GSK plc Q1 2025 Earnings Call Transcript

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

Question: James Gordon - JPMorgan - Analyst : Thanks a lot. James Gordon, J.P. Morgan. Thanks for taking two questions. First question would be new launch expectations. So two important approval decisions coming up: Nucala COPD, May 7; and Blenrep, July 23. So assuming things are still operating as normal with FDA and you get the timely approvals, what are your latest thoughts in terms of how those launches go? What are the gating factors and best precedents for how they go? And could we see strong uptake already in H2 or are these more of 2026 stories? I guess I'm think for Blenrep, could ocular talks and education around that or other things you need to do around that be a barrier to a fast launch? And for Nucala, (inaudible) COPD the precedent? That's the first question, please. And the second question is on tariffs. So I heard the comments of being well-positioned and also that there could be some mitigating options and productivity offsets. So can you elaborate like what would the impact be, let's say, it's a 25% tariff on bringing products from outside the U.S. into the U.S., what would the impact be on GSK and how quickly could you have these sort of offsets or productivity benefits? Would it be that you'd actually move U.S. manufacturing or something else? And is there like an inventory or other cushion, is that what you could be referring to?