GlaxoSmithKline PLC Q2 2017 Earnings Call Summary

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

Question: Kerry Ann Holford - Exane BNP Paribas, Research Division - Analyst : Kerry Holford, Exane BNP Paribas. 3 questions, please. First, can we just go back to the incremental price pressure? So clearly, this has been a reason to trend the guidance for 2017. But I'm keen to better understand what has got incrementally more difficult. Since the beginning of the year, you've referenced respiratory a number of times that generic Advair is not coming through next year now, so what's got more tough this year? And in context of that, could you just talk to us a little bit about rebating in HIV, specifically today, and how that looks out into 2018? Secondly, a question for Simon on the former margin. The midterm margins guidance is, so that's now been around low 30s. And now based on 2015 FX rates, if I understand correctly, so you referenced the growth -- the earnings growth over that period, if you would do just currency-owned, you might also get the same for your expectations for pharma margins on today's currency in 2020. And then thirdly, a question for Patrick. On the pipeline refocus, I guess, it makes sense given your struggle to strengthen HIV and respiratory to continue to focus here, but I might argue that those 2 disease categories are relatively well served by medicines in the market today. So where is the room for disruptive therapies in those 2 indicators?