And then secondly, you talked about giving dividend policy for the Biopharm business as well as an outlook over the mid-term in June, do you expect to give a range, the payout ratio or cover or even declare a very specific, what the 2022 dividend would be as a base early to give the market, some sort of certainty? Looking ahead, we have a strong pipeline of exciting innovations for 2021. So we're really excited to get going with Cabenuva and we know patients are waiting for us. Hi, hi, Emma. Given time constraints, I cannot discuss all of these programs today. I'm especially pleased by the strong commercial execution in our new and specialty products with sales of GBP9.7 billion, now more than half of our pharma business and up 12%, which reflects the impact of the changes we've been making to compete more effectively and generate greater share of voice across our growth drivers, and you're going to hear more about this from Luke, shortly. Building trust with all our stakeholders remains of critical importance and in November we set ambitious industry leading environmental targets to have a net-zero impact on climate and net-positive impact on nature by 2030. We're supporting the launch with a highly experienced sales force and our share of voice is almost at the level of Darzalex. You obviously already have a range of possible payout range, probable payout range for the Consumer Healthcare company post separation, but what we will do or set out those factors, which clearly is and I think you answered the question yourself, the comparison to our peer group. Friday . So starting with key respiratory drivers, which you will find on Slide 18. Thanks, Emma. This has helped to drive dolutegravir's share as the MBRX switch market in the U.S. to approximately 31.5%, well above our TRx, but just over 25%, therefore supporting our growth expectations over the coming year. Assuming progress toward more normal operating conditions, we expect a significant step up in Shingrix sales in 2022. Normally, Sarah Elton-Farr, our Director of IR would lead this call but unfortunately Sarah's been out ill for a couple of weeks, and this is literally her first day back, so she's on listening-mode only today. I think it would be fair to say that in the pharma space for divestments 2020 was a somewhat more difficult year from a valuations perspective. Thanks, David. So if vaccines rebound and there is catch-up and the rest of the business is doing better and opex growth slows would '22 be a year of double-digit EPS growth or could '22 earnings be above 2020 earnings power? In the near-term, however, we expect to contend with some further disruption in the U.S. In addition, [Technical Issues]100 million doses of CureVac's current COVID vaccine candidate, and this is alongside our work with our other partners on adjuvanted vaccines, and we're looking forward to more progress here in the coming months and to data coming very soon on our therapeutics, as well as longer-term opportunities for further strengthening of our global leadership in infectious diseases. If we look at the guidance for 2021 at the sales level at the divisions flat to growth. And our focus on divestment is doing it for the right reasons, at the right valuations. 2021 the end-year impact is very much about vaccines we see the progress in our pharma business and our Consumer Healthcare business, again, very much in line with what we saw this time last year, and made great progress in '20 that will continue through 2021. And it's nice to see GSK really getting engaged with the response to COVID now. We've now seen nine successive years of double-digit growth and this is a testament to the unique value this product brings to lupus patients. All the comments I make today will be on a constant currency basis, except where I specify otherwise and I'll cover both total and adjusted results. Improving cash flow is a constant focus for our team, we do have anticipate lower free cash flow in 2021 informed by less cash from the asset divestments, which was particularly strong in 2020, less favorable RAR timing compared to last year, along with continued investment in R&D-focused business development and higher outflows from restructuring, which we will largely complete this year. The main adjusted items in the year were in disposals, which reflected the disposal of Horlicks and other consumer healthcare brands. And your next question comes from Geoffrey Porges from Leerink. Yeah, James, look, really strong performance from the team in terms of free cash flow. Because obviously, we were delighted to make the announcement this morning because it allows us to contribute to COVID, which we are all learning continues to evolve and I think it's becoming increasingly clear that there as opportunities both in vaccines and directly but also as Hal, alluded to in terms of our therapeutic treatments. As a shareholder, I’m a little surprised too. We have to go through reimbursement as always with the different formularies and soo forth that normally takes a quarter or so, but nothing particularly unusual here versus any other launch. Or is there any scope to grow again beyond this year? And then one for Roger on the RSV older adult program. We saw a strong recovery in sales growth to more than 20% in Q4. ET. Watch Hal Barron, Chief Scientific Officer and President, R&D, give an update on R&D. All rights reserved. We continue to review opportunities for divestments in this portfolio. Thanks very much. Thank you. Turning to Slide 12, 2020 revenues and consumer healthcare on a pro forma basis grew more than 4%, excluding brands either divested or under review. If you are looking for a long-term passive income stream, the GSK share price could be the perfect investment, says Rupert Hargreaves. Trelegy, had a tremendous year, with sales up nearly 60% to over GBP800 million in just its third year on the market. And your next question comes from Louise Pearson from Redburn. If a stock is valued near, or slightly below the market average, research has shown that the market expects the stock’s dividend to increase. Oral health grew 6% at CER, including Sensodyne growing double-digits reflecting underlying brand strength and innovation. James Gordon from J.P. Morgan. Reported turnover growth was 3%, down 2% on a pro forma basis. At the time of the transaction, we provided synergy and financial guidance for 2022, that remains unchanged. Total operating profit was up 15% with total earnings per share up 26%. We delivered positive data and multiple high value programs, leading to the initiation of nine pivotal studies. And specifically on the COVID-19 vaccine in this particular deal, this idea of getting multi-valent protection, we think is going to be critical. Turning to our injectable portfolio. Across two different dose regimens, the combined overall response rate was 88% and it was a 100% response rate in patients who are refractory to an MLP Daratumumab. So we will provide the information that helps everybody to model this through and think about the investment case in the round, not just in the very specific context of a dividend policy, which is principally why we're not giving you the full details on that policy to-date. The next slide shows a snapshot of our current pipeline of 57 vaccines and medicines, which are focused predominantly on infectious disease, oncology and other immune-mediated diseases. Slide 9 summarizes the reconciliation of our total to adjusted results. ; Street appears disappointed with the results as shares are down in … Several of these cancer actually expected to move into the clinical over the next 18 months. I think the short answer is, yes, we're going for a full launch of Cabenuva. For many people infected with HIV, the stigma is a daily reminder of their HIV status. 2020 was a transformative year for GSK in terms of our commercial execution capabilities and despite the challenges brought about by the pandemic. We announced our 2019 full year and fourth quarter results on Wednesday 05 February. I think we'll share more later in the year in terms of our overall pipeline. So yeah, I think we are more optimistic about daprodustat than we were even a few months ago. A cash dividend payment of $0.484 per share is scheduled to be paid on October 08, 2020. However, the meningitis market share was impacted by the disruptive back-to-school season in the U.S., which resulted in Bexsero sales declining 2%. Search through our archive of speeches and presentations from conferences and events, The Corporate Executive Team manages our activities, and each member is responsible for a specific part of the business, We invest in scientific and technical excellence to develop and launch a pipeline of new products that meet the needs of patients and payers. We announced our second quarter 2020 results on Wednesday 29 July. As I write, the GSK share price is down nearly 5% at around 1,300p. Finally, our Advil Dual Action launch in the third quarter, the first ever ibuprofen acetaminophen combination, helped Advil return to full year growth. In consumer, excluding brands divested or under review, we expect low-to-mid single-digit growth outperforming the market. And this is really in large developing markets that healthcare operating systems return to kind of verging on normal in the second half of the year. Yeah, thanks. This is because we are assuming successful, in this scenario, successful deployment of the vaccination of COVID. So this is some -- an area where we'd be looking at new technology platforms in terms of any other future plans, but more of that later. Our separation program is also on track, with work around the future organizational structure and system separation under way. We'll continue to do R&D investment in low double-digit percentage terms and expect an effective tax rate of around 18% for the full year. I was also delighted that last week for the seventh time in a row, when global health has never been higher on the agenda, that GSK topped the access to medicine index for the industry once again. So as you can see, there are a number of upcoming data readouts which will clarify the path forward for this potentially transformative medicines. The next slide shows the significant progress we've made in oncology, where we now have a development portfolio of 15 potential medicines. A key driver for Dovato has been the inclusion in mid-2020 of the TANGO switch data in the U.S. So Hal, I'm getting mixed signals from GSK. So I'd just repeat what was said that we really do see the the impact on Shingrix being about a deferral of sales and we've done -- made great progress in manufacturing capacity, but our expectations is broadly similar volumes in the U.S., recognizing the uncertainty that Iain introduced, but broadly, similar volumes in the U.S. with growth weighted more to the second half and more of the contribution from other countries, ex-U.S. Before we then see, assuming a return to normal health operating system, some good growth in a good strong growth in 2002. But it's very important that we are richer at the confidence there. We're also not resting on that. We expect the progressive acceleration in growth underpinned by the continued expansion of the two-drug regimen noticeably with Dovato and the launch of Cabenuva and in due course cabotegravir in the PrEP setting. Yeah, exactly, I think that we are obviously watching this very carefully in the trial design. This remains the case, although the short-term disruption from the pandemic to our vaccines business, as COVID immunization is now prioritized, has impacted our guidance for '21. In 2020 pro forma revenue constant exchange rates, excluding brands divested and under review grew over 4%, supported by healthy brand growth and overall share growth. So it's a bit of a three-prong maybe even four-pronged approach, and I think it's been relatively consistent from the beginning. We've also been active in the search for solutions, the COVID global pandemic and I want to focus today on the VIR-7831, which we along with our partners at VIR believe has the potential to be best-in-class antibody for COVID. Thank you. Our speakers today are Emma Walmsley, myself Iain Mackay, Luke Miels, David Redfern, Brian McNamara and Dr. Hal Barron with Roger Connor joining us for the Q&A portion of the call. Two recent publications have supported this hypothesis, which we believe could become extremely important given some of the recent reports of emerging mutant strength. I think you -- Jo, you certainly got the dynamic on the top line right. Should that decay rate be easing as we begin to see the impact of Advair generics and the price erosion in the respiratory market, which is obviously a big part of that beginning to ease or with a new entrant coming in for generic Advair, could that whole respiratory price still reset further in that GBP3 billion plus portfolio that you have? And a big thank you to everybody for the slightly extended discussion today. GlaxoSmithKline (NYSE:GSK) Q4 2020 Earnings Conference Call February 3, 2021 9:00 AM ET. The Established Pharma portfolio declined 15% within this, respiratory was down 15%, reflecting generic competition for Advair/Seretide and Ventolin, plus price pressure for Flovent in the U.S.. Later in Q1, we could have data on the pivotal study of VIR-7831 and the Phase 2 data with ofatumumab. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. We expect to deliver further progress in R&D and we'll update you in June on our plans to advance and commercialize our high potential late stage assets and the significant value creation we now see as we develop a pipeline based on the science of the immune system, the use of genetics and advanced technologies. Vitamins, minerals and supplements remained a standout performer, with Centrum, Emergen-C and Caltrate all up double-digits in our category performed ahead of the market. So should we expect some more divestments and some cash realization this year to invest in other areas? I want to now turn to Blenrep, which we launched in the second half of 2020, the heavily pre-treated multiple myeloma patients in the U.S. and Germany. Just specifically on combinations. So we'll come to Hal in a second. Thanks, Iain. Let me start by reminding you that in July of 2018 I introduced our new R&D approach, focused on science technology and culture. And you will recall from our earlier conversations that there is a significant deleveraging opportunity for GSK on the separation out of the consumer healthcare business, which clearly continues to support our ability to do business development and invest in the strength of our pipeline. And Iain will add more color to this. I think what's changed -- if you go back, say -- versus 24 months ago or even talk 12 months ago, our assumption always was that you would have seen lots of dustat on the market, relatively early, followed by Vadadustat, both of them having non-dialysis and dialysis indications. EU Regulator Grants Label Expansion for GlaxoSmithKline's Ovarian Cancer Therapy, GlaxoSmithKline plc (GSK) Q3 2020 Earnings Call Transcript. But Roger, I think it would be great to hear from you, just a bit about how this fits in more broadly, and then we'll come back to your guidance question after this. We request that you ask a maximum of two questions so that everyone has a chance to participate. I'd like to take a moment to talk to you about venture out of the Bintrafusp alfaTGF-beta trap PD-L1 antagonist and the recent news about the 037 Lung Study. As a consequence, Telegy's market shares continue to build and in fact is now more than double the share of its nearest rival and closing on at 50%. One of the highlights of 2020 was the exciting Phase 2 data we shared on our RSV vaccine candidate for older adults and mothers at the IDWeek in October. In summary, we are very confident in the outlook for these. Dividend of 23p/share declared for Q4 2020; 80p/share for FY 2020. Clearly, this is highly encouraging data and we expect to move into Phase 3 this month and anticipate receiving additional pivotal data in the second half of 2022. So more on that coming. Registered in England and Wales No. We'll take them together, we are anticipating broadly similar volumes in the U.S, Shingrix with growth weighted to half too, an increasing contribution from markets outside the U.S. Emma Walmsley - Chief Executive Officer. Switching onto Slide 19 to Benlysta. I mean if you look at the consensus EPS at the moment it's about 120p, so that would be about 20% EPS growth in 2022 over what your guide is implying for 2021. We also intend to share new data from the INDUCE-1 study in various different tumor types by the end of the year. Thanks, Jo. So first on just going back to follow-up from James Gordon's question at the beginning, just about the recovery rate into 2022. Please go ahead. The headline is -- and again Iain alluded with pre-R&D, we've already made progress. Our Biopharma investor update in June will set out details of program part[Phonetic] of the pipeline and key growth drivers, medium-term financial outlooks and capital allocation priorities. Vaccination rates [Technical Issues] But, Iain, do you want to just -- I don't know if there's anything I missed on the guidance. This was driven by increased wellness visits in the U.S., higher demand in Germany and the phase launch in China. And we are seeing this great convergence, and we now have One Development organization. In June, alongside our R&D update we'll set out the positive growth outlook we see for this new biopharma company from '22 onwards, together with our expected capital allocation priorities and a new distribution policy that supports investment in sustainable growth and attractive shareholder returns. Content is provided for the markets’ home audience and may not align with UK regulations. A good example of this is the number of new launches Nucala that Luke discussed. Additionally, the overall incidence of [Indecipherable] was reduced in the lower dose regimen. Our performance focus is on growth driver execution and completing our future ready program to set competitive operations for both companies. Please go ahead, you're live in the call. In Q2 we should have the feladilimab data I referenced earlier and in the second half of the year, more data on Blenrep as well as data on daprodustat. On the one hand, you're financial commentary suggest that you expect a medical activity and particular Shingrix to return toward normal by the end of the year and then be more or less normalized with catch-up next year. So we'll come to Hal in just a second, but just to repeat the assumptions in the outlook that we've given, and that Iain laid out is that, we would expect. My comments from here onwards on adjusted results unless stated otherwise. Plus growth, cover and dividend yield. We are developing our antibody in-combination with pembro for patients with the first-line relapsed or metastatic head and neck squamous cancer in two ongoing Phase 2 studies, INDUCE-3 and INDUCE-4. In the U.S. the Voltaren Rx-to-OTC switch was a key growth driver, and the brand accounted for 79% of pain-relief category growth in the adult pain segment. Which I think is important, because then you have that vaccinated population that's the at-risk group that we'll be studying through the study. The positive momentum I shared at Q3 results has continued with a number of milestones achieved to date. Given the probabilities of success associated with drug development, we don't expect all of these assets to succeed and reach patients, however, if all were successful, we believe that more than 10 vaccines and our medicines, in our late-stage portfolio could significantly change medical practice and thus help peak the annual sales potential in excess of $1 billion and a number of these assets such as our RSV vaccine in older adults could have multi-billion dollar potential. ... (GSK) Q4 2020 Earnings Call Transcript; ... (GSK) Q3 2020 Earnings Call Transcript I mean this is really the great strategic benefits of the new biopharma company, being focused on driving strength in vaccines and specialty and all around the science of immunology. Hal Barron -- Chief Scientific Officer and President, R&D. We want to help change this, using our scientific expertise, our partnerships and our global reach. Next question please. And in doing so, Benlysta became the first and only drug to be indicative for both indications. Registered office: 980 Great West Road, Brentford, Middlesex, TW8 9GS, United Kingdom. Also, this year or in 2021 or is that sort of a beyond strategy? Good afternoon, ladies and gentlemen, and welcome to the Analyst Call on the GSK Fourth Quarter 2020 results. We also saw a double-digit growth in the final quarter in China and in our retained business in India. I'd like now to highlight another potential medicines in our IO oncology portfolio. So after Iain let's come for Hal to talk a bit about how we're thinking about that with the vaccines and pharma R&D teams.
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