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: Kerry Ann Holford - Exane BNP Paribas, Research Division - Analyst
: Yes, 2 questions for me, please. Firstly, on COGS. You talked about the increased price pressure in Respiratory and now also Established
Vaccines. Just the latter there. Is that a new issue for the -- at the end of this year? And can you tell more about this increased input
cost that you highlight? Just trying to understand whether that weaker gross margin in Q4 is something that we should expect to
continue into 2019 and beyond. And then secondly, on M&A and in-licensing, clearly, we've seen a flurry of recent deals. So I just
want to understand your flexibility and your appetite to do more from here. And in the context of some cash constraints here, what
is your appetite to do more potential divestments of noncore pharma asset disposals within that Pharma business? We've seen you
quite active in Consumer. I wonder if there's more you can do now on the Pharma side.
Question: Stephen McGarry - HSBC, Research Division - Analyst
: Apologies, Simon, it's not a financial one.
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FEBRUARY 06, 2019 / 2:00PM, GSK.L - Q4 2018 GlaxoSmithKline PLC Earnings Call
Question: Stephen McGarry - HSBC, Research Division - Analyst
: It's on the pipeline. Just on M7824 and head-to-heads in non-small cell lung cancer versus Keytruda. What outcome would encourage
you to develop that drug more broadly? Does it have to be better than Keytruda? Or is non-inferior [stroke] equivalent enough? And
then following on from that, if you look at elsewhere in the industry, you've got Keytruda in trials in over 900 studies, Opdivo in
almost 900 studies, and they consume the majority of R&D at those companies. Although it will be a great problem to have if M7824
was superior to Keytruda, how big could the clinical program and the R&D spend become at that point in time?
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