thanks, Rich, for the question about saruparib. Just as a reminder, coreperib is a highly selective PARP 1 only inhibitor as opposed to Lynparza, which inhibit both Part 1 and Part 2. So what that means is that you can get a much harder hit on Part 1 than you can achieve with Lynparza, and that's translated into an improvement in the efficacy that we have seen. And we published some data at the ASCO GU conference earlier this year in February. . For example, in the castrate sensitive patient population, we are seeing really good activity. So we've published data in the Pichana study as well in the gastric-resistant setting. We're in both HR and non-HR we see a PSA response rate in the 70% range for both groups of patients. And if you just look at actual basis based responses. We had 100% response rate in the HR patient population and an 85% response rate in the nonanchildreom. So we do see activity as we did with olaparib in both the HR and non-HR. So just as a reminder, the EVP Prostate 01 study, this is now in an earlier line setting in PROPEL or it's in the metastatic castrate sensitive patient population, a setting where 50% of patients progress within 5 years, and 40% die within 5 years. So this is still a high unmet need. What we've done is we've taken the learnings from the PROPEL study. So although we only received a BRCA mutant label in the U.S. for PROPEL, we have got a broad label in Europe, and it was successful in the overall patient population. And we did get a good hazard ratio for PFS including in the non-HR population. So given the improved efficacy that we see with saruparib, including those data that I quoted from can and the design of the study, which where we're taking in a powered element for both the HRM and non-HR as well as BRCA, which is one of the learnings that we took from the PROPEL study. I think we've got a good opportunity in this setting to really improve the standard of care in the ancastric-sensitive patient population. .

Thank you, Susan. Next question is from Graham Parry at Citi. .

So passing on Slide 7, you flanked the 12 positive Phase III readouts year-to-date. I think the markets are by focused more on 2 failures, [indiscernible]. So on your internal estimates, if you were actually looking at the risk-adjusted NPV of those readouts that you're expecting as you went through the course of the year, is your projection now that internally, you think the value of those has gone up rather than down on aggregate through the course of the year? Just sort of talking to your point on thinking about the aggregate numbers -- and then secondly, on [indiscernible] pricing there looks in line with the approved oral SERDs. Obviously, both Serena 6 and second line have shorter PFS and smaller patient populations than in earlier lines. So in the event that you were to see a positive readout on Cambia 1 next year, is that level of pricing, something you think would be sustainable for the large adjuvant population with treatment for 5 years plus?

Thanks, Graham. So maybe we'll start with the second question, Susan, so we have the time to load the slides so you can actually say. Susan, do you want to call.

The pricing of that comes .

Why don't I start first on the CMA pricing question. So within that. I mean, first and foremost, what I'd like to just point out and use the opportunity. I think that the Serena 6 enthusiasm is high across the globe. We've got over 30 markets with approvals. We are seeing good enthusiasm from clinicians just off the back of ESMO. We had an opportunity to meet with a number of clinicians across the globe who are already incorporating ESR1 mutation descent into their regular practice. There's work that we're going to have to do on education, of course, but the demand increase that we're seeing in interest in ordering new lab results for ESR1 is certainly going in the right way. So that's really great. I would also say that we're seeing on pricing in general, some really encouraging movement in terms of setting a good value for medicine price in countries like the Middle East, but also most importantly, within Japan. And I think that, that sets a good benchmark against which to think about that value for innovation and what we're seeing. We will approach early breast cancer when we see those results from Cambrian. And obviously, also within that context, in some regards, we'll see other agents established the early breast cancer price with some of the upcoming approvals that are going to be coming in. So we'll advise on that when we get to that point in time. .

Thank you, Dave. So we've got the slide that everybody can look at to answer Graham's question. And there is no doubt actually, Graham, that if we look at it in in net NPV, if you want. We've gone up net-net of the 2 failed studies Reno and also SERENA-4. And let me tell you why. First of all, it's important to remember [indiscernible] is a shared product. So we didn't own 100% of the profitability coming out of it. . The second is, of course, SANOVO is a large opportunity, but some of that opportunity is replaced by SERENE-6 -- and so -- and the last point I will make, and if you look at many of these products, the aim, I can tell you now because product is positive, but our probity of success, I think, was 20% or 25% in our risk-adjusted forecast. And now it's, of course, 100%. It's a big product. And if you look at simotelis also a large product. And many of the others are blockbuster opportunities like IgAN is and a number of others, Delphi a big one clarity, of course, we've just shown you a number. So if you look at all of this and I have to be careful, Casenet approved, of course, not all of those -- I mean many of those are in the approval process, but there's a good chance they get approved. The data for each of those is very strong. So if you assume they are [indiscernible] definitely, the net NPV has gone up versus our risk-adjusted earlier forecast removing basically [indiscernible], but adding all those readouts you see here on the slide. The next question is from Rajan Sharma at Gorman Sachs. .