GSK plc Q3 2024 Earnings Call Transcript

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

Question: James Gordon - JPMorgan - Analyst : Hello. Thanks for taking the questions. One question was on the (inaudible) vaccine, so for Affinivax. So I think you did have a 24 valent adult and then I think that's been removed and you're switching to 30 valent. So just what is the latest in terms of waiting for this Affinivax product could come along? And is this connected to, I think (inaudible) had some competitor data with the 31 valent. And is it, is this for the pediatrics and the adults that you're both shifting into? That's the first question, please. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 30, 2024 / 12:00PM, GSK.L - Q3 2024 GSK plc Earnings Call The second question would be '25, a few comments on '25. If we're thinking about '25, should we think that maybe Shingrix and Arexvy might be down, but also you could have some further significant SG&A leverage because you had a good performance on SG&A today? Or might, we need to think about your spending more on SG&A because you've got new launches next year?

Question: Kerry Holford - Berenberg - Analyst : Thanks Jeff. Yes. Kerry Holford from Berenberg. A couple of questions from me, please. Firstly, in Shingrix in China. I wonder if you can comment there on the sales contribution from (inaudible) in Q3. And also just remind us the details of that contract with (inaudible) in that market. And there, those numbers that you've mentioned previously for year one, two to three, are they set in stone? Or is there some degree of flex within that (inaudible) ? . And then secondly, on respiratory, specifically in COPD, when might we get to see the detailed Phase (inaudible) Nucala data? And previously, you had noted that if you get a positive result here, you would swiftly move depemokimab into Phase III. Is that still your current thinking? Or now is the (inaudible) opportunity going to take a more important role in that space also? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 30, 2024 / 12:00PM, GSK.L - Q3 2024 GSK plc Earnings Call

Question: Jo Walton - UBS - Analyst : Thank you. I'm going to just ask a broader question about IRA and the pressures that we might experience next year. Some of the pushes and pulls here. We've already seen some companies show higher prescription growth as they go through the year. And it's notable for ben going up 6%, 9% and then 14%. Is any of that to do with already experiencing lower, people already experiencing lower co-pays? Could that be a benefit to you going forward? You've talked about pressures in the past for respiratory where the authorized generics are and you've done so well, presumably, payers are not getting the rebates that they want. Are you seeing more pressures for rebates elsewhere? You must be a long way through your negotiations for next year. So you should be able to tell us how your expectations are for access going forward? And a second question, if I could, please. Could you just tell us a little bit about RSV, ex US? Is that really not an opportunity at all until the dosing has been sorted out? Thank you.

Question: Simon Baker - Redburn Atlantic - Analyst : Thank you Jeff and thanks for the call, everyone. Two questions, if I may, please. Firstly, on depemokimab. Could you remind us what assumptions in terms of severity of asthma is assumed within the peak sales number, how far down the continuum of severity do you expect to go to get that number? . And then secondly, a question on RSV, which may be a slightly naive one. But if we have what (inaudible) congestion in pharmacies, and we have a vaccine that has multiyear efficacy, what is the feasibility of shifting the time of vaccination from the autumn to earlier in the year to at least mitigate that issue that you've run into at the moment? Thanks a lot. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 30, 2024 / 12:00PM, GSK.L - Q3 2024 GSK plc Earnings Call

Question: Graham Parry - Bank of America - Analyst : Great, thanks for taking my questions. So just on Arexvy, looking into 2025, with no booster. Just wondering what your sort of cadence should expect on first dose penetration. So should we be thinking increases like the 6% to 7% that we saw with Shingrix into the addressable populations, assuming the expansion of that? And would that, therefore, lead to a drop in the US next year? And then the extent to which you think international can offset this if you're going to start going sort of full for launch into international territories, which I assume, but if you could confirm, would be based on pricing or at least three seasons duration given you have that data now? And then secondly, on Shingrix, could you just help us to understand what level of inventories Zhifei is holding now and whether you expect to sell any more into Zhifei inventory in 2024? Or is the 400 essentially not going to be, minimum contracted volume not going to be achieved? And then your confidence in achieving the GBP800 million and GBP1.2 billion going forward? Thank you.

Question: Emmanuel Papadakis - Deutsche Bank - Analyst : Thank you, sir. I'm sorry, I'm going to ask another question on Arexvy. How are you going to get to 3 billion peak? I mean, even with a modest degree of late revaccination in the US, it doesn't seem like we'll return to blockbuster territory in the USA. So is this really a statement about international potential? Or are we missing something on the US? Or what are the assumptions that lead should you think we can get to 3 billion? (multiple speakers) a question on Blenrep, maybe a more favorable topic. Just talk to us about the timelines in the US are you anticipating priority review either out of the FDA's (inaudible) . Can you comment on the relaunch expectations commercially for next year? We've got a relatively modest set of consensus expectations. We'd love to hear what you think about those. Thank you.

Question: Richard Parkes - BNP Paribas Exane - Analyst : Hi, thanks for taking my questions. Firstly, I just like to push a little bit on the confidence in the Arexvy revaccination market because you seem very confident about that. But it looks like the decline in vaccine efficacy somewhat stabilized in the third year? And it sounds like ACIP wasn't fully convinced by your revaccination immunogenicity data. So just can you just underline why you're so confident about that? And maybe what impact that would have on your peak sales assumption if that didn't materialize? And then secondly, on Apretude. That launch looks like it's lost a little bit of momentum. And could you just discuss what drives it from here and what the current market penetration is? And are you thinking has evolved over contribution of (inaudible) to your long-acting sales target? Thank you very much.

Question: Peter Welford - Jefferies - Analyst : Thanks. I wouldn't, sorry, if we can just go back to Arexvy, I'm afraid. Could we just talk a little bit about the ACIP decision? I'm just trying to understand here on the safety side of things. Because I guess the, it seems like it's a little difficult situation in the, obviously, the population to be able to make a better characterization of the GBS risk is relatively low given the low number of vaccinations. And obviously, FDA already has the data with regards to the risk side of the equation, i.e., the number of deaths and hospitalizations for the 60 to 74. So it seems the only likely conclusion potentially is that there is a significant GBS risk eventually for that population, too. So I guess I'm curious what you think, how you think more data for that population will potentially make a difference and what you can, I guess, provide incrementally to that to say, sway them on that population? Thank you.