The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: James Gordon - JPMorgan - Analyst
: first question would be new launches.
I think you mentioned five new launches on there for the year, which are the really commercially impactful ones though. Is it de is it rep and are
they slow out the gate? Do we need to be cautious with these big products from the outset?
Question: James Gordon - JPMorgan - Analyst
: And are these products where there's going to be significant launch costs? Are you going to leverage what you've already got or could there be a
big ramp up in spend before the sales come through?
Question: James Gordon - JPMorgan - Analyst
: Maybe if I switch to the pipeline. So what's the most because there were quite a few things on your slide. What's the most.
Question: James Gordon - JPMorgan - Analyst
: Lots of pipeline just in '25. So what's the most exciting? Will it be camlipixant like a big Phase III readout for a new drug? Is that the most exciting?
Question: James Gordon - JPMorgan - Analyst
: Thank you. So a lot going on in the pipeline.
Question: James Gordon - JPMorgan - Analyst
: And maybe if I could just ask a follow-up on the IDRx deal. Can you help frame like what is the commercial potential there? Is this really a product
where the base case is it's for people who have already failed a drug like Sutent? Or could this actually be a more effective drug even in frontline
as well?
Question: James Gordon - JPMorgan - Analyst
: Maybe shifting to the base business and you showed about a third of the business is in our specialty. And so in 2024 the guidance is that, that's
going to have grown high team. Why has specialty been growing quite so quickly? What are the constituents? And is that something a bit one off
or could that be sustained into '25?
Question: James Gordon - JPMorgan - Analyst
: Well, actually, you mentioned the margin. So the 2024 guide would imply about a 29% core EBIT margin, and you've given a '26 guide already for
at least 31%.
Question: James Gordon - JPMorgan - Analyst
: So how should we think about the progress you're going to make there? Is '25 a year of progress? And why are margins still going to keep increasing?
Question: James Gordon - JPMorgan - Analyst
: Thank you. What about capital allocation then? So since a year ago, Zantac's been tidied up. You've got growing, growing earnings. You've announced
the deal yesterday, but it doesn't look like a deal that's going to make the balance sheet very stressed. So what are you going to do with the
optionality?
Question: James Gordon - JPMorgan - Analyst
: Thank you. I can see we're almost out of time. So maybe I'll just ask one final question, which would be a new US administration. What might that
mean for GSK. Is GSK well positioned, but industry level and GSK specifically.
Question: James Gordon - JPMorgan - Analyst
: Great. Thank you very much in that case. Thanks, JSK.
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