AstraZeneca PLC at JPMorgan Healthcare Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: James Gordon - JPMorgan - Analyst : So we've now got about 20 minutes for questions. And I've got a couple of questions, but if you, in the audience have any questions as well, given how well this app works, it will be best maybe if you raise your hand, and we'll get a microphone directed to you. And I think I can see through the lights that someone with a hand over there. Unidentified Participant Thank you so much. This was a very comprehensive presentation, (inaudible) from Houston. AstraZeneca, acquired the Fusion Pharma early last year for more than $2 billion. The main asset of this acquisition was actinium-PSMA-I&T, which is for treatment of castration resistant prostate cancer. I didn't see even any mention of this drug to be in the radar screen for development. Can you elaborate on this to see what's your plan for development of this highly innovative and in-need medication?

Question: James Gordon - JPMorgan - Analyst : Great. I think we could -- I can see somewhere with the hand raised here. Unidentified Participant Hi, good morning. Thank you for the presentation. [Wilkins John] from Squarepoint. I want to ask for the SERENA-4 readout that we're anticipating later this year, whether there'll be any data given about endocrine sensitive populations with that trial readout? Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 14, 2025 / 5:00PM, AZN.L - AstraZeneca PLC at JPMorgan Healthcare Conference

Question: James Gordon - JPMorgan - Analyst : We take this question here. Unidentified Participant Yes. Thank you. Also wondering your -- the status of your internally developed ADC portfolio particularly like the EGFR, cMET, ADC. Recently, I believe there are already 5, 6 new IDs, but we haven't heard anything so far from your --

Question: James Gordon - JPMorgan - Analyst : Thank you. And the people with the microphone, I can see a hand raised at the front here. Maybe just while the microphone's get to them, one question I might ask, which would be -- you talked about the $80 billion target, which was set in May last year, which seems quite a long time ago now. A lot going on. There's been lots of developments on the pipeline, things going on in China. Given all the moving parts more or less confident on that $80 billion, what was assumed for products like data at the time or what was going on in different geographies when you set that long term target.

Question: James Gordon - JPMorgan - Analyst : Thank you. Maybe just one follow-up question while we're on Datroway, which I believe is the new name. So AVANZAR and the confidence there, I think on the slides that you put up, Aradhana, it looked like it was maybe because AVANZAR is well powered, you could actually answer two questions. So you could look at how well the drug performance just in people with this QCS TROP2 biomarker and the broader population as well. So what is the key question? Are you going to ask these two questions in parallel or sequentially? What is this study actually testing them? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 14, 2025 / 5:00PM, AZN.L - AstraZeneca PLC at JPMorgan Healthcare Conference

Question: James Gordon - JPMorgan - Analyst : And confidence into that study in terms of success.

Question: James Gordon - JPMorgan - Analyst : Maybe just a final question that, which would be -- if the biomarker is very predictive of success, why would you also want to look at the analysis of the non-biomarker patients? Are you -- do you think there also is a good chance of working more broadly or just you've got so much power in the study?

Question: James Gordon - JPMorgan - Analyst : Thank you. I can see a question at microphone 2. Unidentified Participant Yeah, good morning. I work for R&A delivery technology company based in Boston. I've got a question. So what will be the BD focus of AstraZeneca in 2025 especially in the [mRNA] field? Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 14, 2025 / 5:00PM, AZN.L - AstraZeneca PLC at JPMorgan Healthcare Conference

Question: James Gordon - JPMorgan - Analyst : I can't see anyone else waving their hands. So I'm going to -- I see someone here. Maybe while we wait for a microphone there, maybe I'll ask one more, which would be so 20 -- there's another one here, afterwards as well, please. So for 2024 you actually had two guidance upgrades. So you started the year saying low, double digit, top line and bottom line. And you've currently saying high-teens for both of them. Well, there's two elements to it, what went better, and how much can we extrapolate that to 2025? Is that like the momentum that the business has or the things we need to be a bit more vary for '25?

Question: James Gordon - JPMorgan - Analyst : Thank you. If we could take a question at microphone 1. (multiple speaker) Great. I think there's another question; I saw microphone 2. Unidentified Participant Hi there, Prashant from [2H] in Cambridge, UK. What's your commitment to peptide modalities and small molecule modalities in terms of your post 2030 outlook?

Question: James Gordon - JPMorgan - Analyst : I can't see anyone else waving the hand, so I'm going to ask the question, but wave harder if I missed you. Maybe a question for Dave, which would be, so Tagrisso, a potential competitor would be Rybrevant and MARIPOSA regimen. I believe J&J recently said that they did manage to show a statistically significant benefit and more than a year of overall survival benefit. So can you remind us how do you think that could stack up versus Tagrisso by itself? But also what you've shown with Tagrisso with chemo FLAURA2? And I believe you're also looking at doing Tagrisso for (inaudible). So thoughts on the dynamics there for Tagrisso?

Question: James Gordon - JPMorgan - Analyst : Thank you. I can see we're almost out of time. So maybe I'll squeeze in just a final question which would be capital allocation. So dividends, other cash returns, CapEx, buying even more growth drivers, what are you thinking?