GlaxoSmithKline PLC Q1 2022 Earnings Call Transcript

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

Question: Kerry Ann Holford - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : From Berenberg, actually. Two questions, please. Firstly, on M&A, following the recent Sierra acquisition, I'm just interested to hear what appetite capacity you now have some further M&A ownership, particularly in the context of lower valuations out there in the market and tough IPO conditions. And also in the context of that, can we expect you to continue to focus on oncology? Or are you still looking across other therapeutic areas? And then finally, just a quick follow-up on RSV. When that Phase III study is complete, can we expect you to provide efficacy detail within a press release? Or might you just message at a very high level, it works, it didn't work?

Question: Iain Edward Simpson - Barclays Bank PLC, Research Division - Analyst : A couple of questions from me, if I may. I mean I understand that you're -- you've made the point about tough comps in the second half of this year. But if I look back to the performance in 2020 and try and think about the 2-year stack and where you sit versus pre-pandemic levels, the comps aren't all that tough. So they're a couple of percent tougher maybe for the full year versus the Q1. And you've clearly had a very strong Q1 print. So I'm just trying to think about your guidance of being sort of between 4% and 6% for the full year. Is there an element of you just wanting to be conservative there given how limited visibility is and how much we've seen things change globally in the last few months? And then my second question, when I think about your margin, again, clearly a strong start to the year. But how should I think about the phasing of that stand-alone cost building as we go through the year? You've said you've done some systems transfer, but at what point does that stand-alone cost really start to kick in?